Bitcoin Frequently Asked Questions

What is Bitcoin?

Bitcoin is a digital currency you can use online to pay for products and services just like you would with real cash. It’s inventor is computer programmer Satoshi Nakamoto who has remained somewhat anonymous despite the success of his creation.

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Bitcoin is used by more than 100,000 people all over the world, trading in thousands of dollars every day without a middleman or credit card company involved. Gambling with Bitcoin is very appealing to players not wanting to use the more conventional methods like Visa or Western Union which carry a ton of often very restrictive fees.

How does it work? Bitcoin Miner

Most people just buy Bitcoins from specific sites or receive them as a form or payment from a friend or someone else. Bitcoins originate, and can also be obtained, through a process called mining.

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A Bitcoin ‘miner’ is an app on your computer that generates (or ‘mines’) Bitcoins. All miner apps are on a connected network that generates BTCs at a rate that doesn’t devalue the currency by flooding the market (like what happens with real money when too much is printed). Once a Bitcoin is mined, an e-signature is added and it is now part of the Bitcoin network, available to be exchanged as payment.
The unique thing about Bitcoins is that there is a finite number of them at any one time. The number of them will never exceed 21 million, and it’s estimated that that figure will be reached in 2140.

Do they allow online casino payments?

There are now dozens of Bitcoin online casinos, each offering a unique portfolio of betting games like roulette and online slots to crypto-currency customers. Is bitcoin casino legal? The legality of gambling with Bitcoins varies by country, but most in the Western world don’t have any laws against it.

In particular, It’s ideal for internet gamblers living under restrictive regulatory systems, like the USA, because Bitcoin gambling doesn’t fall under the regulation of US gambling laws that only address the betting and winning of real money.

Is it safe to use?

Because most kind of Bitcoin wallets would require someone to both have the login information for you wallet, they would also need the actual physical device your wallet is located on. That second part especially makes hacking a Bitcoin wallet much more difficult, especially if the hacker doesn’t live anywhere near you.

How fast are deposits & withdrawals?

Unlike some more traditional banking methods you may have used at top online casinos (like credit cards or ewallets), both withdrawals and payments at casinos accepting Bitcoin are instantaneous.

How does it compare?

For those that enjoy instant transactions, lower house edges, and that don’t want to give up their personal bank details, traditional banking methods can’t really compare to playing with Bitcoin. The only downside to btc gambling is that Bitcoin values fluctuate: if the value of your Bitcoins goes down, you won’t be able to withdraw as much cash.

With ewallets like PayPal, you must tie your account to your bank. With Bitcoin wallets that is not the case, and for that reason (among others) they are considered to be much more secure of a payment method.

Are there any fees involved?

Bitcoins can be bought and sent peer-to-peer across the Internet without going through a bank or clearing house. The best online Bitcoin casino websites have fees that are therefore relatively low. The current market price for a Bitcoin is always changing due to the supply and demand for it.

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