For the past couple of years you would have been bombarded with tons of information and news about Bitcoin and the cryptocurrency revolution. You may only identify bitcoin as an investment tool however there are a multitude of other uses for the cryptocurrency. One of these is to use cryptocurrencies for online payments. In this article we will give you some useful info on using Bitcoin to make payments at online casinos in South Africa.
Bitcoin was the first cryptocurrency that came into the scene back in 2009. The cryptocurrency uses blockchain technology to decentralise payments online in the hopes of creating a more transparent and secure payment method. This serves as an alternative to traditional payment methods and has been praised as “the future”.
What's special about Bitcoin is that they have only created a limited amount. The limited supply together with the huge demand has led to the price of Bitcoin skyrocketing in recent years. The constant fluctuations has led many investors to scramble towards the cryptocurrency in the hopes of making a quick profit.
At its foundations Bitcoin is a payment system and particularly useful in online transactions because it is so safe. Online casinos are therefor a great place to use Bitcoin to make deposits and receive payments.
Most people stay clear from anything cryptocurrency related due to the fact that it is completely new and most people don't understand the technology. But following our easy guide you should be 100% comfortable using bitcoin online.
If you don't already you will need to start a BTC Wallet ( Bitcoin wallet) using one of the wallets that are accepted at online casinos. We would recommend using BitcoinCore, BitPay or Mycelium.
Once you have a wallet you will have to purchase some Bitcoin. Bitcoin is usually purchased at a Bitcoin exchange which is a 3rd party system. This is much simpler than it sounds. Once you have purchased some Bitcoin and it is in your wallet you can now start looking for yoru Bitcoin Casino.
When you deposit your Bitcoin into your player account you will receive the amount in ZAR depending on the latest bitcoin price at the time. Your funds should reflect instantly which means you can immediately start playing your favorite games!
Bitcoin is overall a great method of making online payments. There is so much potential in this payment method and many people project it completely taking over all online payments. There are literally hundreds of cryptocurrencies but Bitcoin is the original. It is the gold standard when it comes to Crypto. Therefore dealing in Bitcoin may even assist you in understanding this new technology a bit more and making some smart investments in the future!
Let's take a look at some of the pros and cons of using bitcoin as a payment method as online casinos.
Yes, most casinos offer bitcoin as a payment method. You will have to go to the Casino site “about page” to make sure that Bitcoin is in fact supported.
Yes, Bitcoin is a safe method of making online payments. There are huge benefits to using Bitcoin but you should always exercise care as you would with any online payment.
The great thing about bitcoin is that the processing time is very short for both deposits and withdrawals. Your deposits should reflect within 10 minutes depending on which bitcoin casino you are playing at.
A bitcoin casino is a casino that accepts bitcoin as a deposit method. You can deposit your funds using your bitcoin wallet and it is reflected in its ZAR value. The same applies with withdrawals.
Yes, using bitcoin is extremely safe. It utilizes decentralisation to ensure payments are transparent. Furthermore, bitcoin is anonymous which means your details and identity is never shared with anyone.