Since the Bitcoin is considered a “virtual currency” and was specifically designed for purchase of goods and services on the internet, it’s hardly surprising that some online casinos have supported exchange in bitcoins since its introduction – while most that don’t are evolving to offer transactions in the currency.
As stated above, Bitcoin is a virtual currency, meaning that no actual physically manifested legal tender is involved when transacting. The concept itself, only truly possible in a post-internet world, is revolutionary: When a society gives up the barter system, tangible items are exchanged. Beginning with coins made of precious metals and evolving through to banknotes, bonds, personal checks and even IOUs, the tangible item becomes more and more representational as it becomes further removed from real value. Credit cards are the ultimate extension of this idea, with almost nothing beyond color (i.e. gold, platinum, etc.) indicating how much spending power a given consumer possesses.
Bitcoins exist simply as data online. While bitcoins may be exchanged for “real” money or credit expressed in a state-based currency, this is rarely done in practice and bitcoins tend to keep value purely within the virtual realm.
As for earning bitcoins, “miners” help to provide the Bitcoin system with the self-regulation required by a currency which has no government or government agency overseer. We won’t go into details here, but, in short, we can say that bitcoins are earned by helping organize bitcoin-based transactions happening online daily.
Or you can just buy ‘em. (More on this below.)
Particularly fascinating in the story of Bitcoin’s history is the fact that, while we can pin down the exact date – heck, probably the time down to microseconds if one knows where to look – we know almost next to nothing about the actual inventor of this revolutionary asset/payment system, ostensibly an individual known as Satoshi Nakamoto. At least nine popular theories as to Nakamoto’s identity have been put forth and debated by internet cognoscenti, and several more posit that “Satoshi Nakamoto” is in actuality a collective. How utterly fitting that the creator of the world’s first virtual currency may be a virtual being himself!
Regardless of identity, He/She/They Who Shall Be Called Nakamoto first described the Bitcoin system in October 2008 and released it as open-source coding the following year. E-commerce sites were slow to adopt the completely different form of payment, though some were willing to take a chance on what was quite a volatile currency for the first five to six years of its circulation.
For example, from January 2013 to December 2014, a single bitcoin rose in value from $13.37 to over $275. This seems impressive at first glance – and, honestly speaking, a return on investment of over 2050% is quite stunning – but in just five weeks (from November 29, 2013 to January 6, 2014), the value for a bitcoin went from an all-time high of $1,108.80 to $730.21 to $924.54 to $593.26 to $914.19, sometimes dropping over 20% in a single day. On top of this, the January 2015 price was steadily reduced before bottoming out at $218.45 in August of the same year; just imagine the headaches this caused both online casinos and the players depositing in bitcoins themselves…
Nevertheless, the gradual acceptance of bitcoins as payment has created greater stability to the bitcoin and vice-versa in a rolling snowball effect. In February 2013, some 45,000 online merchants accepted bitcoins; two years later, the 100,000 mark was passed; by ’16, over 130,000 could accept bitcoin payments. Since the nadir in mid-2015, the bitcoin has again steadily risen in value with far less deviation that in the wildly speculative active of late 2013/early ’14.
With the unpredictable volatility of bitcoins (seemingly) a thing of the past, online casinos and their players have become much more open to transacting exchange with the currency. With bitcoin value now only a bit more variable than that of a national currency, paying with bitcoin at the online casino is no longer a gamble-within-a-gamble for either party.
Of course, as stated previously, some online casino sites have accepted bitcoins from the go. By the mid-2010s, the folks at casino software producers Aristocrat and Betsoft were doing everything short of advocating the use of bitcoins for online gambling. As of this writing, the great majority of Microgaming-powered casinos happily accept bitcoins for deposit and withdrawal as well.
The acceptance of bitcoins as valid currency for exchange by these three software makers is fantastic news for both Bitcoin proponents and U.S. players wishing to use bitcoin at online casinos. The U.S. government’s official approval of bitcoins as both legitimate and useful tender combined with the inside track Aristocrat, Betsoft and Microgaming are on to capture a regulated U.S. online casino market points to the bitcoin’s wide acceptance at U.S. online casinos in the future.
In fact, non-acceptance of bitcoins at a casino website may be an indication that the site in question is not regulated and/or audited by any licensed body. Just as with old-fashioned credit cards, the prospective acceptor of bitcoins for transactions must register with certain international bodies. An unwillingness to do so may be indication that the gambling website is not a legitimate operation and/or is not a secure place to play.
(Please note that any online casino listed on this website, whether accepting bitcoins or not, has been audited and tested by at least one government-approved organization.)
Once the player’s favorite online casino website accepts bitcoins for deposit, doing so is as simple as using any alternative electronic payment method – in fact, the most difficult aspect here could well be picking a bitcoin e-wallet in the first place.
Choose from among dozens of bitcoin e-wallet sites including (but not at all limited to) AirBitz.co, Bitcoin Core, BitcoinArmory, BitGo, Blockchain.info, Coinbase, Coinkite, Electrum.org, MultiBit.org, MyCelium, MyTrezor and Xapo. After depositing into the e-wallet with standard currency, which is converted to bitcoins, you’re good to go! Simply use the bitcoin e-wallet of your choice as you would any electronic payment methods at online casinos.
You may play with bitcoins today at the internet casinos linked from this webpage. Join the true currency revolution for safe and secure playing of slots online!