Frequently Asked Questions
A little time has passed since Bitcoin was released in 2009. People still treat it with caution, because they're not fully informed. That's why, the net is crowded with various questions, online players and potential members post. We have collected the top items and provide relevant answers for you. Get acquainted with the method and make remittances without any doubt.
What Is Bitcoin?
This is a
digital payment system, which uses peer-to-peer technology. The cryptocurrency is not owned by anyone and all the transactions take place between private individuals directly. No central authority, middlemen or regulators. So, no one can prevent you from sending and receiving BTCs with anyone being anywhere in the world. Still, having such a freedom, you should bear responsibility, because there is again no one to complain to in case something goes awry.
BTC, mBTC And uBTC - What Is The Difference?
There exist several units of the system account. Small amounts of the currency are
millibitcoin (mBTC),
microbitcoin (uBTC) and
satoshi. The latest one is the smallest figure of the digital cash, which equals to 0.00000001. mBTC represents 0.001 Bitcoin, while uBTC is for 0.000001. Each symbol provides its personal value, which helps users count their amount.
How to Buy Bitcoins?
There are several sources where you can purchase tokens. You can get them using online exchanges (the list of trusted ones is presented on the official web page of BTC) or brokers, who sell them. The units can also be bought instantly using certain
credit cards or other payment methods such as
PayPal, or via
LocalBitcoins and
Bitcoin Teller Machines, which are alike with ATMs.
Are Bitcoin Transactions On The Blockchain?
Blockchain is the structure of the system. This is a recording service, which provides a
transparency of transactions. It is alert to any transfer ever made in the net, which is then timestamped by the web miners. The process is pretty simple. Miners compete to solve certain math puzzles and once they succeed, they get rewarded with Bitcoin and add a ‘block’ of closed remitments to the blockchain. As soon as it is done, the circle reduplicates and the computers keep on solving the problems.
Bitcoin in Online Casinos - How It Works?
The service is now available in every field and online casinos are no exception. The sites offer their visitors Bitcoin as a banking method, available for both deposits and withdrawals. Still, the participants are not sure about the safety, legality and convenience of the mechanism. Observe detailed descriptions of the standard criteria for virtual casino players below.
Is Gambling with Bitcoin Casino Bonus Legal?
Speaking of the validity of the option at any uBTC casino, everything depends on a player’s location and
country. We cannot affirm that it's legal for everyone, cause there exist some areas, which do not accept either the cryptocurrency or online gambling as it is. Yet, most lands don't find the usage of the bitcoin bonus casino illegal, the members still should review and check out 2 aspects before selecting a bonus in BTC. These are
Bitcoin regulation and the
legality of virtual gaming.
Do I Need to Provide Personal Information?
Transactions with tokens don’t contain or require any personal information from you. You get your public address, which includes 30 various numbers and units that are hard to remember without a computer. Yet, the figures are linked to your real-life personality and even if not, keeping track of your monetary operations time, location, etc., your identity can still be revealed if do desired. Besides, you need to
verify your funds transfers at both bitcoin and hybrid casinos like Fair Go.
How to Prove If the Bitcoin Casino Is Fair?
Examining a particular online casino, you should notice several significant points. Analyze how the results are calculated, whether the data is manipulated or not, etc. Look through the list of legal approvals, certificates, marks and more. If the site is honest and it offers the wallet as a withdrawal method also, the time frame of crediting your wins will take several moments.
Bitcoin Casinos vs. Standard Online Ones – What's Better?
Perhaps the titles of other listed payments will sound more familiar to you, but you should
weigh up the pros and cons before selecting one. Bitcoin assures increased anonymity, privacy and transparency of transaction processes. Other alternatives may include fees, require several hours or even days to send your funds, a small range of currencies, etc.
Bitcoin Casinos Bonus Promotions
As this is a comparatively new mechanism, which allows its owners to conduct fast and easy remittances, it can be found in almost each virtual gambling house. However, in order to show the system to the best advantage and allure players to pick this very variant, casinos create
special bonuses, awarded for using BTC. Usually such promotions are much more beneficial than regular ones.
Free BTC
This promotion is like a chargeless gift, which is rewarded to you completely uncompensated. Usually, the conditions are settled in such a way as to provide the free Bitcoin right when you finish registering a new account at a casino.
No deposit is required, this is a so-called encouragement for you to transfer more coins and keep on playing the provided games.
Deposit Offers
This time, you're presented with the possibility to activate a huge bonus. The only provision is that you need to make a deposit using the cryptocurrency. The site mentions the input amount in T&Cs, saying how many units you will be able to grab then. It can be either a match offer (your sum is matched to a certain percentage) or a fixed number.
Bitcoin Casinos Banking Aspects
Nothing can be considered in a single common way. When using the system as your payment mean for online gambling, you have to meet specific properties. They're revealed only during the practice, or by such blogs as ours. Do what you need using BTC, and we will describe each process right away.
Bitcoin Wallets
As online gaming has its various formats, the digital currency can also be used on various platforms. Playing on
desktop, you can either launch the web page of the company or download its program to create the wallet on the hard drive of your laptop or PC. The same goes with
mobile gadgets. Both online sites and apps are available for iOS, Android and other devices. Get the application via
App Store or
Play Market to enter the account beforehand.
Deposits
As the time comes to make an investment, be sure everything will pass easily and smoothly. Some casinos may settle a minimum deposit amount, yet, the majority of sites do not provide fixed amounts. The most common unit used in such portals is mBTC. So, once you transmit 1 Bitcoin, it will automatically be
converted into 1,000 mBTC. Now you can use the sum to play games and win cash.
Withdrawals
The process of redeeming your gains looks like the same with depositing funds, just quite the opposite. All you need to enter is your Bitcoin address, for the amount to be credited there. If the figure is small, the process will be very fast. For larger sums, you need to
wait from 2 to 10 hours until the operation is completed.
Alternative Cryptocurrencies to Gamble With
Once the chosen online casino doesn’t provide the tokens as a banking, or there are more variants to choose from, you should be aware of alternative web money that you can fall back on. There exist
Ethereum,
Litecoin,
Dash,
Monero,
Dogecoin and many more. Each of them has its personal value and conditions. So, examine the terms before taking any one.
