Are you striving for new ways and the future of online gambling? Do you want to leave the old-fashioned way, with KYC, personal information, restrictions and limitations behind? Then you're exactly where you need to be!
We want to introduce you to the blockchain integration into the online casino sector and show you all the benefits of using cryptocurrencies such as Bitcoin BTC, Ethereum ETH, Cardano ADA, Bitcoin Cash BCH, Solana SOL, Litecoin LTC or Dogecoin DOGE and many more for your online entertainment experience.
At crypto casinos and Bitcoin gambling sites, you will be offered a combination of anonymity, safety, and transaction speed for your deposits, more importantly for your withdrawals. It is far easier, faster and more lucrative than with any fiat money.
Crypto casinos waive traditional payment methods and currencies such as euro or U.S. dollar, and completely trust on the blockchain technology, a completely transparent and secure system.
It’s time to step forward and take advantage of the cashless, decentralised and expeditious way of online gambling!
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Today, crypto casinos are more popular than ever before, offering many advantages over traditional online casinos. Many casinos accept cryptocurrency, making it difficult to select the right one. Operating on a fully independent peer-to-peer platform without a central authority or bank, Bitcoin is the iGaming’s payment method of choice.
Before you can start playing with BTC and other cryptocurrencies, you must first acquire a crypto wallet and buy Bitcoin at a digital currency exchange, where customers can convert Fiat money to other types of digital currencies and vice versa. Crypto wallets are used to store and trade coins. There are different types of wallets to choose from, based on your personal needs regarding privacy, ease of use, and other integrated features. Today, most exchanges provide their own wallets for faster and easier trading.
Once you own cryptos on your personal wallet or exchange, you will safely and securely transfer money into your player’s account on a crypto casino in just a couple of minutes.
A man who goes by the alias, Satoshi Nakamoto, published a document online in October 2008. The paper, also known as a whitepaper, proposed a method for developing a system for decentralised money known as Bitcoin.
This technology claimed to manufacture digital money that would eliminate the issue of double-spending without the requirement for a centralised authority.
At its foundation, Bitcoin is a decentralised ledger with no central authority! It is decentralised and eliminates the risk of corruption, fraud and manipulation, functioning on a specific type of database called Blockchain.
Thanks to blockchain, currencies are immune to counterfeiting, don’t require a central jurisdiction, and are protected by strong and complex encryption algorithms. Unlike the conventional ledger technique, which was originally a book, then a database file stored on a single system, blockchain was created to be decentralised and distributed across an extensive network of computers.
A few things must occur before a block can be added to the chain. To begin, we must solve a cryptographic puzzle, which results in the block's creation. The computer that solves the puzzle sends the solution to all other computers on the network.
This process is known as proof-of-work. The network will then verify this proof-of-work and, if correct, the block will be added to the chain and it will mine new Bitcoins as a reward.
The combination of extremely difficult math puzzles and verification by many computers, known as miners, ensures that every block on the chain can be trusted.
The rationale behind having Bitcoins at all is that they serve as an economic incentive for miners to maintain the network, hence new Bitcoins are issued every time a new Bitcoin block is mined.
So, this is Bitcoin. No single user, government, or bank can impose a fee on a payment or control its flow. As a result, it is now possible to spend money more cheaply, quickly, and easily, even across national boundaries.
Directly from your wallet to the recipient's wallet. Most significantly, any Bitcoin in your personal wallet is held directly by you rather than being stored by a bank like ordinary money in a bank account. This means that nobody can shut down your cryptocurrency wallet or block your transactions, because only you have total control over that account at all times.
And arguably the most important is that it's protected against inflation. With Bitcoin, there will be only 21 million total coins in the system at some point. Nobody can print more and devalue it. Now, you look at all the problems that are associated with currency, Fiat money, and cryptocurrency solves all of it!
Understandably, this is for many people a completely unfamiliar territory, even for experienced online casino players. Combined with all the different bonuses, it can confuse the “basic player” to decide which one to go with.
That being so, our experienced team is constantly examining the market to put together all the information you need to select the right online provider and the perfect match for yourself. That’s why we went on the hunt for the best ones out there. Who convinced us the most, and which providers are the real winners?
We want you to be completely prepared and know precisely what to look for before joining a new online casino platform of your preference and depositing your valuable cryptocurrency there.
On bitcoinonlinecasino.io you will find everything about all crypto casinos out there, their pros and cons.
We will actively assist you so that your search will come to an end. You can enjoy and focus on the enjoyable aspects of online casino gambling.
Aside from the possibility of winning colossal sums of money, the availability of high-quality casino games and attractive Bitcoin casino bonuses is arguably the most appealing feature for every casino enthusiast. Each online casino seeks to differentiate itself from its competitors and attract new customers. As a result, the most successful tool is a generous incentive offer.
It is very important to select the right matching offer for yourself, as there are plenty of different exclusive bonuses. Let’s have a closer look at all the welcome offers. These are mostly associated with a first deposit. Meaning, the player gets a certain percentage on top of the initial deposit.
For instance, there is a 100% first deposit bonus available on your account and if you decide to deposit 5 Litecoin LTC, you automatically will be credited another 5 LTC upon your transaction and your account displays a balance of 10 LTC.
What you need to pay attention to are the bonus terms and conditions of the gaming provider. They have clearly stated what conditions you must meet in order to claim and use their welcome bonuses. Remember, no online casino would ever give you free cryptocurrency that you could instantly withdraw back into your wallet with no strings attached.
These are primarily tied to wagering requirements. Once the bonus gets credited to your account, you would need to wager the funds a specific number -5x, 15x, or 40x- before you automatically convert it into real balance funds. This is absolutely usual and prevents the abuse of bonuses.
Keep in mind providers have to protect their site and don’t mean to punish you by creating these kinds of conditions. A happy customer and a positive user experience are the goals.
Furthermore, the welcome bonus can be split into 3-5 or more packages and doesn’t need to be credited on your first deposit only. You could be added 100% on your first deposit, another 50% on your second, third, and fourth while getting another 25% on your fifth one. A very common way to keep new customers satisfied and encourage them to keep on playing on the site.
On top of that, you might be granted a bunch of free spins. A friendly gesture for sure, as you can jump between all the different slots and try out new ones. But what happens if your new received free spins result in a big hit and a huge win? Can it actually happen, you might ask?
There will be a wager value associated with each of your free spins. However, the wager value will determine how much you win on any of your spins. It is uncommon for free spins to come free of wagering requirements, but there are still a good number of crypto casinos that offer totally free spins.
Bonus money and free spins, both come with a slew of limitations, including the inability to withdraw funds until wagering requirements are met, expiring after a certain amount of time, or even putting a limit on how much you can win.
There is another variant of free spins as well, which functions more or less in the same way, except they're just for games that don't need spinning. Table games, such as Blackjack or Roulette, are some examples.
Last, but not least, there is the cashback or cash rebate bonus. A very popular and coveted bonus with all types of players. These loyalty rewards provided by the crypto casinos are literally funds as good as cash that you get back on your wins or losses. For example, a certain percentage of your losses, on particular games and during an in advance defined time frame, will be then covered by the provider and will be credited back to your account.
The other way of getting loyalty rewards credited is when you wager a certain amount during a specific time. For your loyalty and effort, you will also have a very good chance to receive the cashback casino bonus.
Therefore, it is more than advisable to check out the bonus terms and conditions and make sure all requested bonus requirements are clear. Perhaps contacting the support team of the gaming provider will resolve any remaining concerns.
There are thousands of positions available online. Browsing is difficult unless you have a checklist and know what to search for.
To help you choose the best games, we recommend looking at the following characteristics:
In general, the first thing you see when you look at online slots is their theme. Some games have a unique look, while others are based on movies, TV series, musicians, and a variety of other subjects.
There are almost as many slot themes as there are slots out there, which makes it quite easy to find one you truly love.
Even if slots are for entertainment, you can’t ignore the fact that it is about winning some money as well. Real money online slots can have jackpots worth a few thousand euros or even millions.
You need to evaluate the costs of the game against what you can win, as well as the game's payoff potential.
There are no guarantees of profits. Even the best online slot doesn’t pay off 100% of the time, so be prepared for potential losses. However, the volatility and return to player (RTP) ratings of a slot can be used to estimate the possible risk-to-reward ratio.
All slots are fed by an RNG (random number generator). This ensures that the results are random and fair. Two variables are programmed into the RNG that determines the total payout potential of a slot-volatility and RTP.
These results should not be taken as a guarantee of how much you will win, as they are theoretical values and should only reflect volatility and RTP values over time.
Volatility measures the frequency with which an online slot can theoretically yield a return on your investment, as well as the size of the win.
In other words, how often you win a prize and how big it will be.
Low volatility slots are designed to pay out more frequently than medium and high volatility games. Winnings are usually smaller but more consistent.
Medium volatility slots are somewhere between low and high volatility slots. That means they pay out less often than low volatility games, but more often than high volatility slots.
The fundamental characteristic of high volatility slots is that they do not pay out frequently, but when they do, the winning sum is high.
RTP stands for Return To Player. This score indicates how much you win on average for every 100 credits wagered. For example, an RTP of 98% means that, in theory, you will get 98 credits back for every 100 bets.
This score is not a guarantee either. Sometimes you win 110 credits for every 100 you wager, sometimes 90. However, over time, your results should tend towards the RTP. So, when looking for a slot, consider volatility and RTP.
If you can't afford to gamble, then please don't! It's that simple. You should never spend more than you can afford.
If you are a complete newbie, you can play free online slots.
When you have money to spend, online slots allow you to adjust the stake, the number of active pay lines and the amount you bet per pay line.
You should find games that allow you to wager an amount that suits you!
As a rule, you should be able to play at least 500 spins. So if you want to spend €100, your stake per spin should be €0.20 or less.
The choice is vast and for new gamers who have never played online before, finding the perfect game to play can be confusing and intimidating.
That's why we've prepared this list of the greatest online slots for you to quickly earn some gaming experience. You can play all the games on this list in demo mode and for free, allowing you to pick your favourite game and then wager real money on it.
Microgaming offers one of the largest slots portfolios of any online casino software provider. The selection of Microgaming slots covers every theme you can imagine, with lots of exciting and rewarding features.
Here are some of the attractive and beloved ones:
The developer team at NetEnt seems to have no limits when it comes to imagination and creativity. Therefore, they can always offer their clients new themes and surprise them with new slots. Understandably, NetEnt is one of the most popular providers in the industry.
Let's take a look at their flagship products:
Playtech, a manufacturer of online gaming software, has been in business since 1999 and is based on the Isle of Man (Great Britain). The list of online slots that has been developed by Playtech's team is hard to track, with over 500 popular slot games.
In addition, Playtech is one of the largest top gaming providers worldwide. Countless casinos, film studios and other production companies are partners of Playtech.
Many well-known names can be found in Playtech's range of different slots, including:
Evolution Gaming was established in 2006 and rapidly gained fame in the live gaming market. Probably because no other provider apart from this label focuses exclusively on live games. This gaming provider has completely refrained from developing other game types.
That’s exactly what has made Evolution Gaming a success over the years. Several locations around the world, as well as a studio complex in Riga alone, that is as spectacular and unique as it can be.
In addition, the company has an academy where all current and future live dealers receive intensive training. A valuable feature because Evolution Gaming employs true experts and only the best ones for their live dealer games.
Yggdrasil Gaming is a relatively new company that was launched in 2013, but it has quickly established itself in many online casinos thanks to its exceptional games, amazing graphics, and creative features.
In the developer’s repertoire are numerous games with internal and progressive jackpots. Yggdrasil is certainly not one of the largest providers of slot games, but thanks to its “unusual” games and their creative design, it is among the most sophisticated and best ones.
Let’s dive a little deeper into the topic of crypto wallets. A cryptocurrency wallet is a method of simply storing cryptocurrencies. The term wallet might be a bit deceptive, as it doesn’t house cryptocurrency tokens in the same way that a normal wallet does for your money.
A crypto wallet stores both the private and the public keys of the user to a high point of safety. No one can get access to their token without permission. This also implies that if you lose access to your personal key, you will be locked out and unable to access your tokens.
You should balance functionality and security when storing crypto. One of the best ways to ensure that your crypto is safe is to keep it as dry as possible. In order to store any amount of crypto that you purchased, you have to opt between holding your crypto in either a hot wallet or cold wallet or using a combination of the two.
Because they are simple to set up and use, hot wallets are the most widespread sort of crypto wallet. Hot wallets are designed for regular cryptocurrency users since they are internet-connected and enable smooth crypto transactions with the touch of a few buttons.
A hot wallet is created when you open an account on an exchange, download a mobile wallet, or install a desktop wallet on your computer. While hot wallets are known for their simplicity of usage, they do have one significant drawback: security.
Therefore, storing a large number of digital assets in a hot wallet is not advisable, as it leaves your funds exposed to potential security threats, such as cyber theft.
Because they are not linked to the internet, cold wallets are thought to be the most secure storage method. When you want to make a transaction, you just link your cold wallet to the internet. Cold wallet choices include hardware wallets and paper wallets.
However, hardware wallets are more popular since they are straightforward to use and come with the supplier’s customer service. Hardware wallets store the wallet's private keys on physical media, generally as a USB stick, making them inaccessible to hackers or other harmful parties.
You have to send crypto from a hot wallet to your hardware wallet’s public address to store your assets offline. If you wish to transmit assets from your hardware wallet to another address, simply connect it to the internet using the wallet's specialised software and sign the transaction using your private key.
And then we have paper wallets, the cheapest methods for the safe custody of your assets. A paper wallet is a piece of paper on which, for example, a seed phrase is noted. A seed phrase is a string of words created by the crypto wallet that allows you to access the cryptocurrency linked with that wallet.
Paper wallets have almost completely disappeared from everyday use, and are mainly used as a backup for the seed phrase. So if you lose your mobile phone or hardware wallet, everything can be restored with the paper wallet. As a result, the backup seed phrase is the very last key for every wallet and must be kept secure.
Paper wallets can also function as stand-alone crypto wallets that do not require the use of a hardware wallet. Paper wallets and seed phrases should never be made online. As a result, it is best to download the ZIP file and execute it locally in the browser.
Especially for cryptocurrency owners who want to hold their assets long term and see it as a pure investment for the future, paper wallets are definitely considered as a sensible method.
If you make a transaction more often, you will be better off with desktop and mobile wallets.
On the other hand, we only recommend paper wallets to experienced crypto enthusiasts. There are simply more user-friendly solutions that are at least as secure, such as hardware wallets.
Because cryptocurrencies have revolutionised the entire online gambling industry, using crypto for your online gaming passion gives you numerous advantages.
We previously mentioned how blockchain technology works and its key features. If you have your own secure wallet and want to transfer cryptos to another wallet, such as the online provider's wallet, all blockchain network participants must validate and confirm the transaction.
In this manner, the ownership of the transferred quantity of crypto, as well as the new wallet address to which the crypto will be transferred, is identified and authenticated. Essentially, like any other technology, depending on how many users are accessing the same method at the same time, the procedure can take some time to be completed.
For Bitcoin transactions, a standard time frame of around 10 minutes is used, with the system currently processing 7 transactions per second (TPS). Other cryptocurrencies that use "proof of history", such as Solana SOL, can handle up to 50,000 TPS.
As you can see, there are many options for a decentralised transaction between two wallets. It all depends on which cryptocurrencies you prefer to keep in your wallet as a store of value and use to play with.
The best part is yet to come. If you are a frequent online casino player, you are well aware of the most significant concern when it comes to withdrawing your cash. Depending on the deposit method, whether credit- or debit card, bank wire, or one of the countless others, it may take several days until you receive your money.
Payment providers, banks, and other organisations are all involved in the old-fashioned way, and they all have a say in your funds before they reach you. With cryptocurrencies, you won't have to worry about any of these factors. There won’t be any other third parties involved in handling the transaction between you and the online provider.
A completely anonymous transaction allows you to operate online without restrictions and exchange money and assets with the person or company of your choosing.
Another significant advantage is if someone decides not to have a bank account. Until recently, online gambling was either impossible or extremely uncomfortable to participate in. Bitcoin and other cryptocurrencies are the answer for anyone who does not want to use government-controlled money for certain purposes.
It simply allows you more autonomy over your own money than fiat currencies do. You will be now able to control how you want to spend your money without dealing with an intermediary authority like a bank or government.
Accessibility is the next key point. Because users are able to receive and send Bitcoin with a smartphone or computer, different time zones, countries, or continents can not affect transactions. Sending money to another country with another currency is a problem that belongs to the past.
If you also value anonymity combined with secure transactions, lower fees and zero limitations, then clearly crypto casinos are made to meet your needs.
As with any other payment method, there are also some disadvantages to using cryptocurrencies. There is an environmental impact of crypto mining. BTC mining consumes vast amounts of electricity, which is an argument against the whole crypto space.
But only if the required energy is derived from fossil fuels, particularly coal. Bitcoin mining consumes around 91 terawatt-hours of power every year, which is more than the whole annual electricity consumption of Finland, which has a population of 5.5 million people. That is a tenfold increase from just five years ago and almost 0.5% of all electricity consumption worldwide.
Therefore, the usage of renewable energy is essential when it comes to crypto mining in order to solve this matter.
Another issue is that cryptocurrency transactions are untraceable and unregulated. Once crypto has been sent to a recipient, there is nothing you can do to reverse this transaction in the case of having transferred the wrong amount, for instance. The function to revoke a transaction does not exist and could be seen as a lack of security.
Furthermore, many crypto users hold their cryptocurrencies in a cold wallet, also known as a hardware wallet. It is a physical device that completely isolates your assets and keeps them offline. That can be dangerous in the event of losing access to your private key and consequently to your crypto assets. Your stored coins become inaccessible and can be lost permanently.
Let’s find out if the blockchain can protect against certain problems that accrue in traditional online casinos. This is not precisely a fraud, but it is a ploy that does not benefit the player. Ordinary online casinos want to conceal their winning data, gaming outcomes, and payments.
With blockchain integration and thus crypto casinos, all transactions are now completely transparent. Online casinos offer considerably more opportunities for fraud, and prosecuting spammers is much more difficult.
Since algorithms are responsible for generating pseudo-random numbers, the player will never know if the game provider has cheated. Honest online casinos use certified software that reduces the probability of a fraud attempt. However, there is no guarantee that the final result remains untouched.
Even the best crypto casino site has to encrypt all communication and payment transactions. But even if the individual public key should be intercepted without the associated private key, this data would be completely useless, which is why the public key (as an analogy to a bank account number) can also be shared publicly without hesitation. Paying with cryptos is, therefore, more secure than with any other payment method.
BTC casinos must also have a gaming licence and are therefore under the control of a regulatory authority. This also guarantees the fairness of the games at crypto casinos, because all game results can also be viewed by the authorities and are evaluated by external companies at regular intervals. The odds from all stakes and winnings will be listed in these payout reports, allowing authorities to see the house edge of the individual games. This is the standard that ensures the safety of online games at all reputable crypto casinos.
The majority of well-known authorities that issue licences to online crypto casinos are mostly based in Gibraltar or Curacao. The logo and the name of the respective authority can be found at the bottom of every casino page.
The MGA is currently seeking applications from online gambling companies interested in incorporating blockchain technology into their systems. It is also thinking about applications for platforms that will take virtual currency for deposits and withdrawals.
When you click on “Deposit” in a crypto casino, you can first choose the method you want to use. Even if a casino accepts Bitcoin deposits, all other conventional payment methods, such as credit cards, eWallets, or transfers, should typically be provided as well.
If you choose BTC, you will be given an address (public key) associated with your casino account. Now, you have to determine which amount you want to send to your casino account. This is usually given in BTC, but to be on the safe side, a BTC-To-EURO converter will be provided where you can enter a euro amount and the corresponding Bitcoin equivalent is displayed.
As there are no payment service providers involved in any payments, you will complete the transaction by arranging and confirming all entered data. You now go to your Bitcoin or crypto wallet and enter the public key of the casino account and the transfer amount. To do so, you must first specify the transaction fee, unless the wallet handles it for you automatically.
That is one of the primary characteristics of a crypto casino site, and it is what distinguishes this industry.
The transaction will be sent to the blockchain network after you click the "Send" button, where it will be checked and accomplished. The accepted payment is now recorded on the blockchain and is considered to be processed with immediate effect. You will see the credit on your balance as available. Please keep in mind that every payment confirmation will take a few minutes.
Since every block time on the network takes 10 minutes, you have to wait at least until the next block or hope that your payment has been already listed. This is usually the case when there are not too many pending payments in the network that can't be accommodated in a single block.
Miners who upload transactions to the blockchain will rank payments with greater fees higher in this instance. If any transaction is not included in the current block, the network will keep it on hold and process it with the following block.
In crypto casinos, you can benefit from its instant-withdrawal function. Other advantages include the fact that crypto transactions are absolutely free of charge — in contrast to banking operations.
The Bitcoin network is a peer-to-peer payment network and therefore a direct exchange between individual parties. This procedure obviously excludes payment providers and the users won’t be charged with additional fees.
Depending on the geographic location, banks frequently can or must reject online gambling transactions. This risk gets completely eliminated through crypto payments.
The world of digital assets is about to finally move into the mainstream and does certainly not stop at casinos and sports betting sites. The market is experiencing an upswing and more and more institutions and companies are relying on cryptocurrencies.
The fees are a clear advantage, as we already found out. These are a lot lower for crypto payment methods than for transactions via credit card or other methods, which can be as high as 4% and higher in some cases.
In addition, another benefit of the casinos is the secure and anonymous use of all the different cryptocurrencies. Most online providers accept 3 to 10 or more different cryptocurrencies as a deposit and withdrawal method.
As you can see, you have a lot of options when it comes to which cryptocurrency you wish to store and use as a payment method for your online entertainment. Additional coins are being added to the provider's payments system almost on a daily basis.
Always make sure to do some additional research when it comes to selecting the right cryptocurrencies for your portfolio. That will save you money in the long run, and you will not be surprised by any hidden costs.
We are going to show you here step by step how to deposit from your personal crypto exchange wallet in your online crypto casino account. In this example, we are going to open an account on one of the most popular exchanges in the market — Coinbase.
Launched in 2012, in San Francisco, California, Coinbase has accrued over 68 million verified users worldwide, with users cutting across 100+ countries.
Click on Buy/Sell.
You can now choose Bitcoin as the cryptocurrency to buy and select your payment method and the amount you want to buy for.
You will be then guided to the next page to Link Your Card and complete your purchase.
And that’s it. Congratulations, you just bought your first crypto! Your Bitcoin is now on your exchange account.
Now, login to your crypto casino site and click Deposit and choose Bitcoin.
Now, you will need to copy the Wallet Address.
Go back to Coinbase, press Send/Receive and paste the Wallet Address accordingly.
The following page provides an overview of the network fee as well as the time frame for the transaction to be completed.
Enter now your 2-step verification code
Summary and confirmation. As you can see, it usually takes less than 10 minutes!
There you have it! If you want to make your online casino payment as quick and easy as possible, this is the way to go. Avoid the limitations of traditional currencies and use the world's first and most popular form of cryptocurrency — Bitcoin!
Cryptocurrencies are digital monetary units. In contrast to fiat money such as the euro or U.S. dollar, produced by central banks, this currency is generated by a network.
The cryptos are in the direct possession of the respective person. This eliminates the need for intermediaries, similar to banks and current bank accounts.
Like the euro notes in your wallet, digital money is stored in an electronic wallet. And just like with cash, you can take your wallet with you anywhere, including abroad.
However, much like a real wallet, it might be misplaced. Access requires a form of a password known as a "private key". If the owner loses this key, neither he nor anyone else can access the money.
The oldest and best-known cryptocurrency is Bitcoin. It was conceived in 2008 as a response to the current financial crisis. Bitcoin should therefore be the alternative to the traditional monetary system, which was then deep in a crisis of confidence.
The exceptional position of Bitcoin is also reflected in the fact that all other cryptocurrencies are grouped under the term “Altcoins” (where “Alt” stands for “alternative”). There are now over 10,000 different currencies, but many of them are very small.
Like other digital currencies, Bitcoin is also "mined" which requires enormous computing power with correspondingly high power consumption. According to the University of Cambridge, Bitcoin mining uses about as much electricity as the Netherlands.
As mining becomes more sophisticated due to the code on which Bitcoin is built, the power consumption of the required machines will continue to rise. While this environmental problem with Bitcoin was a marginal aspect at the beginning, it is now becoming more and more important.
Suddenly rich and then poor again in a blink of an eye! This is unlikely to apply to any other asset class as much as to Bitcoin & Co. Fantastic price gains of several thousand percentages followed massive dumps.
Like last time in mid-May, when almost all currencies fell almost across the board by up to 50% and more within a few days. These lightning crashes seem to be a loyal companion of digital currencies, and losses of 50% are almost just a mini-crash.
In the past, there have been losses of over 80% over and over. Because prices are controlled by supply and demand, the psychology of marketers is especially important in the case of cryptos.
When Tesla’s founder Elon Musk announced on Twitter that his company would no longer accept Bitcoin as a means of payment in the future, the price collapsed. — While only a few weeks earlier, the opposite news had caused a massive price pump to the upside —
So far, you can rarely pay with cryptocurrencies in everyday life. The payment service provider PayPal introduced half a year ago payment with the cryptocurrencies Bitcoin, Bitcoin Cash, Ether and Litecoin, initially in the US only.
Tesla had previously accepted Bitcoin as payment, but this was changed in mid-June 2021 because of the digital currency's poor environmental balance. Tesla wants to enable payments with Bitcoin again if more clean energy is used, tweeted company boss Elon Musk. Another option to pay with Bitcoin is Lieferando in Germany or Starbucks in the US, for instance.
Over 19 million Bitcoins have been generated so far. The more there are, the more complex their production becomes. According to market specialists, roughly 20% of Bitcoins produced appear to be lost due to forgotten passwords and/or damaged hard drives.
The total amount that can be mined is technically limited to around 21 million Bitcoins. The uncovered currencies that are issued today by the central banks, on the other hand, can be produced in any quantity.
Thanks to the maximum supply, Bitcoin is resistant to inflation. When all Bitcoins are generated, miners will only earn transaction fees.
Bitcoins are not kept in banks like your money, but in protected digital wallets on smartphones, computers or specially secured storage media. The digital wallet is encrypted and secured with a password. If a password is lost, the user will no longer be able to open the wallet.
Wallets can be stored offline (cold storage) or online at cryptocurrency exchanges, where Bitcoins are traded for traditional currencies or other cryptocurrencies.
Bitcoin payments are less anonymous than cash payments. Since every transaction is openly recorded in the blockchain, every Bitcoin can be traced back to its origin wallet address.
Because Bitcoin payments are made using wallet addresses instead of actual names, the anonymity of the participants is protected to some extent. It also makes it easier for black sheep to integrate themselves into the system.
Bypassing the conventional financial system, cryptocurrencies can also be used for money laundering or drug trafficking in the dark web. As a result, the EU Commission is considering a standard regulation of all crypto usage, including investments, holdings, and expenditures.
However, there have been analysis suppliers for years who track wallet addresses and link them to other freely available online data, even those from the darknet. Investigative authorities also use such analysis providers and software tools.
In terms of counterfeit security, cryptocurrencies are highly secure. For example, Bitcoin is an entry in a decentrally distributed database, the blockchain, which is the heart of the Bitcoin network.
All transactions carried out so far are saved in blocks and locked on the blockchain. Every transaction is protected by advanced cryptography. Since many users log every transaction at the same time, the network recognises forgeries. We can therefore exclude the copying or multiple uses of one Bitcoin.
Just bear in mind that digital wallets are not 100% invulnerable. Experts recommend storing digital assets in multiple wallets, even offline, to increase the security of your system.
However, if you want to take advantage and benefit from cashless, decentralised, expeditious and free transactions. Operating on a fully independent peer-to-peer platform with low costs and without a central authority or banks, cryptocurrency is the iGaming’s payment method of choice.
Concluding, there is a reason Bitcoin is often referred to as digital gold. This is because, like gold, Bitcoin has a maximum supply and while gold has utility in electronics and medicine, Bitcoin has utility as a network that allows safely transfer and store value without a middleman.
This combination of scarcity and utility is what gives gold and Bitcoin their incredible value. As the last of the many perks, you will be able to play, wager, win and accumulate more Bitcoin. A constant value-increasing asset!