Bitcoin – What is it?
The buzzword surrounding the mobile casinos or the online casino gaming is using Bitcoin as one of the mode of banking. It is the latest online digital currency that’s gaining popularity for conducting your online transactions.
Bitcoin is an online payment system invented by Satoshi Nakamoto in 2008. Introduced as open source software in 2009, it is the Peer to Peer based Electronic cash system. There is no centralised authority or banks which monitor or controls the Bitcoin. The entire design of this system is public and everyone can take part in it.
All the issuing of Bitcoins, its management and transactions are collectively carried out by the network. It offers complete anonymity, requiring no bank or personal details for the online transactions.
Things to consider when selecting a Bitcoin casino
You don’t want to burn your fingers and money by falling into the numerous online scams. Playing at any of the increasing number of Bitcoin Casinos is like a gamble (pun intended) requiring a lot of research and luck. To help you with your choice, we at the Jackpot Mobile Casino have compiled a list of things to consider when selecting a Bitcoin Casino. Some of the popular Online Bitcoin Casinos are Bitzino, Satoshibet.com, mBitCasino.com, BitCasino.io, Betcoin Casino etc.
- Worldwide acceptance of players
Not all the countries have legalised online gambling. It’s just common sense to know which of the Bitcoin Casinos accept players from other countries.
- Player anonymity
Bitcoin is inherently an anonymous network, where all your personal details are kept secret. Naturally, the same level of anonymity is expected when playing in any of the Bitcoin casinos. You are assured of complete anonymity and fast registration, with just your email address required.
The reputation of a casino is based on its integrity and the fairness. You are assured that the conduct of the casinos is provably fair (the unusual term which the Bitcoin Casinos are using to promote fairness). Also read up on the casino reviews to get the views of other players, experts and the general public.
- Gaming License
In the current scenario, it’s not yet mandatory for the Bitcoin casinos to obtain licenses. Some of the Bitcoin Casinos have tried to obtain them, to lend a credibility and authenticity. It’s a way of gaining reputation as a safe, secure, trustworthy online casino. Not having a gaming licence does not mean that they are not safe and secure. It just shows the relative newness of these Bitcoin Casino.
- Bitcoin Casino Software
Probably the only way to decide on casino software is to play it. You can confirm the software by reading the reviews of the casino, other player’s experiences at forums, etc. It is always better to confirm the reliability of the software before placing the bets. Down the lane, you will find the current leading software giants such as Playtech, Microgaming etc. also offering Bitcoin payment system.
- Payouts and winnings
The success of any of the mobile casino or the Bitcoin Casinos is directly dependent on its payment system. All the usual SSL encryption technology and latest advancements in security should be used to protect your Bitcoin money and personal details.
The various promotions and bonuses offered should be easily translated into wins that can be withdrawn easily. It should be trustworthy, safe and secure.
- Bitcoin games:
The usual games variety is seen in most of the Bitcoin Casinos. You can find Baccarat, Roulette, Blackjack, Slots, Video Poker and Craps. There are even Live Dealer games that are gaining popularity.
Flowchart for playing at an Bitcoin Casino
The usual steps of playing at the Bitcoin casinos are simple, fast, and you can start playing in no time. You can play for free or use Bitcoin currency. For playing with Bitcoin money, the following steps are usually followed in almost all the Bitcoin Casinos:
- Create a Bitcoin Casino Account
This is done automatically when you start playing at the casinos. A unique bookmarked URL is created when you auto register. You can use this to login and add a username, password later on.
Before doing so, you must create a Bitcoin Wallet. It is similar to an E-wallet system used in regular mobile casinos. It does the same function of transferring to and from your account. m฿ (milliBitcoin) is the default denomination currency that is used. The 1 BTC (Bitcoin) equals 1000 m฿.
- Get Bitcoins
This is done by purchasing the Bitcoins from the trusted Bitcoin Exchanges such as bitstamp.net etc. You can use USD/EUR/GBP etc to purchase the equivalent Bitcoin value and use them for any of the online transactions.
- Deposit and Play Instantly
Make a deposit to your account and have it credited instantly. No hassles of waiting for approvals.
You can easily withdraw by specifying the amount, which is completed within 5 minutes maximum. This is credited to your Bitcoin Wallet.
Advantages of playing at the Bitcoin Casinos
The best advantage that a Bitcoin Casino has is its instant access. You can have a peer to peer transaction with quick and fast outcomes. Because of its zero or low processing fees compared to credit/debit cards, it has gained wide acceptance. Plus it allows worldwide payments, making it accessible to all players.
Playing at the Bitcoin Casinos typically uses HTML5, the latest trend in mobile casino gaming. You don’t require any special software or download apps for playing. You just use your browser to play at these casinos. They boasts of integrity, utmost security and anonymity.
Future of Bitcoin Casino
It looks bright with new casinos coming up. The main hurdle for wide acceptance of this new online gaming is lack of information. Currently with limited information about its’ various aspects, the players will have to wait a bit longer.
There are also legal, financial, social and moral implications of using Bitcoins as the mode for online transactions. Only time can tell the future of the Bitcoin Casinos.