Unique and Secure Bitcoin Casino Payment Method

It's no secret that the Bitcoin casino payment method is quickly becoming a part of more online casinos' deposit and withdrawal options. The reason is that it is one of the safest and securest digital banking solutions around. Since more people are choosing it as their preferred method for making their monetary transactions, more online and mobile casinos are making Bitcoin available to their players.

You'll discover that there is more than one type of Bitcoin casino. There are those casinos that accept only Bitcoin and those that offer it in addition to the other more traditional casino banking options, such as credit cards, debit cards, eWallets, Bank Transfers, Prepaid cards, etc.

Are you interested in using this payment method but would like to learn more about it, first? Keep reading our honest Bitcoin casino payment review to find out if it's the right choice for you!

What is Bitcoin?

Bitcoin (BTC) is more than just a method of payment. It is also a currency in the same way that the Dollar (USD/CAD/AUD, etc), Euro (EUR), Pound (GBP), etc. are currency. The major difference between BTC and other forms of currency, however, is that it only exists in a digital format. Like other currencies, it does not have a physical form, such as paper money or coin.

More specifically, Bitcoin is a decentralized crypto-currency. This means that it not only doesn't exist in the real world like physical cash (as explained above) but it also does not have a central bank like the Federal Reserve. It functions solely in the peer-to-peer marketplace. This currency can only be transferred between users through Bitcoin addresses. These addresses are a series of numbers and letters that range anywhere from 27 - 34 characters.

An estimated more than 10,000 people and businesses, including Bitcoin online casinos, use it all over the world. BTC is traded in thousands of dollars every day without a credit card company or some other middleman being involved.

How to get a Bitcoin account and use it

If you want to start using this currency, you first need to obtain it. The following is a step-by-step method of how to go about becoming an active Bitcoin casino user.

1. Get a wallet - Before you get the currency, you first need to attain a wallet where you will store it and keep it secure. Head to a site like bitcoin.org to choose the wallet that you want. You will discover that there are several different types of free Bitcoin wallets from which you can choose, including mobile, desktop, hardware and web wallet options. Examples of wallets include: Bitcoin Core, Simple Bitcoin, GreenBits, mSIGNA, ArcBit, Trezor, and BitGo among others.

Keep in mind that while it takes only a few minutes to pick a wallet, you should take the time to select the one best suited to your needs and make sure you effectively backup and secure your wallet as well. You'll find that Bitcoin.org is very useful in arming you with smart information to help you make your choice.

2. Get bitcoins - You can obtain this currency by accepting it as payment for goods and services, or by purchasing it from a friend, from many online sites, or by buying the coins directly (with other currency) from an exchange with your bank account. That being said, the most popular way to get bitcoins is through online exchanges like Coinbase, Bitsquare, Bitwage and so on. There are international exchanges as well those that are country-specific.

Keep in mind that no two exchanges are the same. They vary in degree in terms of safety, security and privacy. If you're unsure of which exchange to choose, buybitcoinworldwide.com can provide you with user reviews and other valuable information to help you choose the best exchange.

3. Spend bitcoins - Once you've got your wallet and your BTC, the next step is to use it. Aside from online casinos that accept Bitcoin, there are hundreds of online shops and retailers that accept it, too. What's more, local businesses, including cafes and restaurants, are also beginning to accept the currency.

All that being said, there are a few things you should know about Bitcoin before using it.

• The price of Bitcoin is volatile which means that it can increase or decrease in value in a very short period of time due to its young economy. Don't store money with Bitcoin that you cannot afford to lose.
• Transactions made with Bitcoin cannot be reversed so make sure you do business only with people and organizations you trust.
• Bitcoin is not anonymous but adopting good practices can keep your identity private.
• Bitcoin is not an official currency but this does not exempt it from government taxes and regulations.
• Bitcoin is still experimental and no one can predict its future. Furthermore, as the adoption of this currency grows, you may encounter certain issues, such as increased fees, slower confirmation, etc.

Making deposits and withdrawals with Bitcoin

Casinos that offer Bitcoin payments to players use payment processors that enable them to do so. Some of the most popular of these providers include BitPay, SpectroCoin, and Cubits, to name a few. Cubits, in particular, is a popular choice among online casinos because it makes the entire deposit and withdrawal process a smooth user experience.

How to make a Bitcoin casino deposit - When you register at the casino, you will receive your Bitcoin address. This is the address that you will need to use when you make BTC transactions with the casino. Depositing money into your casino account is instant but you will need to wait for the transaction to be confirmed by the blockchain, which typically takes less than an hour.

More specifically, when you perform a transaction, your Bitcoin software performs a mathematical operation, combining the casino's public key and your private key with the number of bitcoins that you want to transfer. The result of this operation is sent out across the distributed Bitcoin network so that the transaction can be verified by outside Bitcoin software clients not involved in the transfer.  All that said, as soon as the funds are in your account, you can play at any time.

How to make a Bitcoin casino withdrawal - When you want to cashout using Bitcoin you typically have two options. You can choose to send your coins to your exchange service's address, where you will sell your bitcoins and request a bank transfer or other withdrawal method. On the other hand, if you want to keep your bitcoins, you can send them to your Bitcoin wallet, but don't forget that BTC prices fluctuate. Like deposits, transactions occur instantly.

Transaction fees - No bank or clearing house is involved with Bitcoin transfers, so the vast majority of Bitcoin casino banking options - deposits or withdrawals - have no fees. That being said, if there is a fee, it is usually very low. How low is it? In general, the processing cost can be 0.0001 BTC. That's so low that it's virtually unnoticeable for any amount you might deposit or withdraw.

Is Bitcoin safe and secure?

Yes! Users of the crypto-currency are always in complete control of their transactions. It is not possible for merchants, casinos or anyone else to force unwanted or unnoticed charges, which is a risk with other payment methods. Furthermore, Bitcoin payments can be made without any personal information linked to the transaction. This provides strong protection against having your identity stolen. Additionally, BTC users can protect their money with both backup and encryption for even higher security, making it that much harder for a hacker to crack into your wallet.

That being said, remember that ensuring your wallet has the highest security is your responsibility.

Top benefits of using Bitcoin

Why do so many players choose the Bitcoin casino payment method over other payment options? The reason is there are many advantages when using BTC, such as:

• Freedom - you can send and receive Bitcoin anywhere in the world at any time. You don't have to worry about bank holidays, bureaucracy, borders, etc. you're always in control of your money. No one can freeze your account or take your bitcoins away.

• Greater security - as mentioned above, Bitcoin is very secure and one of the safest casino payment methods that you can use at a trusted online casino.

• Transactions are instantaneous - no matter where you are in the world or where you want to transfer your coins, transfers are instantaneous.

• Zero or very low transaction fees - most casinos charge no transaction fees for making Bitcoin deposits or withdrawals and those that do, the fee for withdrawing is so minimal you're not even likely to notice it.

• Greater privacy when you gamble - Beyond your email address, most Bitcoin casinos will not ask you for any of your other personal details and there are many mechanisms that exist with Bitcoin to protect the privacy of its users.

Want to try your luck at a Bitcoin Casino? Check out our top list of the best Bitcoin online casinos here.