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How does Bitcoin work?

Bitcoin is as unique as it gets and has become a modern currency that everyone wants to have.

The currency itself was created in 2009 by someone using the pseudonym Satoshi Nakamoto, who has remained anonymous to this day. What sets Bitcoin or cryptocurrency apart from all other currencies is the fact that there is no middleman. This means that there is no bank.

But Bitcoin isn't just limited to casinos - you can even use it to book hotels, order furniture, or buy your favorite video games. Although, the biggest hype right now is actually coming from trading, as the price has skyrocketed into the thousands over the past few years.

However, the biggest advantage of Bitcoin is in fact its anonymity and the fact that payments are easy and incredibly cheap as it is not tied to anything. Nowadays, they even like small businesses because there are no credit card fees.

It is also important to know that bitcoins are stored in digital wallets. This means that they only exist in the cloud or on the user's computer. So a wallet is a kind of virtual bank account that allows users to perform all sorts of operations, such as:.B. Send or receive money, pay for transactions and of course secure your money. However, unlike real bank accounts, these cryptocurrency wallets are not insured by the FDIC.

Benefits of Bitcoin in Online Casinos

There are a ton of advantages to using Bitcoin at an online casino. Here are some positive things to keep in mind at all times:

• Independent: Nothing is associated with Bitcoin. This means that the cryptocurrency is completely independent of the economic development of other currencies such as the dollar or the euro.
• fees: Many banks and other payment methods around the world are known for their high fees, especially when used in places like online casinos. However, bitcoins are the opposite in this regard as they charge the lowest fees. This is because, as you may already know, they are their own currency and they can do whatever they want.
• Easy and simple: Bitcoins may sound difficult to use, but it's actually easier than you think. All you have to do is create a wallet and visit a shop or website that accepts bitcoins.
• Anonymous gambling: One of the best things about Bitcoin casinos is the fact that you are completely anonymous. If you end up paying with bitcoins, it means your account details won't be sent with the rest.
• Comfortable: If you z.B. If you are playing in another country where you normally have to exchange currencies, then Bitcoins can make it easier because they are the same everywhere. In addition, transactions can be carried out at any time, which makes the cryptocurrency in an online casino all the faster and more convenient.

Disadvantages of Bitcoin in casinos

While it looks like bitcoins might not have any downsides lately, there are some very important ones. Let's take a look at what to look out for:

• acceptance: Bitcoins are just beginning their journey and there is still a long way to go. This is why they are not accepted in many places and that means you have to search carefully to find places that actually offer cryptocurrency transactions.
• Fluctuating exchange rates: If there is one thing that moves quickly on the stock market, it is bitcoins. Currency can increase or decrease in value in a heartbeat and no other currency moves as fast as this one.
• Need for security: Although bitcoins are known for their security, you have to keep in mind that they are stored on your computer that can be hacked or attacked by a virus. This could mean that your bitcoins are being stolen. Therefore, most experts would recommend anyone who owns bitcoins to drastically increase the security of their system.
• Not like other currencies: Although bitcoins may look like other currencies, in reality they are much more modern and sophisticated to use. You don't need to be a tech expert, but you should have a thorough understanding of the currency itself.

Are bitcoin payments safe?

Don't think for a second that bitcoins are like any other payment method. BTC is a decentralized blockchain, which means there is no middleman controlling the payment. To pay for something, you simply have to send the appropriate amount to the address or person and then it will be recorded on the blockchain.

These become publicly visible in the blockchain, but it is impossible to manipulate or change them. These funds are only considered secure if you actually protect them with your own private key. This private key is used to access everything within a certain Bitcoin address.

If you actually use BTC in an online casino, then keep in mind that everything must also be encrypted. But even if something goes wrong with the public key, the data is useless without the private key, which means that the public keys can be passed on without hesitation, even if they are an analogy to account numbers. This means that Bitcoin casinos are actually at the top of the list when it comes to privacy.

To get back to the fact that bitcoins are safe and independent, the most obvious reason is that no institution is watching over your money. This means that you are alone with your money. This is where the keys come in, and you'll need to use your private one to actually access the public ones. If you lose your key or it is stolen, that person has full access to your funds and there is nothing you can do about it.

The best recommendation anyone can give you is that you should be extra careful with your private key. A USB stick would be a good example of a safe place to keep your Bitcoin data.

What most people get wrong, however, is that they think that Bitcoin transactions cannot be traced. They can actually be traced back thanks to the private and public keys, which makes it a pseudo-anonymous currency at best.

Bitcoin payment anonymity

As we just mentioned, Bitcoin is not completely anonymous, which makes it a criminal paradise. Bitcoins are actually only pseudo-anonymous because they are tied to addresses, although not to real people. If you have a Bitcoin address, it cannot be explicitly identified, but any transaction that takes place remains public on the blockchain.

But to make things even more private, you can actually get a new Bitcoin address with every transaction generated.

However, transactions can be tied to individuals and companies in case something strange happens. This happens because of the "idioms of use" that occur when several inputs have a common owner. This is then compared with the public transactions so that it can be traced back to a specific person or company. So, if you actually want to exchange bitcoins in public, you will most likely have to share some personal information.

So you can see that bitcoins are very anonymous, but they are not bulletproof. This means that criminal activity can be detected from many aspects of the transactions. But that doesn't change the fact that they are preferred by most of the people who, e.g.B. Do not want to reveal their online activities and that is why they choose Bitcoin casinos over everyone else.

How do you recognize a good online casino?

If there is one thing that is crucial when looking for an online casino, especially a Bitcoin casino, it is security and trustworthiness. Due to the fact that Bitcoin casinos are still something completely new, it is obvious that there are all types of casinos with different measures in terms of reliability.

If you are looking to embark on a crypto adventure then you should make a list of things every casino should check out. First of all, every casino should have a wide selection of both slot machines and games like blackjack, roulette and new games. Then you need to check the wagering requirements and that the casino is actually licensed by a regulator like eCOGRA or the Malta Gaming Authority. These ensure that every single aspect of the casino itself follows exactly the procedures that they should to ensure a safe and fun gaming experience for every player. If everything looks good so far, then the last thing you should check is that the bonus terms are explained correctly and that the customer support is professional and helpful. It is also a great advantage if the customer service in a Bitcoin casino speaks German.

Here are two additional tips that you can always carry with you:

• Read forums and casino reviews that only talk about reputable casinos.
• Do some research on regulators to see exactly what they want from a casino.

We have made a list of the best American casinos we could find, all of which are fully licensed and all of which offer additional features such as payments, security, games and mobile versions at the highest possible level.

Take a look at these if you want to play safely and see if you can find the best Bitcoin online casino in the USA, whether it is a standard online casino or a Live casino or whether it is a brand new online Bitcoin casino with all its advantages.

Bitcoin payments in online casinos

The next thing we will discuss in this review is Bitcoin payments. Although you have already learned most of it, it is incredibly important to know how to make a deposit and also how to withdraw using the cryptocurrency.

This isn't just limited to bitcoins, as casino payments are often seen as one of the most important aspects in a casino experience. For example, if a casino took too long to process withdrawals then it would most likely ruin your gaming experience and most players would actually leave casinos for this reason.

But bitcoin payments are worth talking about separately as they are still something most people don't know about. Let's take a look at how to make the perfect deposit and how to cash out all of your winnings plus fees!

Deposits

It's time to learn how to actually deposit with bitcoins. Let's take a step-by-step look at how to make a deposit with Bitcoins in an online casino.

The first thing you need to do is find the deposit area in a crypto casino. The Bitcoin deposit casinos are not just limited to cryptocurrencies, but they are the preferred ones. Once you have selected BTC as your payment method, you will be given a public key that belongs to your account. Next, you need to choose how much you want to deposit. You need to do this process in bitcoins, but usually the casinos will help you with this by providing a calculator.

This is where things get a bit complicated because you have to make the transfer yourself! To do this, you need to go to your Bitcoin wallet and enter the public key to transfer the money to your account. You will also need to enter the fee.

Once you've sent the money, your money becomes part of the famous blockchain network. This is used to check your transaction and then execute it. After that, the payment is found to be complete on the blockchain. This will activate your credit on your casino account and you can use the Real money casino to play.

This is where the fee matters because the higher the fee you pay, the faster it'll be done. If you've decided not to pay anything, well then it can sometimes take a while.

Payouts

Now let's take a look at what payouts mean in a Bitcoin casino. The withdrawals themselves are not as complicated as the deposits, however you will have to do a bit of work with the casino as the withdrawals need to be monitored. But if you trust your casino then it won't be a problem. Also, the best Bitcoin casino will always be able to help you as best they can.

So read carefully how you can make your withdrawals step by step:

Before doing anything else, you must always complete the KYC procedure. These initials, KYC, stand for "Know Your Customer", which means "Know Your Customer" in German. This is because it is the main anti-money laundering method on the internet. In order to be able to make payments, the identity of the user must be proven. To do this, the customer support of an online casino asks for some of your data, such as:.B. a copy of your driver's license or ID card. You need to do that in order to receive your payments, directly on the casino site or via email to customer support.

Well, when you have that done then you can start withdrawing your money. Don't worry about the verification process as it usually doesn't take more than a day or so. So if you want your money you have to give the casino your public key, which mostly happens during the withdrawal request. The casino will then send your money to the blockchain's P2P network, where it will again have to wait for it to be approved.

How quickly you receive your payouts can depend on the casino as they can choose the fees. If it definitely takes a while then don't worry because sooner or later you will get your money.

Bitcoin casino fees

Bitcoin is pretty special when it comes to fees, which can be looked at in a good or a bad way. Because although the transaction fees can be optional, the so-called "minors" can choose which transaction they want to process and they mostly prefer those that pay higher fees.

But it is not selected based on the absolute amount of money paid as a fee, but based on the fee paid for their storage size.

Why do these minors get a fee? Because it is used as a reward for their work. You choose how much fee you pay, but depending on how much you pay them, the faster or slower they will fulfill your transaction. Modern wallets can even help you to calculate the fee, depending on the network load.

Are there Bitcoin games in casinos?

Bitcoin may have conquered the iGaming industry, especially since the beginning of 2021, but the cryptocurrency is not only limited to a means of payment in casinos - software providers have also come up with Bitcoin games.

And why are there Bitcoin games? Well, because with the rapid growth of the currency, people have started demanding special games in order to win more bitcoins.

Let's take a look at the 3 most popular Bitcoin games right now that you can play in the USA in 2021:

• Bitcoin Dice
• Bitcoin blackjack
• BitKong

One of the first Bitcoin casinos developed this popular game, and it is already a staple for crypto gambling. What makes it so different from other games in 2021 is that the game is simple. All you have to do is bet on whether the dice will be higher or lower than your predetermined point. It also offers a very good house edge, with almost every casino offering under 1%, with some even under 0.5%. The last thing to mention is that Bitcoin Dice is incredibly fast which makes it exciting to start with.

Not only is blackjack one of the most popular games in general, but it's also a fan favorite in Bitcoin casinos with their own versions. These versions are called Pontoon, Double Exposure, and Multihand Blackjack. Many players have even named these as the best blackjack games for beginners. Because these games also have a very low house edge.

Not only is this game super fun, but it's also very addicting. It was launched back in 2015 and your job as a gamer is to fight the gorilla called BitKong. You have to move through the playing field and guess which field a fruit is hidden in. If you guess right, then you will rise and multiply your sales. The higher you get, the higher the risk, but also the higher the reward!

Bitcoin and bonus in online casinos

Even though Bitcoin casinos are a new trend and have only just started to move into the iGaming industry, like any other online casino, they also offer the necessary bonuses.

New customers and also loyal customers are rewarded with all kinds of bonuses, which can range from deposit bonuses to free spins and casino points. The only thing a casino expects from their customers is a deposit, which encourages them to give their customers something in return. Sometimes you can too Casino no first deposit bonus receive.

But this also applies to Bitcoin casinos? Yes of course. Not only are there online casinos that offer special bonuses for using bitcoin, but there are also casinos that only focus on bitcoins and offer the best bonuses on bitcoins.

What is different, however, is the fact that you can claim a welcome bonus in bitcoins or in dollars if the casino account is in euros. Only if an online casino bonus is specified as Bitcoin, the player account is also managed in Bitcoins, where the corresponding deposit bonus is credited.

But always pay attention to the bonus conditions and the general conditions of the casino in order to avoid bad experiences with your Bitcoin Casino bonus or with a game. You can also contact customer support if you have any doubts.

Alternatives to Bitcoin

Sure, Bitcoin is the cryptocurrency of choice and is often viewed as the flagship cryptocurrency, but that doesn't mean there aren't any alternatives. At the moment there are even over 2.000 different cryptocurrencies and the number is growing day by day.

Choosing a cryptocurrency is actually closer to gambling than the stock market as they are all very volatile and you never know what will happen.

Anyway, here is a small list of the best and most popular alternatives to Bitcoin:

• Ethereum (ETH)
• Litecoin (LTC)
• Ripple (XRP)
• Monero (XMR)
• Dodgecoin

Conclusion

By now, you've probably noticed that bitcoins are fascinating, but also complicated. Especially if you haven't heard a lot about cryptocurrency before reading this article.

What is true, however, is that Bitcoin casinos have improved significantly in recent years, as they not only offer cryptocurrency as a payment method, but also specialize in bonuses and huge prizes that can be won with the currency itself.

If you are interested in getting your own bitcoins then don't worry. Here are tips on how to buy Bitcoin, and maybe your next Bitcoin Casino experience will change your life!

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