How do you get started using your Bitcoin cryptocurrency in a Bitcoin casino context?
Overall, it’s not that hard to find and utilize these fun modern gaming setups. These days, there are many casino platforms available offering fun and easy Bitcoin slots and other games, as companies compete to offer great player experiences and gain market share with advanced gaming venues.
Here are some of the steps that you want to take when gearing up to take advantage of easy Bitcoin play in a digital casino environment.
With all of the Bitcoin on-ramps available today, it shouldn’t be too hard to find a way to exchange your fiat dollars for Bitcoin.
It’s important to remember as you’re doing this that there’s a particular context around Bitcoin.
Bitcoin was created to be a payment medium, kind of like casino chips, or money that you spend on a cup of coffee or something else.
However, the volatility of Bitcoin meant that stakeholders quickly realized it functioned as more of an investment product than a payment medium.
That leads to a particularly important caveat – that while you’re using your Bitcoin in a casino, the value of it is also going all over the place on the greater market. So that means that you can win or lose Bitcoin, but your Bitcoin will be worth more or less dollars according to what the market did during a given time frame.
Keep that in mind as you set up. Alternatively, you can choose cryptocurrencies with lower volatility, such as Litecoin or other ‘altcoins’ that have emerged as crypto matures. The early success of Bitcoin has led to the making of many blockchain coins and tokens, each of which has its own characteristics and its own utility for users. Some, like Dogecoin, were created on a whim. Others, like Cardano (ADA) are being put together in deliberate ways by data science professionals and academics. Bitcoin casinos are integrating many different trading pairs to allow players to move between blockchain systems conveniently, or “cash out” crypto into fiat, or vice versa.
Before you get started pulling the digital handles of innovative Bitcoin slots, you’ll also want to have a digital wallet set up.
A digital wallet is simply a file space in which to keep your cryptocurrency holdings in the form of blockchain data.
When you’re using or transferring your cryptocurrency, it’s necessary to have it connected to the Internet. But experts recommend disconnecting your winnings from the Internet as soon as you’re done with a transaction or a session. Because of the ubiquity of hackers and the many ways that they can reach into your pocket through the Internet, cold storage is widely hailed as a best practice
With that in mind, it’s important to remember that if you lose your physical hard drive while it’s disconnected, you will also lose all of your value. The nightly news abounds with stories of hapless Bitcoin holders who were careful enough to keep their massive amounts of Bitcoin capital in an off-line wallet, but not careful enough to remember the key, or to keep from losing their wallet!
Then, after all of this has been accomplished, you’ll be able to go forward with your Bitcoin in hand and set up casino accounts to start playing.
One of the great things about crypto casinos is that the traditional bank verification process does not apply. Casinos may take some of your information according to government requirements – but they will not need to use payment facilitators like PayPal and Stripe (or any other similar process) for bank verification. That’s because cryptocurrencies are inherently consensus-based in terms of authentication. The stakeholders create verification on their own, so that there is no need for an outside party to evaluate ownership.
Here’s another thing: as you’re playing with Bitcoin casinos, you’ll see different kinds of offerings and platforms out there. Which ones are the best?
Aside from having good regulatory compliance and an intuitive interface, the best casinos have a lot of Bitcoin slots, and a lot of prizes.
Some offer cash back on all of your player holdings, which means that you’re actively gaining value as you play. Others offer level-up rewards or bonuses, which again, cause your stake to get bigger as you participate over time. The augmentation of your player holdings is a powerful way to change player psychology: instead of depleting your stack over time, and dipping in for more, you tend to gain value!
Think about all this as you prepare to enter the incredible world of Bitcoin slots and casino gaming. There are many appealing game casinos to choose from, and ways to use the power of blockchain to operate remote gaming collaborations.