Bitcoin has been the talk of the decade with people either loving it or believing it’s doomed to fail. It has surely disrupted money markets and many Bitcoin traders, most of which are just regular people, have been making a fortune with Bitcoin as it has been increasing in value. Most online casinos offer different currencies you can deposit in, the most popular being pound sterling, euro, US dollar and the Scandinavian currencies. There are online casinos that have a bigger selection of currencies available, which include Bitcoin. This means that in addition to the conventional currencies you can also deposit and withdraw winnings in Bitcoin. As Bitcoin has been increasing significantly in value in the last years and has been used as an investment tool, playing and winning in bitcoin could be a lucrative business.
What is Bitcoin?
Bitcoin is a cryptocurrency that was created in 2008 with the aim to create a peer-to-peer network for electronic transactions. Bitcoin it is a digital, decentralised medium of exchange that uses cryptography. The latter is a process of encryption that is used to secure financial transactions and controls the creation of additional units. In addition to the cryptography another unique aspect to a digital currency like Bitcoin, is that it is decentralised. This means that it is not controlled by a central bank like conventional currencies and makes Bitcoin and other digital currencies a bit of a rebel in the economic system.
What makes Bitcoin different from regular currencies?
As we mentioned above, unlike conventional currencies, not only does Bitcoin only exist in digital form, it is also decentralised which means it is not controlled by a central bank. Those who propagate Bitcoin love the decentralised character of this medium of exchange, as no one can ‘boss’ this currency. It is a medium of exchange of and by everyone, rather than a tool controlled by central banks. Others with a more conventional view on economic processes and financial markets believe it is doomed to fail because it is not controlled by an authority like a central bank. They also believe it facilitates online payment for criminal activity, again, because transactions can be anonymous and are not controlled by a central authority. While the debate rages on, Bitcoin transactions have increased dramatically in the last 10 years and more and more online companies and institutions offer the possibility to pay with Bitcoin. Banks have started to create their own digital currencies to compete with Bitcoin or even offer trading platforms for Bitcoins and other cryptocurrencies.
Bitcoins at Online Casinos
Online casinos too have started offering Bitcoin as a payment method. The availability of this is not widespread (yet), but there are a few online casinos that offer this option. Not only has the amount of Bitcoin transactions increased, the currency’s value has increased significantly as well over the years. The few online casinos where you can deposit and withdraw in Bitcoin might want to incorporate something that seems trendy or they truly see it has the currency of the future. Doing business and especially doing business online is about innovation, so many online casinos believe they need to stay on top of this and offering Bitcoin payments could be seen as part of this process. If you believe in the new currency for the people by the people and you are keen to make some extra money, it could pay to have your online casino account in Bitcoin. Any winnings you make and withdraw in Bitcoin could dramatically increase in value in a very short time.
How do I start Playing with and Winning Bitcoins?
If you would like to start depositing and withdrawing in Bitcoin you first need to create a Bitcoin wallet. Once you have done so, find an online casino that accepts Bitcoin. You can check the payment page of your favourite online casinos and/ or search for Bitcoin online casinos. The online casinos that offer Bitcoin are keen to tell the world. After you have created an account at a Bitcoin casino you can make deposits in Bitcoin. Make sure to check the terms and conditions. If you want to withdraw Bitcoin too, make sure that the casino allows this. If you want to make money with your Bitcoin winnings, make sure to withdraw when rates are rising. It is also advisable to do some general research on Bitcoin and Bitcoin trading.
By depositing and withdrawing Bitcoin on and from your online casino account you can kill several birds with one stone. If you already have a Bitcoin account you can use the currency as a payment method at online casinos. If you don’t have an account yet, a Bitcoin casino could give you a reason to open one. You can pay anonymously if you like. With a bit of effort you can hide any personal details linked to your Bitcoin account if you want to. You can pay in Bitcoin to be part of a new movement and you can speculate with the digital currency to make extra money. The option is yours.