First, it is important to understand what Bitcoin is before understanding how it will help us play online casino games using Bitcoin. Bitcoin is the first digital cryptocurrency that was launched in the year 2009. To put it simply, it is a new type of currency in a digital form only. All transactions with Bitcoin are anonymous and outside the purview of central banks or governments. In fact, there is no requirement of the traditional banking system for any transactions or trading in Bitcoins. It is not in any physical form as we cannot touch and feel the currency; all transactions are made online.
Bitcoins are generated through a process called mining which involves a lot of time and a very good knowledge about computers. After every single Bitcoin is generated through data mining, generating the next Bitcoin becomes more and more difficult. One can consider a Bitcoin to be a precious metal that takes a lot of effort to dig out from the mother earth and also available in limited quantities. In the same way, when one Bitcoin is generated through mining, the next piece is further below, where eventually there may come a time when no more Bitcoin could be generated. Now that we have understood what Bitcoin is and how it is generated let us know how to use Bitcoins to gamble in BTC casinos –
STEP 1: The First Step is to open a Bitcoin wallet. A Bitcoin wallet is a place somewhere in the web world where Bitcoins are stored. Every wallet is unique to the person owning it. There are a few types of Bitcoin wallets, but we shall only discuss Hosted wallets. A hosted wallet is like a bank where you can store your Bitcoins in the same way we save our money in the physical banks. Bitcoin wallet essentially means hiring another company to look after the security and keep your Bitcoin safe and secure. A Bitcoin wallet is the same concept as PayPal or PayTm. We use traditional modes of payment to transfer the money into the Bitcoin wallet and do transactions from the wallet without even being traced. As soon as the money is loaded into the Bitcoin wallet, it gets converted into Bitcoins, and one can start making transactions using Bitcoins. The procedure to open a Bitcoin Wallet account is the same as to open a PayPal account as in you need to find a provider like Coin base or Copay, who will help you open a Bitcoin wallet.
STEP 2: The Second Step is to deposit money into the Bitcoin wallet after the Bitcoin wallet account is set up. Bitcoins are subject to a lot of market fluctuations, just like any other currency. So it is important to check at what rate Bitcoin is being exchanged at the time of transferring the money into the wallet. A person can deposit money into the Bitcoin wallet with the help debit r Credit card or link their bank account directly to the Bitcoin wallet. Most Bitcoin wallets also allow deposits through PayPal or any other methods that one may prefer. Bitcoin wallets are generally very flexible in this manner, and the player may choose a preferable option at his convenience.
STEP 3: The Next Step is to deposit or transfer Bitcoins into the casino. Once the money is transferred in the Bitcoin wallet and the wallet is ready, the Bitcoin has to be deposited in a sportsbook or the online casino sites to start playing. It is very important to first survey a few online casinos or sports goods site before transferring the Bitcoin to them. Most sites offer free trial runs, which the player should always use before making any transfers. Making transfers is very simple as the sites give specific step-by-step instructions on how to transfer Bitcoins. It takes only a few minutes to make transfers and get approval from the online sites. Once the approval is received, the player is ready to start betting and playing games online. A few known sportsbook or online casino sites are 22Bet, Betway, Europa casino, Spin Casino, 10cric. Deposit and withdrawal are extremely simple on all of these sites.
Step 4: The Final step in this procedure is withdrawing your winnings. The players’ winnings are all kept with the Bitcoin Casino or the Sports Book. From time to time, the player should withdraw his winnings and transfer them back to the Bitcoin wallet to keep the winnings safe. The process of withdrawing or transferring from BTC casinos is very simple as the player only needs to process a withdrawal, and the sportsbook or the casino transfers the Bitcoin back into the Bitcoin wallet instantly. After receiving the Bitcoin in the Bitcoin wallet, the player can convert them into the normal currencies by sending them into the original bank account. The player may also decide not to transfer the amount into the bank account and rather make a purchase online from the sites that accept Bitcoins.
This is all you have to do to gamble on online sites using Bitcoins. The process is the same throughout the world and for each and every individual. There are two main factors that make a currency value. The first factor is the currency should be available in limited supply, and another factor is it should be acceptable amongst the people to make purchases of goods and services. Bitcoins are very difficult to mine, and hence the supply is very limited, which makes Bitcoin a very valuable currency. The value of Bitcoin has increased around 40 times in the last 5-6 years, making Bitcoin a more acceptable form of currency. Now, more and more companies and organisations have started considering Bitcoins as a mode of exchange. Big Corporate like Amazon, Microsoft, Dell, Subway, Victoria’s Secret and many others have started acknowledging Bitcoins as a currency of exchange. The more recognition Bitcoin gets, the more the value of Bitcoin will increase.