When it was first introduced in 2008, few people outside of the insular community surrounding the digital payment system took Bitcoin seriously. But within a few years, the cryptocurrency had become an important way bitcoin live dealer users to make purchases and exchange funds online. The decentralized nature of the asset has made this a somewhat anonymous way of processing financial transactions, something that has made it attractive to many users around the world. One of the biggest areas in which this cryptocurrency could make an impact is in the world of online gambling.
While the majority of gaming sites still do not accept this payment method, the number is growing rapidly, making it an excellent alternative to more traditional deposit options. In order to make online gambling deposits or other purchases with Bitcoin, you will first need to set up a digital wallet. There are many online wallet sites that can help you with this process, giving you a place where you can easily see how much of the currency you own. Some of the most common include sites like Coinbase and Circle.
These sites can not only set up a wallet, but also help you buy or sell coins using the currency of your choice. Once you’ve purchased the amount of digital currency you’ll need, it’s time to visit a casino that accepts Bitcoins. Many such sites now exist, with more and more adding this option every month. Simply head into the cashier section of the casino, and you’ll see Bitcoin listed among the offered deposit methods. Select it, and you will typically be given a wallet address for the gambling site in question.
It may take up to a few minutes for the deposit to be processed, after which you’ll see the amount added to your account, ready to be used for real money play. Why Use This Payment Method? Playing with virtual cash may seem like an unusual concept if it isn’t something you’ve considered before, but there are actually many advantages to doing so. In fact, many of the things that have made Bitcoin popular in the first place are particularly useful for gamblers, making this a natural fit in the gaming industry. For one thing, payments made with a cryptocurrency are virtually anonymous. It’s certainly possible for a wallet address to be connected to an individual: if you use the same address regularly, it will become associated with you, even if only unofficially.
But individual transactions do not have a name attached to them, so unless someone is trying rather hard to connect the dots, it is virtually impossible to tell that you’ve been putting money into a gaming site. And if anonymity is a major concern for you, it is quite possible to change addresses or take other steps to further protect your identity when transferring funds. Bitcoin casinos can also operate freely in many areas where gambling is otherwise prohibited, or where the government has attempted to prevent transactions from being processed to casino sites. Because Bitcoin does not operate through the standard banking systems, it cannot be regulated anywhere near as easily as a fiat currency.