BitCoin: a Cyber-Currency
BitCoin has been around since 2009 and has steadily increased in popularity, but it has only recently been adopted as a banking method by online casinos (from about 2015 onward).
At first only a handful of casinos were using it, but now they nearly all do and it's rapidly becoming the norm, rather than the exception.
What is BitCoin?
When you first read about it, this seems like quite a complicated system (not helped by the strange terminology used), but basically in simple terms it is a virtual currency. i.e. a currency that does not physically exist as coins or notes – but in our modern electronic world you could almost say that about all currencies!
The best way to visualise it, is the same as buying and selling shares on the stock market: There are a fixed number of shares (BitCoins), so as demand increases, so does the price.
This is why the price of Bitcoins varies so much and so quickly.
But in essence, you simply use your $US to buy BitCoins, then use your BitCoins to buy $US in the casinos. Withdrawing is the same process in reverse.
Strange exchange rate.
Due to the supply and demand explained above and because of its massive rise in popularity, one BitCoin (Btc) is now worth a LOT of money.
In January 2017 they were about $1,000 each, by July they had climbed to around $3,500 and toward the end of that year they rocketed up to $15,000! Since then of course, we saw them rocket to over $70,000 at one point, before dropping back down.
BUT the good thing is, you don’t have to buy whole ones – you can just buy 0.025Btc, 0.01Btc, 0.005Btc, etc… however much you like. i.e. Just $20, $50 or $100 worth, etc...
Why use BitCoin?
The two main reasons are it’s virtually Anonymous and FAST!
Your Bitcoin reference number is all the casinos will see – there is NO link whatever to any of your bank or credit card details, making it one of the safest ways to deposit & withdraw online.
Just like the web-wallets which are very common in Europe and the rest of the world, BitCoin deposits and withdrawals can be processed instantly. So once your casino account ID has been fully verified you can get paid out in minutes, not days or weeks!
(Note that not all casinos process withdrawals 24hrs a day – so it may take several hours in some cases).
How does it work?
1. You buy Bitcoins and put them in your virtual Wallet.
2. In your chosen casinos, you select Deposit using Bitcoins and say how much.
3. The casino software generates a unique transaction code which looks like this example:
4. You select "Send Bitcoins" in your wallet, and copy and paste that code in to the box.
5. The transaction should go through virtually instantly.
6. Withdrawing is the same process in reverse.
Sloto'Cash released a short YouTube video in 2016 showing how BitCoin works at their casino. Have a look: https://www.youtube.com/watch?v=HvZIMzPeC4U
Where do I sign-up?
Visit the official BitCoin website: http://www.bitcoin.com
On that site they explain how to get a free, totally secure "wallet", which is where you store your coins. Wallets can be provided by 3rd party companies, or you can have you own on your own personal computer.
Internet fraud is a big problem world-wide – please only use official sites and never be tempted to try any unknown site which may claim to be officially linked to BitCoin, but could be a scam. A little research could prevent problems later.
Always use Strong Passwords and Two Factor Authorization
Which casinos accept BitCoin?
At one time I had a table below of all our recommended casinos who accept BitCoin - but these days they almost ALL DO!
The only exceptions that I am aware of, are Desert Nights and Slots Capital casinos.
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