What Is It?
One of the newest trends in online gaming is the Bitcoin banking option. But you might be wondering, what exactly is a Bitcoin?
And that’s a good question.
With all the new banking options these days, it’s important to educate yourself in the different choices. That way you can make a sound decision on what option is best for you.
A Bitcoin is a cryptocurrency, which means it is an encrypted digital currency that is electronically created and possessed. There is no hard copy of the Bitcoin (therefore there is no printed currency) and they are stored exclusively on the Bitcoin Network. To put it in basic terms, a it is a form of currency that doesn’t actually have any tangible form of currency.
The cryptocurrency has been in existence since 2008 and between 200,000 and 300,000 transactions take place each and every day. Its value is extremely volatile and changes daily.
What are the Advantages and Disadvantages?
When it comes to online gaming, there are no shortage of different options available for deposits and withdrawals. But which one best suits your needs?
In order to make an educated decision, it’s important to know the advantages and disadvantages of each option. And since Bitcoin is the newest and most unknown of the banking options, it’s smart to do your research and learn the pros and cons before committing to it.
The main advantage for online gamers is that there aren’t any traditional banking fees associated with them. This is because they aren’t controlled by conventional banks.
The fact that Bitcoins are exclusively digital also make them an appealing form of currency for online gaming, because it is a very fast method of transferring money. There are no bank delays or waiting for checks to clear with Bitcoins. They instantly transfer from the network to the Bitcoin casino of your choice.
As well as being fast, playing casino games with Bitcoins is also private. This can appeal to a number of online gamblers. There will never be a transaction on your bank statement or credit card statement from your online casino if you gamble using this cryptocurrency. This makes the banking option very discrete and appealing to those who desire privacy.
Bitcoins are stored exclusively on the network, which is widely known to be very safe and secure. This makes them especially ideal for online gamblers. No gambler wants to dedicate the time to building a bankroll, just to lose their hard-earned money to an insecure or unsafe transaction option.
When using Bitcoin online casinos, the player isn’t required to provide their personal debit or credit information to the gaming site. This gives the player peace of mind that they have not provided their identity information online. Since it is next to impossible to associate a Bitcoin account to a specific person, it all but eliminates the chances of identity theft.
On a related note, as well as being secure, the network is also an incredibly reliable. You can access your digital account from anywhere in the world, provided you have an internet connection. And you never have to worry about transaction charges or your credit card being declined with the network.
American gamblers find this cryptocurrency to be particularly coveted because they can utilize Bitcoins without penalty on online casino sites. This is unusual as many deposit and withdrawal methods heavily penalize American players. Therefore, any site that allows this payment option is especially appealing to the American player.
Bitcoin has its share of disadvantages too, though they pale in comparison to the many advantages. First and foremost, it’s important to remember that this is a brand-new concept (relatively). This means it is still very much in the unknown category, and the policies and guidelines are still in the development stages. As it becomes more widely used and understood, it is likely to become more easily accessible and a more user-friendly process. But for now, it is still in the beginning stages of development, so it’s wise to remember that it is a work-in-progress.
The Bitcoin itself is a volatile amenity. The price fluctuates daily and is never stable. This is mainly because there are a limited number of coins in existence and the demand for them is increasing daily. Because of this, it is wise to only keep a conservative amount of money in your account/wallet. Keeping too high a Bitcoin balance is a risk that players should avoid, because it is such a volatile currency. You could easily take a bigger loss than you are comfortable with as the price fluctuates up and (more importantly) down.
Lastly, since Bitcoin is still such a new currency, it is still not accepted in most markets. There are still only a limited number of retailers and websites that offer and accept it as a payment. This can be a drawback for many, as their balance isn’t as easily transferrable to goods and services like a traditional payment method (such as the widely accepted debit or credit, or even eWallets such as PayPal).
How Do I Use Them?
The first thing you will need to do is set up a Bitcoin wallet. There are a number of them available that work seamlessly with your smartphone. A personal favorite of ours is Copay, which is available on multiple platforms (iOS, Android, Windows, etc).
After you have a wallet set up, you can purchase bitcoins and store them securely in your wallet. You can also accept Bitcoin as a payment for products and services in lieu of cash. This is a fast way to build up your balance.
You can use your Bitcoins just like regular currency to purchase pretty much anything. For Bitcoin casinos, you can link your wallet directly to your gaming account, for a quick and easy deposit and withdrawal method. And as previously mentioned, you won’t incur any banking fees like traditional banking methods.
All these reasons make online casinos that accept Bitcoin especially appealing for online gaming players. Even if sites don’t currently offer this banking option, it likely won’t be long until it is added. The digital form of currency is becoming more and more popular and gaming sites will likely do their best to keep up with the trend!