What is Bitcoin?
Bitcoin is a form of currency which has no issuer. The Japanese Yen, for example, is issued by the Bank of Japan, while the U.S Dollar is issued by U.S Central Bank.
- Fast transfers
- Transaction fees are either low or nonexistent
- Those who own a Bitcoin “Wallet” (online account) will be able to receive Bitcoins.
So, how do I get Bitcoins? Obtaining Bitcoins can be done through “mining.” But you don’t need to find an actual mine to get them, of course. All we need is a PC.
Unfortunately, a standard home laptop will not suffice, because the mining process will result in low returns of Bitcoin, which won’t even be enough to pay the electricity bill. In addition, there are even some desperate people who take advantage of low-priced property area to run their Bitcoin mining machines.
Why use Bitcoin on online casinos?
Bitcoin assures anonymity, which means that your personal data will not be exposed while doing transactions.You don’t even need to reveal your card number, unlike credit card transactions.
Besides that, you also get the two added benefits that we talked about earlier: fast transfers and low or nonexistent transfer fees.
That means that Bitcoin actually has a considerably lower transaction fee compared to using credit card or ecoPayz.
Let’s take a look at an example that you send $1,000 using different transaction methods:
- Bitcoin: Very low, only about 0.0005BTC (=less than one dollar) transaction fee
- Credit Card: $30 transfer fee at a rate of 3%
- Bank transfer: Has transfer fees which varies between banks. Additional steps required for overseas remittance.
Using Bitcoin safely:
Risk of uncertain fluctuations in value
In June 2016, Ƀ1 was valued at $500. The value increased to $1,000 in February 2017 and in May 2017, the value tripled to $3,000, which is an all-time high. In July 2017, Bitcoin is valued at around $2,400 and $2,800.
That said, it will be unlikely that Bitcoin will lose its value in the long run, because the amount of Bitcoins available are kept constant.
It’s said that in the year 2140, there will be about 21 million Bitcoins.
Choose a reliable intermediary agent (Bitcoin Wallet)
In 2014, there was a case of embezzlement by the head of Mt.Gox, a major Bitcoin Wallet, and that drove the company into bankruptcy.
I recommend a safety-critical decision making on the Bitcoin Wallet, checking fund sufficiency, user evaluation, security systems and so on.
Bitcoin isn’t used widely yet
As of 2017, Bitcoin still remains as a minor currency. Many online casinos have not recognised Bitcoin yet. That said, since the numbers of Bitcoin users have increased recently, more casinos will eventually support the currency eventually.
Recommended Online Casinos for Bitcoin users
I have three recommendations on Bitcoin-friendly online casinos.
- Attractive promotions such as deposit bonuses and reload bonuses
- 24/7 live chat support, good for beginners
- 110% first deposit bonus up to 1BTC (bonus code:BESTBET110)
- Licensed by Montenegro
- 24/7 live chat support. Good for beginners
- 200% first deposit bonus up to 500mBTC (bonus code:BESTBET)
- A lot of unique bonus events, like cashback on the Thursday special
- Licensed by the Netherlands Curacao
- Bookmakers(sports betting) are available.
- Support for English and 49 other languages around the world.
- Sexy casino collaborating with Pornhub is available, as well as slots and live casinos.
- Licensed by the Netherlands Curacao
I’m sure that Bitcoin will become a popular digital currency soon. This is because people like the Chinese, who don’t trust their own currencies, has been actively trading Bitcoin. This is because of the incredibly fast transaction speed and the fact that the currency is expected to appreciate over time.