Bitcoin is a cryptocurrency that players can use to transact at online casinos. Cryptocurrency is another word for ‘digital currency’. It was first mentioned in 2008 and was created to function as a medium of exchange which does not rely on tangible or central authorities. That practically means that there is no middle man or bank within which transfers are made between you and online casino accounts. Using Bitcoin can instantly link you to some exclusive casino bonuses and deals just because you use cryptocurrency.
Where Bitcoin stands with regards to online casinos in South Africa.
There is no difference in playing casino games when you use Bitcoins. The only difference is in the way your transactions are processed.
Firstly, you need to buy Bitcoins at a Bitcoin exchange and store them in a Bitcoin wallet. Popular wallets for Bitcoin online casinos include Hive Bitcoin Core (otherwise known as BitCore), Multibit and Bitgo. Once they are in your account you can use them to play your favourite casino games at any time.
What kinds of Bitcoin Wallets can I choose from?
There are a few different types of Bitcoin wallets to choose from: - Desktop, Mobile, Online and Hardware.
Getting a Bitcoin e-wallet is stress-free. You can choose to buy one or chose from an array of free ones, sign up, set a password and you’re good to go.
Just how legal is all of this?
With regards to online casinos, Bitcoin is still considered as a payment method. In South Africa, Bitcoin is not yet considered as an official currency but this does not mean that this is not an ingenious trade method. Fun Fact: Bitcoin has already been accepted as legitimate currency in the US and also China.
How do Bitcoin transactions work?
- Verify your Bitcoin account.
- Sign into your e-wallet
- Send and receive to and from the online casino bank.
- Done and dusted!