Over the last five years, Bitcoin has grown in popularity and is slowly entering the mainstream. More companies accept bitcoins as a legal payment method and there is no exception to the gambling industry. At several casinos and gambling platforms, Bitcoin is now an approved payment method in Thailand online casino games. There are even some online casinos created for Bitcoin payments specifically.
How does it work with Bitcoin?
Be aware that bitcoins do not exist as actual coins or tender in the physical world, they are completely electronic, and you never have a physical bitcoin. Bitcoin is the most well-known’ cryptocurrency’ form: the name given to digital currencies utilizing authentication methods to validate transactions and control unit production. Bitcoin is of interest to people as there are no banks involved, transactions are faster and cost less, and a degree of anonymity benefits bitcoin users.
Bitcoin and Bitcoin Internet Betting is an alternative method for depositing on online gambling platforms. Adding funds to your casino / betting account balance is another way. For new players who choose to pay with bitcoin, most casinos offer welcome rewards. You will deposit Bitcoin in two ways:
- First using your Bitcoin Wallet
- Deposit your Bitcoin into an e-wallet such as Skrill, and then use it to deposit at an online casino site
A bitcoin wallet is a program to store bitcoins. For each Bitcoin address that is stored in the Bitcoin wallet of the person who owns the balance, there is a private key (secret number). Bitcoin wallets allow Bitcoins to be sent and received and offer the user control of the Bitcoin balance. There are many types of the Bitcoin wallet, phone, computer, internet, and hardware. Coinbase and Blockchain are well established suppliers of internet wallets.
Option 2 is useful for sites that don’t accept bitcoin directly, it’s still a way to use bitcoin.
There are a few niche casinos like BitCasino.io and FlutterClub that are actually accepting Bitcoin directly, but the list is growing. And you can still make deposits of bitcoin via e-wallets for casinos that do not allow direct payments from bitcoin. They are a genuine alternative payment option as bitcoins can be transferred in seconds without transaction fees being incurred, making them more attractive than PayPal or bank cards.
There are plenty of options to buy bitcoins. For wire transfers, credit cards, cash transfers and debit cards, you can buy them. You’re creating a bitcoin wallet and when you buy them, your bitcoins come in. Digital wallets will be processed on their cloud servers by a third party. You can also choose to provide wallets with apps, where the balance is saved on your own computer.
You can start depositing online from here. You may be paying a deposit fee, but with alternative payment options, many online casinos are happy to offer free deposits. You may also face some verification procedures when using Bitcoin, as Bitcoin’s generally anonymous use runs counter to current regulations that require casinos to know who they are dealing with.
You’ll have your private keys in your Bitcoin wallet that are the digital cash equivalent. Such keys are used to access Bitcoin addresses and execute payments such as online casino depositing. The keys can be a long string of numbers and letters with 64 characters, most wallets use a special import format that allows a shorter code. Most wallets also have a QR code that can be checked in seconds using a camera to access the whole password.
Use your wallet at a casino that allows payments from bitcoin. Such casinos are partnered with common Bitcoin wallet providers to make transferring funds to your casino account simple for you. The payments are normally handled automatically, so immediately players will start playing games. The casino will also have an account of bitcoin, so you’re simply transferring bitcoins from one online wallet to another.