Online casinos are so young by historical measures that we sometimes can be overwhelmed by the speed with which changes develop. This sense that change is happening at lightning speed imbues all areas of life including online casinos which is the purview of Slots Play Casinos. The history of bitcoin as a banking method at online casinos is a good case in point.
Bitcoin as a currency is just so young! Only recently online casinos got on board with bitcoin as a deposit option. And yet, the number of online casinos with crypto (bitcoin et al) banking opportunities has grown tremendously in the last few years!
Now we are talking about the all-new online casino bitcoin withdrawal option! More and more gamers are looking for an instant crypto withdrawal casino online.
What is Bitcoin?
Bitcoin was the first of the so-called cryptocurrencies of which there are now dozens. It took a while for online casinos to realize that a lot of gamers wanted the most private way to deposit and withdraw money to and from their casino account.
Why is Bitcoin Called a Cryptocurrency?
The term “cryptocurrency” has misled many people since it was coined. The prefix “crypto” can mean false or hidden. So, some saw cryptocurrencies as being false currencies.
In reality, the crypto part of cryptocurrencies refers to encryption software which protects crypto owners as they use their crypto currency for transactions over the internet.
What is All the Hoopla about Crypto About?
The addition of cryptocurrencies has revolutionized the financial world; they provide people with an alternative to traditional banking systems. Bitcoin was the first so it is still seen as the leader of the cryptocurrencies.
The grand idea behind crypto is the decentralization of a functioning currency.
There was a feeling that central banks were creating potentially worthless currencies through overprinting of that bank’s money. This has happened many times in the past so the fear was not laughed off the world’s financial stage.
As a means of sending money to an online casino and withdrawing money from the casino, bitcoin provides speed and privacy that none of the other more traditions banking methods do.
Cryptocurrency: From a Concept to Bitcoin
The idea behind what came to be known as a cryptocurrency made its first appearance near the end of the 20th century. The driving force was the need for a secure and decentralized currency in the digital age.
There were a few early attempts but bitcoin emerged and prevailed in this market only in 2008.
The Birth of Bitcoin
A mysterious person or group called Satoshi Nakamoto published a paper in October 2008 that described bitcoin. The paper carried the cumbersome and inscrutable title: “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Here were the key elements of bitcoin as they were described in the paper:
- Bitcoin were to be entirely decentralized meaning outside of the control of any government.
- Bitcoin would be entirely digital.
- Bitcoin would operate on a blockchain.
- The blockchain guarantees the transparency and privacy of all transactions in bitcoin.
We wonder how many people understood even a fraction of the terms described in the paper at that time!
What is a Blockchain?
The language used to describe what a blockchain is, is also highly inscrutable. But we don’t have to understand what a blockchain is to know that bitcoin has gained a foothold in online financial transactions in only 15 years!
That’s why so many reputable online casinos are accepting bitcoin for deposit and effecting withdrawals in bitcoin as well!
The process through which bitcoins are created is called “mining”. Bitcoin mining uses strong computers to solve complex mathematical problems. It is the ability of miners to solve these problems that lends integrity to each mined bitcoin and to the blockchain itself.
Bitcoin Grows and Businesses Adopt It as a Legitimate Currency
Since bitcoins are so young, it is hard to imagine that bitcoin had “early years” but it did. These early years were the time that bitcoin was discounted as a legitimate currency. But central national banks continued to overprint their currencies giving bitcoins an air of stability.
Bitcoins are supposed to be limited in number. That has made them popular with people who sincerely believe that bitcoins will be as good as gold if a massive international financial crisis ensues.
Online shoppers and online casino gamers need not worry about such doomsday talk as long as the companies, including casinos, that they want to do business with accept bitcoins!
Bitcoin and Online Casinos
Bitcoins and other cryptocurrencies are the most anonymous and private methods to transact business we know. This applies to online casinos, of course, and it applies to all transactions we make with bitcoin online. It does not apply to any transaction you make in cash! It also does not apply to any transaction you make with a person who knows you personally.
Thus, Bitcoin’s unique features make it especially attractive for online gaming. Bitcoin transactions are anonymous and that means absolute privacy. Bitcoins are a decentralized currency which cuts all intermediaries, like banks, out of the transaction.
Withdrawing in Bitcoin
To withdraw funds in bitcoin, you need a bitcoin wallet. This is not the same as an e-wallet. The bitcoin wallet creates a unique account for all bitcoin users. This is where the casino will send the bitcoins you want to withdraw.
Good online casinos ask for proof of identity before sending money to an address. Your bitcoin wallet is your address so bitcoin withdrawals tend to be much faster than any other kind of online casino withdrawal.
Online Casino Banking From First Methods to Bitcoin
We have ventured on the edge of banking methods at online casinos so it behooves us to look at how these methods have evolved and what bitcoin’s place is in them.
If you are considering joining an online casino, a good understanding of how banking has evolved at online casinos is a good thing. Online casinos came into being in the mid-1990’s. Online casinos knew that they needed safe ways for people to deposit money and to withdraw money.
Online Casinos Looked to Land-based Casinos
When online casinos looked to learn about banking from land-based casinos, they didn’t like what they saw. In the very early days of land-based casino gaming, there were no credit cards so most people simply played with cash.
This was obviously not a way to deposit money at an online casino!
Credit cards are a lot more pervasive now than they were 50 years ago. For lack of better options, the early online casinos accepted credit and debit cards, money orders, and direct bank transfers.
These methods were not as private as most gamers wanted their online casino transactions to be.
E-Wallets Come into Their Own
An e-wallet is an online bank of sorts that basically provides only in and out services. An e-wallet will not pry into your personal affairs. An e-wallet will not send to a casino more money than you have in your e-wallet account.
E-wallets are a lot more streamlined than banks. It is the simplicity of e-wallet transactions that made them a popular way to bank at online casinos and they are still very popular even though bitcoin transactions are gaining ground on e-wallets.
For online casino gamers, speed may be the single most important feature of a good withdrawal method. If a gamer wants his or her money now, they want the money NOW!
Many banking methods are too slow in this age of high-speed internet and instant gratification. When an e-wallet says that you will get your money in 4 to 8 business days, it angers many gamers who know that in bitcoin, the transaction will be in 4 to 8 seconds!
Ironically, as bitcoin became more popular, transfer speed got slower so now many online casinos are using Bitcoin Lightning which is a new method that once again makes transfer times fast and almost without any fees.
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