How to Deposits and Withdrawal with Bitcoins
If you are interested in cryptocurrency or want to learn about bitcoin gambling, then keep reading. In this guide, we will discuss what exactly is bitcoin and bitcoin gambling.
Bitcoin is a virtual currency. It can also be called a digital currency or cryptocurrency. Bitcoins can also be considered an online version of cash. These are used to buy products and services just like other currency bills do, but they are not as widely used as the currency bills that every country has.
Bitcoins would be useless if they do not have a secret code printed inside them, and since they have no fixed value, that keeps increasing or decreasing, many countries have it banned altogether. Bitcoin was released in 2009, and it did not come into limelight up until 2011.
How does Bitcoin work?
Bitcoins are like computer files that need a storage system. Software that stores bitcoins is termed as Bitcoin Wallet. This wallet is also called a Digital Wallet. You can send bitcoins into other people’s wallet, or they can send into yours, and a virtual track of all the transactions you make is kept. This record is in a public list, called BlockChain.
This way, people’s transactions are monitored, and it is made sure that no one uses the money they do not own. Another fact about bitcoins is that since these are a digital currency, they cannot be stored. However, they can be kept safely.
If you want to trade Bitcoins, you must have a digital wallet. It is of different types:
- Hot and Cold Wallets: When it comes to internet connectivity, a wallet is either considered hot or cold. If the e-Wallet is connected with the internet and works online; it is called a Hot Wallet. It is much more accessible, as the money can be transferred immediately. Many traders use it. It has one drawback: the lesser safety and more risk as its all online. Cold wallets, on the contrary, are stored offline. They are much safer and considered excellent for long term use. They also face a lesser risk.
- Paper Wallets: Paper wallets are not considered very safe to use, especially after the advent of hardware wallets. They have numerous flaws. These are physical forms of a wallet with a QR code printed on them. They are in demand for cold storage, and cannot be reused. However, they can be used even now with extreme caution.
- Hardware Wallets: As the name indicates, hardware wallets are wallets in a hardware form. It looks like a USB, does not have a battery and can be connected to a PC or a desktop. These are more secure than hot wallets but less convenient than paper wallets. Hardware wallet costs about 70-150 dollars.
- Desktop Wallets: These are a form of software for bitcoins storage. These are a third-most secure form of bitcoin storage, and much safer for cold storage.
- Mobile Wallet: These are mobile versions of desktop wallets. These are very convenient for daily operations, although a bit vulnerable to malware function.
- Web Wallets: Private keys are held in web wallets, and different web browsers access these. These are, however, prone to DDOS attacks. These are ideal for small investments, but not at all safe for large investments.
Bitcoin gambling involves the use of cryptocurrency for bets instead of traditional money. It can be used for betting games, sports-based games, casino games or online lotteries etc. Bitcoin gambling has gained massive popularity in a short time because of its efficiency. Both the players and gambling site can immediately transfer the money. Bitcoin has a few regulations, and it is also another reason why online casinos prefer it.
Online casinos were the first ones to adopt bitcoin gambling, and over the years, casinos that support bitcoin have increased. There are two types of bitcoin casinos:
These casinos allow you to use Bitcoin Currency directly. You can play all kinds of games in such casinos, including Blackjack, roulette, online slots and more.
These casinos first accept your bitcoins and later convert them into fiat to process at their website.
Is bitcoin gambling legal?
There are no specific rules or laws regarding bitcoin. No country has openly prohibited or adopted them. Nonetheless, here are a few tips one should keep in mind while dealing with online bitcoin gambling:
- Different countries have different laws regarding cryptocurrency and blockchain-based services regulations.
- In many parts of the world, cryptocurrency is still not considered real money.
- In countries like the UK, where bitcoin gambling is strongly prohibited, the authorities take strong measures against Bitcoin gambling websites and Casinos.
- A few reputable jurisdictions issue licenses to casinos that accept Bitcoin, which means they control cryptocurrency websites’ operations. Some of these notable jurisdictions are the United Kingdom and Curacao.
- Bitcoin gambling websites offer complete anonymity to the players. Anonymizing techniques such as Tor make it very hard for the authorities to trace the players.
How to make online casino deposits using Bitcoin?
Making deposits at online casinos is a straightforward process. You have to follow these steps:
- Make an account on a Bitcoin accepted casino site. You can choose whatever site you like.
- Look for the “cashier” section on the website.
- Choose “Bitcoin” as your payment method.
- You will be assigned a web address for your account.
- The tab for transferring bitcoins is Bitcoin Wallet. Insert your web address in that e-Wallet.
- Enter the amount you want to send, and confirm the transaction.
Pros of using Bitcoin in Online Casinos
Bitcoin has become a rather convenient method of payment for Online Casinos and Gambling. It has lots of benefits. Such as:
- Transparent Transactions:
Bitcoin system is virtually safe, encrypted from end to end and there’s no possibility of fraud, scams or cheating.
- Instant Transfer:
One main reason for the instant popularity of Bitcoin is how fast the transactions and withdrawals have become. Unlike traditional transactions, that take too long, bitcoin does these tasks within a few minutes or hours. The most extended Bitcoin transaction recorded is 24 hours.
Bitcoin transactions provide complete anonymity to the users as there are no paper-trail or bank statements like the transactional transactions.
- Minimum Transaction Costs:
The transaction costs for Bitcoin transfer are next to nothing. This practically makes them cost-free transactions.
Disadvantages of Bitcoin in Online Casinos
Despite numerous benefits that Bitcoin Casinos have, there are a few drawbacks that cannot be overlooked.
- Limited Online Casinos:
Online casinos are small in number. And even limited are the ones that operate Bitcoin Gaming. So it can be a bit hassle for the Bitcoin users to look for the Casinos where they can play.
- Legal Status:
Another difficulty that Bitcoin users have to face is to look for the places where bitcoin Gambling is legal; as not every site allows it.
However, in the case of Bitcoin gambling, the pros outnumber the cons. And once you get accustomed to all the rules and regulations, it will be easier for you to deal this way.