Bitcoin As An Online Casino Payment Method

In a truly progressive manner, technology has advanced all these elements, with online payment processing services going so far as to provide a completely revolutionary system for funds transferring. This brought about the appearance and wide promotion of Bitcoin, a new method of facilitating players’ attempts to transact on the macro global scale, and the micro online casino one.

Bitcoin was invented to function both as an online payment processing system, and as a fully digitalized, virtual currency. The plans and basic engineering concepts for this endeavor were first made public back in 2008, by the pseudonym of the inventor known under the same name a decade later, as Satoshi Nakamoto. 

Shortly after it became available for the public, people started exploiting its unique characteristics, obtaining it any way possible and thus changing its market value.

With massive fluctuations across exchange services and platforms, Bitcoin identified its major system flaw, fixed it, and thus stabilized into processing massive online payment traffic coming from all kinds of platforms.

Unique as it is, the Bitcoin cryptocurrency and corresponding payment processing systems are both characterized by a set of features that have allowed it to achieve such rapid and massive success. To start off, it is important that users or potentially interested Bitcoin payers are aware of the fact that Bitcoin was established as a B2B system, meaning it is fully decentralized and independent of any given Federal or private bank, or any other financial institution.

Whilst this seemed like the ultimate dream come true back in the early days, its volatility soon proved the contrary. Namely, Bitcoin owners, in general, suffered a massive plunge and resurfacing in terms of its value, over the course of several hours. Once the system error had been found and fixed, the cryptocurrency continued to exist as prospected – as a limited form of payment, with 21 million Bitcoins being the maximum amount that can exist at any given time on its processing system, the blockchain.

Due to the blockchain’s revolutionary technology, users were able to transfer the Bitcoin in their possession to other owners via the constituents of the system, which in their own power, operated as a single ledger containing all the information on any transaction ever performed. Nevertheless, considering that owners solely operated with the cryptocurrency using a special type of Bitcoin e-wallet, the only thing it actually made available was the string of numbers and letters that denoted the sender and receiver’s e-wallet address, as well as the amount.

This factor along with the lack of a central regulatory authority has a dual role – on the one hand, they enable optimal anonymity when performing transactions with the currency, even though there is some level of awareness regarding the origin of the transaction. After all, the first days of Bitcoin saw the platforms on the dark web perform all manner of trades upon realizing the full potential of such a peer-to-peer transaction basis. On the other side, however, such a basis for an entire payment network significantly improved online casino potentials, as the cryptocurrency was neither regulated nor prohibited across jurisdictions worldwide.

This is the second application of the Bitcoin system and cryptocurrency we have touched upon so far, but it is essential to delve into it a bit deeper, as not all online commerce platforms are ready to install the relevant add-on and move on. As mentioned earlier, criminal activities of all kinds were transacted across the blockchain, causing disreputability to the service as a whole. Nevertheless, through an appropriate string of measures and limitations, the system is nowadays able to process payments of its currency, encountering transactions of all types and significantly filtering the influx of illegitimate contraband payments.

As for the anonymity and security achieved through the lack of holders’ personal information, this cryptocurrency found a different use through the latter application illustrated above. Online casinos were just starting to establish themselves as licensed, regulated, and profitable establishments with stable and secure support from select jurisdictions. Clashing with the currency’s nature, some platforms didn’t see it fit to include such a system into their payment processing practices, while others fully implemented the processor and used it to delve into untapped markets. The lack of traceable information on the Bitcoin network fits the needs of this market portion, as they are interested in the service which is being paid.

Evidently so, the Bitcoin cryptocurrency and payment processing system are of great importance to the world of online gambling, and online payment processing in general. In fact, the iGaming industry developed and established itself enough to vouch for the system and promote its use across other e-commerce platforms, so much so that nowadays you can practically pay via Bitcoin for anything from food, through clothes to real estate, still enjoying all its major features illustrated above.

When it comes to the matter of online casino payments performed via Bitcoin as the blockchain-based payment method, using nothing but the cryptocurrency itself, there are a few basic steps to improve player performance. All players need to do is learn how to deposit and withdraw using the following guidelines, and make use of all the benefits of this cryptocurrency.

Players need to choose a Bitcoin e-wallet service that will best fit their storage and transaction needs. Nowadays, the range of options includes web-based e-wallets that store the currency on their servers or a downloadable app client that allows players to keep their bitcoins offline, on the chosen platform. Considering the increased functionality of mobile device OSs, the same options are accessible across PCs, smartphones, and tablets, although players can further choose to keep their e-wallet address and corresponding key on a paper copy or a removable hard disk.

Once players have chosen a suitable storage solution, they need to obtain this currency. For this purpose, they can choose to mine the bitcoins themselves via corresponding software programs, purchase them from existing owners or simply get the cryptocurrency from the relevant exchange platforms using fiat currencies.

With the necessary Bitcoin bankroll for your online casino exploits, all it takes is to find the suitable Bitcoin casino that fits your needs. Like the ones listed on this page, it is best to choose from renowned and reputable gambling services that offer industry-standard game selection, security, and customer support options among the rest.

On the other hand, licensing is a trickier subject when it comes to Bitcoin casino platforms. The main issue regarding this matter is the cryptocurrency’s decentralized and unregulated nature that allows its global accessibility, speed, and lack of fee charges per transaction. As a result, leading reputable authoritative licensing bodies have refused to issue a license to operate for any of these casinos. Still, player testimonials and a wide range of on-site factors can show the qualities of any given Bitcoin online casino site

Oct 12, 2021
Casino Industry