More and more people are experimenting with bitcoin when they play at the online casino. The advantages of using bitcoin for your online gaming activities are hard to resist.
Whereas the majority of casino players once believed that it would be too complicated to use bitcoin, today, almost everyone can follow the simple instructions that allow them to purchase bitcoin, use it for their online gaming events and then withdraw their winnings back into their crypto wallet for further use and purchases.
The Grande Vegas casino makes it easier than ever to gamble with bitcoin. Grande Vegas provides gamers with rewarding Bitcoin bonuses that make it a rewarding practice as well. But once you withdraw your bitcoin back into your cyber wallet, what can you do with those payouts?
Bitcoin
Bitcoin is the first cybercurrency to have been introduced to the marketplace. In 2009, an anonymous innovator (or group of innovators) launched bitcoin as an alternative to fiat currency. The goal was to create a global currency that could be distributed, traded and stored via a blockchain – a decentralized ledger system which is secured by the participants in the network and by the way that the system verifies and confirms transactions. Bitcoin was envisioned as a currency that could be purchased on cryptocurrency exchanges.
The advantages of using bitcoin are significant.
- Since bitcoin is decentralized, there’s a reduced risk of manipulation or interference by any outside government body or financial institution.
- Bitcoin transactions are transparent. The bitcoin blockchain records all transactions on a public ledger which helps prevent fraud and provides a verifiable transaction history.
- Bitcoin transactions are secured cryptographically which makes them more resistant to hacking and fraud than other online banking transactions.
- Transaction fees are lower than those for traditional banking transactions.
- Conversion rates from one currency to the other are more favorable than those offered by traditional banking institutions.
- Bitcoin can be used by anyone with an internet connection. This is especially beneficial for people in regions with limited access to traditional banking services.
- Bitcoin transactions are processed faster than traditional banking transactions – in many cases, within minutes. Even international transfers can be processed almost instantaneously.
- Bitcoin transactions do not require the disclosure of any personal information so your transaction is identified by your wallet address as opposed to personal details.
Your Bitcoin Payouts
Using bitcoin at the casino is quick and easy. Once you set up your bitcoin wallet via a cryptocurrency exchange website you’ll be prompted to create an account. You’ll need to verify your identity, choose a password and a recovery phrase and then you can buy your bitcoin. The bitcoin will appear in your exchange account.
Now, you can make bitcoin deposits into your casino account by navigating to the casino’s Banking page where you’ll select Bitcoin as your preferred method. You’ll be asked to generate a unique deposit address at the casino so you can transfer the amount of bitcoin that you want to that address.
After your gaming session, you can leave your winnings in your casino account for future gaming entertainment or you can withdraw your payouts directly into your bitcoin wallet.
Then what?
Using Your Bitcoin
You can use your bitcoin for any purchases of goods and services when you deal with vendors who take bitcoin. Today, a large percentage of vendors, both those who transact in person and those who transact online, accept payment in bitcoin.
If you want an alternative to using bitcoin as a medium of exchange, you might want to think about investing it. There are a number of options for investing. You may want to consider directly in Bitcoin.
Major cryptocurrency exchanges, such as Binance or Coinbase, give you the tools that you need to invest in bitcoin. You might also consider buying shares in a company with Bitcoin exposure, such as a Bitcoin mining company.
As with any investment, there are no promises as to whether a bitcoin investment will be a secure move but the current trend shows bitcoin’s value rising so it might be an option that you want to consider for a portion of your savings.
You can also use bitcoin to invest in traditional investment tracks such as stocks and bonds, real estate, mutual funds, hedge funds, etc. All of the financial institutions that deal with such investments accept bitcoin so the decision of how to use your bitcoin is yours.
Security
As with other online payments, bitcoin (and other cryptocurrencies) can be vulnerable to hackers. It’s important to remember that cryptocurrency payments do not come with legal protections. Crypto payments are not reversible and they don’t have legal protections.
If you’re going to use your crypto to invest, you should consider storing your crypto in a cold wallet – which holds your crypto keys offline -- or with a trusted custodian – an investment company with a proven reputation and insurance.
Additional steps that you can take to protect your bitcoin casino payouts include
- Play only at a casino that uses Secure Socket Layer (SSL) or Transport Layer Security (TLS) encryption. These security protocols will protect data transmitted between you and the casino's servers.
- Consider using a VPN or creating a firewall to secure communication channels between you and the casino to prevent unauthorized access.
- Enable Multi-Factor Authentication which requires that you provide a second form of identification in addition to your password, to access your crypto account.
Today are more ways than ever for you to maximize your bitcoin casino payouts.
