Bitcoin & Crypto Casinos
Cryptocurrencies were born from the idea of using cryptography to make monetary transactions personally confidential, untraceable and in a decentralised manner (without the use of traditional banking institutions). In October 2008, the mysterious Satoshi Nakamoto (a pseudonym for the proclaimed designer of Bitcoin) published a paper on a cryptography mailing list called “Bitcoin: A Peer-to-Peer Electronic Cash System” – a title that beautifully sums the premise of the first transactional block of Bitcoin, defined on the 9th January in 2009.
Following the first transaction of goods in 2010 of two pizzas in exchange for 10,000 BTC, many more rival cryptocurrencies emerged, possibly the most recognisable being Litecoin. For a few years since then, countries and companies have reacted differently. Still, nothing could stop the inevitable rise of a completely new way to pay that snubbed the traditional banking systems embroiled in society. Thailand banned the use of bitcoin while Canada opened the first bitcoin cash machine. Microsoft allowed products to be purchased with bitcoin in 2014 and many more companies followed.
Fast forward to today in 2021, and there are thousands of unique cryptocurrencies traded and used daily with any sign of the cryptocurrency bubble bursting, now a distant memory. Bitcoin, Ripple, Ethereum, Litecoin. XRP, Bitcoin Cash, Dogecoin and Tether are just a few of the names you might recognise, used in open transaction transparency whilst keeping personal details secret – essentially, you can see what’s purchased but not by whom.
Cryptocurrency is now widely accepted as a real form of payment by many retailers online and in the high street. You can buy a car, dine at fine restaurants, go on a holiday, invest and trade, pay for someone to walk your dog, make charitable donations, and even gamble and have fun online with cryptocurrency. In fact, nowadays, cryptocurrencies can be used for almost anything traditional currencies can be used for.
Playing at an online casino using cryptocurrency is largely the same as using standard fiat currencies. Instead of playing in $ £ or €, for example, you play using Bitcoin or fractions of the currency, mBTC and uBTC. Not all games are cryptocurrency compatible and casinos will usually have a separate section for valid games. Most online slot developers in 2021 develop their games to be playable using cryptocurrency.
Making transactions in cryptocurrency at an online casino is similar to using fiat currencies. Instead of using your credit or debit card, depositing in bitcoin or cryptocurrency is done by using an e-wallet. These are similar to standard online wallets such as Ecopayz, Paypal or Neteller. Once topped up with funds, you are ready to head to the casino and follow their instructions for making a secure payment from your online cryptocurrency wallet.
Just like we keep cash, cryptocurrencies need a wallet to keep them safe. Wallets come in various forms, from keeping codes on a piece of paper to hardware, with e-wallets providing a vessel for transactions. E-wallets for cryptocurrencies come in different shapes and sizes and though as prone to hacks as online banking, are more secure than traditional payment methods like credit cards. Thanks to decentralisation, transactions with crypto using an e-wallet have no banking or personal information to share, only details of how much, for what, and when.
When choosing a Bitcoin or cryptocurrency wallet, consider Cold storage or a Cold wallet option for your funds. For increased protection, cold storage means your Bitcoin or cryptocurrency is stored safely on encrypted hardware or even wrote down, but disconnected from the internet and topped up when ready through a compatible e-wallet.
Some leading wallets offer Hot storage, which keeps your currency secure online. Coinbase claims to have never been successfully hacked and will archive a cryptocurrency cold storage, upon request, on your behalf. Whichever wallet you choose, consider that not all wallets support all types of cryptocurrencies.
When performing transactions, e-wallets link with the chosen crypto exchange and processing is usually instant, depending on the load on the network. A cryptocurrency payment begins with a transaction request which is then validated and checked between the transacting parties. Once agreed, a block of encrypted data is created on an open ledger where basic information includes the sender, the receiver, the time and the amount. When validated and agreed, the block is added to its existing blockchain (sequence of transactional events for the currency) where it stays as a permanent record of the purchase.
When depositing cryptocurrency at an online casino, the process is the same. Your e-wallet will provide the vessel for the transaction on the exchange with no personal data. Be sure to check for transaction charges with your chosen wallet. Also, consider that not all casinos will let you use the same methods for deposits and withdrawals, so investigate first, to avoid disappointment. This kind of information should not be hard to obtain from a cryptocurrency casino.
Some of the more common cryptocurrency wallets include Coinbase, Jeton, Cryptopay, Exodus, Mycelium, Binance, Bitpanda, Coinjar, eToro, Blockchain Green, BRD, Edge, Aqua, Bitcoin Wallet, Coinspaid, and there are many more to choose from. When ready, head for your chosen cryptocurrency casino and let your topped up e-wallet do the rest.
- 1. What year was Bitcoin launched?
- 2. What are Cryptocurrencies?
- 3. What is the difference between Cryptography and Cryptology?
- 4. Who is Satoshi Nakamoto?
- 5. Do you need an E-wallet to gamble with cryptocurrency online?
- 6. How can I keep my cryptocurrency safe?
- 7. Are there limits to how much cryptocurrency you can store in an e-wallet?
- 8. How much does a cryptocurrency wallet cost?
- 9. What is the difference between BTC, mBTC, uBTC and a Satoshi?
- 10. Are there transaction charges for using bitcoin or cryptocurrencies at online casinos?