Spin Palace Educates Players On Bitcoins

January 22, 2018

The primary objective of online casinos is to entertain. The best ones also offer useful information. Spin Palace is one of them and its blog page deals with a variety of subjects not always associated with its operations. In its latest blog, Spin Palace discusses Bitcoins. The online casino does not as yet support this cryptocurrency. The reason is that its licensing body, the Malta Gaming Authority, has not yet cleared Bitcoins transactions. But this may change and therefore Spin Palace players should be aware how to handle Bitcoins.

Bitcoin is a cryptocurrency without any physical existence. It exists only in cyberspace and can be transacted only online. This makes it ideal for online casino payments. In order to carry out Bitcoin transactions, you first need a Bitcoin wallet on your desktop or mobile device. Your account will have a unique identifier, just like your regular bank account. The next step is buying Bitcoins at online exchanges. You can pay for the Bitcoins in your local currency at the exchange rate specified at that time. The payment can be made via bank transfers, from normal e-wallets or credit/debit cards. Today you can also receive Bitcoins for selling goods or services online. Once you have Bitcoins in your digital wallet, you can use them for purchasing goods and services online.

The Spin Palace online casino blog goes into more detail about Bitcoin transactions. Knowing exactly how these transactions work will increase the comfort level of potential Bitcoin users. The process of tracking and confirming Bitcoin transactions is called Bitcoin mining. With every Bitcoin transaction a unique code called a private key or seed is generated. It is stored in your wallet as proof of the transaction. More importantly, it is included in a “block chain”, which is a sort of universal black chain ledger. This ledger is maintained by ordinary people crunching the numbers on their computers and earning Bitcoins in the process.

In order to make a Bitcoin deposit in your account at an online casino, you will need the Bitcoin address of the casino. You can then access your Bitcoin wallet and transfer funds to the online casino account. The transaction is normally processed within 10 minutes and both accounts will reflect the changed balances.

One of the main reasons for the popularity of Bitcoin payments is that they are completely anonymous. You need only a login name and a Bitcoin address. The transactions are not regulated by any national or international authority, which makes them hassle free.