Bitcoin is a crypto-currency that has gained much popularity recently and it is now regarded as the new currency of choice. The most famous crypto-currency was first introduced in 2008 and since then has been making great strides in the market. Bitcoin is created and derives its value from digital computer codes. It is a network that allows bitcoin users to transact with each other electronically. Blockchain technology is used to record and update every transaction carried by the bitcoin network.
Bitcoin’s main objective since emerging on the scenes is to make online payments easier. The good thing about it is that it is controlled by the free market forces and there is no government ownership. Since the rise of this crypto-currency, it has attracted many people from all walks of life in the world. Many businesses now use Bitcoin as a medium of exchange especially those based online including online casinos. Some online casinos in South Africa now accept bitcoin deposits and withdrawals from their players.
This online-based currency allows you to gamble wherever you want just like other well-known currencies. Bitcoin was adapted into online casino sector in 2012, but it was not fully embraced by the majority of online casinos. However, in recent years, bitcoin has grown to be a very valuable online-currency and most casinos are realizing its importance as a payment method. Most online casinos now facilitate bitcoins withdrawals and deposits.
Probably you might think using bitcoin as a transaction method is difficult compared to traditional banking method, and that is not true. Additionally, it is safer to use bitcoins in spite of some shady online activities.
How to make a deposit via Bitcoin
The first thing you must do is to create online bitcoin wallet. It similar like any other e-wallets you might know also including your bank account. Bitcoin wallet can be created from a different number of sites you can find by searching on any search engine. The bitcoin wallet uses a very safe encryption technology to keep your personal information and wallet balance secure.
After the wallet is set up, purchase bitcoins and it’s always advisable to buy at a low price or look for the best deal. You’re required to provide personal information including credit card details. Bitcoins value is in US dollars amount, therefore, the South African Rand will be converted to US Dollars at a prevailing rate. Once you have your bitcoins, transfer them to an online casino account that accepts bitcoin. The casino will provide you with their Bitcoin wallet details to facilitate the transaction.
How to make a withdrawal via Bitcoin
Withdrawals are easy when you wish to cash out you just enter the amount you want and instantly it will be in your bitcoin account. The online casino requires your bitcoin wallet address in order to transact.
Using banking methods is now a disadvantage because of the transaction charges you will be forced to pay. Bitcoin transactions are not attached to any fee.