Bitcoin

Compete or perish is the mantra for online casinos as it is for all business ventures. South African online casinos that accept Bitcoins give their players one more payment option, which becomes a competitive advantage. If you are already on to Bitcoins you can pick a secure and reputed online casino from our recommended list. If you need more information on Bitcoins then check out this article to understand how the cryptocurrency works.

With so many payment options available at South African online casinos why do you need one more? The answer is simple. The Bitcoin method brings some unique advantages to the table.

• No National Regulation: No central bank of any country has any authority over Bitcoin transactions. This results in the transactions being hassle free. There are a host of other advantages as well, without compromising security.
• Speed of Transfer: The entire transaction is electronic, so it takes place instantly. There are no government gateways that may cause impediments. The money is in your online casino account as soon as you give the instructions. Your wagering will not be interrupted.
• Free of Cost: Neither the South African online casino nor the Bitcoin wallet will charge anything for making deposits. So the full amount of transfer is available for play without any fee being deducted.
• No Trail: Neither banks nor the government comes into the picture, so they do not get any information about your Bitcoin deposit. Even the information on the block chain is coded in such a manner that your personal data is not revealed.
• Security: The Bitcoin system was designed by Internet experts, who have built in the latest encryption security protocols into the mechanism.

In 2009, one Satoshi Nakamoto devised a system of recording blockchain transactions. Anyone with a fast Internet connection could carry out the transactions for which the payment was made in Bitcoins. The process was known as mining Bitcoins. Over time people who had mined Bitcoins could sell them for regular currencies at peer to peer determined exchange rates. As ownership of Bitcoins spread, people began to use them to make online payments for goods and services.

South African Rand exists as notes and coins as well. But Bitcoins exist only as virtual currency. Therefore it can be stored only in special electronic wallets known as Bitcoin wallets. There are many Bitcoin wallets available for South Africans. These include Airbitz, Bitcoin Wallet, Bither, Coinomi, CoinSpace, Copay, Green Address and Mycelium. You subscribe to one of them and install it on your desktop or mobile device. Then you access any of the several online Bitcoin exchanges. You make an payment in Rands through credit card, bank transfer or transfer from a Rand electronic wallet. The exchange will transfer the equivalent Bitcoin amount to your Bitcoin wallet. Once your wallet is loaded, you can make a deposit at any of our recommended South African online casinos. You can also make other online purchases through Bitcoins.

It is estimated that there 21 million Bitcoins in circulation. This is much smaller than the amount of regular currencies. Bitcoin mining is a slow process so this amount is not likely to increase significantly over short periods. Therefore the exchange rate of Bitcoins with regular currencies like the Rand can be volatile.

This section explains in detail how to make a Bitcoin deposit at a South African online casino. You would already have subscribed to a Bitcoin wallet and loaded it as described earlier. You now need to follow the steps given below.

1. You need to sign up at a South African online casino and open a real money account. This is a simple two minutes process that can be initiated from the online casino web site.
2. Wait for your account to be validated.
3. Log in and go to the online casino Banking or Cashier page and select the Deposit section.
4. From the list of options available choose Bitcoins.
5. The link will lead to the transactions page. You enter the amount you want to deposit in Bitcoins, making sure it is less than the amount you hold in the wallet.
6. You will also be asked to enter your Bitcoin wallet identification details.
7. After the transaction is completed you will be informed that your online casino account has been credited.
8. You can now select the game you want to play and start wagering immediately.

There are some disadvantages of Bitcoins as an online casino payment method. But these are marginal as compared to the advantages. Also these are not fundamental drawbacks, but are related to the newness of the option.

• Fewer Bitcoin Online Casinos: If you are fond of casino hopping, you may not find enough reputed South African online casinos that offer the Bitcoins payment option. But the numbers are increasing quickly as Bitcoins gain wider acceptance. We will continue to add to our list.
• Volatility of Bitcoins: The availability of Bitcoins is limited and therefore its exchange rate with the Rand fluctuates considerably. As more of the cryptocurrency is mined and enters the market, the exchange rate is bound to stabilise.

Where Can I Purchase Bitcoins?

Some online Bitcoin exchanges where you can purchase the cryptocurrency using South African Rands are Coinmama, LocalBitcoins, ICE3X and CoinCorner.

Can I fund an Online Casino Account with Multiple Bitcoin Accounts?

You can register only one Bitcoin wallet in most South African online casinos.

How long do Bitcoin deposits usually take?

Bitcoin deposits are processed instantly and should not take more than a few minutes.

How long do Bitcoin withdrawals typically take?

Online casinos take some time to process withdrawals. The time varies from one casino to another, but is usually less than 48 hours. Once the processing is complete, the transfer of Bitcoins to your wallet is instantaneous.

Can I Play for Free at Bitcoin Casinos?

Almost all South African Bitcoin casinos offer games in the free play or demo mode as well. You can try out the games, understand them and then start playing with your Bitcoins. Some games like live dealer games and progressive jackpot slots may not be available for free play.