Do you remember the “Occupy Wall Street” action in 2008? The repercussions of these actions, which started as a consequence of the “banking” scandal, continued for a long time. We can say that Bitcoin is one of those “echoes”: Those who founded it wanted to create a currency that could not be controlled by the inventors, the banks, and the states. We still do not know who invented Bitcoin: It is developed by someone named Satoshi Nakamoto, but we still do not know who this person is, and it is probably a fake name. Occasionally, some manifestos are published under this name, but no one really knows who it is. Bitcoin is an electronic currency that has gained 145,000,000% value since its invention. At the time of writing this guide, 1 BTC (Bitcoin) amounted to almost 3,500 Dollars. At present, it is the world’s perhaps the most valuable currency, and everyone who bought BTC with just a few hundred dollars a decade ago became the billionaires of today.
So, what is Bitcoin? To understand that, you must know about the “blockchain” technology first. Blockchain (blockchain) is a virtual chain consisting of a series of data added one after the other. Each transaction (receiving money, sending money, etc.) within the block becomes part of the chain. In other words, its size grows constantly. All blocks in the chain are encrypted. For this reason, it provides a complete anonymity. Contrary to popular belief, it is not possible to break this encryption. Because the chain is not stored only on one computer (or in a center). Every computer that is included in the chain has all of the data blocks. So to break the encryption, you must “hack” millions of computers at the same time, which is not physically possible. Each block is open to examination in terms of the numerical values it contains. So you can see the figures of the transaction that is the subject of that block. However, it is not possible to see the buyer and sender information. Everyone involved in the chain has full anonymity. No one else knows how much money you have on the chain. Likewise, it cannot be controlled or audited because the chain is not connected to a central authority. In other words, it is not open to the speculation of the banks and state institutions. Trading on the chain takes several seconds, and no commission is required. Bitcoin is an electronic and encrypted currency that uses this technology.
How Does Bitcoin Work?
Bitcoin is not a physical currency. All data is stored digitally and encrypted. However, this is not the same as the data stored in the banks. The Bitcoin database is installed on everyone’s computer, including the chain. Some of these computers actively produce new blocks for the chain. That is, these computers create new blocks that will be the subject of new financial transactions. In exchange, they are allowed to keep a little part of the transaction. Think of this as a commission, but it does not affect your transaction amount.
With Bitcoin, you can do anything: It is possible to use it for online transactions as well as in physical stores. Of course, the online gambling industry is also involved in this system. The number of casinos that support Bitcoin as a payment method is increasing day by day. As we will explain below, this situation has many advantages in terms of both players and casinos. If you are a member of a casino that offers Bitcoin support, we strongly advise you to use it. We will explain the reasons for this and how you will do it in this article.
Advantages of Using Bitcoin at Online Casinos
Using BTC gives you many advantages. You can see some of them in the following list:
- You Don’t Pay Commission. When you make a bank transfer or credit card payment, the money is processed through many brokerages. In other words, more than one institution works to deliver your money to the recipient. Each of these asks for a commission of different amounts. For example, the commission rate is about 2% for credit cards. If you are making a bank transfer to the UK and live in a different country, it will be much more expensive. Bitcoin, however, is a system that does not require an intermediary institution. It is enough for the receiver and sender to know each other’s unique IDs. The money goes into the hands of the recipient without any deduction and no commission.
- It’s Quick. It may take up to 11 days for the bank tellers to be completed. While credit cards and electronic wallet solutions are instantaneous, they can sometimes take up to 24 hours to complete. Bitcoin transfers are literally complete in seconds. You can start using the money you invested immediately.
- It’s Reliable. Your credit card information may fall into the wrong hands. Your electronic wallet account can also be hacked. All of the payment systems available today contain a security risk. However, Bitcoin is a 100% secure system. Hacking of the system is not possible due to reasons explained above. When using BTC, there is no need to worry.
- It’s Tax-Free. Blockchain technology is not a controllable system. Governments and tax offices cannot see how much money you have and how you use it. You do not need to pay taxes for your money in the system. This is particularly important for the real money you earn from casinos. Regardless of the laws of your home country, you do not need to pay taxes for your “data” on the blockchain.
- It is Easy to Use. There is no need to follow foreign exchange rates. The BTC value is the same in every country in the world. Since it is a global currency, it is very easy to follow.
- Anonymity. Buyer and sender information is always confidential. Your identity will never be revealed, and you will not need to share your personal information with anyone.
- Special Bonuses. As you will see below, Bitcoin is a currency that is subject to special promotions and bonuses in online casinos. Using BTC, you can get a lot of advantages.
Of course, there are some disadvantages. Because Bitcoin is an anonymous system, it does not have a “chargeback” feature as it is on credit cards, for example. So if you mistakenly send money, you cannot cancel the transaction. Likewise, there is no control mechanism that you can apply when you have a problem. That’s why you need to pay special attention to BTC transaction information.
Bitcoin Bonuses for Online Slots
Have you heard of the term “Provably Fair” before? One of the major advantages of using BTC is that there are special slot machines for this currency. The exclusive feature of these machines is that their RTP rates are controllable. This system can be used in other card and table games too. Provably Fair allows you to pre-verify all payouts and fairness of the games. In other words, it prevents cheating. The online casino creates a cryptographic hash seed for each RNG (randomly generated number). The player also creates his own seed. After the game/round is played, both values are compared. At this point, you will be able to verify the payout rates and make sure that no fraud has been committed.
This system is available for every casino game, including no download slot games. To give an example:
- The casino announces a randomly generated number used for, for example, slot machines. This number determines what the symbols will appear on the screen when you click the “spin” button. The casino encrypts and sends this information to the player beforehand.
- The player also generates a number, encrypts it, and sends to the casino. The number generated by the player is used for checking the randomness of the casino’s number. This is also called a “fairness” check.
- After spinning the reels, the player can view the casino’s number and be sure everything was really random.
Usually, this control is done by third-party audit agencies on a regular basis. However, in games with this feature, each player can make his own checks in advance. The casinos using this system really have fair games. If you have a concern in this regard, the Provably Fair system will be the best option for you. Of course, it is still possible to play slots and other casino games that do not support this system using BTC.
Online casinos also offer other Bitcoin free bonuses. For example, you can get extra cash bonuses specific to this payment method. You can also use BTC for classic promotions such as welcome bonus, match bonus, and deposit bonus. One of the biggest advantages of BTC is that it is continuously rising. It continues to gain value and this means that your budget will increase by itself to play games with real money.
How to Make Payments with Bitcoin
Of course, you need to buy BTC first. By using the websites built for this purpose, you can buy Bitcoin with any currency. You will get a private ID, a password, and a wallet when you join the blockchain. They are all digitally stored, so you can access them from anywhere in the world. Open your personal account page at the casino website. Start the depositing process and select Bitcoin as the payment method. After this step, you will see the recipient ID number. Open your BTC account with your preferred method (e.g., mobile app), and send the amount you want to that ID number. That’s all: You’ll see the money you deposit in your account in a few seconds. Defining your bonuses can take up to 24 hours.
So how do you find the casinos that accept BTC? Our website is ready to help you in this regard. We review the best BTC casinos, test all the features and bonuses, and give each a different score. You can easily find out which casinos are more reliable and trustworthy. There are hundreds of free games you can use to practice at our website too. Play our games first, then choose a BTC casino by reading our reviews and start playing with real money.