For many people who are not so technically skilled, a revolution in payment transactions has been going on quite unnoticed for several years. We're talking about Bitcoin. But what is this digital payment method and why is it so particularly suitable for online casinos?
Bitcoin- simple, secure and alternative
Since the first appearance of the new cryptocurrency Bitcoin, this digital form of payment, which does not require any banks, has become increasingly popular and is officially used in more and more business areas on the Internet. The great strength and one of the reasons why Bitcoin is becoming increasingly popular is the security of every transaction, because with the help of a decentralized database, in which every transaction is recorded, it is permanently recorded who each Bitcoin belongs to and the complex encryption ensures greatest security. This cryptocurrency also offers perfect anonymity, because this assignment of Bitcoin to a person does not take place via a name, but via the assignment of your own Bitcoin e-wallet with the corresponding Bitcoin address.
Pure Bitcoin casinos
The big revolution, which goes unnoticed for many people, does not stop at the online casinos, of course, because a cryptocurrency is literally tailor-made for companies that offer their services on the Internet. In the past few months, the number of so-called pure Bitcoin casinos has skyrocketed, because the increased use of this virtual money also increases the need for platforms for casino games that are aimed at the new target group of Bitcoin users. In these virtual arcades, the customer encounters the same, diverse offers as in any other online casino, but the only difference is the exclusive use of bitcoins for all upcoming transactions. There are also hardly any differences in the selection of slot machines, because here too the gambler finds NetEnt or Microgaming and numerous other well-known software developers.
Hybrid Bitcoin casinos
In addition to the pure Bitcoin Casino, where all deposits, winnings and payments are made purely via this cryptocurrency, there are now also so-called hybrids, which in addition to their offered currencies, such as US dollars, sterling or euros, also have Bitcoin in their own portfolio of cash. From the beginning, players can determine whether they want to play with their local currency or with Bitcoin in this online casino in the future. The entire payment transaction in the cryptocurrency is processed in exactly the same way as the gambler is used to all other currencies.
How does the payment transaction work in a Bitcoin casino?
Both deposits and withdrawals with Bitcoins between the customer and the corresponding Bitcoin Casino are similar to other electronic e-wallets such as PayPal casinos and are processed via so-called Bitcoin addresses. Creating your own address is now child's play and requires just a few minutes and a download of the appropriate software. All deposits or withdrawals, i.e. sending the bitcoins takes only a few minutes and there are generally no fees for this in the Bitcoin casinos, since this cryptocurrency does not need any banks. Bitcoins can also be converted into other currencies at any time, but this always depends on the current traded value of the bitcoins.
The advantages of Bitcoin in the online casino
The cryptocurrency Bitcoin is not subject to any central bank and therefore no government in the world
Your own Bitcoin account is safe from all unauthorized access and it cannot be frozen either
Transactions with Bitcoin to or from an online casino are very fast and only take a few minutes
Every sending of Bitcoins is irrevocable and there is no possibility to book back a Bitcoin amount, so fraud is almost impossible
The entire software for payment transactions with Bitcoins is visible to everyone
Bitcoins can only be created up to a ceiling of 21 million, this ensures high value stability
The cryptocurrency offers security and a high level of anonymity when transactions with a Bitcoin casino
Transaction fees are very low