Discover how to use Bitcoin at online casinos.

Bitcoin's creation is credited to a programmer (or group of programmers) going by the pseudonym Satoshi Nakamoto. The currency and its system were developed between 2008 and 2009 as a groundbreaking fully decentralized form of electronic money. This indicates that Bitcoin is not tied to nor controlled by any government or financial institution. It served as the pioneering digital currency that paved the way for a range of other currencies, including Ethereum and Litecoin, among others, that exist today.

When discussing conventional currencies such as the South African Real (ZAR), it is common knowledge that they are solely issued by the Central Bank of South Africa. In order to engage in transactions involving the Real, individuals must either possess physical cash (available in South African banks) or resort to alternative methods like debit cards, checks, or payment slips, among others.

Meanwhile, the Bitcoin system enables the execution of financial transactions without intermediaries (a peer-to-peer electronic cash system). This implies that the currency is directly transferred between users, who do not require a bank, card, or physical cash to carry out the currency exchange.

All transactions, however, are published and verified by all network users on a distributed database known as the "blockchain". The blockchain is decentralized, implying that there is no single entity or organization in charge of managing the currency and transactions.

However, just like the South African Real and other foreign currencies, Bitcoin experiences fluctuations in value as a medium of exchange. But what influences its value is not inflation or devaluation, but rather the market's supply and demand dynamics.

In January 2013, for instance, a solitary Bitcoin (BTC is the official acronym for the currency) was worth approximately 13 US dollars. Come November of the same year, fuelled by escalating curiosity and global acclaim, its value skyrocketed to around a thousand dollars. A remarkable fluctuation indeed, leaping from 13 to a thousand.

By monitoring the actual exchange rate of the currency on a daily basis, you can keep track of BTC. Since its appreciation in 2013, it has gained more recognition, particularly among investors. Today, it is widely accepted as a means of payment, not only in gambling websites but also in various online services.

In 2019, a single Bitcoin is now worth just over 28,000 South African reais. As an illustrative example, an investor who purchased three coins in 2013 for the price of 39 US dollars would now have the equivalent of 84,000 reais.

However, as we previously mentioned, the currency value is not fixed, and every investment carries a high risk. It is worth emphasizing that its exchange rate is the same in every country, without exception. Therefore, if you wager from South Africa using BTC, you won't lose a single cent in conversion fees to dollars or euros, which are the commonly used currencies in casinos.

For those who value their anonymity while gambling online, this could be one of the top payment options. We will elaborate on how the system works below, but essentially, when you establish an account for buying and selling digital currencies, your information is encrypted. As a result, nobody truly knows who is conducting the transactions. Although all transfers are completely public, your personal data and that of other traders remain unavailable, in other words, secure and concealed.

It is crucial to grasp the significance of the currency being entirely digital. If you acquire Bitcoins, you can potentially exchange them for South African reals or other currencies in the future. However, as long as you possess Bitcoins, their value remains confined to the computer screen.

Most governments have yet to take a stance on the utilization of the currency as legal tender. Its lack of official recognition and regulation, existing solely in digital form, may unsettle certain investors.

Our focus here will be on how to use Bitcoin in online casinos.

Firstly, if you do not already have any coins, you must create an account to carry out your transactions. Let's name this account your BTC wallet. If you are new to this topic, we suggest researching and reading extensively about cryptocurrencies before making any investments, given the intricacy of the subject matter. It is advisable to familiarize yourself thoroughly with the concept before venturing into the world of investments.

Several websites are available where you can register to open a BTC wallet. We won't list any here, but you'll easily find numerous options tailored for South African users, all in Portuguese.

In general, you can possess two kinds of wallets: one that is entirely web-based, accessible through your web browser, and the other installed on your computer as a desktop program. While some argue that the web version is more advantageous for gamblers, it is also claimed that the desktop version provides greater security. The decision of which one to use is entirely up to you.

When opening your account, you will require an email and a password. Subsequently, you will also need to generate an address (similar to an ID that identifies your account) that you will utilize for conducting your transactions. Just like online wallets such as PayPal, where you solely need your email and password to receive and send money, you will utilize your unique ID to carry out your transactions.

Once you have set up your wallet, it's time to purchase coins to start using it. But don't worry! You don't need 28 thousand reais to get started! It is possible to buy fractions of Bitcoin, and nowadays most transactions are conducted in fractions since the cryptocurrency's value has significantly increased in recent years.

To purchase Bitcoins, there are several options available:

1. Probably the very website where you created your wallet offers a currency exchange market. In this market, you can use various payment methods, including credit cards, to purchase any amount of BTC you desire.
2. Buying directly from another user for a pre-determined value.
3. It is also possible to find websites where services can be exchanged for coins.

The matter of transaction legality and user safety might cause many to feel uneasy. And rightfully so! Security is a crucial aspect that needs careful consideration, after all, no one wants to fall victim to fraudulent activities.

However, it can be asserted that among the majority of payment methods used in casinos, conducting transactions with Bitcoin is one of the most secure. This is due to the absence of any third party involved in the transaction, as is typically the case.

When you make a transaction using cryptocurrency, you directly transfer using your unique identifier to the casino's unique identifier. This alone eliminates the possibility of data theft. Add to this the fact that the currency has an incredibly efficient security system, and you end up with one of the safest methods for conducting online transactions!

It is worth noting that you should be playing at a secure and reliable online casino. To ascertain the safety of a website, simply assess a few basic requirements, such as the SSL certificate, which automatically safeguards any sensitive information transmitted through the browser. Typically, the casino's own bad reputation is enough to determine whether it is worth placing bets there or not.

However, the South AfricaCasinos team evaluates dozens of gambling and casino sites. We only recommend to our readers those that we believe are trustworthy. At the end of this page, you can check the list of sites that accept Bitcoin as a deposit and/or withdrawal method, and you can also find the rating each of them has received in our evaluation.

There are both advantages and disadvantages to using a BTC wallet as a method for depositing and withdrawing funds at casinos and bookmakers. Let's take a look at what they are.

BENEFITS

• Deposits made with BTC are typically instant.
• Despite taking longer than deposits, withdrawals are among the most efficient.
• Some websites provide excellent incentives for deposits made with the currency.
• As a direct method of money transfer, it can be one of the safest and most anonymous options for making online bets.

DISADVANTAGES

• Buying BTC is actually an investment. Like any investment, it can end up being positive or negative. Since BTC is a cryptocurrency, its value never stays the same; it is constantly fluctuating in short periods of time.
• Once you make transfers with your BTC wallet, they cannot be canceled even if you change your mind later.
• Having knowledge about cryptocurrencies (and possibly about the investment market) is essential before you decide to acquire coins.

Although cryptocurrencies are a vast and somewhat complex subject for newcomers to grasp, carrying out deposits and withdrawals from your BTC wallet is actually a straightforward process. Utilizing your unique identification, you can effortlessly make and receive payments using the digital coins.

See below the step-by-step guide to deposit at a casino or bookmaker.