More than 100 000 people around the world use Bitcoin, but what is it, and what does it have to do with online casinos? Find out more about it with Ruby Fortune.
For starters, Bitcoin is a virtual currency, or cryptocurrency, which means it exists only online. It’s a bit like an e-wallet, so you can buy Bitcoins for your wallet using your bank account, buy them from a dedicated site, or even be given some by a friend who is feeling particularly generous.
Bitcoin is decentralised, which means there’s no central bank involved. While this novel virtual currency has caused some controversy, it’s going strong, and attracts more and more users every day. It’s grown surprisingly fast and a number of other cryptocurrencies that are based on the same principles have also emerged.
You can use the currency to pay for goods and services at websites that accept it as a payment method, but at present, Malta Gaming Authority (MGA) licensed casinos are not allowed to accept it as it is not regulated and poses too many risks.
Beginning with Bitcoin
Before you can buy or use Bitcoins at online casinos, you would need to choose a wallet type at a site dedicated to the virtual currency. There are different types of wallets available, so you would need to choose one that best suits your needs.
When you’ve set up your wallet, you can exchange real money for Bitcoins using your bank account or buy them from a dedicated site.
As soon as your Bitcoins show up in your wallet, you can head on over to an online casino that accepts them as a payment method, make a deposit using the casino’s banking service, and find a game to play.
Bitcoin Online Casinos
Most online casinos, such as Ruby Fortune, do not yet accept Bitcoins as a payment method. The MGA has stood fast on it’s decision for casinos that are licensed by them not to accept this, or any other cryptocurrency until they are satisfied that it is safe and regulated. They have said that if Bitcoins or another cryptocurrency proves to be safe, reliable and well regulated in the future, they may change their stance and allow the casinos they license to accept virtual currency as a deposit method.
When all is said and done, there are already several other reliable and trusted banking methods accepted at Ruby Fortune, so sign up and come play with us now!