Everyone is talking about Bitcoin – but how does Bitcoin actually work? Is this a secure payment method? And can I also pay securely with Bitcoin in an online casino? We not only explain to you here how a crypto currency works, but have also taken a closer look at the most popular Bitcoin casinos. In order to make the right choice for you, there are a few things you need to consider.
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What exactly is Bitcoin?
In 2008, Satoshi Nakamoto released the first concept for digital money. The true identity of the founder is still unknown, as he only appeared under his pseudonym. Bitcoin is the most famous crypto currency. A crypto currency is encrypted digital money that can be transferred directly between two people without the intervention of a bank. This means that the currency only exists virtually. Each transaction is stored and secured in the “blockchain” – i.e. distributed over thousands of computers worldwide.
How do I pay with Bitcoin?
You can use Bitcoin to pay online (on the Internet) and offline (in shops or restaurants). You need a software – a Bitcoin Wallet. This “Wallet” is your digital wallet. Here you can see your current Bitcoin balance and make transactions. The biggest difference to a bank account is that your Bitcoin Wallet is yours alone. It is stored on your mobile phone and/or PC and no one can view or even block your Wallet. There are no restrictions like transfer limits or maximum transaction amounts in the Bitcoin Wallet. Transfers can be made all over the world and are not geographically restricted. However, as with your wallet, you must make sure that your Wallet is safe and secure. It is therefore best to save your Wallet not only on your mobile phone, but also on your PC. Because if your mobile phone and wallet are lost, your Bitcoins are gone too.
All transactions are listed in the “Ledger” (=payment book). No personal data is stored here, only the wallet numbers of sender and receiver. The payment with Bitcoin is as anonymous as with cash. You do not have to enter your name or address in the wallet. Although there are now ways of finding out who owns which wallet, the basic idea of currency is anonymous payment.
Attention: Chargebacks are not possible, if you have transferred Bitcoins, you cannot get them back.
What are the advantages of Krypto?
- simple and fast transactions
- available worldwide
- very secure transactions
- low transaction costs
- privacy protected
Disadvantages of Krypto
- price fluctuation
- no legal safeguards
- bad reputation (cybercrime, tax evasion, money laundering)
- wallet must be stored safely
Unlike currencies that can be reprinted by the state, the number of bitcoins is limited to 21 million.
What is the advantage of paying Bitcoins in the online casino?
- Payout speed
While you have to wait a few days for your money to arrive at your bank account, Bitcoin transactions are done within minutes.
- Low transaction costs
While many other payment providers incur transaction costs, Bitcoin transfers from Wallet to Wallet. There is no bank or other institution in between which charges money for the transaction.
How do I play at Bitcoin Casino?
- Buy Bitcoins
The easiest way to get Bitcoins is to buy them on a Cryptocoin marketplace. There are also Bitcoin wallet providers where you can buy Bitcoins directly by credit card or bank transfer.
- Transfer BTC to the Wallet
Install a Bitcoin Wallet on your phone and PC and transfer your coins to it.
- Register at the Online Casino
Once you have found a reputable casino, all you have to do is register and make a deposit. Depositing generally works the same as with other payment methods. Bitcoin Casinos also usually offer a bonus for new customers.
Bitcoin Casino Bonus
Bitcoin Casinos also generally offer a bonus for new customers. Ideally, this consists of bonus credits and free spins. When you register in the online casino for the first time, the bonus credit is a great way to get to know the casino and its games. The bonus is always linked to conditions, which you should definitely read through beforehand. Only if you meet the wagering requirements can you withdraw your bonus balance.
Security at Bitcoin Casino
As we mentioned above, the Bitcoin transfers happen in the blockchain. Here all transactions are secured and encrypted. More than 10,000 nodes and servers scattered all over the world track all transactions and thus ensure security.
So the transaction of your Bitcoins is considered very secure, but the main part is up to you. Choose a reputable casino with a valid gambling licence. In most cases you will find the license information at the bottom of the casino website. This is also where the terms and conditions and data protection information are linked to for serious casinos. Also read the bonus conditions before you register in the online casino. Pay attention to the payout rates, data protection and fairness of the games.
Bitcoin Sports Betting
Although most major sports betting companies use traditional payment methods, there are also a few Bitcoin bookmakers. Some Bitcoin sports betting portals even allow you to play completely anonymously. All you have to do is enter your e-mail address. Which sounds like a great advantage on the one hand, but unfortunately makes legal regulation of Bitcoin betting providers impossible. Therefore, always bear in mind that choosing a provider without a valid licence could pose a risk.
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FAQ – frequently asked questions about the Bitcoin Casino
Bitcoin transactions are anonymous – you do not need to provide any personal information here. However, for casino registration and cashout validation, your details are required at the casino.
No, in most Bitcoin Casinos you can also deposit with conventional payment methods.
In most online casinos your Bitcoins will be converted into your local currency and credited to your player account in your currency. When you cash out, the currency value is again converted into Bitcoins at the current rate.
A Bitcoin Casino is no different from a conventional online casino. In a Bitcoin Casino you can also enjoy table games, slot machine games and live casino games.
Whether Bitcoin or not, you can recognize a reputable casino by its license. Make sure you also read the terms and conditions and check that you can find all the important information about deposits and withdrawals on the website.