Bitcoin Casinos

bitcoinThe world’s first and most popular cryptocurrency, Bitcoin has been on a rollercoaster journey over the last few years. In that time the value of a single Bitcoin has ranged from just a few dollars, to over $1,100. Whilst the value has not scaled great heights and has yet to reach the amounts that many predicted it would, the one thing that has remained on a constant rise is the number of sites that accept it.

What is Bitcoin?

Bitcoin is a cryptocurrency that was first postulated in 1998, with the currency being released more than a decade later. There was a lot of mystery surrounding the creator of Bitcoin during the early years, with the public given nothing but a nickname to go off. This began to change in 2015 and into 2016, with many names put forward. However, the creator parted ways with Bitcoin in 2010, after which it was taken over by a team of developers.

Best Bitcoin Casinos

Bitcoin was the first currency of its type, although it has since influenced many others. It is a peer-to-peer payment network that is not linked to any banking institution or government, and it is the biggest of its kind. Bitcoins are “mined” into existence by users with high-level machines, and from there they are distributed over a range of exchanges. They are also “exchanged” in the same way as standard currency, being used to buy items before being passed from user to user.

Bitcoins rely on the existence of the internet, but they do have a physical existence of sorts. They need to be stored on a virtual wallet, which sits on the owner’s hard drive. If they are deleted or even stolen, then that user will no longer have access to them. From their virtual wallet, they can send these Bitcoins to anyone, and they can also use them to buy products on the increasing number of websites that accept Bitcoins.

Bitcoin and Gambling

Bitcoin is becoming very popular with the gambling community. The reasons behind this are many. Firstly, like PayPal and other online payment processors, they let the user deposit and withdraw at will, without ever loading a credit card or debit card. They are also safe and very secure, with the possibility for anonymity being one of the reasons Bitcoins became so popular in the first place.

They are not accepted on all gambling sites, or even on the majority, and as things stand the sites that accept Bitcoins tend to accept only Bitcoins, with little to no other payment options available. Bitcoins are instantly converted into credits when deposited into online gambling accounts, which allows for a greater range of denominations when placing bets.

Pros

  • Ease of Use – The simplicity of Bitcoin remains the biggest pro. This is the reason so many sites are now accepting it, and the reason so many customers are using it. Depositing and playing couldn’t be easier, and when the time comes, getting your winnings converted back to Bitcoin is just as easy.
  • Speed – The withdrawal process with Bitcoin is more or less instant, which is something you just don’t get with credit cards and other popular payment methods.
  • Bonuses – This is still new territory, and one that few are very wary of, so in an effort to convert the gambling public, online sportsbooks and casinos are doing their very best to offer big bonuses and to outdo their competitors. Simply put, whilst you can hope for a few hundred dollars in bonus cash from a non-Bitcoin gambling site, that amount increases to a few thousand from a Bitcoin gambling site.
  • Security – Bitcoin is one of the safest and most secure cryptocurrencies out there, and is generally considered to be the best in this regard.
  • There First – If — as many economists predict — Bitcoin does continue to rise and it does become a powerful, global currency, then it will pay to get in there early and to start building your balance before this becomes the norm.

Cons

  • Risk – One of the things that many first-time users worry about is the fact that it is easier to “lose” Bitcoins than it is to lose the money on a credit card or debit card. This certainly applies to those who don’t pay attention to the security of their computer and insist on keeping their wallet on an internal hard drive. However, many users have rigid security systems in place and prefer to keep Bitcoins on external hard drives, which is recommended.
  • Change – The value of Bitcoin changes all of the time, and this is a worry for those who own a lot of them. However, history has shown us that, if anything, the value has risen steadily. Those who bought when it was at its highest will feel a little hard done by, but many experts predict that the value of this currency will continue rising, in which case even those buyers will get their money’s worth.
  • Limitations – Although there are more and more casinos propping up all the time that allow Bitcoin, and it does not seem to be stopping anytime soon, it is still quite limited the amount of casinos you can play at. If you prefer to stick to one site for all your slots playing then that shouldn’t be a big problem, but you are limited nonetheless.