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BTC And Other Cryptocurrencies For Online Casinos

Today you'll find many true believers espousing the wonders of cryptocurrencies. And though many businesses, including the iGaming industry, have been quick to feature many of these new coins and tokens, we're not so convinced of their future. The main selling point of crypto users is that they are anonymous. ut in the real world, no one really wants total anonymity. Though the casino sites are perfectly happy to accept crypto from anyone, you will have to follow a strick KYC process.

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Gamble with BTC And Cryptocurrency

So, just how much do you know about cryptocurrencies and BTC? Maybe you’re not sure how to use cryptocurrency for gambling. How about the “blockchain”? Over the last few years, cryptocurrencies have received a lot of attention in all media. At first, it could all seem a little overwhelming. However, we must all adopt a plan if we want to utilize this new payment option. Though you may e a newbie to the crypto platform, keep in mind that there are businesses that have been accepting bitcoins as payment for years. Any new invention that helps make payments faster and more secure will always receive a warm welcome from the gambling industry as it continues to develop a better user platform for its customers.

Introduction: Gamble with Cryptocurrency

Several like-minded programmers developed a decentralized method of paying for goods and services in 2009. The name of that first money was, and still is, Bitcoin or BTC. Every transaction that ever takes place is supposed to be recorded in a digital ledger. This database contains every transaction ever made and is spread across several computer networks. As a result, it is exceedingly challenging to alter or hack only one computer because the data is still on the others.

Cryptocurrencies and BTC have risen to the fore as people become more and more conscious of the volatility of conventional forms of fiat money. These days, more and more businesses and services accept them. Of course, the gambling sector is included in this. In actuality, the iGaming industry was one of the first online business classes to accept cryptocurrencies. So if you’re visiting casinos to win the jackpot, then you’ll want to know as much as possible about this new and exciting payment option.

Cryptocurrency Gambling Sites

Even if it appears like new coins are being released on a daily basis. Many of these are “altcoins” which in truth, appear to have little real-world utility. As a result, most online casinos opt to remain with only the most reputable coins. Keep in mind that the vast majority of crypto coins and tokens are exact replicas of the source code of Bitcoin. Because of this, BTC is one of the most widely used currencies, especially in the gambling sector. Let’s take a quick look at the history and current usage of the most well-known cryptocurrencies.

Bitcoin (BTC)

This is the true pioneer and big-daddy of cryptocurrency. This is the most well-known of all the new coins. It was constructed on the first “blockchain” back in 2009, and it is still in use today. There are 18,211,725 bitcoins in circulation at the moment. Keep in mind that there can only ever be 21 million bitcoins in existence overall. Additionally, compared to its closest competitor, Bitcoin is accepted by a lot more land-based casinos and online gaming portals like 22Bet Casino.

Litecoin

The idea for this came from a former Google employee. It debuted on Github in 2011. On the same decentralized network, it was intended to somehow increase the speed of Bitcoin transactions. Remember that a single Bitcoin transaction takes around 8 minutes. As you can imagine this makes multiple transfers very slow. Litecoin reduces this time by a factor of 4. This makes it a better coin for transactions. Bitcoin is really more of a store of value. A little more than 57 million Litecoin (LTC) are now in circulation. It is being added by an increasing number of casinos.

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Bitcoin Cash

Unsurprisingly, numerous engineers and developers have been working to enhance BTC ever since the original version. This ultimately caused a break, known as a hard fork, from the first Bitcoin blockchain. With its much shorter transaction times, just like Litecoin, Bitcoin Cash is primarily for peer-to-peer transactions as opposed to a store of value. Many people used to think of bitcoin cash as the upcoming regent. But it’s worth noting that its price is now just 96.58% of its peak value.

Ethereum

Ethereum was conceived in 2013 by programmer Vitalik Buterin, with the development of its own open-source blockchain and coin, “Ether.” In fact, this is one of the most common forms of payment on gaming websites. Despite having many of the same capabilities as Bitcoin, it is typically much faster. This is of significant importance in the betting industry, especially where bettors want to make wagers at short notice. Ethereum makes transactions essentially instant. The current circulating supply of ether is 117,765,776 tokens.

How to Mine BTC

When Bitcoin first began, a small number of people were “mining,” or producing coins. The algorithm rewards users of computers for keeping track of and storing all ledger transactions. These are the cryptocurrency “miners.” Presently there are around 2 million BTC waiting for miners to find. Take note that due to something called “halving”, it will take another 120 years to mine this remaining amount. On the whole, a single coin is produced every 10 minutes by solving a complex mathematical problem.

More than a million people currently mine Bitcoin. Having said that, the rewards for producing coins have fallen significantly, meaning that it’s increasingly difficult to actually make money from mining. You will encounter enormous BTC mining farms located in the middle of nowhere, though we suggest that you don’t start mining yourself. It’s also worth noting that recently, bitcoin mining has been under attack from environmentalists, as the mining process itself requires eye-watering amounts of energy.

Cryptocurrency And BTC Wallets

Your cryptocurrency wallet is exactly what it sounds like—a secure location to store your coins. You’ll require a wallet for all of your various currencies because there are so many different coins. You can utilize either your phone or computer to control and keep tabs on all of your finances using this wallet. Pick a wallet that makes it easy to transfer money between yourself and the casino. Here at Jackpotfinder.com, we suggest you only ever utilize a “cold wallet.” This is one that has no direct connection to the internet. Whatever you do, don’t keep your coins in an online exchange, as we have seen many exchanges losing clients’ funds due to hacking and fraud.

Nevertheless, there are several security features incorporated into older wallets, so don’t be hesitant to use them when you’re trying to win the jackpot online. By simply entering into a web page or scanning QR codes with your phone, you can add and withdraw money. Once you get the hang of it, using your crypto or BTC wallet to gamble with cryptocurrencies is really quick.

How to Gamble at a Cryptocurrency Gambling Site

So where should you start? You will need to load your account first with cryptocurrency. You can purchase these at an exchange or via your bank (if it supports cryptocurrency or BTC transfers). A straightforward QR code should be there on the website if you’re using your phone. You may find the casino’s wallet address by pointing the camera on your phone at this. Simply enter the desired transfer amount, and you’ll see it appear in their wallet after a short while. Keep in mind that the outcome of the game, whether it’s blackjack, roulette, or the jackpot slots is completely unaffected by the type of payment option in use, including cryptocurrencies.

Know Your Customer Regulations

Due to the anonymous nature of virtually all cryptocurrencies including BTC, many governments are now concerning themself with introducing regulations that would help stamp out the criminal elements which find this way of moving funds so appealing. When it comes to online gambling, it’s the same story. Today, though you’re able to fund your online casino at 22Bet Casino account anonymously when it comes to making withdrawals, it’s a totally different kettle of fish.

You’ll need to prove who you are before being able to receive any winnings. This means unloading proof via a photo ID. Plus you’ll need to provide utility bills and the like as proof of address. This procedure is the relatively new regulation of “KYC” or “know your customer.” So take the idea that gambling with cryptocurrencies allows you to remain anonymous with a large pinch of salt. It simply isn’t true.

Finally, it’s worth mentioning that virtually all cryptocurrencies have seen their values fall by around 80% – over 90% over the last couple of years. And they don’t look to be going up in value for a long time. To that end, we suggest that if you want to use cryptocurrencies for gambling, then one of the best jackpot winning strategies is that you don’t change more than necessary. Just utilize what you need and keep the remainder in traditional fiat.