Published on 5 March 2015 by Sebas
About a year ago we informed our readers about Netent Casino Vera & John being ‘the first regulated online casino’ to accept bitcoin deposits. Last week ParadiseWin joined them , now also allowing deposits made with the new crypto-currency…
Actually before Vera & John there were already online casinos that had bitcoin as a payment option on offer, but the casino was certainly the first regulated Netent Casino to accept the virtual coins. Now since last week Netent Casino ParadiseWin (added to our website last December and regulated by the Curaçao e-gaming authority) is the second Netent Casino that accepts bitcoin payments. However, it probably won’t be the last to integrate the somewhat ‘mysterious’ new payment method into its cashier, as the system has several very advantageous features when it comes to depositing in online casinos.
What are bit coins?
Bitcoins is basically a digital, decentralized monetary system that instead of being controlled by a government or its central bank (like normal currency) is regulated and controlled by the bitcoin network. This means the transactions made with the system are not verified by only one (bank) computer or server but by a network of independent computers that all use the same bitcoin transaction verifying software. The network allows users to make online payments ‘peer-to-peer’ without any interference of third parties (like banks, credit card companies, e-wallet providers et cetera) that all charge fees for their services (in one way or the other).
Suppose you want to start using bitcoins as an online payment option… You’d first have to open a ‘bitcoin wallet’ at a wallet provider, for which only your name, a (verifiable) valid e-mail address and a password needs to be provided. Subsequently you purchase (with real money) bitcoins at a bitcoin broker (often the same wallet provider) to upgrade the wallet.
During the bitcoin transfer the data belonging to that particular transaction is instantly monitored, verified and approved by various independent computers on the bitcoin network that all use the same cryptographic algorithm to do so. Subsequently this data is stored in a public ledger, the ‘blockchain’, that will however only tell there’s a ‘block’ with a certain amount of bitcoins belonging to a certain (encrypted) bitcoin address (yours). All transactions ever made with bitcoin are stored in the public blockchain.
Bitcoin as an online casino payment system
The advantages of bitcoin as an online casino payment system are obvious:
- As there’s no (fee asking) ‘middle man’, bank or government involved in bitcoin transactions the transfers are made against a very low cost;
- The payments are extremely safe as various independent computers verify and approve the transactions;
- As no sensitive personal data needs to be provided (neither during creating a bitcoin e-wallet, nor during individual transactions) bitcoin payments are completely anonymous;
- Payments made with bitcoins are carried our instantly.
Because of these advantages bitcopins and the bitcoin payment system are currently one of the hottest topics within the iGaming business as it offers great potential for both players as the providers of online casino gaming.
Play with your bitcoins in the ParadiseWin Netent Live Casino
Of course at ParadiseWin players still can make deposits with the regular online casino payment options such as Neteller, Visa, MasterCard, Skrill et cetera too. But if you happen to have some in your bitcoin wallet and you want to use your bitcoins to play your favorite Netent casino games with ParadiseWin could be just the place you’re looking for with, except for the Netent pooled jackpot games, the complete collection of Netent software on offer (including even a Netent Live Casino!).