First released in 2009, Bitcoin helped redefine the way people see and use currencies. It not only ushered the use of the word ‘cryptocurrency’, but also helps change the way payments are made online. Fast-forward today, and we see Bitcoin leading the charge of cryptocurrencies. It’s now a viable payment option that offers a fast and private way to send funds. With its potential, its use is now popular among online casino operators. You can now find leading Philippine casinos that accept Bitcoin deposits.
Below, we’ll look at how Filipinos can use Bitcoin to play in online casinos. This guide covers everything you need to know about this digital currency, how to add it to your payment options list, and use it to request payments.
Why use Bitcoin
Bitcoin is one of the most convenient payment methods in online casinos. There’s an increasing number of casinos that accept digital currency and some even offer Bitcoin-focused promotions for players. if you’re still unsure on whether to use this or not, you can consider the reasons below.
Security
Bitcoin transactions are encrypted and backed by the blockchain to ensure security. Besides, Bitcoin transactions are nearly impossible to trace or hack. When sending payments, you only need your Bitcoin-linked wallet and not your personal or bank information.
Lower fees and fast transactions
There are minimal costs involved in blockchain transactions and have the status of a near-free payment option. Also, Bitcoin transactions take only a few seconds to complete. In comparison, traditional deposits or withdrawals like bank transfers can take up to several days.
Anonymous Transactions
Blockchain transactions are entirely anonymous and non-attributable, with no paper trail on bank statements confirming transactions.
Step by step guide on how to use Bitcoin
Just like other payment options, you need to set up first your Bitcoin account before you can deposit and play. Read on if you like to learn how to deposit Bitcoin in your casino account and play using this banking option. Playing on an online casino using Bitcoin will involve three basic steps: the creation of a crypto wallet, selection of a Bitcoin casino, and making a deposit using Bitcoin.
Here’s a detailed breakdown of the steps involved:
Step 1: Creation of a crypto wallet
A bitcoin wallet is a virtual platform used as a storehouse for Bitcoins. Each crypto wallet has a secret number (private key) corresponding to that wallet’s bitcoin address. These wallets allow the payment processes of sending and receiving Bitcoin.
There are essentially three main types of crypto wallets: mobile, web, and desktop. Bitcoin Core, Armory, MultiBit, Hive OS X, Electrum. Bitcoin Wallet, Mycelium Bitcoin Wallet, and Hive Android are a few examples of the best Bitcoin wallets.
Another important step is getting your Bitcoin. If you don’t own these digital currencies, then you can buy Bitcoins from any crypto exchange to fund your Bitcoin wallet.
Step 2: Selection of a Bitcoin casino
Once you have your Bitcoin wallet up and running, you need to look for a Bitcoin casino. Do your research by visiting some of the popular casinos or by checking out the list of casinos and reviews at Casinoonline.com.ph. There are two types of Bitcoin-ready online casinos: Bitcoin casinos and hybrid casinos. In the latter, they operate exclusively on Bitcoin and the former will accept both Bitcoin and traditional payment options. Either of these two can help you play your favorite casino games. However, there are a few things that you must consider when picking a website. For example, you need to consider your security. This should be the most crucial factor to consider in the selection process. While Bitcoin offers very secure payments on its own, make sure the casino protects your data from other risks like identity theft.
In choosing a Bitcoin casino, it’s best to consider the software. By ‘software’, we mean the game designers that design, supply and manage the games at the casino. Stick with casinos that work with top vendors like Microgaming, Netent, Playtech, and Play’n GO as they provide great games and outcomes are always fair.
Step 3: Making a deposit
Once you selected, it’s time to register and fund your account. Creating an account in a Bitcoin casino is fast and easy. Just click the ‘Register’ or ‘Sign Up’ button, complete the online form and submit. The Bitcoin casino will send an email confirming the registration. After your successful registration, you are ready to top up the account.
First, log in to your casino account. Next, find the Cashier section and click on ‘Deposit’ and select ‘Bitcoin’ as your deposit method. You will instantly receive a unique web address for your account. Next, paste the copied address into your Bitcoin wallet in the sending tab. Finally, enter the amount you want to deposit and confirm the transaction. Most casinos process Bitcoin deposits instantly.
Start playing with Bitcoin
The future of Bitcoin in online gambling is bright. Thanks to its benefits like fast, secure, and private transactions, many players are now looking at Bitcoin as an alternative banking option. However, there are still a few drawbacks that every player should know. Bitcoin is highly volatile, and its value tends to go up and down fast. Also, there will always be unscrupulous individuals who will try to hack your accounts. So, make sure you know what you are getting into- read about the best Bitcoin casinos and always play responsibly.