Bitcoin casinos – Really a safe way to play?
Bitcoin is basically a kind of digital currency which is making use of sophisticated encryption techniques and this process has been effectively used to regulate the generation of units of currency and furthermore it will verify the transfer of funds and all of these processes will be executed independently of any central financial institution. For many people Bitcoin has become somewhat of a hot commodity and especially so among financial speculators.
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Every individual unit of Bitcoin has a specific value when converted to any other currency. An additional benefit of Bitcoin is that it can be used for a wide range of online transactions both between individuals and also organizations. There are some Bitcoin casinos who will only allow Bitcoin when money transfers or withdrawals are made to and from that casino. Onlinescam.net provides security tipps, not only for traditional methods but also for new payment methods. So keep on reading to get the useful information regarding Bitcoin and Online gambling.
Pros and Cons of the method
Bitcoin is not linked to any national or global currencies, it is a completely standalone currency which first appeared on the global scene in 2009. This currency has a whole range of features which distinguish itself from other kinds of financial transactions. Bitcoin just like other alternative payment methods, such as Paypal completely protects both the identity and the finances of their members.
Whenever doing transactions with Bitcoin it will never be necessary to share your personal identity in any transaction whatsoever which is done by using Bitcoin. It is almost like making use of cash when paying for services or goods.
You do not need any membership card or some other form of identification which could possibly end up in the hands of criminals but rather the process is executed by using a completely anonymous Bitcoin address and even that will change with every transaction to eliminate any possibility of criminal activity. However, not many people know about the advantages and disadvantages of the method.
With Bitcoin it is entirely possible to both send and receive payments and the cost of those transactions is extremely low and in some cases completely free. The advantages when doing international transactions are extraordinary because there will be no need to pay any exchange fees which are especially beneficial to people who are traveling frequently. It should be understood that just as with any other payment such as wire transfers, it is simply not possible to have those transactions reversed.
Only the person who has received those funds will be able to do a refund. This is why anyone doing a deposit or transfer of money should take special care that such money is going to the correct address because should mistakes be made, the consequences can be very negative. Unfortunately it is not possible to get any form of liability protection when using Bitcoin. If any losses occur, it is mostly impossible to recover them.
Best gambling sites that accept the currency
With Bitcoin many of the problems associated with casino deposits are eliminated and this is why various Bitcoin casinos have become Bitcoin partners. These Bitcoin casinos include:
- Vegas Casino
- Bit Starz
- 7 Bit Casino
- Fortune Jack
- mBit Casino
- Casino Betchan
All of these casinos as well as their members have benefited from Bitcoin membership and all of the benefits associated with that currency.
How to set up an account
The signup process is relatively simple, you simply have to create a digital currency wallet which can then be used to store your digital currency securely. The next step will be to connect your bank account or any other financial facility which you may have such as credit or debit cards because you should be able to trade your digital currency for local currency as the need arises.
The next step is to actually invest in Bitcoin by purchasing a certain amount of this digital currency. Once this is done you are ready to use your digital currency to actually purchase services or goods. Please keep in mind that at this moment only a few online casinos accept Bitcoins.
Safety aspects of the method
You will need to provide your personal information when you create your Bitcoin account, but thereafter there will never be any further need to share your personal information because all transactions are handled through Bitcoin. This provides Bitcoin users with peace of mind because they know that every transaction in which they are involved will always be completely secure and the possibility of any illegal activity on that account is just about zero. This is because of the high level of cryptology which is used in Bitcoin.
How to withdraw and make payments?
It should be understood that all Bitcoin are stored in the vaults of Coinfloor and it is highly protected and it requires several keyholders which are required to sign all withdrawals before that money will be released. Any Bitcoin account holder who is wishing to withdraw funds will have to sign in to their Coinfloor account and then select the withdrawal option which is situated on the top navigation bar.
The process is virtually the same for payments. Simply select accounts on the left-hand side of the page and then simply select the deposit button on the top right hand side which should result in a situation where the money is transferred to the destination account.