The dramatic explosion in the value of Bitcoin in 2017 caught everyone’s attention. It significantly raised the profile of all digital currencies. In fact, Bitcoin is only one of several such currencies currently available. But it is the most well-known, and the value of Bitcoin has been the subject of endless debate and discussion in recent months.
This rise in the awareness of Bitcoin has inevitably led many online service providers to consider accepting the currency for transactions, including online casinos. The number of South African casino sites that offer Bitcoin as a payment method has been increasing steadily, and the appeal of Bitcoin to South African players is obvious. It provides a secure and simple method of carrying out financial transactions, and is set to revolutionise the way we think about money. So how does Bitcoin gambling work?
Estimated reading time: 4 minutes.
How to obtain Bitcoin
Although digital currencies have a reputation for being complicated, the process of acquiring Bitcoin is fairly straightforward. The most important aspect is to ensure that you obtain your Bitcoin from a reputable source. There are a number of well-known Bitcoin exchange services available. It is worth looking around online to find the one with the best reputation or that suits your needs. It is also possible to obtain Bitcoin through bank transfer, payment vouchers, credit cards or e-wallets.
Once you’ve decided on the most convenient payment method, you can then buy your Bitcoin. The price of Bitcoin fluctuates a great deal, so make sure that you do your research before taking the plunge. This to ensure that you are getting the best price.
When you use Bitcoin with online casinos, there may be a processing fee to pay. This is usually low and compares favourably with the charges you can expect when using credit cards or other methods of banking.
As soon as you have set up your account with the casino, you will be able to make Bitcoin payments. Any casino that accepts Bitcoin will make it simple for you to make your deposits and withdrawals. They will usually have an FAQ section and a full guide covering the steps involved in Bitcoin transactions. You can also contact the casino’s customer support section if you need help to use the site’s Bitcoin functionality.
Once you are familiar with how it works, the process of putting money into your account using Bitcoin is quick and easy. Transactions are usually complete in a few minutes and your money is then available to use on the casino games of your choice.
One of the advantages of Bitcoin online casinos is that unlike regular online casinos, which are sometimes restricted to residents of particular countries, most Bitcoin casinos can be accessed and played by South Africans. Bitcoin also offers a more convenient currency option than exchanging Rand for dollars, which can often be an expensive transaction.
The standard Bitcoin casino will provide players with the familiar choice of casino games. Which should not be significantly different from those you would find at any South African casinos. As far as security and fairness goes, Bitcoin is one of the safest currencies you can use. Reputable Bitcoin casinos employ testable fair protocols and the latest in banking industry-standard encryption, to ensure your gaming experience is safe.
The Advantages of Bitcoin gambling
Using Bitcoin to play online casino games provides players with a number of advantages. Once you have become familiar with how the currency works, you will find that Bitcoin is much convenient than other methods of banking. The blockchain technology that makes Bitcoin possible ensures an extremely high level of security.
The Disadvantages of Using Bitcoin
Of course, there are some disadvantages to using Bitcoin for casino gaming. The number of Bitcoin online casinos available to South African players is relatively small and while that number is growing, there is a smaller range of casino sites to choose from than with conventional payment methods. There is also a period of adjustment involved in using Bitcoin. Although once you understand the basics of how it works, Bitcoin is straightforward to use.
The Future of Bitcoin Casinos
At the moment, there are relatively few South African online casinos that accept Bitcoin, but that is changing rapidly. In the future, as the currency becomes more widely accepted, the Bitcoin online casino sector is likely to experience huge growth. In a few years time, digital currency may become the most common method of funding online casino play.