Cryptocurrency on the Internet
We have been hearing more and more about cryptocurrencies in recent years. First and foremost, of course, Bitcoin. The value of Bitcoin in particular has caused quite a stir. Compared to the other cryptocurrencies, Bitcoin has prevailed. There is hardly anyone who has not heard of it and knows what it is. But many don’t know anything specific about the digital currency. You get to know that it exists, but not how it can be used. On the internet, it is quite easy and more and more online casinos make deposits with cryptos possible. Therefore, we will give you all the necessary information in this guide.
Things to know about Bitcoin
Bitcoin is the first and probably best-known cryptocurrency. It is a type of digital currency that is not issued by a state like foreign currency. The currency uses encryption to make transactions secure. Since it can only be used digitally, the most important security measures have already been taken in advance. The digital currency makes it possible to trade and pay all over the world. No conversion rates have to be taken into account, as it has the same value everywhere.
Payments can be made anonymously. For this reason, cryptocurrencies were also somewhat doubted from the beginning. Many suspected only criminals would want to use them to conduct their business. But as it turns out, it is also very practical for online casinos. Especially in places where your sensitive data would otherwise be used, you can use a fast transaction. All you need for payment is a crypto wallet. This works similarly to the well-known e-wallets of Skrill and Neteller.
As background information, you need to know that bitcoin consists of two components. On the one hand, there is the Bitcoin token. The value of a token is the known exchange value. It is a computer code and reflects the digital concept. Then there is the Bitcoin protocol. Early on, the network spread. This is used to manage the account balance of the Bitcoin tokens.
Advantages of Cryptos in the online casino
Bitcoin is a decentralised currency, which means it is not controlled by a state or a bank. Same as Litecoin, Dogecoin, Ethereum and the other cryptocurrencies. An open network of programmers worldwide manages the cryptocurrency. This is where the dubious shadow that lies over the currency comes from. No one knows exactly where the currency comes from and what countervalues are supposed to stabilise it. It is precisely the fact that the currency is not controlled that makes it so interesting for criminal activities.
With Bitcoin and the others, you are always anonymous to a certain extent. You don’t have to prove your identity to use it. You do have to open a crypto wallet and also buy cryptos for the first time. But when you pay, only a code is transmitted and you remain unknown. It is suitable because your bank cannot find out on your account you are playing. There have been cases where bank customers have received worse credit offers because of gambling.
Security always plays an important role in payment transactions on the internet. The big advantage of Bitcoin is that you can secure it yourself. If you use strong passwords, no one can access it. Among all the cryptocurrencies, bitcoin is considered the most secure of them all. Because no one can do anything with your account information. So if someone hacks your online casino account, they won’t have a chance to use the payment method for themselves.
When you play at the online casino and top up your balance, you want to have it at your disposal immediately. Long waits like with a bank transfer are gone with the past. Most transactions nowadays work in real time. Especially with cryptos your deposits are credited to your account immediately. The transfer is simple and very fast. So nothing holds you off the next round of games.
There are relatively low fees for a crypto transaction. The costs with credit card or other payment services are often higher. Deposits in the online casino are usually free of charge for you, as the casino pays the costs. For withdrawals you have to pay the fees. You should always think about what happens if you have a win and want to withdraw it.
Differences within a Crypto casino
At first glance, you won’t notice any differences in a crypto casino. You will be offered a platform with a large selection of games. And you can find all your favourite games from other online casinos. The difference is the providers save a lot of money on balance management and deposits or withdrawals. The money saved is passed on to the customers. This way, you get better bonuses and sometimes a higher payout rate.
The house edge is lower and thus you have better chances of winning. Due to the innovations of modern blockchain technology, the platforms are guaranteed to be fair. The quality of the games and also the random generators can be easily verified.
Betting at a Crypto Casino
Small bets can also be made in a crypto casino. The deposit is converted and games are possible from as little as 1 Satoshi. The subordination of the Bitcoin was named after the inventor Satoshi Nakamoto. One Satoshi corresponds to 0.00000001 Bitcoin. Many players will not like this, but you can use it for your gameplay. Improve your skills by playing with a small stake and not using up all your credit immediately.
There are Bitcoin casinos that make it possible to play 100 times per minute with an Auto Play function. This function is not available everywhere. This corresponds to a really fast game. The question remains whether it is still so much fun. After all, a little thrill and excitement are part of the game.
Find a reputable Crypto casino
There are so many casinos on the internet and you have the choice. Currently, the number of crypto casinos is still manageable, but more and more are being added. It is important to make sure you are dealing with a reputable provider. We will help you before you don’t know how to recognise a good provider. We have tested and listed a number of reputable crypto casinos. On gamblepilot.com you will also find the bonus offers that await you there.
If you do want to have a look around, it is important that you pay attention to the licence. It is always a good sign if the platform has been around for a long time. Means it is a renowned provider. But a little research is always advisable instead of just playing. For this reason, we thoroughly test the providers for you before we present them to you.