Cryptocurrency is all the rage at the moment and Bitcoin is the King of Cryptocurrency. It’s no surprise that we are seeing more and more online casinos accepting Bitcoin (BTC) as a legit currency and banking method. We are even seeing online casinos that are dedicated to Bitcoin and do all their transactions via this technological financial movement.
But what exactly are the pros and cons of gambling in Bitcoin? Why choose crypto when you can just as easily gamble using your own currency? And how do you go about getting Bitcoin and using at your chosen online gambling partner?
Bitcoin is a cryptocurrency, a digital or virtual form of currency that you can buy, sell, or exchange for goods and services. Unlike ‘real’ money, the physical coins and notes we are all used to, cryptocurrency only exists digitally as part of the blockchain system.
While it would take an entirely new and incredibly long article to go into blockchain, fiat currency, what backs currency worldwide and why crypto is gaining so much attention, let’s just cut to the chase and say that cryptocurrency in general, and Bitcoin in particular, are truly upsetting the traditional financial markets.
A lot of ‘experts’ dismissed Bitcoin in the beginning but it is fast becoming apparent that the digital revolution has found its own currency and it’s a currency that is proving very popular and very valuable to the markets.
Bitcoin was invented by a person or group known as Satoshi Nakamoto back in 2008 and was soon embraced by users who needed a secure and anonymous method of transferring currency. While most gamblers know that they could win or lose on the throw of the dice, and that some jackpots are riskier and more rewarding than others, the first people to actually buy and take up Bitcoin must be the luckiest gamblers in the world. By May 2010, one Bitcoin was worth less than 1 US cent. A guy in Florida paid 10,000 BTC for two pizzas. The current rate for one Bitcoin is sitting around R782,345 (which translates to 2 pizzas costing over R1.5 MILLION!).
There are a lot of incredibly happy and incredibly wealthy early Bitcoin investors out there.
Bitcoin can be sold as shares in a single Bitcoin, so buyers don’t have to find almost R800,000 to buy one. You can choose how much you want to spend on Bitcoin (say R1,000 for example) and buy R1000 worth of a Bitcoin through a Bitcoin vendor.
Remember, just like gambling at an online casino, you need to research, check reviews, and look for comments and complaints on different Bitcoin vendors before you commit to buying. As with everything in the digital world: here be dragons! Do not get caught by scammers and crooks.
Gambling with Bitcoin is just like gambling with any other currency:
The only difference is that your initial deposit is done using a Bitcoin account. Once your deposit hits your online casino account it is converted into the currency of your choice (usually ZAR for us South African online players).
The casinos that offer Bitcoin gambling will give you a Bitcoin wallet address that you use to transfer Bitcoin from your wallet to theirs and from there into your casino account.
First you need to buy your Bitcoin
Or
Be aware that you will be charged a commission on your purchase
Here is where things can get complicated. Your account is not your bank account, it is the account you have with the Bitcoin vendor. To actually use your Bitcoin at the online casino you need to get it from your vendor to your casino account. This is dome with a Bitcoin wallet.
The best and most secure way of doing this is using a blockchain (Blockchain.com is recommended).
Please be aware that all transactions between vendors, wallets and service providers (e.g. the casino) may incur transaction charges or commissions so check what you are being charged before completing your transactions.
This process may seem complicated but once you are registered and set up it really is quite simple and quick.
First, check that you can withdraw using Bitcoin. Some online casinos are happy to accept Bitcoin as a deposit method but prefer paying out using more conventional methods like Instant EFT.
The process may seem laborious and complicated but, like any new process, once you are up and running all it takes is practice and you’ll be doing it in your sleep.
But why do people gamble in Bitcoin? What are the pros and cons? Security is the major pro. Bitcoin was developed from blockchain technology and blockchain was developed as a super-secure peer-to-peer technology, so transactions are, in some cases, even safer than using a bank.
There are other reasons to choose Bitcoin gambling – and some reasons to not.
Pros:
Cons:
A lot of our premier online casinos are giving Saffers the opportunity to transact in Bitcoin.
As usual, do research before you commit to either Bitcoin gambling or a specific online casino.
And always remember, play for fun not riches, play responsibly and walk away if you’re having a bad day.
