Casinos with Bitcoin
How it works Bitcoin
Bitcoin works thanks to the Bitcoin software, using a database distributed in several nodes of a P2P network to record transactions and cryptography to secure them, guaranteeing that the bitcoins coins can only be spent by their owner and only once.
The bitcoins coins do not have a physical representation, such as a bill or a coin, but their representation is a programming code. These codes are literally created from a computer program and, as more bitcoins exist, the slower they are generated. There is an issue limit, only 21 million bitcoins can be issued, which in turn means that the currency tends to appreciate and never depreciate. The Bitcoins can be saved on any computer in the form of a special file from a Bitcoin wallet or with a third party that offers the service of storing that file.
The so-called block chain or chain of blocks is defined by the creators as a shared public accounting and is the network in which all transactions confirmed with Bitcoin are stored, allowing the calculation of the available balance and verifying the new transactions, always complying with the integrity and the chronological order of the blockchain from cryptography.
Transactions with this digital currency consist of a transfer of values between Bitcoin wallets included in the blockchain. The Bitcoin wallets include a secret fragment called a private key or signature, which is used to sign the operations and prove that the transaction is made by the owner of the wallet, as a password or secret PIN. All transactions are public between and for users and generally begin to be confirmed by the network within 10 minutes through a process called mining. In turn, mining is a distributed consensus system that ensures that pending transactions will enter the blockchain and in chronological order. No person can control what is included in the blockchain or replace parts of it to reverse their own expenses.
Bitcoin transactions are characterized by being irreversible (you will not be able to cancel payments once issued), fast (in a matter of minutes) and cheap (compared to other payment networks). In addition, payments with Bitcoins have the potential to be anonymous since, despite the fact that the transaction network is public and therefore anyone can see the funds and transactions of an address Bitcoin, this address does not contain information about the identity . And precisely for this reason, addresses should only be used once, because when making an online payment we must identify ourselves and leave the necessary information on the Internet to associate our person with the address Bitcoin.
Where to play online with Bitcoins
On the Internet there are web pages specialized in online gambling where payments are only accepted in Bitcoins, but you can also find many other common virtual casinos that have joined the cryptocurrency bandwagon and now allow their users to manage their accounts in Bitcoins, in addition to conventional methods. Currently, many online casinos are adding Bitcoin to their list of accepted currencies. The main advantage of playing in these online casinos is that their range of games is much wider and includes products from the best developers on the market, such as Microgaming, NetEnt and Novomatic. When you register, you will need to provide some personal information, but all transactions with Bitcoins will be completely anonymous.
4 reasons to play at casinos with Bitcoins
Playing in casinos that accept Bitcoin as a payment method means the possibility of winning considerable sums in Bitcoins. There are many reasons why you might want to play for real money using this cryptocurrency, which you can later exchange for more everyday coins to make your personal purchases. Here are the top 4 reasons why you should choose Bitcoin as a payment method for your online gambling activities: it is cheap, private and safe to use and the transactions are very fast.
- Inexpensive to Use: The Bitcoin generates less transaction fees than most traditional payment methods.
- Private: In a world where there is growing concern about information mining, phishing and identity theft, Bitcoin offers you an innovative payment method with which you can avoid the aforementioned dangers and enjoy a high level privacy regarding your online games. When using our debit and credit cards to make purchases, the seller stores our personal data (name and surname, address …) and financial data (card number) after each transaction, and we receive account statements detailing the time, the place and amount of our purchase, as well as the product purchased. Although we do not usually worry too much that it is known that we have bought a dozen eggs or a loaf of bread, there are some aspects of our intimate life that we are uncomfortable sharing with third parties. With Bitcoin, our anonymity is protected! The amount of Bitcoin sent in the blockchain system is public, but the identity of the owner and the recipient is not known.
- Secure: unlike credit and debit cards, Bitcoin has been specifically designed for online transactions and does not require the disclosure to third parties of your personal data (name, address, identity document …) or financial (card number , Bank statement…). The use of advanced cryptography systems and additional high security protocols for large transfers make Bitcoin a fully protected system. This is great news for all those who are concerned about pirate cybercrime, phishing or identity theft!
- Transaction speed: Bitcoin is quick to use. Normally, transactions with Bitcoins are carried out instantaneously, as long as the company accepts instant transfers (in this case it assumes the risk of accepting the transaction even before Bitcoin confirms the validity of the transaction through the peer system than every 10 minutes updates the status of the cryptocurrency around the world and the current owners of each Bitcoin), otherwise, they do not take more than 10 minutes, being much faster than in the rest of the transfer and payment methods.
Advantages of using Bitcoin
- High level of protection and security that exceeds other systems. In case of making a transaction, you will be able to see all its stages but never the recipient’s data.
- The commissions for carrying out the transactions are very low compared to other payment systems and bank transfers.
- There are no payment limits between wallets.
- All users have the same conditions of use, rights and obligations.
- Transactions are done very quickly.
Disadvantages of using Bitcoin
- Constant variation of the exchange rate. Since Bitcoin is volatile since its inception, its price goes up and down continuously. The Bitcoin change is set by the market and in case of any sudden change it can go down to zero.
- It is a new coin. It is unpredictable and difficult to foresee its future development.
- Little or no legal protection. There are no guarantees that your money can be returned.
- It is not yet very widespread and accepted among users especially in all places other than the network.
- Negative feedback from users who have lost their funds.
- The insecurity of its value, the lack of clear factors that can predict its future and stability in the market make Bitcoin a type of “bet”, which could worry you if you were involved in speculation about Bitcoin exchanges. Many analysts believe that Bitcoin it is not a good long-term payment method.
BTC storage, e-wallets and clouds
The fact that Bitcoin is an electronic currency often raises questions that would not arise with traditional currencies, such as where to store it. The answer is extremely simple: in the same way as the other currencies we use. For example, the small amounts of euros or pesos that we use every day for our purchases and that, although we would not want to lose them, would not mean a great catastrophe, we carry them in our purses or wallets; we have the most important amounts in bank accounts (cards); And, if we are lucky enough to have large amounts of money, we put it in banks with extreme security measures.
Thus, in the case of Bitcoins, for smaller amounts it will be enough to download to your device, be it a smartphone, computer or tablet, the specific software of the electronic wallet (e-wallet) that you choose. If you want to store sums of more important Bitcoins, you have the option of saving your Bitcoins in the cloud, where you will find a large number of services available to do so. If you also want an even higher level of protection, opt for a “vault”, that is, a company that keeps your Bitcoins offline, thus preventing the possibility of cyber hackers accessing them.
How to open an account Bitcoin and use it at online casinos
First, the user must install a wallet on their computer or mobile device. You have to choose desktop or PC (Linux, MAC and Windows operating systems), hardware, mobile (Android, Blackberry, iOS, Windows Phone) and web wallets. On web pages about Bitcoin such as Bitcoin.org you can see different wallets of Bitcoin, more than 50, available for each of these supports, such as Bitcoin Core, Bitcoin Knots, Electrum or BitGo for desktop, Trezor or KeepKey for hardware, ArcBit , Coin.Space, Bitcoin Wallet, Bither or Green Address for phone, or Coinapult, Green Address or BitGo for web.
Next, your first address Bitcoin will be generated, which will function as a regular email address; You will always have the possibility to create more and you can give it to your friends to get paid or vice versa.
To obtain Bitcoins you have different methods, accept them as payment, buy them from a friend or another holder of the cryptocurrency VISA or buy them directly at an exchange house with your bank account. However, it is also possible to generate them yourself with the help of a computer and a specific computer program through which it will be a long process.
Finally, you can spend your Bitcoins in any online store anywhere in the world that accepts this currency as a payment method, having more and more of all kinds, such as telephony, gift cards, legal advice, tourism … and, of course, some online casinos with games from major producers such as NetEnt, Microgaming, Play’nGo and many more. To pay with bitcoin, you must access your personal profile, add it as a payment method, enter the amount to deposit and send it to the address that the casino will offer you using your private key.
Payment limits, fees and commissions
As bitcoin is a currency that is not yet widely used as a payment method, payment limits, fees and commissions have not been generally established yet. However, often the figures to deposit range between 0.001 BTC – 0.00001 BTC and 5 BTC.
Payments are usually made instantly or within a maximum period of 10 minutes, although in cases of very large sums, the transaction may take longer to complete, contributing to greater security.
Deposit and withdrawal of money
Previously, we have already announced that depositing bitcoins in your electronic wallet is possible by buying it at an exchange office or from an acquaintance, receiving it as payment currency or even generating it.
Since bitcoin is not a currency with a physical representation, but an electronic one, it cannot be withdrawn as we do with money “of a lifetime”, however there is the possibility of saving it on paper, instead of in a digital file or in a purse electronic, for which it will be necessary to print the generated addresses. The “bills” can have different designs, but they all have one characteristic in common: they have two QR codes, one with the information of the public address, to send funds to our wallet, the other with the private key, to withdraw them. Currently, in Spain there are 21 ATMs with bitcoin, most of them in Barcelona.
Contacts of the company and customer service
The cryptodiVISA bitcoin, precisely because of its decentralization characteristic, does not belong to any bank, institution or company, making it difficult to determine a “maximum responsible”. Depending on the electronic wallet you choose to generate your addresses bitcoin, you can go to their customer service in case of doubts.