Bitcoin was officially launched on Jan. 3, 2009, by Satoshi Nakamoto. It’s a decentralized digital currency that uses peer-to-peer technology to operate with no central authority or banks. Bitcoin has been growing in popularity over the past few years, and it seems like more and more people are getting involved in this new form of money.

However, there’re still many questions surrounding bitcoin and its future in the online gambling industry, especially the online casino. Although wagers are finding bitcoins easy to use and accept, some issues still need to be resolved before they can become mainstream.

How Can I Use Bitcoin In An Online Casino?

When you want to use bitcoins in an online casino, you’ll first need to determine whether the target casino accepts bitcoins. Once you find out whether the casino accepts bitcoins, you'll then need to deposit the number of bitcoins you wish to use in the casino.

There are several methods to transfer bitcoins between wallets. For example, you can use an exchange service such as Coinbase, Bitstamp, and Circle Internet Financial Ltd. Choosing the right method depends on what type of wallet you're using, what kind of transaction you're making, and where you live.

Benefits Of Gambling With Bitcoin

Gambling at an online casino using bitcoins comes with benefits that other forms of payment cannot offer. Here are just a few:

The Bitcoin System Is Transparent

Many gamblers prefer to gamble anonymously. They feel safer knowing that no one but themselves knows where they placed their bets. With bitcoins, you can gamble anonymously while still enjoying the convenience of being able to place bets anywhere around the world.

Bitcoins Deposits And Withdrawals Are Instant

One thing that makes bitcoin a preferred method of transferring money is its speed. Unlike traditional banking systems, there is no waiting period before receiving your money. No matter where you are located, you can receive your winnings instantly. Gamblers want such systems because it gives them peace of mind.

Issues Associated With Bitcoin

Security

The biggest issue is security. Many online casinos have had their accounts hacked because they do not know how to keep their customers’ information safe. Also, hackers can easily steal your Bitcoins if you don't take precautions.

You can protect yourself from these attacks by using two-factor authentication, which requires users to enter both an email address and password when logging into their account. Since most online casinos will only ask for one piece of information, you must make sure to input the correct email address and password.

One of the best ways to deal with issues of security is to find an authorized casino that offers the highest level of security available.

Bitcoins Are Not Accepted In All Online Casinos

As much as bitcoins have a future in gambling, not all online casinos accept them. Some online casinos may not want to risk losing their reputation by accepting a virtual currency that any government does not back up.

If you play at an online casino that does not accept bitcoins, you might want to try another site instead. The good news is that bitcoin growth is increasing every day, and more and more online casinos are starting to accept them.

Potential Loses

Bitcoin value keeps on fluctuating, and as such, gambling using bitcoins could cost you more than what you gain. You must keep checking to see if the value of bitcoins has increased or decreased since you made your deposit. If the value drops below what you paid for the coins, then you lose out during your bet withdrawals. However, if the value increases, then you profit.

Conclusion

While bitcoins are gaining popularity among gamblers, many online casinos have yet to accept them. If you wish to use bitcoins to place bets, you should first check whether your favorite online casino accepts them.

If so, then you can start playing right away. It's important to note that some online casinos may offer bonuses that increase the value of your coins. These bonuses are offered to entice new players interested in playing with bitcoins.