Best Bitcoin Casinos Online
Bitcoin is a previously underused payment system that is gradually gaining popularity. With a large part of humanity still vague on how it works, cryptocurrency as a financial instrument is weak.
Bitcoin (BTC) is a payment system using the same accounting unit, better known as cryptocurrency (digital currency). Its important feature is the lack of possibility to undo a perfect operation. That is, even an erroneous payment cannot be reversed. The bitcoin calculations between the counterparties are done directly without intermediaries (unless they are exchanges).
Login and registration with Bitcoin
The first bitcoin release was in January 2009. The founder of the system is Satoshi / Satoshi Nakomoto.
However, it is not reliably known who is hiding under this pseudonym: a person or a group of like-minded people.
The cryptocurrency consists of smaller units – satoshi (10-8 bitcoin). An important point that attracts a large number of people to this payment instrument is that government bodies cannot block or arrest funds if the private key stored with the owner is missing.
Bitcoins are used as electronic means of payment or exchange. When online retailers, online casinos and other organizations are willing to accept cryptocurrency as payment for goods or services, they become interesting to a larger number of potential customers.
Today Bitcoin is available to be exchanged for any currency or electronic money of other payment systems. There are many exchange offices on the network where you can exchange any cryptocurrency for the usual money (dollars, euros, rubles, etc.). Possible conclusion on Kiwi, Yandex.Money, Webmoney, etc.
The most important feature of Bitcoin casino is its complete decentralization.
The system works with a variety of client programs, each of which is installed on the member’s PC. Customer programs communicate with each other worldwide. However, removing one or more computers from this chain does not affect the overall health of the network. Such a system is called peer-to-peer or peer-to-peer.
The first 50 bitcoins were generated in a block in 2009. The creator or the creator has published information about the principle of operation of the new payment system. It makes no sense to describe it in detail, since it is difficult enough for an ordinary unprepared user to understand and takes a long time.
Due to Bitcoin’s high rate, smaller components of the cryptocurrency have emerged. The overall picture looks like this:
* 1 satoshi – 0,000,000 01 BTC;
* 100 satoshi – 0.000 001 BTC (1 µBTC);
* 100 000 satoshi – 0.001 BTC (1 mBTC);
* 1,000,000 Satoshi – 0.1 BTC (1 cBTC).
In order not to get confused, there are calculators on the internet that will help translate satoshi to bitcoins and back. Given that the price of any cryptocurrency is very volatile, breaking it down into small chunks is simply necessary. For example, at the beginning of the release, in the fall of 2009, about 1 300 bitcoins were given for one dollar (1 BTC = $0.00077). At the beginning of 2010 – 1 BTC = $0.008, in the middle of the same year there was a sharp jump in price – 1 BTC = 0.01 $, at the end of the year bitcoin became much more expensive (1 BTC = 0.5 $).
Rapid price growth has started since 2013.
* In March – 1 BTC = $75.
- Until November 2013 – 1 BTC = $1240. In the new year, however, the price fell by half to $600.
- In December 2017, the real triumph of Bitcoin was marked, which was at the $20 000 mark, but later the cost began to decrease dramatically.
- In the early fall of 2018, 1 BTC was trading in the region of 6 000 – 7 000 dollars.
* In the fall of 2021, Bitcoin surpassed the $60,000 mark.
Such a fairly detailed layout of bitcoin price is necessary to understand that this tool is high risk. Keeping your funds in cryptocurrency is quite dangerous, although many financiers around the world claim that such tools are the future of mankind.
The position of any cryptocurrency, and Bitcoin in particular, is still in limbo. These tools are not completely forbidden, but one cannot say that they are allowed. Security agencies have constantly claimed that criminal elements are increasingly using cryptocurrency in their calculations.
Reliability and safety Bitcoin Casino
If we look at Bitcoin casino from a technological point of view, the name of the instrument (cryptocurrency) suggests that this payment system is based on encryption and cryptography. The technologies do not stand still and are constantly evolving. It is impossible to have a BTC wallet without cracking a special key. It is also unrealistic to choose a cipher.
However, when considering the reliability in terms of the human factor and the nature of Bitcoin, things are much more complicated here. Keys can be lost or forget the necessary sequence of characters (few can remember).
It is impossible to regain access to your bitcoin wallet.
In addition, there is no need to talk about the reliability of an instrument with such high volatility. Given that cryptocurrency is not backed by anything physical (gold, resources, etc.), it can lose its value immediately.
Working with clients
In order to conduct transactions with bitcoins, you must have an appropriate wallet. There are many options, they are all offered on the official website of the payment system.
It is recommended to choose resources in your native language to avoid problems and misunderstandings. On the Internet there are many platforms where a large amount of detailed information is devoted to this topic. Short and simplified, then there are Bitcoin wallets of this type:
- For computers. All necessary access information is stored on the user’s personal PC.
- For mobile devices. It is considered a weak tool (not suitable for full use of cryptocurrencies).
- Web wallet. Keys and other information are stored in the network on special servers. You can use any device with internet access to perform an operation. Not the safest option for customers.
- Hardwired. The wallet is created on an external device connected to a computer via USB. Losing the device doesn’t matter as you can wipe all data remotely.
For those who want to actively use Bitcoins, it is recommended to devote some time to exploring the system. That’s difficult enough.
The popularity of Bitcoin in the casino
Today, Bitcoin casino are a fairly common form of payment in many online casinos. The orientation of the resource is irrelevant. Likewise, cryptocurrency can be used in clubs for Russian-speaking players and in European institutions.
It is likely that barring a dramatic drop in price, bitcoin will be available in more and more gambling houses (UPD: History has shown that is exactly what happened). However, the players themselves are not yet massively using this payment system.
How to make a deposit in the casino via bitcoin
The procedure for topping up the player account with Bitcoin is standard.
- Only registered members of the club can make transactions.
- To perform the operation, you need to go to the cash register / your personal office and find an icon with the cryptocurrency logo.
- After that, you need to click on it and follow the prompts of the system.
In some casinos additional bonuses from the administration are possible when using bitcoin.
How can I withdraw money from Bitcoin Online Casino?
To withdraw money in bitcoins, you need to make sure that it is possible to receive winnings at the casino. If so, rules and boundaries should be explored to avoid misunderstandings.
You can file a request for withdrawal of winnings in cryptocurrency in your personal account. If you choose this method, you will have to wait for confirmation of acceptance of the application from the administration. The funds are deposited into the bitcoin wallet according to the Playground Ordinance.