What is Bitcoin and how you can claim them at online casinos?
Many players hailed the emergence of Bitcoin as a much anticipated option in the online gaming industry. Bitcoin offers players online anonymity and is a faster way of depositing and withdrawing money online as all transactions reflect instantly. As a result of its popularity, there are now many casinos that accept Bitcoin as an additional banking option. Up until recently only, the crypto-currency has also been implemented as a means to wager in bitcoin at casinos UK.
What is Bitcoin?
In November 2008, A Japanese national named Satoshi Nakamoto released a paper titled, “Bitcoin: A Peer to Peer Electronic System”. As a result of this release, a new crypto-currency was born which we know today as Bitcoin. This currency is not regulated by any authority and its value is not based on gold as many other currencies are.Further to this, Nakamoto handed over Bitcoin to Gavin Andresen and the first companies to publicly accept Bitcoins was Wikileaks.
From 2011, Bitcoin’s value began to rise and with it so too did public opinion which was mostly positive. By 2012, the currency gained more suitors with WordPress accepting Bitcoin payments as a new method. The year also saw the first 1000 merchants to register under Bitcoin, and by 2014 registered casinos from the UK, US and Canada accepted Bitcoin as an additional payment method. The rise in value of Bitcoin has been exponential to say the least, in April 2010 it was valued at $0,003 rising to $0.01 in May and $0.08 in June to $1 in February 2011. By the end of 2011, it was valued at $2 rising to $600 by December 2011. Between 2011 and 2015, Bitcoin value stagnated ranging between $600 and $750 before it experienced a sharp rise towards the end of 2016. As of June 2017, Bitcoin is valued at approximately $2, 669.
How to claim Bitcoin
Bitcoin is largely revered for its faster payouts. In order to claim some, you must have a Bitcoin wallet where your coins are stored and from which you initiate transactions. There are many applications that you can register a Bitcoin wallet which include, but is not limited to Bitcoin Core, Bither, GreenBits, Simple Bitcoin Wallet, Armory and Electrum. Once you request your payout, your transaction will reflect instantly as a credit of the cash out amount.
Furthermore, Bitcoin is widely becoming an online payment solution of choice among online casino players due to its anonymous feature. Creating a Bitcoin wallet will generate a unique ID to use for all transactions. If you so wish, pseudonyms may be used without providing any real personal information. This means that all transactions online will not have any trails of your personal information. For players who prefer online anonymity, Bitcoin definitely serves as a great online security optionl.
Another reason why many choose Bitcoin as their primary payment option is due to the speed in processing transactions and the flexibility to transfer larger amounts. Any Bitcoin deposit or withdrawal reflects almost instantly allowing you to send or receive funds in a matter of seconds. As a single Bitcoin is valued at around US$2,600, you may also look at using this amount to transact with at some online casinos. On the flip side of the coin, it proves to be a difficult task to bet with such an amount using more conventional payment methods.
It goes without saying that Bitcoin makes online gambling easy and simple for casino operators and players alike. The absence of a regulatory authority gives casino operators the independence of running their operations without external influence, while players’ information and accounts are much safer and secure.