How Bitcoin Works?

Bitcoin is a type of cryptocurrency that is based on blockchain technology. You’ve probably heard this term thrown around a lot recently, but it’s not as complex as some make it seem. The blockchain is essentially just a database or ledger that records Bitcoin transactions.

The Bitcoin blockchain is decentralized, meaning no single person or corporation has control of it. Every single Bitcoin user has equal control over the blockchain. When a transaction is made, every computer on the blockchain is updated to reflect it. This helps to keep the cryptocurrency secure and fair.

The blockchain makes Bitcoin highly secure. As new transactions are made, they are simply added to the chain of “blocks” which represent previous transactions. These blocks cannot be changed once they are added to the chain. Every transaction is available for public view, but there is no identifiable information included in these records.

What Gives Bitcoin Value

Bitcoin exists totally on the blockchain and has no physical form like cash or gold. It’s not backed by any major financial institutions. These attributes often cause people to question why and how this cryptocurrency gets its value.

Let’s settle it once and for all. Bitcoin’s value comes from the nature of the highly secure blockchain. The blockchain is immutable, meaning it cannot be changed once things are added to it. No one can mess with any transactions saved on the blockchain.

When a Bitcoin transaction is made, it is verified by every computer on the blockchain. Each one performs calculations to confirm that the transaction is valid. This adds to the trustworthy nature of this cryptocurrency.

If anyone was to try to hack or modify a piece of the blockchain to steal from others, their records would differ from every other computer on the blockchain. As a result, the illegitimate record would be thrown out. This prevents anyone from cheating the system.

How to Deposit with Bitcoin

It’s easy to use Bitcoin for casino payments. The first step is to find a Bitcoin casino – you can find a list of our top Bitcoin casinos right here on this page. Once you pick one, you’ll need to setup an account then navigate to the banking or payments area of the casino.

You must select Bitcoin from the list of deposit options. The casino will then give you a unique URL to use for the deposit. You’ll have to enter that URL in your Bitcoin wallet.

From within your Bitcoin wallet, you need to authorize the payment to the casino. Every wallet is different, but each one allows you to send Bitcoin payments. Setup a new payment in your wallet and enter the unique URL given to you by the casino – this tells the wallet where to send the funds.

After the transaction is setup, just enter the amount of Bitcoin you want to send and confirm the details. Most casinos process Bitcoin transactions instantly so you should have your funds ready for wagering in just a few minutes.

Bitcoin Casino FAQ

Is Bitcoin safe for casino payments?

Yes it is. In fact, it’s one of the safest casino payment methods simply because of how it works. Bitcoin is based on a database called a blockchain. It’s extremely secure because it’s decentralized (no single entity owns it) and verified by all computers which are part of it. If anyone was to attempt to hack the blockchain from one computer, the thousands of other computers on the chain would instantly see that one record was different from the majority’s records. The hacked record would then be thrown out.

Why is Bitcoin so expensive?

It’s expensive now but in the early days it was barely worth anything. Bitcoin has no physical value, it gets its value from the collective blockchain. Today, thousands of people own Bitcoin - this is really what has made Bitcoin’s value skyrocket. It’s become more popular and much more widely accepted, which has resulted in a much greater value being placed on the cryptocurrency.

Can I withdraw from a casino using Bitcoin?

You can, but not at every online casino. When it is available, you can select it from the list of casino withdrawal options. You can then setup the transaction like any other - just enter the amount you want to withdraw. However, you will also need to go to your Bitcoin wallet to generate a unique payment URL. You will need to enter this URL on the casino withdrawal page so the casino knows where to send the Bitcoin. You can then confirm and complete the transaction. You should have the funds in your crypto wallet within a few hours.

Is Bitcoin anonymous?

In general the answer is yes, but you must setup your wallet correctly. There are a few practical steps you can take to ensure your privacy. First, don’t put any personal information (other than what is required) into your Bitcoin wallet. Keep it anonymous so it cannot be linked to your name. It’s also a good idea to keep your funds as BTC - if you convert them to cash, they can be traced. It also pays to only deposit Bitcoin at reputable casinos. If you use a casino we recommend in our top Bitcoin casino list on this page, you will have no issues.

Can I use other cryptocurrencies for casino payments?

Yes you can, but again this depends on the casino. The best online casinos now accept a wide range of cryptocurrencies including Ethereum, Dogecoin, Litecoin, and many more. These cryptocurrencies also work using blockchains so they are just as secure as Bitcoin.