How to deposit with bitcoins? The concept of Bitcoin is defined as electronic currency, a cryptocurrency or digital currency. That works as a payment system like the Dollar or any other currency in the world.
Being an innovative system that goes beyond traditional methods of payment, controversy has always surrounded Bitcoins from multiple fronts.
Characteristics of Bitcoins:
It is a currency “without official support”, that is, no government or central bank has formalized or endorsed its use explicitly.
However, despite having no agency behind, the technology that uses this “blockchain” cryptocurrency makes it difficult to falsify and totally open to the public, with a record of all transactions. Read more about the transactions here.
How to deposit with Bitcoins?
Another of its great characteristics is the enormous fluctuation that suffers since its quotation is negotiated during 24 hours the 365 days of the year. This causes that there are large communities behind traders, buying and selling this virtual currency.
During the last year, Bitcoin has undergone its biggest changes since its inception, with a huge rise in late 2017 and early 2018 that caused a stir, accompanied by a decline and a period of some current stability.
At present, there are many companies that already allow the use of bitcoins in their online stores, something that from many economic fronts do not see with good eyes. It is not the same in gambling houses, being scarce as a method of payment in casinos.
Let us find our here, how you can deal with Bitcoins in Casino.
How to deposit with Bitcoins in Casino :
It’s very simple. Select Bitcoin as your payment method, log in to your virtual wallet and choose the amount you wish to enter. The bitcoin casino will indicate the BTC address to accept the deposit and the exchange rate of BTC offered. So you know how much you are depositing in your local currency. Although the casinos do not charge a commission for depositing in BTC, it is possible that your purse will charge you some per transaction.
How to withdraw your casino profits in Bitcoins?
Withdrawal of funds from the casino, requesting a withdrawal in this currency is the same as depositing with it. However, although the currency is digital, the transfer is not so immediate. Due to the process of verification of the transaction, your money may take several hours, or even days, to appear visible in your wallet.
Being a decentralized currency free from the control and intervention of any government or central bank, there are no deposit limits, nor do you have to justify your money transfers. You only have to check the deposit limits established by the casino that accepts this currency.
Let us find out here what are the advantages and disadvantages of using Bitcoin in Casino.
Advantages of Deposit with Bitcoin in Casino :
One of the main virtues of Bitcoin is speed. In just 15 minutes a transaction is made between accounts, regardless of quantity or destination.
Commissions are nil or very scarce, even if it is a transaction between different countries.
It is impossible to falsify a bitcoin without the network detecting it, so its security is very high. In addition, all transactions are public, anonymous and transparent.
It does not have any type of geographical or political restriction, so it can be used anywhere in the world.
There is no figure that can change the conditions of Bitcoin. It is already fixed since its creation and development by consensus. It could only change if most users accept this change.
This currency, currently, can reach up to 8 decimals, a figure that could increase in the future. This is an exceptional way to carry out micropayments.
Any user is free to see the source code of the cryptocurrency, and thereby propose changes and improvements. This helps when it comes to being a transparent system.
Disadvantages of using Bitcoins in Casinos:
High volatility: The value of this electronic currency can undergo great changes in just seconds, being very susceptible to speculation.
Little use in casinos: Being a new system with little support from official organizations, there are still few online casinos that offer Bitcoin.
Anonymity: While we also had it on the positive side, the anonymity it offers could be used to carry out illicit activities.
Lack of acceptance: There is a risk that the currency, in the absence of general acceptance, ends up falling into its use and pass to have a value of 0.
In general, risk. Like any monetary operation, this has its risks, greater than those of other traditional currencies.
Where to buy Bitcoins?
The safest and most reliable way to buy Bitcoins is through the exchange houses, through your bank account. It is very simple since it works like many other online servers.
How to deposit with Bitcoins?
You must register and deposit money in your account, to later change it for the bitcoins. There are more than 300 exchange houses, of P2P technology (peer-to-peer) in which to buy your bitcoins. Probably the most famous and known, also promoted by the official Bitcoin website, is Paxful.
Inside this exchanging house, you can enter money through Paypal, bank account, Amazon cards, Skrill, Western Union, and more than 100 different payment methods adapted to each user.
How to deposit with Bitcoins? – Conclusion :
Once the money is entered into your account, you can change it automatically by the number of corresponding bitcoins. In addition to this, there are many other exchange houses such as Cryptoder, Bit2Me, CoinBase and dozens more.