New Bitcoin Casinos

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Bitcoins are a cryptocurrency and a payment system. They can be used in P2P transaction, and they are completely decentralized. There is no bank or country, which is responsible for or distributes them. Bitcoins only exist online. An anonymous group operating under the pseudonym Satoshi Nakamoto released the open source software in 2009. The identities of these individuals are still unknown. It makes sense that they would chose to hide behind a mask. The currency has been used to fund black market drug sites, and is outlawed by powerful institutions like the Chinese government.

What does all this mean for online casinos? Bitcoins are a great way to fund an online casino. They are completely anonymous, and if you are a bit anti-establishment, this will fit right in with you image. Bitcoin transactions are very quick; sometimes instant, but other exchanges might take a couple of days and most of the time there are no fees. This all makes Bitcoins a very attractive payment method for players.

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Main Markets and Currencies

There are Bitcoin exchanges all over the world, but the degree to which they are used varies significantly. Some countries have ATM like machines that allow you to put cash in and deposit Bitcoins straight to your crypto wallet, while other countries make it significantly more difficult. Coins can be bought or sold with any currency assuming that you can find someone willing to trade with.

Anything and everything can be paid for with Bitcoins. The coins got a lot of exposure early on because they were being used on dark net sites to buy drugs, weapons, and counterfeit documents, but they can be used to make purchases in online stores and to buy all kinds of digital goods. They are increasingly being accepted at points of sales. In February 2015, the number of merchants accepting Bitcoin for products and services passed 100,000. This is a splash in the ocean compared to payment giants like MasterCard and Visa Card, but it is still impressive that you can use a crypto currency in a store anywhere.

Areas of Use

Bitcoins are predominantly used for online casinos 2018 transactions and P2P transactions. They are used to pay for digital goods, because they can be sent quickly and anonymously. Bitcoins are accepted by some large companies like WordPress, Expedia, Dell, and The Electronic Frontier Foundation. There are not many companies that will take them on as a payment method because of the general political uncertainty around them, and the high volatility of Bitcoins value. China, for example, decided that Bitcoins were illegal in 2009, and because of this the value of the coins plummeted. Hackers, malicious Bitcoin exchanges, and mass sell offs, have all caused the Bitcoin to drop in value by hundreds of dollars, overnight.

How does it work?

There are Bitcoin exchanges where you can buy and sell Bitcoins with other currencies. They are kept in crypto-wallets which have their own unique addresses. Bitcoins are processed and created on decentralized large data servers. Everyday people like you or I maintain powerful computers to process this information, and they are rewarded in newly created Bitcoins. There is a finite amount of Bitcoins that will ever be made (21 million). This scarcity is a part of what gives the currency its value. There are hundreds of different ways to get Bitcoins, and you will need to make a wallet, and it is too much information to cover here without running the risk of misinforming you. There are endless online resources that will help you on this journey, and they can tell you more than we ever could.

How to make a deposit

This will vary from casino to casino, and it is best to get in contact with their customer service before going ahead with a Bitcoin deposit. Normally, you will be given the online casino’s wallet address in the deposit section, and you will use that to send them money from your wallet. There is often a reference given to identify yourself, because the online casino won’t be able to tell that the transaction was from you. It can take anywhere from moments to days for the money to arrive in your bankroll. The funds will transfer instantly, but the online casino still needs to process them and that is where the hold-up is.

How to make a withdrawal

Again, you will want to contact the online casino’s customer service and talk to them about making a withdrawal. What will probably happen after that is, they will ask for your crypto wallet, and then they will send money directly to your wallet. It is difficult to say how long this will take. The online casino will likely have to do this manually, so it really depends. There are often fees charged for making Bitcoin withdrawals.

Thumbs upAdvantages:
– Fast, low cost transactions. How fast depends on the online casino but you can normally get your money into your bankroll within the day. This lets you get straight to the games.
– Extreme anonymity
– It is decentralized

 

Thumbs downDisadvantages:
– Extremely volatile currency. In a matter of hours, the value of what you deposited can notably increase or decrease.
– Hackers, world governments, shady exchanges, everyone is out to get Bitcoins, and people have lost millions never to be seen again.

Short Facts

Company Name: Bitcoin
Company Name in the UK: –
Slogan: –
E-mail: –
Website: bitcoin.org/en/
Supervised by: Bitcoins are decentralized, and they are not regulated
Transaction Time: Instant – 5 days
Min Transaction: Usually 0, but it can be set by the casino
Deposit Fee: 0 – 10 GBP
Established: 2009
Established in the UK: –
Address: –
Phone Number: –
Other Payment Methods:
Security: Varies depending on the wallet used
Currencies: –
Max Transaction: No limit, but the casino might set one
Withdrawal Fee: 0 GBP some casinos charge fees