For several years now, the online gaming industry has been engaged in an evolution, through which, when all is said and done, the nature of transactions may have completely changed.
It is the era of Bitcoin casinos, and it is quite likely that all of the casinos one can find will be in on it sooner or later.
What is Bitcoin? Well, the simplest way to explain it is that it is an online-based crypto-currency that is decentralized; i.e., not under the control of any single government and more or less accessible universally.
Transactions are conducted through blockchain technology on a peer-to-peer basis, which is part of the attraction for those who are looking for privacy as a primary consideration.
Various Bitcoin casinos are offering it as just one of several payment options, with some of them actually going to it as their sole option. And indeed, it is not a problem understanding why it is such a popular method. The transactions are more or less instantaneous, thus cutting out a lot of the headache, and there is peace of mind in that they require no third-party involvement. Because of this, they can be facilitated with very minimal transaction fees, or no fees at all.
Another thing that is attractive is that no third parties need to know how you are. And one component of opening up accounts using this currency is that no one needs to know where you are either, which should be of particular interest to U.S.-based players. Bitcoin casinos are often able to offer their customers a number of creative bonuses for making deposits in that manner, and this has proven to be a very popular selling point.
We explain much of this because understanding what Bitcoin is and what you can do with it can serve to eliminate the barriers that might prevent newcomers from using it as a method of opening up an account.
The most essential thing to begin with is to establish a Bitcoin wallet. You can find one through a simple Google search. We aren’t going to recommend any specific wallets to use, other than to suggest that web-based wallets are more convenient and do not require you to download any software.
Once you have your wallet, you can acquire bitcoins in a number of different ways. These include the various Bitcoin exchanges (again, you can find these through a Google search), as well as direct transactions with other Bitcoin users. You can also obtain them through some of the Bitcoin wallets.
Once you have acquired the currency, it’s simply a matter of finding the “Payment Options” or “Cashier” tab at whatever Bitcoin casino you choose to play at. You’ll follow the directions, which includes entering your Bitcoin wallet ID number, and you’ll be on your way within minutes. Some casinos will even allow you to withdraw in Bitcoin, so if that’s what you want to do, you’ll have to be on the lookout for those.
We can make the assumption that safety, security and privacy are priorities for you when you are depositing and playing in an online casino, and if that is indeed the case, Bitcoin gets very high marks because of the peer-to-peer nature of the transactions, and the fact that none of your information ever has to pass through the hands of any third parties. That means no banks, no credit card companies and no electronic wallets are storing that information.
Be advised that once you execute a transaction with Bitcoin, it is irreversible, so any refunds that would have to be made would require some kind of special arrangement with the party that was on the receiving end. In that way, it is different than, say, a credit card transaction. At the same time, also understand that it is the “no chargeback” nature of these transactions that makes it financially feasible for the casinos to offer the currency as a deposit option, and the bonuses that come along with it.
Really, when you examine the situation in its entirety, there is really no reason why your SHOULDN’T be setting up your account at a Bitcoin casino.