Digital currency Bitcoin has changed the money markets and how people go about their daily business.

The idea of this P2P system was conceptualised in 2008 by Satoshi Nakamoto, but it was until 2011 when it really hit the mainstream markets and began being adopted as a conventional means of payment. Current estimates predict that until the end of this decade it can be the currency with the largest market cap and the favourite store of the value. Being a virtual currency, it means that it is not printed or regulated by a Central Bank like conventional currencies such as dollars and euros. Technically Bitcoin is considered a cryptocurrency. This in simple terms means that the creation of new units of the currency is based on a system of solving complex mathematical problems, a process known as Bitcoin mining.
The idea of mining is premised on the basic concepts of supply and demand. For fiat money, regulation of the supply is the job of the central banks. Bitcoin is based on a peer-to-peer system that ensures new money is only generated as a reward to the miners who confirm the peer-to-peer transactions. The entire process is internet based and makes use of state-of-the-art software to ensure utmost security. Just to note that 1 BTC consist of 1000 mBTC, and the reason we mentioned this is because mBTC abbreviation is common at casino websites for setting transaction limits. The smallest unit is the 1 Satoshi and is worth 0.00000001 BTC.

To use Bitcoins in online casinos, the players first need to understand how to acquire this digital currency. As mentioned earlier, new coins are basically introduced to the market through the process of Bitcoin mining. The process requires to have sophisticated computer hardware (ASIC) and a high level of skills in computing. For those with such abilities, this is one method to acquire your Bitcoins. However, for gamers with limited knowledge in computer cryptography, this might sound like a very complicated process and therefore fail to find the convenience promised by use of BTC.
You do not need to worry about understanding complex computer codes since you can easily acquire Bitcoin from online exchanges and marketplaces. This is basically the same process as one would go through when you want to exchange, for example, dollars for pounds; it's as easy as that.
Before you begin your currency exchange process, you need to set up a Bitcoin wallet. This works in a similar way with a bank account, an e-wallet or your ordinary paper wallet. The Bitcoin wallet will store your coins for easier access whenever you want to use them. A number of types of wallets are available to choose from. They are basically categorised based on the security features they have. The three main types are explained in the next part.

After you have selected and set up your wallet, you can now go ahead and make your currency exchange to acquire those Bitcoins for use in your gambling. Depending on your geographical location, a number of companies offer such exchange services and will actually help to hold your online wallet. Such a service would be convenient for avid gamers who need a constant access to their wallets for regular gaming. Some of these services have extended versions for mobile use and can be downloaded as Android or iOS apps. Coinbase app is currently No.1 on Google Play, but avoid these assholes if you can. They are known to work with chain analysis firms. You can also buy Bitcoin with fiat money from people directly. To check out if there are local sellers in your area and have a face-to-face transaction the most recommended website in this case is Localbitcoins or HodlHodl.
If you decide to go with some of the recommended exchanges, they can accept payments from other e-wallets, credit or debit cards, bank transfers or even in hard cash. The payment method available is contingent on both the company's policies and government regulations in your country concerning money transfers. Some exchange service providers are even making it easier by accepting MoneyGram, money orders and Western Union transfers.
Bitcoin ATMs, though relatively new and in limited use, also provide a convenient way to load funds to your wallet by depositing cash.

Although Bitcoins are increasingly gaining widespread usage, they are still lagging behind other conventional payment methods in online casinos. However, this doesn't mean that it is hard to find the sites accepting cryptos. Through a simple internet search, you will come across numerous sites accepting Bitcoin as a deposit and also withdrawal method. You will likewise notice that there are two main site types out there, Hybrid and True. For me personally the True Bitcoin casino is the way to go because your account balance is always denominated in BTC. That means that in case that your money is deposited in casino for the longer period of the time and Bitcoin price goes up, you won't lose money in the fiat terms. Of course, in the case that the price has went down you earn profit in the Hybrid type of the casino because your BTC deposit is exchanged in fiat money.

As it may have already been obvious to you, gaming at this type of casinos holds a number of advantages for not only the gamers but also the operator. Here we break down for you the numerous advantages.

Bitcoin sites are making every effort to ensure that they attract a larger patronage in comparison with standard casinos. For every player, a major determining factor in choosing their online casino is the variety of games offered. Sites that accept Bitcoin transactions strive to ensure that their services are better and offer an amazing array to choose from.

The online casino industry, just like other internet based businesses, is taking note of new and innovative money transfer and payment options being offered. In the recent past, Bitcoin has seen an increased usage in online casinos as gamers look for alternatives that offer more secure and faster transfers. Conventional payment methods such as credit and debit cards have for long been prone to cybercrime and many online gamers have lost real money to identity thieves. Bitcoin comes in to assuage such worries and ensure a secure online gaming environment.
In addition, fiat currencies are prone to regular asset freezing by governments in several countries. This has largely affected the gaming industry especially in countries where online gambling is heavily regulated or even considered illegal. In such situations, gamers will have a really hard time finding a convenient method to make their casino deposits and withdrawals. Where such a method is available, it is heavily charged a service or transactional fee. Actually in some countries such as the USA, you cannot be allowed to gamble with funds in your credit card or even make a direct bank transfer to a gambling account. It in such situations that Bitcoin has largely helped.
Since it is unregulated by any government, it allows holders to make payments and transfer however and whenever they please. This means that even players in countries such as the USA can conveniently make BTC deposits and withdrawals. The level of anonymity offered by these transactions also means that any payment you make cannot be traced back to you.

The benefits of using in the online gaming industry are not limited to only the players. Operators also have a lot to gain, or save, by processing payments through the Bitcoin system. Processing funds transfers, whether during deposits or payouts, usually attracts very high service charges. In addition, when a player decides to make a withdrawal through conventional means such as bank transfers, e-wallets, and credit or debit cards, a transactional fee is charged. Most, if not all, online casinos will offer to cover these transactional costs in a bid to attract more patronage and also ensure more money is gambled at their site.
All these costs will subsequently have an effect on the overall revenues of the operator and therefore leave a relatively small profit margin. This perhaps explains why BTC deposits are increasingly being adopted by Bitcoin casino sites.
Another benefit is that all that casino need is to ensure they have your Bitcoin address and money transfer is processed fast and with no extra charges for you.
Also, the use of BTC does not require any identifications information and therefore assures utmost anonymity. This is also beneficial to operators since the online casino does not need to worry about losing your personal banking information and identification details in the event of a cyber attack.

Spending your winnings on e-commerce sites can be also considered as a benefit. Since the introduction of Bitcoin in the mainstream money markets, it has gradually gained widespread usage. This is an important fact for casino players because the majority of us like to shop online. With increased awareness of the conveniences, more and more online retailers are accepting payments in the form of virtual currency. This success can be attributed to Bitcoin main features such as anonymity in transactions, secure transfer protocols and lower transactional fees. In addition, processing transactions is relatively faster compared to conventional payment methods such as wire transfers that could take days to complete.
Companies such as Bit-X and Wirex are offering Bitcoin debit cards that can be used to make payments just like ordinary ones. This makes it even much convenient since you do not have to access a Bitcoin exchange or your PC for every purchase you want to make. Also, mobile apps have been developed to make it even easier to use it in everyday transactions.

With all the benefits we mentioned it looks like that Bitcoin currency will have a bright future, and as we believe that more sites will add it as a payment option make sure to bookmark this guide and check it from time to time for updates.