Bitcoin is a digital currency that has no physical equivalent. This means that there are no bitcoin currency notes and coins. It works totally online. There is no central agency that regulates bitcoins like the Federal Reserve monitors the US dollar. The bitcoin payment system was invented in 2008 and released as open-source software in 2009. The transactions take place between users directly, but each bitcoin transaction is recorded in a public distributed ledger called the blockchain in a verifiable, safe and transparent manner. Bitcoin usage is increasing rapidly. Today there are over 10,000 online merchants accepting bitcoins including online casinos. There are reportedly 15.68 million bitcoins in circulation.
Though the number of bitcoin US online casinos is increasing, it is still a small percentage. Many of the older and more conventional online casinos do not accept bitcoins. You will need to check out the pros and cons carefully before opting for the bitcoin banking option.
Advantages of bitcoin banking method
Bitcoin is the only banking option at US online casinos that works for both deposits and withdrawals. So with one option all your banking needs are sorted. But the advantages move well beyond that. Since you can buy and hold bitcoins under a pseudonym bitcoin casino gambling can be totally anonymous. No deposit or withdrawal transaction can be traced back to you.
The transaction costs are the lowest for bitcoin wallets. US online casino players who opt for bitcoins are often offered better terms such as higher maximum deposit and withdrawal limits. Bitcoin US online casinos allow for provably fair gambling, which is explained in our Bitcoin section.
Disadvantages to bitcoin banking method
Bitcoin is a new concept and there is still a fear of the unknown in the minds of many. There is no regulation so one does not know how any unforeseen emergency, like a crash in the bitcoin exchange rate, will be handled. Players are wary of bitcoins just as they were wary of online casinos two decades ago. Not many US online casinos offer bitcoin banking so you will be strapped for choice. The bitcoin is a very volatile currency therefore there is greater financial risk in holding bitcoins. Bitcoins are not widely used online as yet and cannot be used offline.
How to use bitcoin banking method at online casinos
The first step is to sign up for a bitcoin wallet, if you do not have one. You can check out the bitcoin wallets recommended by your US online casino and select from those. Bitcoin wallets are usually compatible with all desktop and mobile operating systems, so you should not have a worry on that score. If you are new to bitcoins go through demos and tutorials on handling the digital currency before getting started.
The next step is to acquire bitcoins. Bitcoins can be earned as remuneration for special work and it is also possible to sell goods for bitcoins in certain online markets. But the simplest way for new bitcoin players is to exchange US dollars for the digital currency. There are several safe and secure exchanges that will remit the bitcoins purchased by you directly to your bitcoin wallet. 1 Bitcoin is currently equal to about $625. You should keep in mind that most US bit coin online casinos operate with 0.001 bitcoins or 1 milli-bitcoin as the smallest denomination and you can structure you bitcoins purchase accordingly.
At US the online casino you obviously need to choose bitcoin as the currency. When you want to make a deposit, you log in, access the cashier and select the bitcoin payment option. There you will find the online casino’s bitcoin account address in the form of a code. Copy the code. Immediately log in to your bitcoin wallet and paste that address in the recipient’s field in the payment mechanism. Also enter the amount to be deposited. When you complete the transaction the deposited amount will immediately show up in your online casino account balance. The bitcoin option at your online casino will also show a QR code. If your bitcoin wallet is on your mobile device you can scan the code from your mobile camera instead of pasting the code.