Bitcoins are basically a form of virtual currency, or crypto-currency as it’s called. As with any other currency, the way to obtain Bitcoins is in exchange for your current currency, only instead of heading to a Bureau de Change, you can get them online.
The technical aspect of Bitcoins, rather than their value is what tends to put people off, but it’s not that complicated a process to get your head round. As a crypto-currency, it basically means that the currency itself is encrypted, which is one of the things that make it more secure to transact online. It also involves sending your Bitcoins to and from online addresses, much like you would with a bank account, only in a far longer format than sort code and account number.
Bitcoins can be given as a reward for those who take part in ‘mining’. Rather than diving down a pit to find gold, this kind of mining is done electronically, using mathematical equations to help create Bitcoins. As Bitcoin becomes a more popular currency, has become difficult to mine, and more and more advanced computing technology is required to take part, so unless you’re a real maths and IT genius, this probably isn’t the best way to get hold of Bitcoins.
Instead there’s a far easier way to obtain Bitcoins, and that’s through a simple exchange for cash. As Bitcoin is entirely public, you could elect to exchange with one individual, but a far more highly recommended option is to use one of the dedicated Bitcoin exchange sites online. The way you’d obtain the Bitcoins is similar to getting Euros or Dollars for going on holiday – you swap currency based on the exchange rate that day. As Bitcoin is a decentralised currency, this can fluctuate a lot.
But before you attempt to obtain some Bitcoins, you’ll need to open a Bitcoin e-wallet, which can be done through various online e-wallet sites.
How to use Bitcoins in Casinos
Once you have set yourself up with a Bitcoin e-wallet, and have obtained Bitcoins through exchange or mining, you’ll be ready to use your Bitcoins in your online casino. In the banking/cashier tab of your chosen site, you’ll find that your casino account will have its own Bitcoin address to send funds to. Simply enter the address in your e-wallet service and your transfer will take place. The process is usually the same going in reverse order when transferring winnings back to your Bitcoin wallet from your casino account.
Why use Bitcoins?
There are many benefits of using Bitcoins to credit your online casino accounts – the main one being that a hard-to-crack encrypted currency with encrypted transactions seems to be a more secure method of online transaction.
In addition to this, many elect to use Bitcoins as they avoid the transaction fees that most credit cards have. The way in which the money is processed also means that casino sites will have near instant notification of receipt, meaning than not only can your account be credited fairly instantly, but withdrawals can also be fairly quick – up to a few hours in comparison with days for other withdrawal options.