Bitcoin online currency is easy to use
The Bitcoin network has been available to people all over the world since 2009 and by 2011 it started to become more widely known. Today you can use bitcoin to buy furniture, shop at the local market, get cash from ATMs and play at your favorite online casinos.
Whether you are a cryptocurrency veteran or have never purchased the currency before, Bitcoin-Casinos.com is here to point the way to trusted online casinos that accept the private currency and to show you how you can join in on one of the greatest revolutions ever spawned by the internet.
If you already have a bitcoin wallet and simply want to find the best games, bonuses, free bets, and reviews of Bitcoin online casinos click here. Read on if you would like to know more about how to gamble using bitcoin and the pros and cons of being in control of your own money.
Hundreds of thousands of businesses already accept Bitcoin. Some big names include Richard Branson’s Virgin Galactic (air and mobile) big-ticket retailer Overstock.com; Microsoft; top electronic retailers like Dell and Tiger Direct; GAP, and many more. Through the use of apps 2.3 billion people can now shop at Amazon.com with bitcoin. More importantly, online casinos allow players to deposit and cash out using bitcoin. They not only welcome bitcoin deposits, they’ll give you massive bonuses when you use bitcoin!
The Pros and Cons of using Bitcoin at online casinos
Pro: Transaction costs –
It doesn’t cost anything to deposit bitcoin at an online casino. Most U.S. facing casinos are charging fees for debit and credit card deposits now. Using bitcoin costs the merchant less so they can offer bigger bonuses and even better-paying games. They pass the savings onto you instead of spreading the costs of interchange fees, assessment fees, chargeback fees and false declines across their customer base. Good for the casino and great for the players!
Pro: Privacy and security –
Whenever you use a debit or credit card online you have to give the merchant personally identifiable information. After seeing news about major hacking events at Yahoo, major banks, retailers, and even the U.S. government that doesn’t seem like such a good idea anymore. With a bitcoin transaction, you will only be sharing the public key and amount of payment with the online casino, so there is no information exposed that could open you up to identity theft.
Bitcoin is untaxable because it is nearly anonymous and untrackable.
No third-party can seize your Bitcoins, not even the government.
Nobody can steal your bitcoin unless they have physical access to your computer or other storage devices.
Pro: Easy to use –
Once you’ve taken a few minutes to understand how funding a bitcoin wallet works and how easy it is to deposit and withdraw from a casino you will have prepared yourself for simple two-click transactions. No more verifying your identity, making sure the address on file and that on the card are exactly the same, etc. Bitcoin deposits and withdrawals are the most frictionless experiences on the internet, a lot like simply handing cash to a checker at the grocery store or cashing in a winning scratch card.
Con: Learning curve –
You will need to take about 15 minutes to learn the simple process of opening a bitcoin wallet, how to fund it, and how to convert your bitcoin back to cash you can use anywhere. It shouldn’t take more than 20 minutes to actually go through the process the first time. After that, it will be a matter of a few simple clicks to move your money in and out (convert your currency).
Con: Volatility –
Bitcoin value is not pegged to the Euro, USD, or any other conventional currency. The value can rise and fall depending on the demand for bitcoin at any given time. Players should only keep as much in their wallet, or in a casino account, as they need to play. It only takes a few clicks to cash out and turn your bitcoin back into local currency so winnings should be retrieved often.
The volatility does have an upside too! You can leave a percentage of your winnings in bitcoin until you see the value rise a certain percentage such as 20%, then cash out your increased winnings. Look at it as a new way to gamble with “their money”. Most novice players simply click it in and out though in order to maintain a stable value. Of course, as more consumer adopt cryptocurrencies, as we see today, bitcoin becomes more stable and only increases in value.
Provably Fair Games
While it is true that many mainstream online casinos now simply accept bitcoin as a currency, there is another technology in use at some bitcoin casinos that lets players check to see if the game results on their screen are exactly the same as the results from the random number generator. This is known as Provably Fair gaming. Although it may seem a bit technical at first, anyone who is interested can easily check to see if they got a fair game. If you have ever felt the dealer’s streak in blackjack was a little fishy, or if you thought a highly volatile slot should have paid more once you finally hit the bonus round, then Provably Fair is for you!
Provably Fair casinos like BetChain use a function called cryptographic hash, otherwise known as the SHA256 algorithm. This is used to make sure neither the casino nor the player can possibly know the results of a hand before the deck is shuffled and the cards are dealt.
Here’s how it works. The casino server creates a new deck of virtual cards and applies the results of a random number generator to the deck, this is the shuffle. The servers also create two random strings of characters, these are then combined to form a single string that is encoded and known as the ‘secret’. The string is then hashed through the SHA256 algorithm and its result is then called ‘the hash’. The hash contains the result of the deal but can’t be interpreted before the hand is dealt. The player will see the hash before the hand is dealt. After the hand is dealt the player can compare and verify that the decks, random strings, and secret have not been manipulated or changed. The result is confirmed.
Not everyone will want to use the technology but it’s nice to know it’s available if you ever have questions about a game’s fairness. BetChain Casino makes the process as simple as the click of a button, but you can manually perform the process at any Provably Fair casino. Some casinos will even let you cut the deck before the deal for an added level of confidence.
Provably Fair works with slots, roulette, craps, and more so no matter how you like to play you will know you are getting a fair game. Simply press the Provably Fair button, enter a few details, and you can confirm a fair game.
How to use bitcoin at your favorite casino
Each casino will have its own recommendations for bitcoin transfers and the method may vary slightly depending on the casino’s suggested digital wallet. Simply choose a service like Coinbase to set up your wallet then link your funding method and you will be on your way. Once you have purchased the amount of digital currency you need you are ready to deposit into the casino.
Your chosen digital wallet will give you a secure place to store your bitcoin and offer easy payment methods to convert your local currency back and forth.
So, one more time through with a little more detail and you’ll be ready to play in minutes. Sign up for a wallet, connect your bank account and verify that you are authorized to control deposits and withdrawals, check the current price of bitcoin, and purchase your digital currency. Deposit. Play!
The exchange’s website will run over SSL encryption (the same security your bank offers) and your wallet and private key will be stored using AES-256 encryption. That is as secure as it gets. It’s that simple! Now you can shop online, pay friends, or deposit directly into a bitcoin casino instantly with no fees. Converting your digital currency back again is just as simple.