Bitcoin as the Best Banking Option for Casino Players
Meta desc: Learn why you should definitely start using Bitcoin as an online casino player in this article!
It is easy to set up a Bitcoin wallet
Over the last few years, Bitcoin and other cryptocurrencies have become very popular for online casino games. This is due to several reasons. One of them is that Bitcoin does not require any technical knowledge in order to create a wallet. A Bitcoin wallet is a software used to send, receive and store bitcoins. There are a huge number of wallets: hardware, software, mobile, online, etc. The most common ones are online wallets. They are easy to use and do not require the installation of additional applications or the purchase of hardware devices.
To start using a Bitcoin wallet, you don’t need to download the entire blockchain to your computer. At the moment, using various web services and browser extensions, all you have to do is enter your password and, in some cases, remember the Seed phrase. You can then accept and send cryptocurrency. In just a few steps you can make payments.
The most popular web wallet is blockchain.com. To open an account on this platform you will need to click on Sign Up. Then on a new page, enter your password, Email, as well as your country of residence. After that, you need to agree to the terms and conditions of the services provided. When you complete registration you will receive an email with a special key that you can use to enter into the wallet, as well as your password. Almost all web wallets work according to this principle.
As far as browser extensions are concerned, all you need to do is to download the application that suits you. Then enter your password, which is required to access the extension, and that’s it. Unlike web wallet extensions don’t even require an email, all you need is the password you use to access your wallet.
Your transaction will be instantly approved
The interval in which a transaction is completed is directly dependent on the load on the entire blockchain network. The minimum transaction time is 5 minutes and can be up to one hour. However, if the network is overloaded, the transaction time can be increased many times over.
At times, the network can reach truly peak levels, with the average number of transactions per block reaching extreme levels and the blocks themselves growing to their maximum mass. In order to be able to predict these times, monitoring systems have been developed with special graphs that show the increase in the load on the Bitcoin network and show the number of transactions that take place on the network every second.
So you can understand that the Bitcoin network can be quite busy at times. However, at the moment it is a great tool where all transactions are automatic. After sending any transaction, you can check its status on specialized platforms blockchain.com or chain.so. These sites will show you the status of your transaction without the need to register an account.
If you want to know how many transactions have taken place on a particular transaction you need to:
- go to the website of the public resource listed above
- insert the hash of the transaction you want to check in the search box.
You will then be able to view all block status information from your transaction.
There is a small clarification already regarding transaction processing speed. The bitcoin network is growing and with it the number of transactions. Therefore, in order to somehow speed up the transfer of funds, a fee was introduced. Depending on network load the commission rate may vary because some users want their transaction to be quickly included in the block and thus confirmed. It is up to you to specify the fee for processing the transaction.
The interesting thing is that the size of the transaction in no way affects the fee. The fee is directly affected by the size of the transaction in bytes. This is because the transaction itself can have its own weight in bytes and is, therefore, an alimentary script. Since the weight of this script affects the processing speed, miners may have some problems processing transactions on the network.
However, as mentioned above, there is a regulated fee that will help you speed up the process of confirming a transaction in the long run, you can set this fee yourself or you can choose one of these parameters in a third-party application on blockcahin.com:
- Slow transaction 0.0003438 BTC
- Standard transaction priority 0.000405 BTC
- Average fastest transaction 0.00108 BTC
- The fastest or highest priority transaction is 0.0018 BTC.
The probability that your transaction will be completed faster is expressed as a percentage and is calculated for a specific time interval. This interval is needed to confirm the transaction within 25 minutes.
You can ensure your identity hidden
In fact, Bitcoin and other cryptocurrencies offer many more advantages than low fees and fast transactions. In addition to that, you have to include anonymity. Why is this so important? The fact is that many online casino players would not want anyone to see what they are playing. This is especially true for the government and tax authorities. Moreover, online casinos are just an excuse. Many wish the government would stop counting their funds and imposing more and more taxes. That is why the idea of decentralisation appeals to many. The idea behind Bitcoin and other cryptocurrencies is that you do not have to provide your personal information in order to start using cryptocurrencies.
On top of that, you can enjoy playing anonymously at no verification crypto casinos, which you can find plenty on casino-howto.com.
Typically, to start using cryptocurrencies and start playing with them, the user is simply required to register for a web wallet on a website or a browser wallet extension. Of course, your wallet is visible in the blockchain, but who owns it remains a secret. This is the most important advantage of cryptocurrencies. At first, it was the only advantage of Bitcoin, but later such ideas were perfected in Monero, as well as PivX, ZCash and others. Therefore, using cryptocurrencies to play online casino games is truly the most promising tool. In addition, many gaming platforms have started to introduce cryptocurrencies as one of the main payment options.