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Bitcoin has certainly developed in the relatively short time it has been around. Everygame Casino has three bitcoin casino options for gamers to go along with the many other banking options we offer. In addition to bitcoin, we also offer banking in Litecoin!
So, the so-called cryptocurrencies are at the forefront of modern online casino banking!
Why Bitcoin?
Well, bitcoin offers the most anonymity and privacy of all the banking options. When online casinos started out, they offered banking through bank transfers, money orders, and credit or debit cards. It might seem odd to people who don’t remember way back when (circa 1994) when not every one had a credit card!
Money orders gave players a modicum of privacy but a direct bank transfer did not! After some years a new phenomenon came to online casino banking: the ewallet. This was a lot more private than bank transfers or credit card payments. A player sent money to an ewallet and from there made payments or purchases of all kinds of goods and services.
Online casino gaming was just one of thousands of goods and services people could pay for through an ewallet.
Why Was Bitcoin Invented?
The person who allegedly invented bitcoin is called Satoshi Nakamoto. He may or may not be a real person. He may even be a she! Satoshi Nakamoto may have been a small group of people. To this day we don’t know!
The motivation for creating bitcoin was to have a totally decentralized currency that could be used everywhere for purchases and payments and was entirely out of the reach of government control.
Bitcoin may or may not have succeeded in this attempt but we do know that governments would like to control bitcoin and all of the other cryptocurrencies that have followed in bitcoin’s wake and have failed to do so up to now.
Why is Bitcoin Called a Cryptocurrency?
There is a serious misunderstanding regarding the term cryptocurrency. The prefix crypto can mean fake. So, some people think that the term cryptocurrency was developed by central bakers and governments to indicate that bitcoin was fake currency.
This is not the case, in fact.
The prefix crypto in the word cryptocurrency refers to the term encryption. Everygame Casino and all online casinos and all online businesses that accept money online for purchases or payments use encryption software to protect the transfer of money. Thus, a cryptocurrency is a currency that was not manufactured by standard banking practices or by central governments. Instead, it is a currency that is created in a complex manner that governments and central banks cannot control.
Why Were Cryptocurrencies Created?
The creator or creators of bitcoin felt that there was a real need for a currency that consumers and businesses could have as much confidence in as they have in government money which is often referred to as fiat money. The real idea was that as governments print more of their own currency, a totally independent currency would in time take over a large amount of commerce done daily.
How Can Gamers Deposit in Bitcoin at Everygame Casino?
We have three bitcoin options:
- Bitcoin.
- Bitcoin Lightning.
- Bitcoin Cash.
Bitcoin has always been considered a currency that changes hands instantaneously. That was one of the big advantages bitcoin gave gamers in the early days of bitcoin, from its creation in 2008 and going forward a decade or so. Then, there were so many simple transactions in bitcoin that transactions in bitcoin were no longer done at super speed. People wanted a faster version of bitcoin.
This was the impetus for bitcoin lightning. This currency is faster than bitcoin.
Bitcoin cash may carry the bitcoin name but it is a separate currency. It has faster movement and costs less per transaction than bitcoin. It does “reside” on the same blockchain as bitcoin but it is not a stepchild of bitcoin.
What is a Blockchain?
This, of course, is the single biggest drawback to bitcoin and all cryptocurrencies: people simply do not understand blockchain and how it works.
As many times as most people try to understand blockchain, it goes whoosh right past them. This is more common than someone hearing a description of what a blockchain is and saying “oh, sure’ of course”.
So, here goes.
A blockchain is like a chain of entries in a data base. These entries are shared by all of the computers on the blockchain or network. The fact that the data on the blockchain are shared is said to make the data a lot harder to hack. It’s as if the hacker has to hack every chain on the blockchain to get at the information.
Most explanations of blockchain use the term “ledger” to describe it. This is very misleading since there have been physical ledgers for a couple of centuries and everyone knows what a ledger is. Cryptocurrencies exist in a digital “ledger” which is really not a ledger at all.
The computers that share the data are called nodes. When a new transaction in a cryptocurrency is made, a majority of the nodes have to verify that the transaction is valid. How this increases speed is a great mystery but it does. Cryptocurrencies are considered the most secure currencies since they can’t be hacked and governments cannot control them.
What Other Banking Methods Does Everygame Casino Offer?
For gamers who are not ready for bitcoin and its offshoots, we offer many ways to deposit and withdraw money.
The money order has gone the way of the dodo bird but credit cards are still eminently popular. We accept four credit cards: Visa, Mastercard, Discovery, and American Express.
We also accept four ewallets: Payz, Neosurf, PaySafe, and EZee Wallet.
We also still accept bank transfers and recently added transfers through Better EFT.
What Do Gamers Get When They Join Everygame Casino?
In addition to super safe banking, we offer over 300 great games from the creative geniuses at SpinLogic, our exclusive game provider. Most of the games we offer are slots and slots have gotten better and better as game providers discover new ways to tell stories.
Everygame also has a wide selection of blackjack and video poker games. These games carry a fantastic return to player rate of about 99.5% assuming that the gamer uses the best strategy on every hand.
We have a wide range of other table games such as Caribbean Poker, Tri-card Poker, Three Card Rummy, and Pai Gow Poker. We have baccarat for the James Bond types. We also have fun specialty games such as Fish Catch and Banana Jones.
Whether you play with bitcoin or another currency, we are sure that you will have a great time playing the many gamers we have on offer.
Everygame also runs many promotions with deposit bonuses running into the thousands of dollars and free spins accompanying many deposit bonus offers. Our Welcome Package has four deposit bonuses and a no deposit bonus altogether worth up to $5555!
