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Bitcoin and online gaming: What you need to know


Posted on October 11, 2022 by Riley Cashly

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The cryptocurrency crash several months ago shook some people’s faith in this decentralized digital currency. The market has begun to rebound and even though it is nowhere near the highs of November 2021, it is still worth more than it ever was before late 2020. While Bitcoin might occasionally be a volatile market, it is one that appears to have a healthy base.

Online casinos are a similarly popular new industry. They make playing casino games more convenient and accessible while also providing players with a huge variety of slot machine games. The cross between cryptocurrencies and online casinos makes total sense. Blockchain technology provides security and anonymity, which are great for online gambling.

This article will explore the link between the two and how Bitcoin casinos work.

How to get Bitcoin

The first step in playing at a Bitcoin casino is creating an account and making a deposit. Making a deposit in Bitcoin does mean that you’ll need to purchase Bitcoin beforehand. If you’re entirely new to the world of cryptocurrency, this might not feel very straightforward but in fact the process is quite simple.

Bitcoin is created through a process known as mining, where miners are rewarded with Bitcoin for verifying and validating each new block being added to the blockchain. Mining is too time and energy intensive to be practical for the average crypto holder.

The much smarter way to acquire Bitcoin is to purchase it on a crypto exchange. These are cryptocurrency marketplaces, much like any other currency or stock marketplace. You can buy the exact percentage of a coin that you want. You should then use a hot wallet to store it until you’re ready to deposit it. If you only want to deposit a fraction of what you’ve purchased, moving the remainder to a cold wallet will keep it safer.

Bitcoin casinos

Bitcoin casinos work just like regular online casinos. The major distinction is that Bitcoin casinos accept deposits and withdrawals in Bitcoin, and sometimes other cryptocurrencies.

Playing at Bitcoin casinos is a simple process. First, you’ll need to create an account. The next step is to make a deposit. Deposits on Bitcoin casinos are typically held in a casino wallet. From there, all you need to do is collect any welcome bonuses available and then start playing.

Since Bitcoin casinos are usually operated by brands that understand that their players are interested in the newest and best technology, they are typically designed for both desktop and mobile. Being compatible with both platforms makes them even more accessible.

Security

Blockchain technology results in a high level of security. In general, online casinos are known for having tight security and using the highest levels of encryption. Since blockchains are essentially digital ledgers, everything that is done on them is recorded. The practice of adding blocks to the chain requires each one to be verified. This results in a very secure system that is easy to keep track of.

Privacy

One of the most important differences between regular online casinos and Bitcoin casinos is that Bitcoin casinos have a higher level of privacy. Some Bitcoin casinos even allow players to remain completely anonymous. This is possible because of the deposit/withdrawal methods.

With regular online casinos, you need to provide at least some of your personal financial information. This could be a bank account, credit/debit card number or digital wallet or payment app information. You will also need to provide an email address to create an account and a way to verify your identity before a withdrawal will be processed.

The way that the blockchain works means that with cryptocurrency your identity is already validated. Your Bitcoin wallet number is all the identification that is required. This allows players to play anonymously, which can keep you safer from potential hackers or cyber-attacks.

Game selection

Most online casinos have large game libraries and Bitcoin casinos are no exception. Casino brands want to keep their players happy and having a ton of game options is one of the easiest ways to do this.

One thing to keep in mind is that the biggest names in online casino games might not be available at Bitcoin casinos. Much like sweepstakes casinos, Bitcoin casinos usually have their own games. This is because both these types of online casinos have specialized requirements and platforms that don’t necessarily support regular slot machine games.

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