What is Bitcoin?
Bitcoin is a digital currency which was created by alias Satoshi Nakamoto in 2009. The aim of the cryptocurrency is to carry out purchases without the need of a bank. Bitcoin is used all over the world to make anonymous transactions using a unique identifier for each purchase.
Your purchased Bitcoins go into your Bitcoin wallet. If you want to use this payment system for your online gaming, you’ll need to find a Bitcoin casino and connect your account’s wallet to your crypto wallet. Read on to learn about the ins and outs of using Bitcoin at online casinos.
Where to Buy Bitcoin
Getting your hands on Bitcoin is quick and easy. All you need to do to purchase Bitcoin is go to an exchange site like eToro or Coinbase. Before settling on a trading site, be sure to confirm its reputation by looking at reviews, checking its licensing, compliance, and customer service portal. This is because you’ll need to input your credit card details to complete the purchase.
Other factors to take into consideration when purchasing Bitcoin are the ease of use, liquidity, geo-restriction, limits, and fees.
While Bitcoin may be the most well-known cryptocurrency out there, it most definitely isn’t the only one. We’ve listed some of the most common cryptocurrency payment options offered by online casinos:
As the most popular cryptocurrency in the world, Bitcoin is majorly popular at online casinos. Since it governs itself, its security levels are quite high. You can bank at online casinos using Bitcoin without worrying about any personal details being disclosed. Having said that, it can prove to be a bit slow in processing transactions.
Bitcoin cash is the new and improved version of Bitcoin. It offers faster processing times and a more user-friendly approach. You will normally find both Bitcoin Cash and Bitcoin BTC banking options at online casinos.
Ethereum is the second biggest cryptocurrency in the world, which is why it is growing in popularity among online gambling sites. With virtually no fees, you can bank at online casinos quite easily. You can also use your Ethereum wallet for other purposes. The major difference between Ethereum and Bitcoin is that Ethereum transactions tend to be faster.
Litecoin (also known as altcoin) is a well-known cryptocurrency which has been around since 2011. It’s used for many purchases including deposits on online gambling sites. It offers top-notch security to keep you safe as you trade.
This is the youngest of the listed cryptocurrencies. It is increasing in popularity among online casinos. What sets is apart from other cryptocurrencies is the nature of how it was created (as a sarcastic meme) and its community approach.
Advantages of using Bitcoin at casinos
There are quite a few advantages to using Bitcoin at casinos. First off, there are no strict regulations which are constantly changing like with fiat currency payment providers. You’ll find some other advantages below:
Since Bitcoin is pseudonymous, none of your personal information will be visible to any site you carry out a transaction on. All that shows is the amount you are transferring. You will find some Bitcoin casinos that offer complete anonymity, meaning they don’t ask for any details. What’s more, your bank statement will only show how much Bitcoin you purchased – where you used them isn’t listed.
Most payment providers take a cut of your transaction – this is how they make money. When it comes to blockchain, however, the fees tend to be much lower. This means that you’ll have more funds to play your favourite games with when using cryptocurrency.
Cryptocurrencies are decentralized, which means that blockchain isn’t linked to any bank or governing body. This puts you in control of your funds and you needn’t worry about your Bitcoin account being frozen or blocked. What’s more, since there is no governing body, no one can monitor how you use your coins.
The main aim of Bitcoin and other cryptocurrencies is to provide a payment system accepted around the world without the need of banks or governing bodies. The lack of regulations means you can make payments at any Bitcoin casino regardless of the country you’re in.
Cryptocurrency is very transparent since all purchases are listed in a public ledger. This means that you can prove any payment you make including those at Bitcoin casinos by finding the unique identifier which matches that of the transaction you are verifying.
Disadvantages of using Bitcoin at casinos
Just like everything else, using Bitcoin at casinos comes with its set of disadvantages. We’ve listed the major ones below:
No Blockchain Customer Support
Blockchain is not governed by anyone, which means that problems can be tricky to solve if they arise. Customer support may be available at your Bitcoin casino or crypto-wallet provider, but that’s as far as it goes. Since Bitcoin is untraceable, you may also have trouble getting your funds back if they are stolen. You can avoid this by making sure to secure your crypto wallet by selecting a reputable provider.
The value of your purchased Bitcoins depends on the stock market at the time you decide to use your coins. This means that if your chosen Bitcoin casino converts cryptocurrency into fiat before you can play the games, you risk losing some of the value during the conversion. On the other hand, though, this could also increase.
Selecting the right Bitcoin casino is crucial because once a transaction has been confirmed, it cannot be reversed. This means that you will lose your funds if there are any issues with the online gambling site.
Bitcoin casinos and Security
There are other things you need to make sure check the boxes when selecting a Bitcoin casino. We’ve listed some tips to help keep you safe:
Online gambling with cryptocurrency is one of the safest options out there – this is why Bitcoin casinos are becoming so popular. Blockchain implements a two-step verification process which makes it that much more difficult for hackers to get into your account.
Use a Strong Password
You should always use strong passwords when signing up to something online. This is especially true when selecting one for anything to do with your finances. Do not use passwords that are easy to guess, such as your birthday, name, or ideal holiday destination.
Make sure your password is unique and contains a variety of characters (capital letters, small letters, special symbols, and numbers). If you sign up to more than one Bitcoin casino, choose different passwords for each site. A good option would be to use password generation software – these suggest strong passwords while also protecting you from keyloggers.
Change your password every few months or so and never share your login details with friends or family.
Store your Coins Safely
How you store your coins is an important thing to consider. While it may be more convenient to use an online wallet or storage app, these can be easily hacked into. We recommend storing most of your Bitcoin in hardwire or cold storage systems such as an external hard drive and only keeping a small amount in your online wallet or app.
Look out for Phishing Scams
There are numerous phishing scams out there. This may be stating the obvious, but never click on any links in emails you do not recognize. You will never be asked to send your bank account details or any other sensitive details over an email, the phone, or SMS.
Keep in mind that these emails could even look like they came from a Bitcoin casino you’re signed up to. If you’re unsure, take screenshots and send them to the site’s customer support team who will be more than happy to verify whether the email is from them or not.
Register at a Reputable Bitcoin Casino
Before signing up to a Bitcoin casino, check its reputation on online gambling forums and review sites. Also look at its licensing bodies and payment processes. Does the Bitcoin have a strong customer support system? Are the licensing bodies reputable? How accessible are the terms and conditions? These are all questions you need to ask before opening an account at a Bitcoin casino.
Choosing the Right Bitcoin Casino
Naturally, you’ll need to check whether the site accepts Bitcoin payments first. However, there are many other factors to consider when selecting a Bitcoin casino:
- Licensing: Begin by checking the site’s footer to see if the Bitcoin casino is licensed by a reputable regulatory body.
- Security: Make sure the Bitcoin casino has a verification process in place and that it uses high-tech encryption technology.
- Customer Support: Customer support should be readily available in the form of live chat or email. Some Bitcoin casinos also offer a help centre with FAQs.
- Games: Check out the casino lobby to see if you like the games and/or providers. You can play in demo mode at most Bitcoin casinos to get a feel of the site.
- Reputation: Have a look at online gambling forums and see what other players have said about the Bitcoin casino. Look for consistency between sites.
- Payment System: Is the payment policy readily available for you to see without registering? How long do withdrawals take? Does the Bitcoin casino charge any fees?
- Geo-location: Read through the Bitcoin casino’s terms and conditions to make sure that you can play there from your country.
- Promotions: Go to the promotions section of the Bitcoin casino to see what kinds of bonuses and tournaments the site has on offer.
Claiming Bonuses with Bitcoin
Bonus offers are available to players who deposit using both cryptocurrencies and fiat currencies at Bitcoin casinos. However, you may find that Bitcoin deposits are excluded from some promotions. In other cases, some Bitcoin casinos offer higher bonuses or dedicated bonuses to players who deposit using Bitcoin and/or other cryptocurrencies.
We’ve listed the different kinds of bonuses you may find at Bitcoin casinos below:
Most online gambling sites greet new players a bonus. This could come in the form of deposit bonuses, free spins, or a combination of both. Some Bitcoin casinos offer a cashback instead. This may come in the form of a one-time bonus or stretched over your first few deposits.
No Deposit Bonus
No deposit bonuses are rare but may still be available at Bitcoin casinos. They are mostly in the form of free spins on a selected game. The objective is to give you a gift to try the casino out with. You won’t be obliged to deposit after, but if you want to withdraw any winnings, keep in mind that these normally come with high wagering requirements.
Deposit bonuses are probably the most common type of casino bonus out there. It is when the Bitcoin casino matches your deposit by a given percentage up to a certain amount. For example, if the Bitcoin casino offers a 200% bonus up to 3 BTC and you deposit 1 BTC, you will receive a bonus of 2 BTC, giving you a total of 3 BTC to play with.
This kind of bonus can form part of the Bitcoin casino’s welcome package or be labelled as a ‘reload bonus’. The latter is usually a weekly promotion to encourage players to deposit again.
Free spins may come as an add-on to a deposit bonus or be completely independent. Basically, what you’ll get is the set number of spins when you deposit a certain amount. These could be on a particular game, provider, or to use within the lobby. Some Bitcoin casinos have a ‘Slot of the Week’ programme, where you’ll receive spins on a different game every week if you deposit between the stipulated times.
Playing at an online gambling site comes with its risks. Cashback bonuses are there to refund you a percentage of your losses during a given period of time. Generally speaking, this is the only kind of bonus which doesn’t have any wagering requirements attached to it, and if there are, they are quite low. If your chosen Bitcoin casino has a VIP programme in place, chances are that the cashback percentage will get higher as your VIP status progresses.
Transactions at Bitcoin Casinos
Any payment you make using Bitcoin is safe, including those at Bitcoin casinos. All transactions have a unique identifier which is visible in a public ledger, which makes it almost impossible for scam artists to get to the funds.
How to Make a Bitcoin Deposit
You’ll be ready to make your first deposit in BTC once you’ve purchased your coins and opened an account at a Bitcoin casino.
Here’s a step-by-step guide to depositing at a Bitcoin casino:
Step 1: Go to your account and open the cashier
Step 2: Select Bitcoin as your preferred payment method
Step 3: Select your crypto wallet
Step 4: Enter the amount you wish to deposit
Step 5: Enter any promotional codes you may have at had
Step 6: Start playing the games
If this is your first deposit at the Bitcoin casino, remember to select the welcome bonus in the cashier. You may need to contact customer support so make sure to read the terms and conditions of the welcome package before completing your initial deposit.
How to Make a Bitcoin Withdrawal
Withdrawals with Bitcoin are just as straight forward as any other payment provider.
Receive your funds by following these few simple steps:
Step 1: Make sure you do not have any unfulfilled wagering requirements. If you request a withdrawal before completing these, chances are you’ll lose your bonus funds.
Step 2: Go to the cashier and choose Bitcoin as your preferred withdrawal method.
Step 3: Enter the amount you wish to withdraw.
Step 4: Confirm the request.
Step 5: If this is your first withdrawal, you’ll need to submit verification documents such as a recent utility bill and a copy of your passport.
Step 6: Once verified, you’ll receive your funds in your crypto wallet.
How fast your funds take to reach you depends entirely on the Bitcoin casino. You can check how long the site takes to accept and process funds in the payments policy or by contacting customer support.
Responsible Gaming at Bitcoin Casinos
Just like at any other online gambling site, it’s important to play responsibly at Bitcoin casinos. If you are unsure of how to do this, you can read through the site’s Responsible Gaming policies or speak to the customer support team.
In the meantime, here are some things to keep in mind:
- Set a budget and stick to it. This could be in the form of how much you allow yourself to play within a period of time or how much you’re willing to lose.
- Go to your account at your Bitcoin casino and set your loss limits.
- Remember that the slots and other games use an RNG (random number generator) so there are no sequences and/or set number of losses before a win.
- If you feel you’re spending to much, contact customer support and exclude yourself from playing. This will block your account for a set number or weeks, months, or years.
- If you feel like your gameplay is becoming an addiction, contact the customer support team and seek advise from the appropriate responsible gambling agencies in your area.
Playing the Games at Bitcoin Casinos
Got everything set up? Then it’s time to start playing the games. You’ll find that you can play anything with BTC at Bitcoin casino: slots, craps, roulette, blackjack, video-poker, live casino games, virtual sports, dice – the list goes on. Essentially, playing with Bitcoin is no different than playing with fiat currency
You’ll come across some Bitcoin casinos that offer BTC exclusive slots and games. These may be less slot-like, and more action or puzzle based.
Mobile Bitcoin Casinos
Most online casinos have sites which are optimized for mobile browsers – this includes Bitcoin casinos. Some even have their own dedicated app which you can download for free from the Apple Store or Google Play.
If you prefer playing on mobile, remember to download your crypto wallet app onto your phone so that you can deposit and withdraw without any issues.
Provably Fair Games
Regular video slots use a random number generator to ensure fairness when playing. At the start of cryptocurrency games, the provably fair system concept arose. This allows players to check the game’s fairness and outcome themselves.
You’ll receive a hashed seed number every time you play a crypto-specific game. This goes into the game and comes back once the round is over. You’ll know the game is fair and random if the seed comes back untouched.
This is a major advantage of Bitcoin casinos as it promotes transparency, trust, and fairness.
Summary and Conclusion
It’s no wonder that Bitcoin casinos are on the rise. Cryptocurrency offers an anonymous payment system which you can use for any purchase which allows Bitcoin transactions. You can purchase it from any reputable exchange medium and download it into a cold storage system or keep it in your crypto wallet app.
Making payments is easy with a unique identifier for every purchase. Since the identifier is visible in a public ledger, you’ll not only be safe from scam artists, but you’ll also have proof of every transaction.
Cryptocurrency payments are available worldwide and it’s easy to find a Bitcoin casino. Banking is straight forward, and the anonymity means nothing will show on your bank statement.
Provided you’ve signed up to a reputable Bitcoin casino, you’ll have a smooth experience while playing the games. This includes crypto-specific games, which are designed with a provably fair system to ensure fairness.
Depending on the Bitcoin casino, you can claim most of the bonuses available for fiat currency. You may even be eligible to claim bonuses exclusively for players who deposit with BTC.
While Bitcoin may have its disadvantages, it’s a great way of effecting payments. Remember to take precautions to keep your coins safe and you should have no issues using it as your banking method at Bitcoin casinos.