Few years ago only a handful of people knew what Bitcoin (BTC) is. The cryptocurrencies belonged to the area of interest of geeks and nerds and they and the others interested in new technologies were the pioneers in the field that had and has the potential to change the world as we know it.
This may sound dramatic, but the impact that bitcoin has and will have on our world cannot be underestimated.
Today more and more people know about bitcoin. It shouldn’t be surprising, because at the end of 2017 the price of 1 BTC was almost $20,000. What’s more, today on the Internet you can pay Bitcoins for various services and goods.
The Gaming industry has also adapted to the presence of bitcoin. There are many reasons why cryptography work perfectly with online casinos, bookmakers and other Gaming platforms.
If you want to learn how to use bitcoins for online games, you will find all the information you need in this article
Okay, but wait a second. What’s Bitcoin?
Bitcoin is a global, digital and decentralized currency system. This means that there are no bitcoin banknotes or coins or anything like that. It’s stored in the network of the so-called wallets and can be bought or sold on special market exchanges. If you want to speculate on its price, please remember to NEVER keep your Bitcoins or any other cryptocurrencies on those market exchanges. They are vulnerable to cyberattacks and many have done an “exit scam”. Just disappeared. Yeah, you guess it, with all of the clients money. Store your bitcoin in offline wallets and transfer the them when you want to sell them.
Having a bitcoin wallet is similar to having a bank account. You can use the money to buy things or transfer them to other users. And you can actually withdraw the bitcoins from the ATMs just like the FIAT currencies like dollar, euro or yen! There are few of those at the moment, but hey, it’s a new technology!
One of the main characteristics of Bitcoin is that it’s decentralized. This means that no government or other institution can control it. Instead, each user has equal access to the blockchain. Blockchain is a system in which all transactions in bitcoin are recorded. The information that the blockchain stores is the amount of bitcoins transferred, the wallets addresses and the date. That’s all. No personal info.
It’s the presence of these attributes that’s one of the biggest reasons for the success of this cryptocurrency. As you will read later, this is also one of the reasons why playing bitcoin gained such popularity.
What are the Bitcoin Gaming Platforms?
The first sites with bitcoin games were not very extensive. They offered games such as dice and the simplest casino games. A few years have passed since then and today you can play almost anything in them.
There are several bitcoin bookmakers on the market. You can bet on virtually any mainstream sport with a bitcoin and find many betting options.
There are also online casinos. Many traditional companies like the Bitcasino have recently introduced bitcoin to their offer, which gives crypto gamers access to games created by some of the most popular developers, such as Microgaming or NetEnt. There are also unique bitcoin-based casinos that have their own games.
Poker is another popular game. On the web you’ll find hybrid poker rooms that accept both traditional currencies and BTCs. However, there is no shortage of rooms accepting only bitcoin.
As time goes by, more and more games allow use of bitcoins. You’ll certainly come across websites with bingo and other really interesting games, and soon there’ll also be other unique productions.
Provably fair Gaming
One of the many reasons why many casinos accept bitcoin is that they can create provably fair games. They are based on blockchain technology. It allows you to check the integrity of each dice throw, hand and other elements of the game. Thanks to this solution, players can sleep peacefully – they know that no one tries to cheat them.
Hybrid services or Bitcoin only games?
It’s worth noting that there are two types of bitcoin services. The first group consists of platforms that work only with bitcoin or other cryptocurrencies. The alternative is an old, good website that simply implemented crypto as one of the payment methods.
The main advantage of hybrids is their high quality of service and reputation. We are talking about casinos, bookmakers and poker rooms, which have usually been operating in the industry for years. They have the appropriate licenses and have been developing their software for a long time. Their design, interface and gameplay have undergone many improvements.
Compared to them, pages only with bitcoin are a bit raw and to some extent limited. However, they make full use of the possibilities and advantages of bitcoins.
Advantages of playing with bitcoin
There are many reasons why bitcoin’s considered to be the ideal tool for online gaming. It has many advantages that help both the players and the companies.
Just remember that some of them are available only on websites working exclusively with cryptocurrencies.
Privacy – you can remain anonymous and you don’t have to deal with any boring procedures or other requirements. Many bitcoin services won’t ask you about any personal details. This is particularly useful for players in countries where online gaming is illegal. The best example is the USA. Thanks to bitcoin you’ll be able to play and enjoy it without fear.
Speed – bitcoin transactions, including withdrawals, are much faster than the traditional options such as credit/debit card or bank transfers. You no longer have to wait a few days to collect your money.
Low transaction costs – fees are insignificant and are usually paid by the casino. The platforms also provide for much lower costs associated with the creation of a payment system. Thanks to this they have better odds and lower margins.
Promotions – some of the best bonuses for casino games, poker or bookmakers are only available to BTC owners. The amount of additional money that can be obtained is much greater than in the case of traditional currencies.
Security – if you properly care about the security of your wallet, there’s no risk that your account will be hacked. Your data isn’t shared anywhere, unlike on traditional gaming services.
Non-taxation – some governments are trying to change this, but in most countries bitcoin operations aren’t taxable. This means that you probably don’t have to declare any income or pay tribute to your tax office.
Disadvantages of playing with bitcoin
Of course, bitcoin also has some disadvantages and you should know them before you start playing with cryptocurrencies. Here are some of the biggest problems:
Instability – the price of bitcoin changes every now and then. Sometimes it can work for your benefit, but it’s hard to predict when it’s going to happen. This adds an uncertainty factor when using BTC.
Relative difficulty of operation – if you can’t use computers well, it may take you some time to get used to the entire bitcoin environment. The good news is that the interfaces in most wallets and casinos are getting more user friendly. Most people should master them quickly.
Security – it may seem strange that the same password appears in two categories, but the reason is very simple. It’s true that gaming operators cannot steal money from your wallet, but there’s a small problem with bitcoin exchanges. Some of them were subjected to hacking attacks in the past. This doesn’t happen too often, but it cannot be completely ruled out.
Uncertainty – many countries are trying hard to regulate bitcoin in a legal way. That is why it’s difficult to say what the future of the cryptocurrencies is hiding.
Okay. I want to play! What should I do first?
If you are convinced that you want to play with bitcoin, there are a few steps you’ve to take.
If you want to play with Bitcoins, you naturally have to buy it first.
The first step in this case will be to open your own wallet. Simply find a trustworthy service on the Internet and set up an account there.
Once you have prepared your wallet, you can start thinking about buying bitcoins. Most exchanges allow you to buy cryptocurrency using debit/credit cards or bank transfers. Remember to check the exchange rates on the biggest stock exchanges.
Finding a bitcoin service
The next step is to find a reliable service that accepts bitcoins. As I said, you have two options here. You can search for a website that supports only cryptocurrencies, or choose a traditional service that has included them in its offer.
No matter what you choose, there’re still a few things you should pay attention to. This is, for example, the reputation and license of a given website. They are extremely important. You certainly prefer to avoid a situation in which a suspicious website deceives you and defrauds money from you.
You must also take into account the games on offer. Some bitcoin platforms offer a wide range of poker, casino games, but also betting. If you want to try your hand at all of them, find the page that provides them. Of course, you can also search for a website specializing in the category you like the most.
The overall quality of service is also very important. Credibility, customer service, interface, mobile version, various games – all this should be taken into account when evaluating the site.
Depositing and withdrawing bitcoin
After you open your account, it’s time for your first deposit. It’s usually a simple process. The bookmaker/casino/poker room provides the address of the BTC wallet. You then transfer the money from your wallet. They’ll soon appear on your gaming account.
The withdrawal process is similar. If you want to start it, open the payout section on the bookmaker/casino page. You will be asked to enter the address of your bitcoin wallet and enter the amount you wish to withdraw.
Many platforms send money immediately, so you should have it at home after a while. However, some have a waiting period during which the transaction is processed. There is nothing to worry about, unless it’s to last longer than 1-2 days.
If your country has introduced a law that directly legalizes the game with bitcoins, then of course you have nothing to worry about. If your country has laws that prohibit it, it’s clear that you need to think very hard about what you are going to do. We certainly do not recommend intentional and conscious violation of the law, but you can use a VPN.
For most people the bitcoin game will probably not cause any problems. I haven’t heard of many laws that regulate this matter directly, so there’s a good chance that you don’t have anything to worry about.
Bitcoin games – tips
Many of the advice relating to traditional gaming also applies to bitcoin. First of all, you should always use reliable services that are licensed and guarantee fair gameplay. Promotions are also important, because you certainly want to maximize your potential profits.
There are also a few tips that only apply to bitcoin pages. For example: you should always look for games with zero casino advantage, no margin in betting and no rake, i.e. the fee for playing poker. Many bitcoin pages have them in their offer. You will not find them on traditional pages.
As soon as you can, you should play games on a provably fair basis. This is the bread of everyday players on bitcoin sites, because the honesty of these games is clear. No gaming commission or other regulatory body can match them.
The world of bitcoin games is developing fast and it looks like it has a bright future ahead of it. If you decide to give it a chance, you will find that there are many interesting opportunities waiting for you.
Just remember not to enter this world unprepared. The information contained in this article is most of what you need to know, but further expanding your knowledge will certainly not hurt.