Bitcoin – general information
The number of online casinos called Bitcoin casinos has increased over the past year. How do you understand this and what is Bitcoin? In this we will tell you what Bitcoin casinos are and which one is the best and most reliable.
In fact, online Bitcoin casinos are the same as online casinos, only with some differences. The most significant of these differences is the method of payment, which is Bitcoin (bitcoin), a virtual currency that is completely anonymous. You can use Bitcoin without restrictions, and it does not matter what country in the world you live in.
Bitcoin is theoretically the ideal method of payment for use in online casinos. Bitcoin has many unique features that are not found in any other payment system. And, of course, for many players from Russia and other CIS countries Bitcoin is a huge advantage, as it allows you to almost instantly replenish your account and withdraw the winnings almost without restrictions.
While more and more countries oppose online gambling, mainly limiting payment service providers, Bitcoin casinos are becoming more and more popular. You can play all the famous online casino games, such as poker, roulette, blackjack, bingo, dice, etc. without any restrictions – through the use of Bitcoin.
Bitcoin Online Casino
As with traditional online casinos, Bitcoin casinos have almost the same aspects and capabilities in design, software, games, bonuses and customer service.
You’ll feel comfortable playing your favorite games, such as roulette, blackjack, video poker or 3D video slots, and you’ll have no delays in either your deposit or payment as it’s almost instantaneous. Most of these online casinos that take Bitcoin offer proven fair play (Provable Fair).
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Brief history of Bitcoin
In 2008, a software developer (or a group of developers, nobody knows exactly) under the name of Satoshi Nakamoto proposed an electronic payment system based on a mathematical algorithm. It was the birth of Bitcoin. The idea, which was quite revolutionary, was to create a new currency that was independent of any government agency and could be transferred electronically at very low transaction costs.
In short, Bitcoin is the result of mathematical calculations. Bitcoin as a currency is not supported by any country or asset, and no government controls it, transactions are completely anonymous, and it allows people to transfer their money over the Internet without leaving any trace. It is very important that Bitcoin is distributed under an open source license, i.e. available to the public for use or modification. No one owns or controls Bitcoin. We leave you link so that you can see for yourself, and if you want, you can also participate in the development of bitcoin.
Bitcoin Virtual Wallet
Like all the other money, Bitcoin needs to be kept somewhere. In everyday life, we keep physical money in our wallet. The same thing happens to bitcoins, but the only difference is that the coins are stored in a virtual wallet known as the Bitcoin Wallet. Online players who use payment methods such as Skrill or PayPal know what it is about. Virtual Bitcoin wallet is very similar. With this wallet you can store your bitcoins securely on your computer or mobile device.
Creating a bitcoin wallet is not that difficult, there are many sites that allow you to register and create a wallet in minutes. Once you have your own wallet, you can start sending or receiving bitcoins. Here we leave you a link with more information.
Okay, let’s continue with, say, a Bitcoin wallet you already have, but the wallet is empty. Logically, you need to buy a few bitcoins first. You will have to visit some online exchange offices where Bitcoin is sold for the equivalent of the local currency, using a debit or credit card and any other payment method. Currently, there are many sites that sell bitcoins, so it is not difficult for you to buy some bitcoins. Here are some examples of such sites: Kraken.com, BTC-E.com or Localbitcoins.com.
The next paragraph of the review is also very important. Remember that all bitcoin transactions are registered. For example, when you send bitcoins from one virtual wallet to another. You will ask why? This is done to ensure that the transaction is valid and secure. Don’t worry, this process doesn’t write down your real name, only the sender’s and recipient’s bitcoin addresses. This eliminates any fraudulent manipulation of the bitcoin. And this is a strong argument in favor of Bitcoin.
Due to the lack of any control and regulation, the cost of Bitcoin is unstable. The price of Bitcoin can increase or decrease within hours, so there are many people who also make their “business” of buying and selling this currency. Others use Bitcoin as an investment to make long-term profits, and as practice shows, this is not recommended!
The widget below displays the real-time price of Bitcoin.
What’s a fair casino bitcoin like that?
The casino’s provably fair Bitcoin function is based on a cryptographic hash function. A certain algorithm creates an encrypted hash value for all server seats (online casino) and client (player). The process can be described as follows:
1. Before the game starts, the online casino generates a secret, encrypted hash code.
2. After the end of the game, all players have the opportunity to follow the progress of the game, and to make sure that the intervention has not occurred, the Bitcoin casino publishes an encrypted hash code, which was generated before the beginning of the game for comparison.
Knowing this method of verification, many players ask themselves the question. But still, can a fair casino be proved to deceive players? The answer is simple, of course it can, if it wants to. From a technical point of view, based on algorithms to generate random seeds, hashing and random number generator, online casinos can not deceive the player, but some unscrupulous casinos use other techniques to deceive players.
For example, periodic connection breaks during the game, various delusional excuses and other similar methods. Therefore, we always recommend you to read carefully the reviews and opinions of other players, as well as to read sites such as Ivan Casino, with detailed reviews of online casinos. In case of detection of any methods of deception by Bitcoin casinos, we immediately notify publicly on our web portal.
Bonuses and promotions
Bitcoin Casinos also offer welcome bonuses and other promotions as well as “traditional” online casinos. Although it should be made clear that all bonuses, as in online casinos, have a specific requirement. This means that you have to bet a certain number of times before using the bonus. This is because some “smart guys” want to exchange the bonus for money without a game.
Casino Bitcoin Slots
The range of Bitcoin casino games is quite limited. Some Bitcoin casinos even use their own software with their own games, and the truth is that the quality of these games is rather poor.
For the sake of fairness, it should be emphasized that it is not so bad. There are Bitcoin casinos that make every effort to offer their players modern and attractive 3D slots. In fact, you can see for yourself by visiting BitCasino.io, one of the best bitcoin casinos.
Can I play a bitcoin casino?
This question is very complicated and confusing. In general, we can say yes. But there are a few details that need to be clarified. Bitcoin is not a physical currency, and therefore there is a legal “void” in the gambling legislation of many countries. Everything depends on the country you live in.
For example, in China the policy of gambling is very strict, there is only one form of gambling, namely the lottery. In India, on the contrary, there is no law regulating gambling. In the UK, although the law does not consider bitcoin as a currency, but allows online casinos to work with this cryptocurrency, offering their players a form of payment and withdrawal of money without complications.
In the United States, the situation remains very confusing when it comes to gambling. It is forbidden to carry out operations between online casinos and banks. But you cannot be arrested and charged with online casino gambling. The only way for American gamblers – to bet in foreign online casinos. Tax headquarters of these online casinos are located mainly in the Caribbean islands. Online casinos for U.S. gamblers usually accept almost all kinds of payments, as well as, obviously, bitcoins.
To sum up: There is currently no law establishing that online casino gambling with Bitcoin is illegal.
Bitcoin advantages and disadvantages of using online casinos
Now let’s talk about the pros and cons of choosing an online casino that accepts bitcoin payments:
Bitcoin Casinos do not require you to provide personal information, you can register at any online bitcoin casino in the world. You can transfer money without disclosing your identity. Commissions for transferring bitcoins are very low, which means a great advantage for online casinos.
Perhaps one of the main disadvantages of Bitcoin is its relative complexity. That is, the player needs to make a number of certain “body movements” before playing Bitcoin casino. This is to create a Bitcoin wallet, then buy a cryptocurrency, and then make a deposit in the Bitcoin online casino. As a result, all this can turn out to be a little “hard” process for some players.
And the third major disadvantage of Bitcoin, strange as it may seem, is its decentralized model. Although this is the main advantage of Bitcoin, it is also its disadvantage. Bitcoin is not officially regulated or supported by any government, so forget to file a lawsuit or administrative complaint if the Bitcoin casino suddenly closes its “door” and takes your bitcoins with it. Remember that Bitcoin transactions are irreversible.
After such an extensive narrative about Bitcoin casinos, it seems that you have only one unanswered question. Play or not play online Bitcoin casinos! Answering this question will help you to analyze the feedback and opinions of other players, as well as to visit one of these bitcoin casinos ↑, and then you can make a final conclusion.