“Blockchain” raises a big red flag for many people. A warning sign that complicated, probably boring information is about to be communicated. True: crypto and the blockchain technology supporting it can be hard to follow.
Then again, what do you actually understand about the alternative?
Centralized banking is the standard for many people. It’s equally obscure, and completely out of your control.
Blockchain, by contrast, is all about independence, autonomy, and transparency. It’s for these reasons that many people rely on it for crypto gambling exchanges online.
Using blockchain, you can play blackjack games with Bitcoin and trust that your transactions will be managed fairly.
There is a learning curve, but many find that the information is more accessible than they first assumed.
What is Blockchain?
Blockchain is just a ledger. A record-keeping system. Historically, financial transactions have been logged by centralized institutions. A bank. The problem, of course, is that centralized control over transaction history gives banks a lot of power.
Fees. Grace periods. Human error. Fraud. All inescapable components of the banking system.
Blockchain is established by interconnected computers. Each transaction forms a block. Each block is connected to a different transaction, forming a chain. Blockchain.
Blockchain makes it easier to exchange information with your peers. Where traditional ledger keeping requires an intermediary, blockchain puts your information back in your hands.
Do you need blockchain to use crypto?
You do. Remember that blockchain is a ledger. The same way a centralized bank couldn’t function without its record-keeping systems, Bitcoin wouldn’t exist without blockchain. The extent to which you learn about blockchain management will vary based on your intentions.
Are you just using Bitcoin to play casino games? If so, your record-keeping requirements may be fairly straightforward. People who plan on using Bitcoin for a wider range of transactions may commit to learning more about data management. Some people even develop a basic understanding of SQL, the computer language responsible for navigating databases.
That’s a pretty advanced step. Most people who are dipping their toes in crypto’s decentralized waters will do fine with these steps:
- Find a crypto brokerage site.
- Decide how much currency you want to convert.
- Make the transaction.
- Use the brokerage site to deposit with the crypto casino of your choosing.
While the price of Bitcoin is sky-high, you can purchase fractions of a coin. This allows users to invest as much or as little as they are comfortable with.
Before you make a casino deposit, read up on the website’s terms of service. Some online casinos have grace periods. This means that you will have to wait a certain amount of time before withdrawing funds.
Others will have minimum bet requirements. It’s generally advisable only to deposit what you plan on playing with.
The Power of Crypto
Many online gamblers have experienced problems with centralized banking. Fees or transaction delays are common. Another issue? Blocked transactions. Online gaming sometimes walks a legal tightrope.
While virtual casinos have experienced increasingly wide legal acceptance, there are still countries where it is banned. It gets complicated because centralized banks might take into account:
- The casino’s location.
- Your location.
- The bank’s location.
It might also hold things up for no obvious reason at all. We are talking about banks after all. One thing they don’t do is make things easy and streamlined.
Blockchain, coupled with cryptocurrency, cuts out the middleman.
Do all virtual casinos accept crypto?
Bitcoin as a payment method remains a fairly specialized feature. Crypto is gaining popularity—largely for the reasons we have described to this point. Still, if you want to transact with Bitcoin, you may need to seek a dedicated service for it.
While you search for casinos that accept cryptocurrency, make a point of hunting for good sign-on bonuses. Online casinos are famous for offering promotions designed to entice new players. Free spins. Deposit matching. Benefits that can really add up.
Many sign-on bonuses do require deposit minimums. They will also often require you to make a specified number of wagers before you can withdraw your money. The casino won’t let you make an account just to get $100 in Bitcoin, and then cash out without ever spinning a wheel.
Conclusion
Don’t let the learning curve scare you off. To wage with Bitcoin, you don’t need to be able to write a doctoral dissertation on blockchain. You should understand the monetary value of Bitcoin. In other words, know what you are betting.
Learn how to document transactions and choose a reputable online casino.
Manageable steps. Assuming you can accomplish that, blockchain-backed crypto gambling can provide a safer, more personalized playing experience. If you want to play casino games online without the fees, delays, and red tape, crypto is the best alternative to centralized banking. Another benefit to keep in mind?
The value of Bitcoin—though volatile—trends upward on average. By contrast, the value of the U.S. dollar has been steadily decreasing.
Of course, finance is a very personal subject. Research your options carefully and choose the transaction method that makes the most sense to you.