Technology is something that many people around the world are happy to have around them because as they put it, “technology makes life easier". From solving hefty tasks to simplifying different issues for us, there is no doubt that technology is indeed a "lifesaver" of sorts. It is therefore not surprising that diverse advancements are made with the aim of pushing it to greater heights. One of such was the blockchain technology, which literally gave birth to cryptocurrencies and became a platform for facilitating decentralized transactions.
Even though many financial institutions, notable among which are banks, kicked against the mainstream adoption of the technology, it has continued to grow in leaps and bounds to become a legal tender of sorts in online casinos. Read further to find out the medium of funding your online casino/betting account with the world’s acclaimed cryptocurrency, Bitcoin.
Bitcoin, which also doubles as the pioneer digital asset/cryptocurrency and blockchain network, was a decentralized payment structure developed by an anonymous Satoshi Nakamoto. The idea behind this was to facilitate financial transactions in a decentralized and trustless ecosystem that is free of third-party interference.
It is important to note that Bitcoin just like many other cryptocurrencies that came after it, was under stringent financial regulations by both government and banks. Hence, many countries kicked against the use in their domain.
However, in recent years, the hostility against the currency became fewer and with it came the acceptance of the coin in many countries. Some of the supported countries where you can make Bitcoin deposits to an online casino account are the United States, Namibia, Nigeria, Mexico Germany, Cyprus, Finland, Belgium, Bulgaria, Australia, Canada, and the United Kingdom. The legality of Bitcoin also extends to Jamaica, Argentina, and Venezuela.
Bitcoin is not your regular bank model of opening accounts and signing up for a virtual card. Instead, it makes use of private addresses to facilitate and validate transactions. Therefore, the first step is to create a Bitcoin wallet where you can store your funds/digital assets.
Here is the process of opening a Bitcoin account:
Bitcoin is not only used to add money to your online casino account because you can use the process to withdraw your earnings. The only difference here is that the casino would the sender. Therefore, you have to provide your Bitcoin wallet address to receive the funds.
Bitcoin is no longer a medium of a transaction on cryptocurrency exchanges because it is now in use in retail stores and online casinos. Take advantage of the tips above to fund your online casino account with the most trusted cryptocurrency, Bitcoin.