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Bitcoin Payment Methods

Bitcoin Payment Methods

Bitcoin is the “currency of the Internet” and is rapidly gaining popularity around the world. It is a revolutionary invention of computer science, led by Satoshi Nakamoto, that allows merchants to accept any bitcoin payment 24/7 and 365 days a year anywhere in the world.

The popularity of cryptocurrency has increased within 10 years – nowadays, there are over 2000 different virtual coins. Nevertheless, Bitcoin is the first in the list of leaders and remains the most popular cryptocurrency. A greater number of large companies and startups begin to accept Bitcoin as payment. Via the Internet, using cryptocurrency, you can purchase goods, pay for services, travel the world, get an education, buy real estate and enjoy gambling online.

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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.

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What You Need to Get Started with Bitcoin At Online Casinos

When choosing any new service, it is worth considering a lot of rules and factors that can say a lot about the security of the upcoming cooperation. In order to avoid “surprises” when working with a Bitcoin casino, consider the following features:

  • Choose a casino and ensure that it will accept bitcoin payment.
  • Study the reviews of other users. Try to look for reviews on different resources, visit specialized cryptocurrency forums. The more reviews you read, the more complete the picture of your chosen casino will be.
  • Read reviews on specialized resources. If a Bitcoin casino is worthwhile, then sites working with cryptocurrency topics will definitely write about it. Pay attention to blogger reviews as well, but avoid overly promotional publications.
  • Choose a resource with high-quality technical support. Any quality company will take care of its image. Evaluate how detailed and accessible the information is presented on the site, call the technical support yourself and ask a couple of questions.
  • Check for a license. If the company has nothing to hide, it will show its users documents confirming the passage of all checks and software licensing first of all.

After you have chosen your first Bitcoin casino and made sure of its decency, the moment of registration comes. To create an account, follow this algorithm:

  • Click on the “Register” or “Join” button.
  • In the pop-up window, fill out the form, indicating: first and last name, gender, date of birth, email address (in case you forget your account password).
  • Often, casinos ask a new user to answer a security question – for example, enter the name of a favorite football player or pet. This is done for security purposes.
  • If the casino has promotional codes, you will be prompted to enter them. If there is no promo code, this step is skipped.
  • Enter the captcha and click the “Finish” button.

After registration is complete, the system will automatically transfer you to your personal account. From this moment you can start playing and earn your first Satoshi.

Making a Bitcoin Deposit

Bitcoins and other cryptocurrency are stored in special wallets. Their principle of operation is similar to electronic wallets created for virtual storage of money in traditional currencies. To make a deposit in cryptocurrency, you need:

  • To top up your bitcoin wallet balance if it is empty.
  • Choose your favorite casino, register in it, choosing bitcoin as a currency. Or, having chosen the traditional currency that suits you during registration, go to the payment methods page and select bitcoin as a payment method. Most sites will provide you with a bitcoin address that you can copy to your wallet to create a transaction. When using your mobile phone, you may prefer to use the QR code provided by the online casino, by scanning which you can also create a transaction. If necessary, indicate the details of the online casino as a recipient and click “Send”.

If the funds were not received, it makes sense to check if your wallet is verified. This should be done not on the casino website, but in the blockchain account.

Making a Bitcoin Withdrawal

The benefit of using a bitcoin payment processor in online casinos is the speed of funds withdrawal and, in most cases, no withdrawal limits. The withdrawal process is similar to the depositing one, but do not forget to verify your account for withdrawing funds.