Bitcoin (BTC) is the first and still the strongest cryptocurrency in the world. The cryptocurrency first appeared in 2009 and was created by Satoshi Nakamoto (pseudonym). The special thing about Bitcoin is that this means of payment is not issued by banks, but decentralized by a gigantic community. But what are the advantages or disadvantages of Bitcoin and how relevant is this cryptocurrency for online casinos?
What actually is bitcoin?
First of all, Bitcoin is not a "real" physical currency, but merely a digital currency. Bitcoin is a combination of the terms "bit" (= smallest digital storage unit) and coin (= coin). The special thing about Bitcoin is the fact that every user can theoretically "mine" Bitcoin himself, i.e. bring it into being. Over time, however, this has become much more complex and thus more difficult, so that enormous computing power is now required to be able to carry out so-called mining. It is also important to know that the Bitcoin payment system consists of the blockchain. This is a database that acts as a kind of journal and in which all Bitcoin transactions are recorded. The maximum possible Bitcoin amount is just under 21 million.
Characteristic for Bitcoin and other Cryptocurrencies is the high volatility of exchange rates. While one Bitcoin was worth well below 10,000 euros at times in 2020, the price exploded to as much as 56,000 euros in November 2021. The advantages of Bitcoin as a means of payment include a secure and fast payment process. In addition, there are only comparatively low transaction fees and no banks are interposed. Probably the biggest disadvantage is the high volatility of the Bitcoin price.
How relevant is Bitcoin for online casinos?
Until some time ago, the cryptocurrency Bitcoin hardly played a role in online casinos. However, in recent months and years, more and more online casinos have been looking at the benefits of crypto payments. Since then, not only Bitcoin, but also other digital currencies such as Litecoin, Ethereum or Tether are popular payment methods in selected online casinos. To make a Deposit at the Online Casino with Bitcoin, the following steps are basically required:
- Open the cashier area and select "Bitcoin" as a deposit option
- The online Casino generates a QR code or a BTC wallet address for one-time use
- The Player opens his own BTC wallet and enters the address or scans the QR code
- Now only the desired transaction amount has to be entered and confirmed - done!