Bitcoin is a payment method that confuses a lot of people. Bitcoin is not a payment method, or a payment services provider. It’s not even a company – it’s a currency in itself. Bitcoin is a purely internet-based way of sending money from person to person, or peer-to-peer as it is also known. Bitcoin is entirely independent and is not tied to any one single country or government.
Bitcoin was created in 2009 by someone called Satoshi Nakamoto. Nobody knows who Nakamoto is, was, or even if he ever existed. The accepted notion is that ‘Nakamoto’ was the name chosen by a small group of individuals as a way of presenting their idea of a peer-to-per electronic cash system. Nakamoto mined the first Bitcoins and sent ten of them to a programmer named Hal Finney to create the first Bitcoin transaction.
Because they are not tied to any nation or government Bitcoins are extremely volatile in their value. If you had purchased ten Bitcoins in 2010 it would have cost you three cents. If you had sold them seven years later when they reached their highest price, you would now have nearly $200,000.
Why Use Bitcoin at Online Slots Sites?
The number one reason to use Bitcoin at an online slot site – or indeed anywhere that accepts Bitcoin – is anonymity. Because Bitcoins are not tied to any kind of financial organisation they are completely untraceable. This is why Bitcoin has become the currency of choice – sadly – for people who want to make illegal purchases online.
There is absolutely nothing illegal about Bitcoin itself, although some governments – such as China – have banned its use. If you use Bitcoin at an online casino there is no way of connecting your person and your online casino account. All other payments leave some kind of trail. Payments to online casinos with Bitcoin are popular in jurisdictions in which funding online wagering accounts can be an issue, such as the USA.
As online gambling is legal in the UK, there is no problem using any number of available payment methods. The main reason to use Bitcoin in the UK is convenience and online safety.
- Completely secure
- Transactions are instantaneous
- Can be used for deposits and withdrawals
Are there any disadvantages?
- Not all UK-licensed online casinos accept Bitcoin as a payment method
- You need to maintain a Bitcoin wallet
Is it easy to use Bitcoin at Online Slots Sites?
To use Bitcoin you need a piece of software called a Bitcoin wallet. In the early days of Bitcoin such wallets existed on a person’s computer. The downside of this was that if a person lost or had stolen the computer, laptop or hard drive on which the Bitcoin wallet existed, the Bitcoins were lost too. There is the famous tale of a hard drive being lost that contained 7,500 Bitcoins which at their peak were worth £4 milllion.
Bitcoins wallets are now usually stored in the cloud, which means you use the internet to access them. This also means you can access them via multiple devices. To deposit money into your bitcoin wallet, you convert your chosen currency into Bitcoin which your wallet then stores.
To make any Bitcoin transactions two Bitcoin wallets are linked for the split second the transaction takes place. In the case of an online casino you are given the address of the casino’s Bitcoin wallet to link to. You then move the appropriate amount of your Bitcoins into the online casino’s wallet.
If you can deposit using Bitcoin at an online casino, then you can also withdraw as withdrawing is simply a reversal of the depositing process. Select the amount you want to withdraw and choose Bitcoin as your withdrawal method. You will be asked to give your Bitcoin wallet address (a long string of alphanumeric characters) – the online casino should never store this information no matter how many times you deposit or withdraw.
Bitcoin withdrawals should be instantaneous, so you should see the money in your Bitcoin wallet immediately. There may be a delay the first time you use your Bitcoin wallet, but other than that typical waiting periods are minimal.
You should not be charged by an online casino for making deposits or withdrawals using Bitcoin. Your Bitcoin wallet provider (if you are using a secure, cloud-based wallet) will make minimal charges though, for processing the transaction and – if you want to spend your money at places that do not accept Bitcoin – exchanging them into fiat (i.e. non-cryptocurrencies) currencies.
A. Nope! There are several cryptocurrencies. Many cryptocurrencies start up and fold pretty quickly though, so it’s always best to stick with one that has been around for several years. Aside from Bitcoin the most resolute cryptocurrencies as LiteCoin and Dash.
A. Here at JustSlots we are slots experts, not cryptocurrency experts, so it is not really our place to recommend a Bitcoin wallet. GIYF (Google Is Your Friend) in this case.
A. That’s up to you. If you are likely to make a number of Bitcoin transactions then it’s probably better that you maintain some Bitcoins in your wallet. If the opposite is true, then it’s better to leave your Bitcoin wallet empty until you need it again.
A. Bitcoin is only illegal in some countries. The countries in which Bitcoin is banned include Algeria, Bolivia, Canada, China, India, Saudi Arabia and Pakistan.
For complete anonymity and online safety, there is no better option than Bitcoin. It is impossible to hack a Bitcoin wallet, and it is impossible to intercept a Bitcoin transaction.
There are two downsides to Bitcoins though – the need to maintain a Bitcoin wallet and the fact that not many online casinos accept Bitcoin transactions. If you want to use Bitcoin at online casinos there are places where you can use it – you just have to search our JustSlots reviews.
Bitcoin Slots Sites:
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