Bitcoin is an innovative digital currency without an administrator or central backing which allows peer-to-peer transfers within the bitcoin network.
The secure and anonymous nature of bitcoin transactions has made it increasingly popular among casino players. As a result, casinos have been quick to add bitcoins as part of their payment and withdrawal options.
In today’s gambling industry, BTC is not just one of the many Casino payment methods. It also functions as a standalone currency like USD, GBP, EUR, and so on.
Bitcoin differs from the rest because it’s a digital medium of exchange, lacking a physical form like coin or paper money. Because it is a decentralized cryptocurrency, BTC does not have a central reserve bank but works exclusively in peer-to-peer marketplaces. It is only transferrable through unique addresses available to users. These are complex characters (numbers and letters) ranging from 27-34.
At the point of writing this guide, an estimated over 70 million people and establishments, including Bitcoin casino sites, use Bitcoin across the board. No bank, credit company, or intermediary is involved in trading thousands of dollars in BTC that happens every day.
When exchanging this digital currency peer-to-peer, some payment methods are deemed more secure than others. The most trusted are MasterCard, Visa, PayPal, and other cryptos like Ethereum.