What is bitcoin?
Bitcoin is the brainchild of Satoshi Nakamota (an assumed alias) and was created as a digital crypto-currency in 2009 that is used in peer-to-peer exchanges. By 2011 the currency became more popular, reaching mainstream popularity. As it is a crypto-currency, it consists of little more than a balance with encryption keys (strings of 27-34 characters) to transfer from one person to another. The whole process is anonymous and requires little more than typing in the encryption key to send the currency across to its recipient. Email addresses are only requested for password retrieval.
The currency is increasing in popularity for online casinos, who either take the currency alongside other more commonly used deposit and withdrawal methods, or as the sole method of payment.
What sites use bitcoin?
Sites that use bitcoin as their sole method of deposit and withdrawal will usually develop their own software and will make an effort to gain the trust of users through word of mouth or by explaining how their algorithms operate. These sites will often offer an RTP that is higher than usual online casinos with larger bonuses. This is due in part to the fact that bitcoin transactions accrue no processing fee, meaning the casinos don’t have banking costs to deal with. Bitcoin casino sites are often new entrepreneurial start-ups and are sometimes difficult to find information on, so caution should be taken when playing on these to ensure that the business is legitimate. Thanks to bitcoin’s anonymous nature, there have been links between some casinos, money laundering and the dark web. It is worth noting that in the UK, talks have been made of creating legislation around bitcoin casinos.
How to play
To play in a bitcoin casino, you need to get yourself a bitcoin wallet to store your ‘money.’ Sites such as www.coinmotion.com and www.xapo.com allow you to set up a wallet quickly and also offer their own bitcoin marketplaces where you can purchase your bitcoins using a balance transfer or your credit card. Other marketplaces also exist where you can buy your bitcoins from other people anonymously.
Once you have the money in your wallet, it is simply a case of transferring the money from your wallet to the bitcoin casino. To do this, you can either scan the sites QR code on your mobile if you use a mobile wallet, or type in the bitcoin key that belongs to the casino. This will send the money instantly to your casino balance and allow you to play whatever game you wish. We hear poker is particularly popular on bitcoin casinos.
Despite the issues around bitcoin casinos, they are becoming increasingly popular, with NetEnt recently signing a deal with www.bitcasino.io to supply them with their most popular titles. It seems they are going nowhere for the time being.