Bitcoin and other cryptocurrencies are a very fast online casino payment method that has gained popularity among gamblers over the years. Bitcoins and altcoins can not only be used as a payment method, but also be chosen as the account currency instead of rubles or dollars. Security, decentralization and anonymity – the principles on the basis of which bitcoin was created, are to the taste of many online casino players. The use of cryptocurrencies, including bitcoins, opens up access to online casinos that only work with digital currencies.
In this article, we will tell you about everything you need to know about bitcoins and other cryptocurrencies when playing in a casino: how to use crypto as a payment method, which altcoins are accepted by online casinos, gaming range and bonuses for bitcoin, bitcoin casinos.
What is cryptocurrency and bitcoin
The word “cryptocurrency” or “crypt” has firmly entered the everyday lexicon of modern people, but, as practice shows, not everyone understands what it is. That is why some of us are often unaware of the benefits of this modern digital currency, including in the field of online casino games.
Cryptocurrency is a type of digital currency created and protected using specially designed cryptographic technologies. It exists only in virtual space, it cannot be touched. Any crypt is a block of information about transactions, each of which contains data about a previous transaction. These blocks make up electronic registers or journals, which contain information about all actions with the crypt, which makes its use absolutely transparent.
However, these transactions are also anonymous, which ensures the security of the data of each holder of electronic crypto coins. Cryptocurrency can be purchased, that is, bought for traditional money in various currencies, as well as “mined”. The process of such mining is called mining. The result of mining is the creation of a new block of transactions, that is, updating the existing electronic journals of the cryptocurrency.
The term “cryptocurrency” was first used in an article about a new digital currency – Bitcoin, created by Satoshi Nakamoto. This person, or a group of people, whose real name or names are still unknown, developed a fundamentally new concept of settlements without intermediaries (banks, payment systems and services) in 2008. This concept was created to maintain independence from regulatory organizations and anonymity of users. In addition, an important component of the work of bitcoin was to be the possibility of maximum protection against fraudulent actions of all users.
How to use Bitcoin and other cryptocurrencies
Bitcoin and other types of cryptocurrencies, which are commonly called altcoins (alternative digital currencies), can be used to pay for goods and services, like any other currencies – rubles, euros, dollars, etc. Depending on national legislation and other individual factors for bitcoins in different countries can buy real estate, pay tickets and bills in restaurants.
Which online casinos can you play for bitcoins and altcoins?
The Bitcoin Cash cryptocurrency, which appeared in August 2017 through changes in the bitcoin system, is offered for use by such online casinos as YoYo Casino, 1xSlots, Wild Tornado, Bao Casino. At the same casinos, players can also use digital currency using modern smart contract technology – Ethereum. Processing and creating blocks of transactions for this altcoin takes only 10-15 seconds, unlike the popular, and therefore slow, bitcoin. You will also find Ethereum at online casinos Wazamba, Buran Casino, Casoo, etc.
The fastest bitcoin analogue to date (the code for which was not copied from bitcoin, but written from scratch) – a crypt called Ripple – is available for making deposits and withdrawing funds won in casinos such as YoYo Casino, AlfCasino.
By creating blocks of transactions five times faster than Bitcoin can boast of Litecoin. This digital currency is as if created for online casinos, because its advantage is the unprecedented speed of settlements. You can play with “fast crypt” in the following best online casinos: 22Bet, Playamo, Wazamba, Wild Tornado, WildBlaster, Casoo, AlfCasino.
Dogecoin is a Litecoin-based cryptocurrency featured in an assortment of settlement methods and currencies from casinos such as Wild Tornado and Playamo.