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Bitcoin or cryptocurrency is a virtual form of money that can be distributed and used in digital form. It was created to do money transactions without involving banks and their transaction charges. The most significant part of bitcoin – it can be transferred without revealing one’s identity. As of today, even the creator behind bitcoin remains anonymous.
A bitcoin is a digital file stored within a digital wallet app. This virtual money can be transferred online from one person to another without the interference of third parties such as banks. Moreover, all such transactions remain transparent and will be recorded in a huge public ledger known as the blockchain.
Bitcoins have revolutionized the world of currency like never before. Since its debut in 2009, Bitcoin has been growing steadily in the global market over the past years. Recently, physical bitcoins have also been introduced.
Cryptocurrency is one of the most popular payment modes among online gamblers around the world. This is because using bitcoins for deposits and withdrawals is easier and much more convenient than the other payment options available in online casinos. Moreover, withdrawal through bitcoins can be done lightning fast.
From 2001 onwards, several online casinos have started to accept bitcoins. Bitcoin online casinos offer a large variety of casino games such as Roulette, Blackjack, Baccarat, and Slots.
Bitcoin is considered a secure form of currency. As all transactions of bitcoins are recorded publicly, faking or stealing them is next to impossible. Moreover, there is no involvement of a third party since bitcoin transactions are conducted directly. This reduces the possibility of frauds and mishaps to a great extent.
Furthermore, there is no need for you to provide your personal information while using bitcoins. Bitcoins ensure that your personal information is secure and gives you complete anonymity. This makes it safer than most other transaction methods. Besides, every bitcoin wallet comes with data encryption.
However, there are certain precautions you have to take while using cryptocurrency. The most important one is to never share your bitcoin address. Your address is the most crucial part of your bitcoins.
Additionally, it is best to avoid doing transactions with bitcoins while you are using public WiFi networks. Also, the risk of losing bitcoins through accidentally deleting them is present. Therefore, be extremely careful while using and storing them.
Anyone can buy and start using bitcoins through a number of methods. Even if you are a regular user of conventional payment methods like debit/credit card and bank transfer, you can buy bitcoins. You can get bitcoins from a bitcoin exchange by using the above mentioned methods.
Several Norwegian casinos offer the option to play or gamble using bitcoins. These include Bitstarz, Playamo and Bob Casino. In addition, the PlayOJO casino accepts Bitcoin from both the UK and EU. Moreover, users of Bitcoin in such casinos are offered many attractive Welcome Bonuses. Some of these bonuses can be availed even without making a single deposit.
Using bitcoins ensure extremely fast transactions including deposits and withdrawals. Unlike other payment methods, you won’t have to wait for long hours to access your funds with bitcoins. Moreover, by using bitcoin, you will be in complete control of your money without the involvement of third parties. This means that you don’t have to pay any extra charges for transactions.
A wallet is necessary for transactions of funds including deposit and withdrawal. You can get this through the Bitcoin website. After signing up, you can create a Bitcoin address, which is a long series of letters and numbers. This address will be used for all the transactions in your wallet.
Open your wallet and select the ‘send money’ option. For this, you need to provide both your address as well as the casino’s address, along with the amount you want to deposit.
Two types of bitcoin wallets are available – web-based and desktop wallets. To use a desktop wallet, you need to install specific software. Therefore, web wallets are considered more convenient than desktop wallets. However, if you are looking for security, a desktop wallet is your best option as it doesn’t use third-party software.
You can purchase Bitcoins with your wallet. You can also get them with real money or you can get paid for business through bitcoins. Furthermore, you can collect bitcoins by a process called mining.
Some countries have banned bitcoins because it is decentralized and the government cannot regulate it. Even though bitcoin transactions can be accessed publicly, the user of bitcoin always remains anonymous. This creates the risk of bitcoins being utilized for illegal activities.
A bitcoin wallet is quite similar to other digital wallets like Paypal, Neteller and Skrill in terms of their function. However, a significant difference is that you don’t have to provide any personal details while using a bitcoin wallet. All it requires is your email address.