Using Bitcoin at Online Casinos
Online Bitcoin casinos are specialized platforms that allow you to earn cryptocurrency by gambling. These sites are in many ways similar to standard gaming services, where bets are accepted in fiat. However, blockchain technology has been introduced in Bitcoin casinos, thanks to which users can deposit coins to an account, store them there and receive transfers to their personal wallet in case of a win (or lose coins if they lose) via a Bitcoin payment system.
Today, on the Internet, you can find Bitcoin no deposit casinos, with deposits, with bonuses and additional benefits.
Different Types of Bitcoin Wallets
There are different forms of bitcoin wallets, which differ in terms of security, convenience and other criteria:
- Desktop wallets. They are downloaded and installed on a computer, they store private keys on the hard disk. For example, Bitcoin Core, Exodus, Jaxx. They are more secure than online wallets and mobile wallets, although they are also connected to the internet. The user must independently ensure the safety of the keys.
- Mobile wallets. For those who make and receive many bitcoin mobile payment transactions every day, a wallet in the form of a mobile phone app is ideal. For example, Coinomi, Cryptopay, Jaxx, Trust Wallet. True, there is a risk that attackers will use the means to gain access to the mobile device itself.
- Web wallets. They store secret keys on a server that is constantly connected to the Internet. They often have desktop or mobile counterparts, data from which are synchronized. They are considered convenient, but not the safest option. Examples of such wallets are Blockchain Wallet, Coinbase, BitGo.
- Paper wallets. Public and private keys are printed on paper, usually in the form of QR codes. It can be generated using BitAddress, Bitcoinpaperwallet, etc., and then printed. They are suitable for storing long-term investments, since it is problematic to send bitcoin online payment transactions from them, additional steps are required to transfer keys to a software wallet.
- Hardware, wallets. Ledger, Trezor and KeerKeu produce special devices for storing the user’s private keys offline. Autonomous storage is similar to paper wallets, but in the case of hardware wallets, the security is much higher due to the fact that even if a device is stolen or found, no one can use it without knowing the pin code.
The Benefits of Bitcoin Payment Methods at Online Casinos
The main advantage of a bitcoin payment method is anonymity, which is ensured by the decentralization of digital currencies. Thanks to this, users can make completely anonymous bets and receive income that is not taxed. In addition, it does not tie the player to a geographic location, and allows you to legally take part in games even for those users who live in countries where gambling is prohibited by law.
Most services require a minimum of personal information for registration, intended solely to protect the account, and there is no need to enter bank card and account details.
Another reason for the popularity of online casinos with bitcoins is the minimum commissions for instant bitcoin payment processing of depositing and withdrawing funds. Conventional electronic systems charge 3-5% for financial transactions, and blockchain technology provides highly secure transactions with a dynamic commission, the cost of which can be changed depending on the required confirmation speed.
The volatility of the cryptocurrency rate also plays into the hands. In the long term, this promises an increase in the winnings when converted into dollar equivalent or an increase in the rate without additional depositing funds into the deposit account.