Bitcoin has already proven to be a quick, anonymous and secure method of transacting. When talking about online casinos these Bitcoin features have acquired special importance. The number of ways to obtain bitcoins is increasing all the time. That’s why, caring about the convenience of our partners, we have made a list of opportunities where coins can be obtained.
Where can you get bitcoins?
There are two usual ways of obtaining bitcoins: from exchanges or directly from other people via marketplaces. In Bitcoin’s early days mining was also a widely used option, but today the hardware used to mine Bitcoins is costly and such a method may be regarded as irrelevant.
Bitcoin exchanges are a destination for professional traders as well as usual customers. Operation via exchanges includes KYC procedures, although exchange platforms are yet to achieve the same level of security as banks. At the world’s major bitcoin exchanges like Bitstamp, Bitfinex, Huobi, CEX, Cubits or BTC China a user can obtain bitcoins instantly. Payments for bitcoins can be made via wire transfers, credit and banking cards.
For those yearning to stay anonymous and non-sodden in bank hassle, bitcoins are provided through individuals. The procedure includes an arrangement according to which the buyer exchanges fiat money for topping up the bitcoin wallet. Local Bitcoins, for instance, is a webpage, allowing to track and negotiate such deals.
Bitcoin ATMs act like private sellers but in the form of a machine: you bring fiat money, insert it into the ATM, scan the code of your bitcoin wallet that appears and find the cryptocurrency on your account.
In bitcoin casinos you may also find payment processors who work with Bitcoin, like Cubits, a payment option through which players can top up their accounts even by Euros. In this case the payment processor serves as an exchange in some way.
Where are my bitcoins stored?
Having decided on bitcoins, one starts to consider its storage approaches. Storage of bitcoins is possible in so-called “Bitcoin wallets” that can reside on your computer, USB drive, mobile phone, online, or even as some physical token.
There are also ‘vault’ services that offer a layer of protection for your bitcoins: a multi-signature wallet that uses a number of keys to protect the account or a service that keeps your bitcoins offline eliminating loss of your funds as a result of hacking activity.
One may observe that Bitcoin becomes more and more recognized as a payment tool. With the increasing number of bitcoin providers, the number of its acquirers is growing as well. Its usage is fast, secure and without undue effort, putting the advantage of Bitcoin over traditional fiat currencies.