When using casinos online, you may be concerned about your funds, privacy, and more. With this, recently, more and more large online casinos are accepting cryptocurrencies as a payment method for both deposits and withdrawals. Specifically, Bitcoin Slots Sites are becoming ever more common and is now the main attraction of Bitcoin-Only casinos.
What online casinos use Bitcoin?
At the moment, there are several online that accept Bitcoin and Bitcoin only. These sites do include Bitcoin Slots Sites that may lead you to other game modes such as traditional table games (Roulette, Blackjack, etc.). Some of these casinos are FortuneJack, CloudBet, KingBitCasino, BitCasino.io, and MbitCasino. All these casinos are specifically Bitcoin only and don’t ask for overly identifiable information or not at all.
Why should you use Bitcoin with Online Casinos?
If you are concerned about your identity online, using a cryptocurrency such as Bitcoin can be a great way to hide your real identity. With this being said, typical large-scale casinos always verify their users before allowing for play due to legal requirements. With this being said, several soft-regulated sites, as mentioned above, are accepting cryptocurrencies and accounts that don’t require any personally identifying information, which might be an excellent point for you – should you be worried about your identity online.
As you can see below, there are several advantages and disadvantages of using Bitcoin for casinos, but for the most part, it is a great way to stay private online.
How does Bitcoin Work?
Bitcoin is quite complicated when you dig into the source, but in short and simple terms, Bitcoin is a cryptocurrency that can be obtained by solving maths equations. Sounds simple, right? Well, these math equations require several colossal server farms to ensure that they are answered correctly, and upon solving these so-called ‘Mathematical equations’ will result in the first correct algorithm being rewarded in Bitcoin.
Bitcoin relies on a shared public ledger. All confirmed transactions are included in that single blockchain, which allows Bitcoin wallets to calculate the available balance. On the topic of transactions, as with any transaction, it’s the process of moving a value of bitcoins from one wallet to another. These transactions are ‘confirmed’ and validated by the process of mining, which is the process of essentially solving a tough mathematical equation and being rewarded with the fee of said transactions. This is a straightforward explanation of how Bitcoin works, but for more information on the direct specifics of Bitcoin and the technology behind it, you can find more information on the Bitcoin.org website here.
Is Bitcoin Legal?
Although Bitcoin is frowned upon by the government and surrounding parties, Bitcoin is entirely legal. As mentioned above, the way Bitcoin has developed means that the users involved in a transaction are challenging to track down by authorities, and can be used to fund illegal projects, however, using Bitcoin to fund your wallet on a online casino is completely fine and perfectly legal.
Is Bitcoin Safe?
As mentioned in the “How does Bitcoin Work?” section, Bitcoin is stored within a ‘wallet.’ These wallets are responsible for the safety of your bitcoin, and if hacked or tampered can lead to you losing your Bitcoins. With this being said, Blockchain companies don’t have any compensation schemes in place if this was to happen. Still, the significant providers of Bitcoin wallets such as Bitcoin.com and Blockchain.com have the best security in place to prevent this from happening, so you shouldn’t worry about storing your Bitcoin. As for people sending you funds, including games live casino, your real identity is covered as they’re sending the funds to a Bitcoin address, which is just a jumble of letters specifically for your wallet, no information can be received apart from your Bitcoin address from the online casino.
Advantages of using Bitcoin.
Some advantages of using Bitcoin are as follows;
- You’re anonymous; your payments can not be tracked back to you unless provided somewhere else, such as a crypto casino.
- Transactions are irreversible, meaning if you win big and it’s in your account – the crypto casino can’t get it back!
- The Value of Bitcoin can always go up and has spiked at over $20,000+ in the past.
- Transaction Fees are significantly lower than Direct Bank Deposits and PayPal transactions.
Disadvantages of using Bitcoin.
Although Bitcoin is an excellent payment method and a good investment, there are a few problems with it that should be considered.
Some disadvantages of using Bitcoin are as follows;
- Transactions are irreversible; as mentioned above, if you deposit and there is a problem, or you want to pull your deposit, this may not be able to be done.
- The value of bitcoin can also go down over time, and this could mean a depreciation of your Bitcoin value.
- Bitcoin is still not accepted as a common currency, although times are changing, and Bitcoin is slowly becoming a more widely-used currency globally.
Various Slots Payments
Here’s a list of slot payment methods:
- £10 Deposit Slots
- £5 Deposit Slots
- Apple Pay Slots
- Bitcoin Slots Sites
- Boku Slots Sites
- Ethereum Slots Sites
- Neteller Slot Sites
- No Card Details Slots Sites
- No Wagering Slot Sites
- Pay By Mobile Slots Sites
- Pay By Phone Bill Slots Sites
- Payforit Slots Sites
- PayPal Slots Sites
- Paysafecard Slots Sites
- Skrill Slots Sites
- Ukash Online Slots Sites