Bitcoin is a new type of currency. It is different from regular (fiat) currencies in that it does not have a governing authority to oversee its creation and distribution. There is no bank or Federal Reserve that creates and controls bitcoin and other cryptocurrencies. Instead, they are “mined,” which basically means that computers from around the world work together to solve complex mathematical problems, resulting in the creation of a fraction of bitcoin at a time.
Because these math problems are so complicated, it is not easy to mine bitcoin. The large amount of computing power required makes the currency impossible to counterfeit. Every bitcoin transaction that occurs anywhere in the world is publicly recorded and stored on the “block chain.” This means that transactions are stored on thousands of computers around the world instead of in a centralized database, thus avoiding manipulation of the public ledger.
Before, it was almost impossible to acquire bitcoin without mining it, but now you can buy the cryptocurrency at one of the many online exchanges.
Crypto-currency exchanges
We use cryptocurrency exchanges to trade in various ways, as well as to buy and sell them for fiat money. Stock exchanges work in a similar way to stock markets. There are many cryptocurrencies to choose from. The most notable examples include Litecoin (LTC), Ethereum (ETH), Maker (MKR), and, of course, Bitcoin (BTC).
Many online casino platforms like slotxo now accept bitcoin as a form of payment, while other cryptocurrencies are not as widespread yet. This means that any reputable cryptocurrency exchange will work as almost all of them trade in bitcoin.
You may be aware of the fact that you can now buy bitcoin through ATMs, but buying it through online exchanges is still the most sensible option. This is due to the high fees that these Bitcoin ATMs charge for the service. If you are looking to buy BTC to use at an online casino, a crypto currency exchange is by far the best way to acquire it.
As we explained earlier, Bitcoin is a decentralized currency. This means that you will not be able to store it in a bank, regardless of whether you have bought or mined it. You will be able to keep your BTC on the exchange you bought it from, but this is generally considered an unsafe practice.
Cryptocurrency exchanges store all kinds of cryptocurrencies for millions of potential customers, making them very tempting for hackers and cybercriminals. In fact, in 2019 alone there were as many as 12 major cryptocurrency exchange hackers, resulting in a loss of over $300 million dollars.
If you want to make sure that your bitcoins are safe, the best thing to do is to send them to an encrypted currency wallet or even directly to your casino account.
Frequently Asked Questions about Bitcoin Casinos
How can I use bitcoin to fund my online casino account?
The process will be a little different at every online casino, but you can expect it to be simple and hassle-free at every casino. The casino will probably provide you with a QR code that you can scan if you have a mobile bitcoin wallet. Alternatively, you will be given an address to which you can send bitcoins from your wallet or exchange.
Do bitcoin casinos offer bonuses to players?
Yes, many bitcoin casinos, สล็อต machines offer promotions like free spins and other welcome bonuses; some even have higher welcome bonuses for players who decide to make bitcoin deposits.
Is it safe to use bitcoin in online casinos?
Bitcoin is one of the safest payment methods to use at online casinos. Transactions are recorded and protected on the blockchain – a public ledger. The transaction code is also very complex, which makes bitcoin extremely difficult, if not impossible, to steal or counterfeit.
Is it legal to play with bitcoin?
It is perfectly legal to use bitcoin as a gambling currency in online casinos in Thailand. If an online casino accepts players from Thailand and allows bitcoin deposits, there are no legal barriers to playing there.
