Since the BTC was introduced into the limelight in 2008, economists and financial analysts have grossly debated its future and potential. There were many presumptions about which sector would benefit more from the “new money.” Everybody had their own opinion: the bankers, insurance, Entertainment, and even casino houses. A few years later, a bitcoin casino platform started cropping out from the casino industry – the same goes for other industries.
They were the first to see the potential the cryptocurrency could offer the market, hence introducing bitcoin casino platforms. Before you delve into the cryptocurrency space, it is advised that you check out the fundamentals of the game. And this article is designed to do just that; we will be detailing how to make deposits, types of bitcoin casino platforms, and other important information that any newbie needs to know.
Types of Bitcoin Casino Platforms and their Features
Not too many people know that a bitcoin casino is not one unified platform that uses the BTC or other cryptocurrencies for its operations. This industry comes in two general categories: casinos created on the blockchain and one that has bitcoin as a form of payment. Although they differ in functionality, they both have some things in common:
Regular casino players are familiar with the KYC laws peculiar to traditional online casino platforms. You don’t see things like this on a bitcoin casino platform: they don’t go around asking their prospective members their details. This means, in essence, that players will be playing their favorite games in complete anonymity. Transactions can be tracked on the company’s blockchain. But this is a serious path to trade for any security organization, as in, the FBI and its likes should have a better thing to do than trying to trace some criminal’s gambling activities.
Online casinos are most likely to have “pending time,” which ranges from 24-48 hours; it is time winners will have to observe before claiming their winnings. Waiting times are introduced into the system to control the flow of cash. It is also a way to make sure that all the cash due for withdrawal is verified. Although this procedure irritates an average casino player, it is a necessary precaution that must be carried out. Fortunately, this doesn’t apply to people playing on a bitcoin casino platform. Here, there is no such thing as a “pending time.” All your funds are released as soon as you are ready to withdraw them. But mind you, you will have to wait for it to reflect on your cryptocurrency wallet. But currently, it is rumored that the conventional “pending time” on the regular online casino has been seriously reviewed, and the process is gradually becoming faster. That still doesn’t disregard the fact that playing on a bitcoin casino platform is faster.
We might have to give it to the traditional casino platforms. But this doesn’t mean that bitcoin games are few; the reverse is because there are many bitcoin slots out there. Most bitcoin casino platforms offer roulette, dice games, and blackjack. But regular online casinos always have more games, but there are still more of these bitcoin casino games integrated into the space over time. You can choose to know about a particular game by looking up the reviews online; there are dozens of games you can make payments on using bitcoin.
Making your First Deposit on a Bitcoin Casino Platform
It cannot be very comfortable when using bitcoin for the first time while on a bitcoin casino platform. But we have made some quick steps to follow to help you go through this process.
After setting up your account as a player, note down your wallet address. Note: do not make mistakes here. We suggest you copy and paste the address to avoid errors.
Transfer the amount of Bitcoin you need from your exchange or wallet. Please wait for it to reflect; it might take some minutes (depending on the amount). The higher it is, the longer it takes.
Lastly, you are good to go once it reflects in the casino wallet address. After that, you can go ahead and play your favorite casino game.
You will have to understand that the interesting thing about the emergence of cryptocurrency is that the online gambling industry was one of the first sectors that adopted the use of cryptocurrencies. And contrary to what you must have heard, bitcoin casino platforms are not always 100% anonymous, as most analysts will want you to believe. It can still be traced should the need arise.