Bitcoin is still the best known of the cryptocurrencies in use. Bitcoin is a fairly rare currency at online casinos, but there are some online casinos that accept bitcoins. We’ve put together the best Bitcoin casinos on our list , and in this article, we’ll be looking at bitcoins and paying with them at online casinos anyway.
So if Bitcoin is a topic of interest, keep reading. Next, we’ll go through what this payment method and other similar cryptocurrencies really are all about.
Bitcoins have become more and more familiar to more and more Finns in recent years, and so Bitcoin casinos are also making Finnish players more aware. Bitcoins have been in turmoil since 2017 at the latest, as their value has on several occasions hurt to be really high, but also to come down. Casino Ranking takes a look at bitcoins, as there are already some online casinos on the market that have this currency as accepted as the euro.
Bitcoin is an open source cryptocurrency that originated in 2009. It is a digital and decentralized currency and has its own monetary system. At least so far, bitcoin is characterized by its uncertainty. For example, during 2017, the value of bitcoin ranged from as much as 752 euros to over 15,000 euros, and during 2021, it momentarily reached a milestone of up to $ 60,000.
Bitcoins were created by a person or entity acting under a pseudonym, Satoshi Nakamoto. Bitcoin is abbreviated BTC and XBT. Each Bitcoin is divided into 100 million smaller units called harvest crops.
The Bank of Finland does not consider bitcoins to be official currency, as they are not issued by any central bank or other official body. Instead, their existence is based on peer-to-peer and computing power, and its value vis-à-vis official currencies is determined by supply and demand. Everything happens online, on a network of computers running Bitcoin.
open source cryptocurrency
an unstable currency whose value varies greatly
cryptocurrency currently accepted by a few Bitcoin casinos.
In order to acquire and own bitcoins, you must have a Bitcoin wallet or account with some service that allows you to buy and sell bitcoins. An online wallet is the preferred way for small investors to handle it. The account can be opened through several different services, such as the the American Coinbase, and you can receive and send bitcoins to it easily and quickly.
First, an account is opened for the service, and the identity is confirmed with, for example, bank IDs. You can then buy, sell and use bitcoins through your account.
A desktop wallet installed on a computer or a mobile wallet running on a mobile phone is another way to take care of it yourself. They are one degree more secure because they only know the private key of the Bitcoin wallet.
There are different ways to get currency. Many buy bitcoins for use, while others invest in them. What also makes bitcoins interesting is that they exist only to a limited extent. Of course, more are being created all the time, but only according to a predetermined formula. According to the formula, 12.5 new bitcoins are generated every ten minutes.
Once a Bitcoin account has been opened, a bank account must still be linked to it. This requires both IBANs and BICs. The addition of a bank account will be confirmed by email. Once these steps have been taken, it is time to transfer euros from online banking to your Bitcoin account.
When buying bitcoins, you can choose the purchase amount in either euros or bitcoins. Purchases can be made at the current rate, but you can also submit a purchase offer. When bitcoins are purchased, the costs are usually in the order of 2 percent.
The following transactions must be verified with bank IDs:
all deposits and withdrawals to the bank
bitcoin purchases, sales and shipments
Bitcoins are naturally used the most online. Online services – other than Bitcoin casinos – to mention here, for example, the super-popular publishing platform WordPress, which allows you to purchase additional services with bitcoins. The news service Reddit also accepts bitcoins.
For example, many companies charge a 2% service fee for using bitcoin.
Bitcoin casinos are on the rise. There has been absolutely no huge rush in online casinos accepting this payment method and currency. However, Bitcoin is becoming more common all the time, in addition to which other similar currencies are entering the market, so cryptocasinos will most certainly become more common in the future.
Most Bitcoin online casinos are a kind of hybrid: you can deposit in both euros and bitcoins. What is the market demand for bitcoin-only online casinos in general? The more traditional online casinos adopt bitcoins, the less subscription there is for Bitcoin casinos alone.
There are online casinos that only accept bitcoins from around the world. Such gaming sites include BTC casinos Bitcoin Penquin and Seals with Clubs. The latter is the first and largest Bitcoin poker site in the world.
So what about deposits and withdrawals at Bitcoin casinos? They succeed wherever the transfers of the euro. Bitcoin casinos use the same security technologies as, for example, banks and government agencies, so there is no need to worry about data security.
Depositing with bitcoins takes place in such a way that the casino states its own Bitcoin address, to which the customer then transfers the desired amount of bitcoins. The transfer usually only takes a few minutes, but depending on the casino and the amount to be transferred, the money will appear in your game account within a few hours at the latest.
Bitcoin casinos almost always handle withdrawals in less than 24 hours. If the money was originally deposited in the casino in bitcoins, the withdrawal will also be handled by it. There may be casino-specific differences here, so it’s a good idea to check the policy for each Bitcoin casino separately, unless it’s clearly stated on the casino’s website.
In one case, bitcoins differ dramatically from many other money transfer services. With bitcoins, deposits and withdrawals can be made anonymously. All money transfers to and from foreign online casinos are made through Bitcoin addresses. This means that no personal information is transferred with the money transfer.
On the other hand, it is good to remember that most online casinos require a gaming account to be verified before major withdrawals, meaning that Bitcoin casinos may also require authentication. This is usually done by sending a copy of your ID to the casino, for example.
The term provably fair games is often mentioned in connection with Bitcoin casinos . This means that the same technology that enables bitcoins also makes it possible to verify the authenticity of casino games on both the casino and player side. So this is what Bitcoin casinos use.
In Maltese licensed online casinos, random number generators ensure that all games operate according to the rules. In other words, it is already self-evident to the casino player that games or online casinos do not cheat.
The largest company that makes and services Bitcoin casino games is called SoftSwiss. The best known products of this game maker are Platinum Lightning, Scroll of Adventure and West Town. Its casino platform features more than 3,000 games from several popular manufacturers, including NetEnt, Play’n Go and Quickspin.
Uncertainty is very typical of bitcoins and any cryptocurrency. The value can fluctuate greatly, even within a short period of time, and in addition there is a considerable responsibility for one’s own funds.
Bitcoins can be stored either in an account or in a wallet, but whichever solution is used, the address must be kept safe and secure. If you forget or lose your Bitcoin address, you will lose the funds in your account. The same fate befalls a currency even if, for example, a computer breaks down and there are no backups.
You can protect yourself from these problems in advance by using the wallet service. In that case, the credit to the service provider must be really hard. Unfortunately, there have been cases around the world where the wallet service operator has lost and taken the money with him.
Unlike, for example, online wallets, a Bitcoin account cannot be returned based on personal information. Bitcoins are always sold, stored and purchased anonymously, so personal information is of no use if the address is forgotten or lost.
There is always the threat of hacking. If criminals strike a computer or other device and gain access to a Bitcoin account, the money can be said goodbye.
In the summer of 2018, it also became apparent that the wild increase in the value of bitcoins in 2017 could be due to manipulation. A study by the University of Texas estimates that at least half of the increase in the value of bitcoin as well as other cryptocurrencies was due to centralized manipulation. The reason for the price bubble could be the conspiracy in the cryptocurrency exchange Bitfinex. U.S. authorities launched a criminal investigation into the matter.
In recent years, bitcoin has been heavily flattered in coffee table discussions. Many ordinary people are interested in this fascinating currency, which could even significantly change current economic policies. Digital currency Bitcoin is not dependent on central banks or other similar bodies, so it is not subject to inflation. Its amount is limited, but on the other hand, its value constantly varies a lot.
For the time being, even online casinos where bitcoins can be deposited offer their customers the opportunity to exchange bitcoins for euros. This is due to the relatively slow response of the market: game makers and most online casinos do not yet accept currency, so not all games work with it.
Nonetheless, bitcoins and other cryptocurrencies are a popular investment. Bitcoins are bought, sold and used to pay for purchases in both stone shops and online services. They have not yet made their final breakthrough for European online casinos, but their use will certainly become more widespread and other cryptocurrencies will be seen alongside them. Take over Bitcoin casinos now!