Bitcoin & Crypto Casinos
Bitcoin and Blockchain. Brief Description.
Standard understanding of money issues is now being under the process of change as nowadays modern world uses such cryptocurrencies as Bitcoin. The father of bitcoin is somebody by the name Satoshi Nakamoto but there is a possibility that the name was used as a nickname of another person or even a team. In 2009 new type of cryptocurrency was created, which got an identity as a bitcoin. It is a form of digital currency that exists without central bank. Thus no intermediaries are needed for accomplishing a transaction between users. This kind of currency cannot be touched like dollar, pound or euro; it is a sort of electronic cash you can pay on Internet using peer-to-peer bitcoin network. In a rather short span of time bitcoin has got traction and became the most common cryptocurrency today among others. There are marketplaces where you can purchase or sell bitcoins. Those stores are called “bitcoin exchanges”.
Bitcoin has become a very powerful source on the issue of organizing transactions between two parties. Everything that is required is a portable device like a smartphone and tablet or a standard computer. All financial operations are brought into action on a very secure basis, with high speed and without any other participants involved. As it is announced, since 2009 it hasn’t been successfully attacked even once that obviously serves a great prove on the point of safety and reliability. Bitcoins are brought into circulation with the help of special technologies and, of course, software. Each and every operation involving bitcoins is actually being recorded into an open registry journal – Blockchain. It is a vivid example of a great technological achievement that has already been used not only in a way it was created for but also in numerous different ways in order to operate with traditional systems of record –keeping. As a result of so many attempts to replicate blockchain a big market of “altcoin” has been created.
It is absolutely amazing if you possess enough bitcoins and can play in so many crypto-games casinos. But highly – rated and biggest crypto casinos allow financial transactions not only with one type of currency.
Not counting bitcoin, there are following types of brands:
- Bitcoin cash
Starting it all.
Whether you already possess an amount of bitcoin currency and heard some advice on how to use it, you of course can start enjoying any possible online crypto casino games. But, being on the safe side, we strongly recommend to be thoroughly enlightened on this subject and clearly understand how your ownings may be spent. Here, on BitGamblers.net you may find all the required basic information on the bitcoin usage and general terms and agreement section. Only after this, you will be sure to make steps like sending your interactive money to any online casino. Our team of professional experts have already verified the best ones among online crypto casinos and are ready to share this list with you absolutely for free. Instead of wasting your precious time and reading hundreds of reviews, searching for reputation grades of crypto casinos you may just open the offered list and select any item. You can be absolutely sure that your choice will be ideal and reliable. The choice is rich so there is no need to stop only at one or two options whether something doesn’t suit you.
The following actions shall be made with already existent electronic wallet. To transfer available bitcoin to the wallet of the casino from a private wallet you are supposed to confirm one request on the network of bitcoin prior to creating credits for the personal account. Quite a number of crypto casino sites may create an assignment of a bitcoin personal address of a user in order to reflect available finances for the website. Sometimes while the process of creation of a wallet is continuing there may be a necessity to send your confirmation twice. But normally creation of any deposit may be completed just in about ten –twenty minutes. Anyway, do not hurry and wait until your first deposit is seen in the electronic wallet of the casino.
95 percent of crypto casino web-sites maintain the so-called method of address “copy and paste”. It is very easy – you have to copy the account address of the casino and paste it to the address of personal account. Other 5 percent operate on the basis of a bet – by – address method. This is a system where the address of bitcoin represents a single bet with the designations of odds. In such case all your happy winnings may be transferred directly to you, and there will be no casino wallet address designation.
Modern world allows us to use all the possibilities around and here comes the alternative of the usage of bitcoin wallets QR codes for bitcoin transferring from account to account.
Whether you desire to withdraw bitcoin you have to be aware that a fee is supposed to be paid. To implement this procedure, you may operate by the method of “copy and paste” and prepare to wait for some period of time before the process will be completed.
Before you start playing on Internet performing funds activities via bitcoins keep in mind that safety first. Be convinced that gambling and bitcoin casino you play are in accordance with the legislation of your country.
To keep your personal data and bitcoin information safe hold on to the following key points we prepared for you:
- Turn your attention to the time of withdrawal and rate of exchange for bitcoin declared on the site of your favorite online casino. As a first step try to withdraw a sum of money to your wallet and satisfy yourself with functionability of the process. Compare all the relevant content to the advertised one. Don’t fall in a situation winning big and having no chance to get your hands on bitcoins you won.
- Don’t permit your private casino account data and your wallet information to be taken by a third party or be stolen. Avoid to upload the information connected with bitcoin to a cloud service. It’s not safe by reason of potential hacking occasion. Malware that uses keystroke logging becomes more and more common these days. Don’t save your user credentials on the computer and don’t use “copy and paste” method while handling such information. Committing to memory is the best way to keep your personal data safe. If it’s quite tough, use a paper and a pen to write your ID and password down.
- Beware of bitcoin services that ask you to provide them with your private key info. No any justifiable company will ever ask you to share with them your bitcoin account data, password, personal keys and so on. It’s just like someone would ask you to give him the number of your national insurance. Don’t let your bitcoins be wiped off because of gullibility and reckless negligence.
- Even the most risk-free online casino is a subject to be hacked. Attempt to use trustworthy casinos but keep on their accounts only small amount of bitcoins. A great sum of money left on casino is a huge flutter. Store a substantial part of bitcoins you have in a wallet. It’s the best solution to save not only your virtual currency but your real-life nerves.
- Pay a vast attention to the link of a casino site you carry out a sign-on. Check out every letter of the URL, because there are a lot of phishing and scam sites nowadays. These sites look like those you used to enter for gambling, but differ from genuine sites. Don’t become a victim of such sites that contemplate you to give them your ID and all the rest login information. Once you played a real online casino make a mark in a browser you use. Exclude a possibility to click a wrong link and lose your private information, and further still get ripped off your money.
The concept of “Provably fair” gaming.
The concept itself may be called simple but the mathematical approach is really a complicated one. The process functions on the basis of bitcoin cryptographic algorithm. The algorithm, in its turn, uses hash functions that are considered to be impossible to break or decode. In short, Provably Fair system is a possibility for players to verify their betting results by themselves, without any third parties to determine that the betting was fair.
For players of online casino crypto it is always advisable to have at least the understanding of the basics of Provably Fair concept. That’s why going into details may serve you as a way to control and save your bitcoin. So, every transaction that is made on the site of gaming operators is verified via open algorithms by the means of Hashing, Random number generators or else Random seed generation. Each operation as a transaction or a game are checked for the fairness according to their own algorithm they match. Platforms of blockchain are one hundred percent clear, straightforward and unchangeable. Public ledger popularly demonstrates all the payments and purchases and it is impossible to fake. The whole processing is controlled with a program code without any person involved. So, as it is seen the work of this unique system is really interesting.
The principle of Provably Fair concepts is generally the same for the majority of single player games. It only may be a bit varied depending on a particular game. But such games as poker for several players are more complex. The key point is that the Provably Fair systems apply a cryptographic hash that is solid when talking about break-in.
The description of process is like that. A seed number is created for the bet by a casino and after it is hashed, it is transferred to a player. Then this player should add a seed and the bet will be played out. When the bet is done our player should receive the seed which was used in this bet. Two seeds must coincide and it will mean that there was no intervention. Obviously if the seeds are different then something went wrong and the casino may be not fair.
Bitcoin casinos. Benefits.
Every online casino has its advantages. It’s hard to imagine a casino without some of the most essential pros, and there are a lot of them. First, shall we take a look at transactions.
If we compare a rapidity of transactions with bitcoin and classical currencies, it’s obvious that choosing a bitcoin you provide funds activities significantly faster. Just create a quality bitcoin wallet and ready to go!
Bitcoin deposits and deposits of any credit card. What is faster?
To accomplish a fast credit card deposit takes no longer than to make a bitcoin deposit. The speed of both operations are pretty the same. More significant difference in transaction time is when you withdraw your money. It takes from two to five working days in order to implement withdrawals via credit card and from three to four hours withdrawing via bitcoins, even if Internet traffic is loaded.
Is it hard to withdraw from a bitcoin casino?
There’s nothing easier than to organize withdrawal of your winnings from any bitcoin casino. The whole transaction consisted in transferring cryptocurrency from a casino to an authoritative exchange office takes not more than 2 hours totally. As far as BTC systems isn’t supported by banks you have to recourse to exchange bitcoins you own. It’s possible to exchange your cryptocurrency to folding money such as GBP, EUR, USD etc. Then you are simply withdrawing this money to your banking account.
Is there any transaction fee?
Usually when you make a transaction involving a crypto exchange and bank you have to wait one or two days till it be completed. But it also entails a nonessential charge or fee for withdrawing.
Legal bitcoin gaming.
As the situation changes quite fast, make sure to verify if bitcoin gambling is legal in the country of your residency in particular. As there are countries where gambling is restricted completely as a sphere of activities. The same is about Bitcoin. In general, there is a list of countries where bitcoin gaming is prohibited. The United States is one of them.