Bitcoin is a controversial digital currency that’s been seen as the one of the greatest financial technological advancements ever seen. Being a digital currency, in the same way as a credit card, debit card or pay by phone works, Bitcoin is simply another form of currency. However unlike cash, there’s a limited amount of bitcoin readily available.
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Bitcoin Casinos Explained
Bitcoin Casinos are therefore Casinos accepting Bitcoin or any other form of cryptocurrency as a form of deposit and payout. In summary Bitcoin is an online digital currrency. Should you be a Bitcoin holder or Hodler as they’re known, then you’re likely to want your bitcoin holdings to increase. However there are only very few strategies to see this come true, mainly;
- Hodling – Keeping your Btcoin locked up and waiting for the value to increase dramatically
- Trading – Using an exchange to trade Bitcoin during its volatile stages, buying when low and selling when high then repeating
- Gambling – Holding on to Bitcoin is a form of gambling as you’re staking Bitcoin in hope its value increases far more than when you bought it. However you can stake it in a Bitcoin Casino and hope it’s your lucky moment to hit a big win.
If however you’re still unsure about what Bitcoin is, nevertheless feel as though it’s a currency you’d like to have specifically for gambling, then here at which casinos, we have compiled a brief summary of what bitcoin is and how it works, and if you’re confident in using bitcoin casinos, pick out from the charts we’ve laid out for you above.
Online Casinos Accepting Bitcoin
In many ways when you’re ready to use Bitcoin as a form of currency when depositing onto an online casino or gambling sites, would mean you already have an understanding of the blockchain technology in which it sits on. If not, we’ve added some further information to ensure you are fully aware of what it all entails.
What is Blockchain Technology?
Perhaps the easiest and most important way of describing blockchain as a public ledger that stores each transaction without being able to be edited or deleted. Blockchain is built via a chain of blocks, not in the sense as you know it, but as in the block is the digital storage area while the chain is the public database to which it’s stored on.
Using Blockchain Tech for Online Casinos
- Blocks store information about transactions like the date, time, and dollar amount of your most recent
- Blocks store information about who is participating in transactions. A block created for the purchase you’ve made will record all the transaction information. However instead of using your actual name, your purchase is recorded without any identifying information using a unique “digital signature”.
- Blocks store information that distinguishes them from other blocks. Much like cars have different number plates or serial codes, each block stores a unique code called a “hash” that allows us to tell it apart from every other block, even if you decided to create a new transaction of the exact product, it will have a new unique hash designated to it.
Bitcoin and Digital Currencies
As the ideas of what would go into the blockchain were going around within computer science communities, it was the pseudonymous founder and developer of bitcoin (BTC), Satoshi Nakamoto, who outlined the blockchain as we know it in the white paper for BTC. In this way, blockchain technology began with bitcoin and then other cryptocurrencies were born such as Bitcoin cash, Ethereum, Litecoin and thousands of many others.
One thing that might be slightly tricky to get your head around is that cyptocurrencies like Bitcoin don’t come out of a central bank, instead the actual monetary value is stored solely online in a place called blockchain. Rather like stocks and shares, the value in Bitcoin relies upon the demand for it, meaning the higher the demand, the higher the value of Bitcoin.
The fact that it is solely affected by market forces means that the value can be quite volatile. This coupled with the relative anonymity with which you can acquire and spend Bitcoin mean that it can be a little tricky to spend on gambling should you wish to use this method of deposit.
Importantly to note online casinos that deal exclusively in Bitcoin, where you deposit and play using the cryptocurrency are very much few and far between at the minute thanks to the volatility we explained earlier. This is also a factor as given the fact you play in cash, it is more than likely you will have to withdraw into cash rather than convert your winnings back into Bitcoin.
Gamble using Bitcoin
Although it has taken you a while to get your head around Bitcoin, then don’t worry as it has taken the online casinos a little while to catch up with everything as well and only a select few are offering Bitcoin as a means of deposit. That said, the number of online casinos accepting this form of deposit is likely to increase over the coming years
All in all, it is possible to play at certain online casinos using Bitcoin, although there are certainly better options out there. If you do fancy using this method of deposit and withdrawal though, be sure to check our list of casinos to find the one with the welcome offer of your choice.