Created in 2009 by Satoshi Nakamoto, bitcoin can be described as a “virtual cash” or “online version of cash” that can be used to pay for products and services. Unlike physical cash, bitcoins transactions are free from banks or government control. Consequently, transacting using bitcoins offers users convenience, speed, and reliability. That being so, the popularity of bitcoin casinos is increasing every day and we can predict that it won’t take long before it replaces regular currencies.
IMAGE: UNSPLASH
Where Do I Get Bitcoins?
You can get Bitcoins from your friends or mine using your computer. To mine new Bitcoins, computers solve complex mathematical problems using specialized software programs known as miners. These miners work tirelessly to find solutions to the problem set by the network protocols. Once a solution is found, the miner receives a reward in the form of newly minted coins.
Sending And Receiving Bitcoins
To send or receive bitcoins, you need a bitcoin wallet where you can store your coins. Getting your bitcoin wallet up and running is relatively easy: you simply need to research the best wallet for you and sign up for an account. Once your account is verified, then you can start receiving and sending bitcoins.
Sending Bitcoins From Your Bitcoin Wallet
To send or make payment using bitcoins:
- Log in to your bitcoin wallet
- Click “Send” under the menu bar at the top of the page
- Enter the amount that needs to be sent
- Select how many confirmations are required before it will go through
- Paste the receiver’s bitcoin wallet address ( you can as well scan the QR code where applicable)
- Enter the amount you wish to transact
- For your convenience, you can enter the transaction fee (regular fee will cost you less but it can take longer time to process the transaction. On the other hand priority fee are costly but facilitates quicker processing)
- Verify whether all the details are correct and hit the ‘SEND’ Button
Once you’ve done all the above, the transaction now goes to the Blockchain network where it’s verified and accomplished.
Receiving Bitcoin To Your Wallet
To receive bitcoin in your bitcoin wallet:
- Open your wallet and navigate to receive bitcoins
- Share your wallet address or QR code with the sender
- The sender will then follow the process of sending bitcoins already discussed above
When Sending/Receiving Bitcoin, Will The Process Involve Third-Party Validation?
NO! Bitcoin uses peer-to-peer technology to operate. In layman’s terms, this means that there isn’t any central authority controlling transactions on the network. Instead, every transaction takes place between two parties directly without involving third-party intermediaries such as banks or payment processors. As long as both parties agree to participate in the transaction, it goes through. If either side refuses to take part, no transaction occurs at all.
Can You Use Bitcoin To Play Casino Games?
YES! Bitcoin has gained popularity in casino gambling in recent years. The reason for this is that it offers a safe, anonymous way to gamble online without having to worry about your personal information being stolen or used by hackers. Bitcoin casinos are also more secure than traditional banking methods because they do not store any of their customers’ sensitive data on servers owned by third parties like banks. This means that you can rest assured knowing that no one will be able to access your account if there is ever an issue with security.
To use bitcoin at any casino gambling site, first, make sure that the casino you choose accepts bitcoin as a payment method. Then simply deposit funds into your wallet using either Coinbase or BitPay and then transfer them over to the casino website where you wish to play. Once you have transferred bitcoin from your wallet to the casino, you should see your balance increase instantly.
Note: in some cases, however, you may have to wait up to 10 minutes before seeing your balance increase.
If you want to withdraw your winnings, go to your account and look for the “withdrawal” icon and then select Bitcoin as your preferred withdrawal method. Next, generate a bitcoin wallet address, click on the button marked “send” and enter the amount you would like to withdraw.
Why Bitcoin Is A Good Payment Solution To Use At Online Casinos
The main advantage of using Bitcoin over traditional methods of payments is that it’s anonymous. When you pay by credit card or bank transfer, you’re required to provide certain details about yourself. For example, when paying via PayPal, you’ll usually need to give out your full name, address, phone number, and email address.
In addition, most banks ask for proof of identity and sometimes even proof of employment. With Bitcoin, however, none of those things matter since no one knows who owns what. All transactions are done anonymously and without giving away too much personal data. Another benefit of using Bitcoin is that it allows people to gamble anywhere around the world. If you want to place bets on sports events, horse races, or poker tournaments, you can simply log onto a site like BetOnline where you can find thousands of betting options.
The biggest disadvantage of using Bitcoin is that you won’t get instant confirmation of your winnings. However, once you’ve made a withdrawal request, the funds should appear within 24 hours. So long as you keep track of how much you spend each day, you shouldn’t run into any problems.
Top Reasons Why Bitcoin Casino Has Gained Popularity
1. Low fees
Bitcoin transactions are free of charge, unlike traditional banking methods which involve high transaction costs. This makes it a very attractive option for online casinos.
2. No Third-party Involvement
The process is completely peer-to-peer without any middlemen or banks involved. It’s also decentralized as there is no central authority that can be hacked into by cybercriminals.
3. Privacy
Players do not have to worry about their personal information being shared with anyone who gains access to it. All financial data is kept private.
4. Instant Payments
Transactions usually take only minutes instead of days like when using credit cards.
5. Security
Bitcoins stored on your computer cannot be stolen if you use strong passwords and keep them offline. There is an advanced encryption system used so even hackers won’t be able to steal your coins.
6. Convenient
Depositing or withdrawing from your batting account is easy because all you need is your wallet address. You don’t need to go through multiple steps such as verifying your identity before transferring money.
7. Fairness
Since bitcoins aren’t controlled by any government or bank, they’re considered fair and transparent. They’re traded openly between people and companies, meaning players know exactly how much each game pays out.
8. Versatility
Because bitcoins can be converted into other currencies, it gives players flexibility in making deposits and withdrawals.
9. Anonymity
Unlike credit card numbers, player accounts never contain personally identifiable information. Instead, every action performed within the platform is recorded in public ledgers called blockchains.
Conclusion
We hope that our article helped you gain a better understanding of Bitcoin Casinos and why it’s gaining popularity in the gambling industry. If you are not already using it, you should get started now that you have the information.
If you are interested in even more entertainment-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
COMMENTS