On the surface, it might seem that gamers play at an online casino with bitcoin just as they might play with dollars, euro, or any other currency. The key point that makes the beneath-the-surface reality so significant is that a bitcoin casino recognizes bitcoin as a real currency!
Slots Play Casinos always looks beneath the surface in our casino reviews and articles. So, let’s take a look beneath the surface at the online casino bitcoin “revolution”.
Bitcoin Casino Banking= Fast and Easy
Bitcoin is both fast and easy for online casino banking. Gamers like to use bitcoin for online casino gaming. Let’s take a step back and see how casinos have made deposits and withdrawals easier over the years.
All online casinos, and all land-based casinos for that matter, want to make it as easy as possible for players to deposit money. The most traditional way to deposit money at any kind of casino was with cash. It is impossible, of course, to deposit actual cash money to an online casino and land-based casino players also did not want to carry a lot of cash with them.
So, the first non-cash deposit method became credit and debit cards.
Credit Cards Became Popular in the 1970’s
Young people do not remember a cash-based world. Credit cards became prominent only in the 1970’s! Before then, all deposits at land-based casinos were done through money orders, direct bank transfers, or cash.
Credit cards made gaming much easier from the banking standpoint.
Keep in mind that the 1970’s, when credit cards became somewhat universal, was still about 20 years before the first online casino came aboard.
Gamers Wanted More Anonymity
Credit and debit cards are administered through banks. Direct bank transfers come directly from banks! Gamers wanted to be more anonymous in their gaming practices and e-wallets became the conduit for the anonymity gamers sought.
Once the concept of an e-wallet was established, they proliferated. Most online casinos accept several e-wallets for banking purposes. All of the casinos we have reviewed and that we recommend accept several e-wallets for banking.
How Does an E-wallet Work?
Basically, an e-wallet is a holding company of sorts where people put money to use for online purchases. A person can use money that is on account at an e-wallet for many online purchases. Casino gaming is simply one of thousands of companies that have working agreements with one or more e-wallets.
Many people do not like giving out a credit card number online. For them, an e-wallet provides more protection from hackers than a credit card affords.
The simplest way to see an e-wallet at work in the context of online casino gaming is that the casino communicates directly with the e-wallet for both deposits and withdrawals.
How Does an Online Casino Communicate with Bitcoin?
This is the key element in the bitcoin revolution!
An online casino will not communicate directly with bitcoin! Let’s look at traditional purchasing to see how this can be.
When a person pays for a purchase in cash, the store does not communicate with the cash money! The cash money represents a store of value or, in different terms, purchasing power.
However, when a person buys something with a credit card, the seller does communicate with the credit card company and the bank.
So, bitcoin as a vehicle for online casino deposits and withdrawals is like making a purchase in cash more than it is like using a credit or debit card!
That means that online casinos, and every business that accepts bitcoins, recognizes bitcoins as a real currency!
What Makes Bitcoin Different than Money?
Bitcoin, as we just said, is real money! So, what is money? Money is something that a buyer and seller recognize as having a defined value so that it can be used to buy and sell things.
In this sense, anything at all has the capacity to be money if the buyer and seller agree that it is. In fact, barter is the perfect way that “something” can become “money” for the purpose of a transaction.
How Did Bitcoin Become Money All of a Sudden?
There seems to be a lot of stepping back in order to gain the proper perspective in this discussion about bitcoin as a recognized method for depositing and withdrawing funds at online casinos!
All government currencies “became money all of a sudden”. Before this sudden metamorphosis took place, governments either made money directly from gold or silver or had gold and silver in storage as “backing” for paper representations of the gold and silver.
Then governments stopped using gold and silver to back up their currencies and started saying that the “money” was backed by the peoples’ faith in the honorableness of the government.
Bitcoins were Invented as an Alternative to Government Money
Most people were and continue to be happy to use government money that is backed by promises for purchases. Government money works! Some people, however, feel that there is a bubble in place that can pop at any time and as quickly as government money backed by promises became “money” it can become “not money”!
How is This Connected to Online Casino Banking?
Essentially, the only connection of our short explanation of where bitcoin came from to online casino banking is that bitcoins are real currency and therefore can be used to make deposits and withdrawals at online casinos.
Bitcoins are fast, convenient, and anonymous. Bitcoins “work” as well as any other established currency. A gamer can use bitcoin for online casino banking without giving any thought to the reasons bitcoins were created in the first place.
Slots Play Casinos and Online Casinos
We have reviewed and recommended some 30 online casinos. The number rises from time to time as well. In addition to reviewing casinos, we talk about many aspects of online casino gaming.
We have guides for many casino games such as slots and blackjack. We have a massive library of informative articles such as this one. Gamers can access information on the best aspects of online casino gaming. We are also ready to point out the weaknesses in any online casino.
Two such weaknesses at some online casinos are withdrawal limits and the time it takes a casino to process a withdrawal request. Bitcoin facilitates fast withdrawal times because it is “kept” in the gamer’s bitcoin area of the blockchain. Most gamers do not know what a blockchain is and for gaming purposes it is not necessary to understand the fine points of block chain technology.
At Slots Play Casinos, we are happy to report that the acceptance of bitcoin at online casinos is growing and that bitcoin makes banking just a bit faster and easier!
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