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A currency that is virtual, moves from one person to another, and is independent of any central authority - this is Bitcoin, which is becoming increasingly popular with online gamblers. Since this currency is not regular money, it moves fast and usually without costs. This alone makes it a great choice for online gambling. However, there are risks to consider when looking into the various online Bitcoin casinos which offer their services in exchange for the virtual coins. While Bitcoins are legal, one has to be careful only to exchange them with legitimate services and sites, such as state registered e-wallets that sell the coins and special exchange services.
Once you get the hang of how to safely acquire and store your Bitcoins, you should be ready to start playing with them in Bitcoin Casinos that will accept them like any other currency. Since this currency is not official, it is very difficult for any law enforcement to get into the picture. Since you can send the coins straight from one user to the other, without having to use a middleman or a payment service, the cost of transactions is greatly reduced. Many times there will be no fee at all when you withdraw or deposit Bitcoins at the casino of your choice.
The freedom of the virtual currency poses a risk that one must be aware of. When law enforcement and governments can't influence what happens with Bitcoin transactions, it also means that they are ripe for exploitation. You must learn how to store your coins properly, and never join a casino that is not tested and verified as legitimate and trustworthy. It is easy enough to set up a gaming site and claim that it is safe to join. If you lose your Bitcoins you will never see them again, and there is nothing to do about it, so it is up to you to do your research and to choose wisely.
The advantages of Bitcoin play are many, and you can rely on fast transactions, anonymity, great selection of games and safe payouts, as long as you pick Bitcoin Casinos with a great reputation and the aim to deliver a top notch online gaming experience.
nterest in Bitcoin is growing in online gambling due to its entirely digital structure. Compared to other currencies bitcoin offers additional security and flexibility, which is appealing to players and casinos alike.
These benefits have seen bitcoin gambling and bitcoin casinos online rise in popularity in recent times. For newcomers to this cryptocurrency, the following guide explains everything you need to know about gambling online safely with bitcoin, and recommends the best bitcoin casinos to play with online.
In short, yes, bitcoin is real money and can be used to purchase anything from coffee at your local café to chartered jets. The main difference is that it's an entirely virtual currency. Think of bitcoin like you would with foreign cash. You 'buy' or exchange money when you travel, or occasionally when making purchases online. Bitcoin operates in a similar way, with users able to buy, pay and convert this cryptocurrency into other forms of cash.
Like 'normal' money, bitcoin is made up of smaller currency units. Unlike your 100-penny dollar though, bitcoin takes this to the next level. A single bitcoin is made up of 100 million 'satoshi' units. Or rather, 1 satoshi = 0.00000001 BTC. Collect enough satoshi, and they create larger currency units within a bitcoin.
Generally, gambling operators process bitcoin in two ways. Bitcoin-exclusive casinos and sportsbooks will only accept bitcoin currency in exchange for chips or bets. Bitcoin-compatible casinos and sportsbooks alternatively, will exchange bitcoin deposits for a standard currency, i.e. US dollars.
The benefits and disadvantages of bitcoin casinos are discussed further in this guide, but the steps bettors must take to gamble online using bitcoin hardly change:
Bitcoin casinos generally offer fewer games, but there are no transaction fees.
These eWallets operate on the cloud or with software and offer various features. Do some research first to find the one that fits your needs.
The quickest way to do this is visit an online bitcoin exchange, and buy amounts using your country's standard currency.
Decide how much you want to wager, and then deposit it into your account with the online casino or sportsbook. Depending on their system, you will need to convert this to chips or another currency.