Your own safety and security should be your topmost priority when you gamble online. This is especially the case for players from Middle Eastern countries. The severity of the punishments for those who will be caught gambling in the Middle East can be intense.
This is one of the reasons why players from the Middle East need to choose the right payment method for online gambling. You should choose one that will cater to your needs. It would be even better if your chosen payment option gives you anonymity.
Cryptocurrency is one of the safest methods for all transactions made across online casinos. This is because digital currencies can let you send and receive money without anyone knowing who you are. It is quite a new addition to the market. An example of a cryptocurrency is Bitcoin. It was first introduced by Satoshi Nakamoto in 2009.
Bitcoins have changed the way people and businesses transact money online ever since. You no longer need to transact or coordinate with a third-party merchant or banks thanks to Bitcoins. This means that there are no transaction fees. Additionally, real names may not be provided to make and process the transactions.
You can earn and collect digital currencies in different ways. One approach is to buy these digital currencies on the Bitcoin exchange. This is a website that trades Bitcoin. It basically exchanges and lets you buy and sell Bitcoins in various currencies.
It can be transferred electronically using mobile applications and computers. Bitcoin is almost the same thing when you transfer money online.
Bitcoin is decentralised. It takes no physical forms nor it is regulated by any bank. Every transaction that involves Bitcoin will be stored in blockchains. These are what you also call ‘public ledgers’. This gives everyone a view of how much Bitcoin is being sent worldwide per second. It also informs about the value of other cryptocurrencies.
What is Bitcoin (BTC)?
You need a private key and Bitcoin address to send Bitcoins. A Bitcoin address is composed of numbers and letters that are randomly generated. The private key is another set of random numbers and letters that are also generated at random. These keys are kept secret and will only be revealed to the person you want to send your Bitcoin. This is done through a blockchain and the system also works to provide global receipts. The receipts are necessary for everyone to know the cryptocurrency market is doing. The transactions are usually free and there are no transfer amount limits.
Bitcoin is now accepted across several trusted online casinos. Its wide availability also expands the use of digital currency. You just need to look for online casinos that offer it as a supported payment option. The online casino should carry a list of payment methods and will specify the limits should there be any. Check its terms and conditions.
How to Get Bitcoin
It is necessary to apply for a Bitcoin wallet to fund your account in an online casino. A Bitcoin wallet is a software program where you store all of your Bitcoins. You will find various wallets for Bitcoin.
It comes in different types which are:
These are the easiest and most convenient Bitcoin wallet to use. Cloud wallets are often shared with the public and have some risks attached to them. Trust plays an important role when it comes to storing bitcoin in a cloud wallet.
These are downloadable programs on your computer, tablet or smartphone. They are considered more secure than cloud wallets because you can have control over them.
These will let you store your private keys on a secure hardware device. One advantage of using hardware wallets is having immunity to any computer viruses. Additionally, the private keys are often stored in a protected area of a microcontroller. This means that they cannot be transferred out of the device in plain text.
Bitcoins can be purchased at the following places online:
Exchanges – A Bitcoin exchange is a digital marketplace where people can buy and sell Bitcoins. It also acts as a currency exchange on an online platform where trade happens between buyers and sellers of the cryptocurrency. An example of this is blockchain.
Over the counter – This will let you purchase Bitcoins from another person directly. This usually decreases the anonymity of a normal bitcoin transaction. However, it is still very popular among Bitcoin users. Several trusted websites connect Bitcoin sellers with buyers.
Bitcoin ATMs – These look and act just like regular ATMs. However, you get a receipt with a designated code receiving cash. You need to scan a certain code to add Bitcoins to your wallet.
Another way to purchase Bitcoin is by using traditional e-wallets such as Skrill, NETELLER, and PayPal. From here, you can indicate how much Bitcoin you would like to buy. Your Bitcoins will be transferred to your Bitcoin wallet immediately as soon as the transaction gets processed.
How to do Withdrawals with Bitcoin
Bitcoin transactions are processed securely and instantly. The funds can be transferred to your account within seconds. There are plenty of online casinos that do not incur extra fees for these transactions. To cash out, you just need to log into your online casino account. Simply check the ‘Withdrawal’ tab. Provide your Bitcoin address and simply type the amount in this section.
Advantages of using Bitcoin
Bitcoin has become an emerging currency online over the years since it was launched in 2009.
You can easily check the casinos that offer it by visiting either their ‘Cashier’ or ‘Deposit’ buttons found on their site.
However, the list of casinos that accept Bitcoins still falls short today. Some casino players might find it difficult to find a trusted online casino that accepts this digital currency.
Depositing via Bitcoin at a casino is easy. Simply choose the payment method, login to your wallet and select how much you want to transfer. It is as simple as that.
Is Bitcoin safe?
You are in the best position here when you use Bitcoin for online gambling. This is because you can enjoy its anonymity whenever you wager on games at online casinos.
Bitcoin is the most popular and widely used cryptocurrency for many reasons. Its transactions never take more than a few hours, unlike regular money transfers. Transfers are often processed within just mere minutes no matter how large the sum is. It would also not be compromised regardless of where the user is located. Additionally, its fees are considerably lower. They typically should not cost more than just a few cents. Chargebacks are also not possible with Bitcoin. This makes fraud-related incidents almost impossible. There are no banks, governments, or groups that control Bitcoins. This means that Bitcoin transactions are anonymous and cannot be seized, unlike fiat currencies.