Technology and innovation are changing the iGaming landscape. And we are not just talking about the popularity of HTML5 and other platforms that help create highly engaging and immersive gambling experience. Thanks to new technologies, players are given opportunities to play different kinds of games from colorful online slots to highly immersive table and live dealer games. Aside from the diversity and depth in casino games, these new technologies also provide players with a wide range of options that when it comes to payments. Today, casinos offer players different ways on how to fund their accounts and withdraw their winnings. And the good news is that these new banking options will not just facilitate fund transfers in a fast manner. These new payment facilities allow players from the Philippines to transfer funds safely and privately. One new payment option that’s a product of innovation and advance in technology is Bitcoin. Bitcoin gambling is an emerging trend online and one that’s changing the casino payments landscape.
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Although Bitcoin has been around for years, Bitcoin gambling is a relatively new trend in the iGaming industry. A few years ago, only a handful of online casinos accept Bitcoin as a currency. But today, this cryptocurrency has gone mainstream and this can be seen in the increasing number of casinos that promote Bitcoin gambling. If you are new to Bitcoin gambling and it’s your first time to visit a Bitcoin casino, then let our article serve as your primer and guide. In this article, we take a look at the features of Bitcoin gambling and we help you make sense of this emerging niche in the iGaming industry.
History of Bitcoin Use
Bitcoin is a digital currency that is now popularly used online. As a virtual currency, it’s composed of a series of characters with a unique identifier making each Bitcoin unique. Bitcoin was first introduced to the general public in 2008 by ‘Satoshi Nakamoto’ which according to several industry observers could refer to a person or an organization. Regardless of the identity, the efforts lead to the creation of Bitcoin which is now the most popular cryptocurrency today. This cryptocurrency is created by mining where several computers use their computing prowess.
Since 2008, Bitcoin has grown in popularity. Its popularity also led to the development of Bitcoin gambling sites that accept this cryptocurrency as an alternative option when it comes to sending and receiving funds. Bitcoin gambling became more popular due to the use of ‘Peer to Peer’ anonymity. This means that players who take part in Bitcoin gambling can enjoy the privacy which is often not possible with the use of traditional banking methods. All you need is an email address to start sending and receiving Bitcoin. In a Bitcoin casino, players can also count on decentralization. When you participate in Bitcoin gambling, you can expect that no third party groups or governmental institutions control the movement of the cryptocurrency. The government or other private institutions have no power to take away the Bitcoin funds form you. Unfortunately, Bitcoin has been the subject of several attacks and breaches in the last few years. Creative hackers have found a way to hack into cryptocurrency wallets and Bitcoin websites thus affecting the reputation of Bitcoin gambling.
In recent years, the value of Bitcoin has changed dramatically. The shift in the price of Bitcoin changed dramatically from 2013 to 2018. In 2013, the price of Bitcoin was pegged at $13.30 and by January 2014, this moved up to $770. By 2017, the price of this cryptocurrency passed $900 and by December 2017, it exceeded $19,000. This was the highest value of the cryptocurrency which has influenced how players participate in Bitcoin gambling. By the start of 2018, the price hovered near $10,000 and never reached the same level. In short, the history of Bitcoin is defined by wild fluctuations in value which in turn created a lasting impact on Bitcoin gambling. There was a time when you did not need that much Bitcoin to play Bitcoin games. And at some point, only a small fraction of the cryptocurrency is required to come up with a solid bankroll when participating in Bitcoin betting and Bitcoin betting sites!
So what can we expect from the future of Bitcoin? Well, it’s difficult to predict the price movement of Bitcoin. Even the experts and industry insiders are not certain about where the value will move. But what’s certain is the emerging role of Bitcoin in online gambling. Bitcoin gambling and the use of of this cryptocurrency in the casino in the Philippines will continue to become popular. And since Bitcoin gambling is here to stay, it’s only best that players should pay attention to the top casinos that accept the cryptocurrency. More importantly, it’s necessary to learn how to use Bitcoin when depositing or withdrawing funds in an online casino.
First Thing First- How to Buy Bitcoin for Online Gambling
If you want to take part in Bitcoin gambling, then it’s important that you have access to this currency. You should have a wallet and your own Bitcoin. If not, then now is the best time to learn how to buy this cryptocurrency for Bitcoin gambling.
To play a game and earn Bitcoin, you need to sign up for a Bitcoin wallet. You can download this from a site like Coinbase or you can use a mobile app like Bitcoin Wallet for Android to complete the transactions. You need to provide your basic details and the registration process will take just a few minutes.
Once the wallet has been set up, then you can use your credit or debit card or even bank transfer to purchase Bitcoin on a cryptocurrency exchange. Upon the completion of the transaction, the Bitcoin is then transferred to your wallet. The availability of credit or debit cards or even bank transfer will depend on your region. Keep in mind that the Bitcoin exchange and wallet are two different things. The cryptocurrency exchanges that you will find in the market are digital platforms where you can exchange Bitcoins for traditional currencies, like USD or Philippine Peso. The Bitcoin wallet, on the other hand, will securely store your cryptocurrency which you can use to play Bitcoin slot or participate in Bitcoin gambling.
How to Deposit and Withdraw Using Bitcoin
Bitcoin may seem like a complex concept and currency for many but it provides players with an easy way to play games. If you have used e-wallets before, then you can count on a set of similar transactions in Bitcoin gambling.
First, you need to make sure that the casino accepts Bitcoin as one of its preferred currencies or modes of payments. To be sure, simply check out the homepage of the casino and see if Bitcoin is listed at the bottom together with the other payment options. Another option is to check out the ‘Payments’ or ‘Banking’ sections of the casino. Here, you can check out if the casino supports Bitcoin gambling. Another option is to directly contact Support to verify if the website supports Bitcoin games. If yes, then you can now securely deposit and withdraw funds using Bitcoin.
To deposit, simply visit the ‘Cashier’ section and choose ‘Deposit’ among the options provided to you. Next, choose Bitcoin as your preferred deposit option. You need to indicate the amount of Bitcoin that you want to deposit in the platform. Your deposit amount is subject to the Cashier’s policy on the minimum and maximum amount that can be withdrawn.
The withdrawal process can also come with the same set of steps. Simply visit the ‘Cashier’ to complete your withdrawal transactions. The fees and the processing times in the Bitcoin casino will vary. To avoid confusion, you should check out first the Terms and Conditions of the Bitcoin gambling sites before playing casino Bitcoin games.
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Benefits of Bitcoin Gambling
Bitcoin gambling is now popular for several reasons. One reason for its popularity is the convenience and privacy that it provides to players. Bitcoin use is safe thanks to the technologies that come with it. This means that you can count on security and privacy in BTC gambling. Bitcoin is fully encrypted and it’s secure as designed by Satoshi. Game and the casino experience becomes meaningful knowing that control of the cryptocurrency is private and no one can take the money from you. Bitcoin gambling is all about convenience. With just your email (and Bitcoin wallet), you can send and receive Bitcoin. Also, transactions in a crypto casino are fast and convenient. If you play at the best Bitcoin casino, you will encounter a Cashier that can instantly process your deposits and withdrawals. Finally, you can win Bitcoins playing games which can boost your bankroll. Bitcoin gambling is now established online and it now covers different types of games. Aside from slots, you can also count on Bitcoin roulette and Bitcoin poker.
Issues Associated with Bitcoin Gambling
Bitcoin gambling may be fun, secure, and popular but it also comes with several issues. One issue facing players is the number of licensed and reputable casinos that accept this cryptocurrency. Several casinos offer Bitcoin but some of these are known for questionable integrity and there were a few that were identified as ‘scams’. So the challenge for you is to find a reputable Bitcoin PH casino.
Another problem lies in the diversity and types of games available. Only a few vendors and game designers support Bitcoin which means that players can only access a ‘few games’ at a time. Betsoft, a supplier of popular 3D slot games, is an example of a software vendor that supports Bitcoin. Also, Microgaming and Aristocrat are two more suppliers that show support for Bitcoin gambling.
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FAQs About Bitcoin Gambling and Bitcoin Casino:
- What is Bitcoin and what makes it different from traditional currencies?
Bitcoin is a digital currency that was first introduced in 2008. Unlike other currencies that are backed by central banks and governments, Bitcoin is public and its value is largely determined by users.
- Can I use Bitcoin to play popular casino games like online slots and table games?
Yes. Bitcoin gambling is now a popular option online that allows you to use the cryptocurrency when playing online. The only challenge is finding the right Bitcoin casino in the Philippines.
- How can I buy my Bitcoins?
You need to purchase your Bitcoin before you can participate in this type of gambling. You need to sign up first for a Bitcoin wallet Philippines account so you can buy the cryptocurrency in an approved Bitcoin exchange. You can use bank transfer or credit or debit card to pay for the cryptocurrency.
- How can I deposit and withdraw funds using Bitcoin in Philippines casino?
Using Bitcoin as a preferred currency is simple. Simply visit the casino’s ‘Cashier’ section and choose Bitcoin from the drop-down menu. Once you have selected this payment facility, indicate the amount of Bitcoin that you want to deposit. Click approve to complete the transaction. The same steps can be followed when planning to withdraw funds.
- How fast can I expect by Bitcoin deposits and withdrawals? Can I expect transaction fees?
Just like other payment methods, the processing times for Bitcoin-related transactions will vary depending on your chosen casino. In most casinos, all Bitcoin transactions are often processed instantly, with some casinos completing the transfer within 24 hours. The same policy applies to transaction fees. Some casinos in the Philippines will process payments free of charge and in some casinos, you may be charged a minimal amount.
- How can I be sure that the Bitcoin casino is safe and secure?
Just like in regular casinos, you need to exercise caution when checking out the casinos that accept Bitcoin. As a matter of practice, always check the license of the casino. The website should be fully encrypted and you should count on a casino that offers 24/7 support. For more details, you can always check our online casino guide.
Table of Contents
- 1 History of Bitcoin Use
- 2 First Thing First- How to Buy Bitcoin for Online Gambling
- 3 Benefits of Bitcoin Gambling