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About Bitcoin Casinos 2016

The introduction of the Bitcoin virtual currency has created a lot of excitement as well as a number of issues for people who would use them to play at online casinos. There are good Bitcoin casino brands out there, but you’ll want to be informed before you jump in head-first. Players have a lot of questions when it comes to Bitcoin while playing in a Casino and the ability to use them, and we want to try to answer everything that you might want to know about this currency and using them to gamble online. We represent some of best online casinos that allow payments through a Bitcoin Wallet, we advise you to read our Bitcoin casino reviews so you can make a proper decision based on which one suits you best.

Bitcoin Casino Reviews 2016

FortuneJack Casino is known for being one of the most popular and most reliable Bitcoin casino available right now. They have a very impressive VIP program, though you’ll need to send an email to support to make sure that you’re given access to it. Oshi Casino is another great example of a site that operates on Bitcoin being able to compete with traditional online casinos in terms of game quality and customer service.

One of the most important things about playing at a Bitcoin casino is that they have a good support team. Having customer service agents available 24/7/365 is key for these establishments because a lot of people who are trying to deposit Bitcoin for the first time aren’t fully aware of all of the inner workings of the currency. You may need help setting up your wallet or getting your wallet funded, and that’s where these trained professionals come into play. However, the Bitcoin casino reviews provide information on how to make a deposit with a Bitcoin wallet.

Deposits and Withdrawals

Contrary to Bitcoin casinos, whenever you use a normal currency for a deposit or withdrawal at an online casino site, the way it works is that there are central banking sites and servers that keep up with records of your transaction to make sure that the money being sent and received is real. Because Bitcoin has no centralized tracking system, it leaves a lot of people wondering how Bitcoin aren’t just duplicated since they are basically strings of computer code anyway.

The key to this, and the key to the security advantages of using this virtual currency, is in the peer-to-peer network that drives Bitcoin in the first place. People from all over the world are connected using peer-to-peer software that creates a huge, elaborate network of people running uniform programs that are used to keep up with Bitcoin transactions. When a transaction takes place, this network is what confirms that the currency being used is real. Because there is no centralized server, there’s actually an added layer of security that comes built into Bitcoin.

Bitcoin Wallet

How to use Bitcoin when playing Bitcoin casinos? To use Bitcoin, you’ll need a wallet. A wallet is essentially a special file that keeps up with the Bitcoin that you have and which you have spent. This wallet is connected to the network listed above in a way that allows you to send and receive funds. Your wallet will have an address that will look like a long series of 30 to 35 random numbers and letters, and this address is what someone will need to be able to send you Bitcoin in the case of a withdrawal. Along similar lines, you will need to know someone’s wallet’s address before you are able to send Bitcoin to them in the case of a deposit. A Bitcoin wallet plays a critical role in an online casino and hence has to be kept well-secured by you.

Example of BitCoin Wallet Address:

18HqYS8QphUkn21vn9vDAaVWqfmwn3Ki4V

There are a number of places to get a Bitcoin wallet. You can have the wallet file stored on your computer, or you can have it stored on a server on the cloud. Whichever you decide, just make sure that there are backups in place because losing your wallet means that the Bitcoin that were in your wallet will be gone forever. Coinbase, Electrum, and Blockchain.info are the three main ways to get a wallet up and running, and the last of those three is likely to be the most newbie-friendly.

Buying Bitcoins

A Bitcoin exchange is like a marketplace for buying and selling the virtual currency. You can use US dollars, British pounds, Euros and plenty of other established currencies to buy and sell Bitcoin on these exchanges. At any given time, the most popular exchanges can change, though Coinbase tends to be one of the easier ways for people who are just being introduced to virtual currencies to safely buy Bitcoins. The price of Bitcoin relative to typical currencies can change on a day-to-day basis, so just be prepared for the possibility that the Bitcoin that you buy are worth more than the Bitcoin that you’re able to sell at a later date.

For you to be able to deposit at a Bitcoin casino, you’ll need to have a wallet with Bitcoin in it. You do this by creating your wallet and then funding that wallet by purchasing Bitcoin over an exchange. The Bitcoin are then yours until you decide to deposit with them, sell them, purchase items or gamble online.

Conclusion

We realize this is a lot of information about Bitcoin casinos to take in, so let’s review. Bitcoin is a virtual currency based on a peer-to-peer network of millions of people running Bitcoin programs on their computers from all over the world. Bitcoin are stored in wallets. You can set up a wallet online or have it stored on your computer since it’s just a special type of computer file. Once you have a wallet set up, you can buy and sell Bitcoin on exchanges. Once you have these Bitcoin in your wallet, you can make deposits to Bitcoin casinos. And last, but vital is to read Bitcoin casino reviews before choosing where to play.