Bitcoin and other cryptocurrencies have grown to become the fastest and most affordable way to make deposits and claim winnings at online casino sites. While many parts of the world restrict gambling finances by blocking credit cards or getting banks to decline transactions, crypto allows players to do what they want with their money. And Bitcoin casinos that facilitate crypto wagers also make it appealing for bettors by cutting fees to zero and offering special perks and bonuses to Bitcoiners. If you are reading this and thinking 'Great, but I don't know anything about crypto,' then check out your favorite casino site and they can walk you through the steps. It's like setting up a Paypal account or other online wallet - it takes a few days to get all organized, then you are free to deposit and withdraw as you see fit.
Using Bitcoin or other cryptocurrencies are truly the best option for playing at online casino sites. And while it sounds scary to people unfamiliar with crypto, its really pretty simple. And once its set up, you can move money back and forth to your online casino account quickly and (mostly) free of charge.
Just like a Paypal account or other online bank account, you need to set it up with your personal information. Once complete, you can connect your bank account to the crypto wallet, where you can buy $100 worth of Bitcoin or $1,000, whatever you wish to use as your casino bankroll.
In the US, two credible and user-friendly wallets are Exodus.com and crypto exchange Coinbase.com while Canadian users predominantly use exchanges CoinSquare and CoinSmart. More advanced users often choose Electrum.
Anyone can use Bitcoin and other cryptocurrencies and that freedom is why they were created in the first place. They were designed as a decentralized, peer-to-peer way for people to buy things and trade services without governments or banks putting their noses – and their fees – in the middle.
Bitcoin was created in 2008, in the wake of the Great Recession where banks and financial institutions – unchecked by governments and prone to corporate greed – were basically allowed to topple the economy. A group of computer programmers – who went under the name Satoshi Nakamoto – wrote a document that outlined a history of digital money where banks and governments could not intrude.
The gist of it – using Bitcoin or cryptocurrencies limits fees that middle men like banks can charge and keeps their eyes off your purchases. This is a very simplified synopsis. If you want to read technical jargon explaining blockchains and cryptography and how Bitcoin mining works, feel free. But for the purposes of someone wanting to safely and affordably fund their casino accounts and to collect their winnings, Bitcoin is a great tool.