What is bitcoin?
Bitcoin is decentralized peer-to-peer cryptocurrency and payment system that is beyond the control of banks. Such processes as bitcoin transaction, verification and generation do not require the involvement of intermediary and are carried out by means of open-source software.
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Where to buy bitcoins?
There is a number of methods to purchase the digital money, for instance, at such bitcoin exchanges as Localbitcoins, BTC-E or Kraken. In the bitcoin network it is possible to find people willing to sell their bitcoins and agree on the suitable payment method – cash, credit or debit cards.
Given the regular bitcoin value fluctuations it is highly recommended to follow up its price chart at least for couple of months before obtaining particular amount of the crypto-money.
Where to store your bitcoins?
Bitcoin wallet is an online account meant for storing, receiving and sending the cryptocurrency. One of the ways to get bitcoin wallet is to install special software on your computer desktop or download it on your mobile device. Moreover, there are plenty of bitcoin wallet services allowing to open online bitcoin wallet account. Certainly, every digital wallet has its own advantages and disadvantages, so the final decision is made by the customer.
What is the provably fair gambling?
The provably fair technology is the system that is based on mathematical algorithm – cryptographic hash function. The process goes as follows – the casino server randomly creates a secret seed that is encrypted into a hash code and forwarded to the gambler. Later, the player brings out his own seed and the system combines both of them. Finally, the server’s seed is shown to the player in order to compare two versions of the seed.
Can the bitcoin casino deceive its clients?
Due to the implementation of provably fair technology, there is no chance that gambling website will cheat players. However, gambling is very profitable business where a large amount of money is circulated, and when huge money are at stake everything is possible. For instance, unscrupulous casino operators will find their way to defraud customers – delay in payments or deactivation of software. It is essential that new user carries out research and goes through reviews of particular website in order to avoid any unpleasant situations in future.
There are different Internet sources that provide information on fraudulent bitcoin casino platforms.
How to define whether casino is provably fair?
First of all, it is advisable to gather all the available materials about the chosen bitcoin casino, especially players’ feedbacks. Secondly, it is useful to visit gambling operator’s website and check whether it has special section or description of their provably fair technology. Finally, the player can test how particular casino’s provably fair system works.
How long do deposit and withdrawal processes take?
The bitcoin transaction speed depends of the amount of funds transferred. Usually the withdrawal or deposit of an insignificant sum is carried out instantly, while operations with considerable amounts may take up to 10 hours. At the beginning, transaction is pending, but as soon as it is verified, the status is changed accordingly. The timing of the operation is directly linked to safety measures imposed by casino. The processing of bitcoin transactions takes from a couple of minutes to few hours, regardless of the amount of bitcoins being sent.
Is it possible to receive free bitcoins from casino?
A number of gambling operators provide their active users or business partners with bitcoin rewards for customer acquisition, new account opening or trying out casino games. In order to claim free bitcoins, the gambler has to comply with particular terms and conditions. Some gambling websites offer other promotions, such as free spins.
Is it possible to gamble without a bank account or credit card?
Bitcoin gives a unique opportunity to gamble without having a bank account or credit card; funds can be easily sent and received through bitcoin transactions. Moreover, unlike traditional payment processors who charge fees for their services, bitcoin operations are either absolutely free, or incur minor commission of 0.0001 BTC (~$2 cents).
Does every bitcoin casino is granted with license?
Legally bitcoin casino operators are required to obtain license to run its business in accordance with particular country’s legislation, however only some reputable gambling institutions are regulated and given a special permission. Therefore, before joining the casino’s customer list it is advisable to ensure whether it is properly licensed and follows the laws and regulations set by the government.
Is it necessary to download software?
There are two options available for players – to download bitcoin wallet to PC or mobile device through the special software or open bitcoin wallet account with any bitcoin wallet service provider. However, some casinos offer their own software that has to be installed in order to start gambling.
Is it possible to ensure fairness of casino games?
In general, it is quite complicated to check if games in bitcoin casinos are played fairly. Nevertheless, every gambler can verify particular game’s fairness going through the following process:
- As soon as a random secret seed is created, the server encrypts it into a hash code and sends to the player
- A random client seed is provided by player
- Two types of seeds are combined using cryptographic hash technology
- The player is given an access to the server seed to verify it.
It should be noted that every casino can apply their own method of verification procedure.
Are there any bitcoin-based websites or mobile apps?
A wide spectrum of different bitcoin-related gaming platforms and applications that can be downloaded from Google Play and Apple Stores on the user’s Android or iPhone is available in the bitcoin gambling market. Several bitcoin casino operators allow customers to download some apps directly from their sites. Before uploading any casino application, it is important to ensure that gambling website uses provably fair technology.
What is the deposit bonus?
The deposit bonus is a percentage of money that the player gets after making deposit. It is highly advisable that a new user reads carefully terms and conditions governing a promotion, since the deposit bonus amount, rollover and withdrawal requirements may differ under particular websites’ policy.
Is it safe to play at bitcoin casinos?
Despite, a large number of reputable bitcoin casinos that offer provably fair games and run their business in accordance with laws and regulations, there is still a risk running into unscrupulous gambling websites. That is why it is crucial to pay attention to the casino’s license type, reputation within the market and clients’ reviews.
What is the minimum deposit amount?
In most cases, the minimum deposit is not specified; however, some gambling operators still can impose this kind of restriction. Upon deposit, bitcoin is usually converted into smaller units – milibitcoins (mBTC) that represent one thousandth of bitcoin. The user is free to make deposit of any amount and wager in bitcoin casino game of one’s choice.
How are bitcoin units expressed?
Bitcoin is divided into a number of smaller units, including the thousandth of bitcoin – mBTC, the millionth of bitcoin – uBTC, the tenth part of bitcoin – dBTC, and the hundredth part of bitcoin – cBTC. The most popular and convenient denomination of bitcoin for gambling platforms is mBTC.
What is the advantage of using bitcoin gaming websites?
First of all, bitcoin-based gambling platforms offer instant and fast withdrawal and deposit systems. Secondly, by providing only an email address you can open an account and proceed with anonymous payments, thus, not revealing your bank and credit card details. Thirdly, no additional fees are charged upon a bitcoin transaction. Moreover, the encrypted cryptocurrency gives players a unique opportunity to gain full control over their funds.
How to gamble responsibly?
The main aspect of responsible gambling is rationality. The player should be aware of the possible negative effects of gambling and focus on the time and money spent on this activity. It is essential to understand that gaming is just a sort of entertainment, rather than a source of income.
Where are bitcoin transactions and bets recorded?
Bitcoin casino service providers keep record of customers’ transaction and betting history. In general, bitcoin funds are held on BlockChain, but gambler can easily transfer them to the chosen casino platform. However, bitcoins are sent back to BlockChain after they have been withdrawn from casino.
Is bitcoin gambling considered legal?
At the moment, there is no certain legislation that regulates bitcoin gaming activities. The cryptocurrency is regarded as the payment method in the gambling industry. However, it is highly possible that governments will introduce legislative drafts for controlling bitcoin gambling already in the near future.
Is any personal information required?
Given that bitcoin is an anonymous currency, there is no need to reveal any personal details to use it. All bitcoin operations can be executed with email ID. Some changes within legislation are to be introduced to make the cryptocurrency available and accessible across the globe.
Are US players welcome in bitcoin casinos?
There is a number of bitcoin casinos that offer a wide range of services to US citizens, however, many of them just claim to be US friendly gaming platforms. Thus, for customers’ own safety, it is required to make sure that casino operates in accordance with USA laws and regulations.
Why to choose bitcoin casinos for gambling?
Although, bitcoin casinos entered the gambling world relatively recently, they have gained recognition among many players. Let’s take a closer look at the 5 reasons for giving preference to bitcoin casinos.
In traditional online casinos it takes days, weeks or sometimes even months for payout to be made, however, the reason that lies behind it is normally related to the financial institution that refuses to deal with online casino payments. Moreover, payment processors are often at the risk of credit card fraud and that is why they frequently employ extremely strict measures.
Bitcoin transactions are irreversible, i.e. the sender cannot cancel those after the payment has been confirmed. The process of depositing money into the bitcoin casino’s account takes just a few seconds, while withdrawal is completed immediately after the payment request is made. This allows users to have more control over their winnings, not worrying about them being frozen by third parties.
In land-based casinos the player has to provide personal details, including, name, address, bank account or credit card data, whereas online bitcoin gambling platforms make it possible to play anonymously.
Is there any way to ensure the fairness of the game? Recently a new trend – the provably fair technology – has been introduced in the bitcoin gambling industry, and since then many recognizable bitcoin casinos have integrated it into their systems.
The cryptographic hash system helps to cut the deck at the beginning of the game, thus serving as a guarantee that the casino software operates in a fair manner.
Given that bitcoin transactions do not imply any fees, bitcoin casinos have an opportunity to save on these expenses, and, as a result, offer their customers better bonuses and promotions. Besides that bitcoin gambling platforms provide players with a wide spectrum of services, games and products.
Many companies across the industry are based on the blockchain that allows the transparency of all bitcoin operations. It is clear that the cryptocurrency can revolutionize the whole financial sector, as well as gambling businesses, including bitcoin casinos.