Bitcoin payment online casinos
Bitcoin payment online casinos
If you enjoy gambling with real money, you’ll understand that payment methods are crucial to having an amazing online casino experience.
Bitcoin casino payments are a relatively new concept. However, featuring speedy payouts, excellent security, minimal fees, and privacy all in one, they might well be the holy grail of real money gambling.
Find out more about this payment solution, its pros and cons, and of course, the best websites to gamble on with bitcoin.
What is bitcoin?
A couple of years ago, bitcoin was invented as a new way to carry out online banking transactions. However, users don't need the services of a bank or any financial institution to properly utilize bitcoin. Known as a cryptocurrency or digital currency, all bitcoin transactions are carried out and stored on the blockchain – an open-source technology that anyone can access.
How does bitcoin work?
Since bitcoin isn't a centralized system, it's not controlled by the central bank or any single authority. Transactions do not go through middlemen or third parties. Instead, they are carried out peer-to-peer or user-to-user.
Users can obtain these coins by mining or buying them with fiat money at a cryptocurrency exchange. The former is a rather complex process requiring mathematic calculations and heavy software, so most people opt for the latter. Coins are stored in a bitcoin wallet, which is usually secured with a private key.
What to check when choosing a casino that accepts bitcoin
As the first of its kind, bitcoin is the most popular cryptocurrency and offers increasing application in financial services and online banking. Bitcoin is also frequently used at online casinos. Bitcoin and online gambling are like two peas in a pod. This digital currency is based on some of the most innovative technologies, and the iGaming industry is a massive hub of innovation.
Online gambling with bitcoin is a great prospect, but there are a number of things to look out for, even on the best online bitcoin gambling sites:
- Reputable licensing and robust security
- Generous bonuses and promotions
- Top-quality games and software
- Reliable deposit and withdrawal methods
- Efficient customer service
- Good reputation among real players
Some bitcoin casinos are merely online sites that offer bitcoin as a payment method. Others take it a step further, as they are designed on the same platform that runs these digital coins — the blockchain. On these sites, players can find bitcoin games that allow you to place bets in cryptocurrency.
A unique attribute of these bitcoin titles is that they use the Provably Fair technology, allowing players to check for themselves whether or not the outcomes are random.
For instance, when you play blackjack at a bitcoin casino, you can verify whether the hand you were dealt was a chance event or if it was manipulated by the casino. You do this using a seed and private key entered into the random number generator's algorithm.
With the power to confirm the fairness of game outcomes, players no longer need to blindly trust the operator's goodwill when gambling online. Using bitcoin for online poker and roulette games is also becoming popular. It’s possible to buy smaller denominations of bitcoin in the form of millibitcoin (mBTC), so you don't need a huge bankroll to play these games.
Pros and cons of paying by bitcoin
Security: By nature, these transactions are very secure and highly encrypted. Also, you don't have to disclose much personal information to the casino, so there's little risk to begin with.
Speed: Deposits and withdrawals are handled immediately with bitcoin. There are no cards or third parties involved, so money moves directly from the sender to recipient.
Minimal fees: The absence of intermediaries also cuts down on the fees required for processing transactions. Often the fees that the casino charges for bitcoin transfers are negligible, and sometimes there are no charges at all. However, there are also blockchain fees charged for sending bitcoin.
Anonymity: Payments using this method are separate from your bank, so they are not easily traceable.
Fluctuation in value: The value of bitcoin depends on user demand, and since there is no central body to control it, it often experiences abrupt fluctuations. This volatile nature could incur unexpected losses if the value drops.
Limited availability: Many online casinos have yet to adopt this method. This is mainly due to skepticism over its highly volatile nature, so its availability is still limited as a result.
How to make a bitcoin casino deposit
Here’s a quick walk-through of how to get your bitcoin gambling started:
- Download a free bitcoin wallet online and set it up.
- Visit a reputable bitcoin exchange platform and purchase coins.
- Pick one of the recommended bitcoin casinos and sign-up.
- Head to the "Cashier" and click on "Deposits".
- Choose bitcoin as your preferred deposit method, and the casino will provide you with a bitcoin web address.
- Open your bitcoin wallet and enter that address into the appropriate transfer field.
- Type in the amount you want to deposit and confirm the transaction. The amount should transfer almost instantly.
How to make a bitcoin casino withdrawal
Bitcoin offers one of the fastest withdrawal processes at the casino. Here’s how to cashout with this method:
- Head to the "Cashier" and click on "Withdrawals".
- Select bitcoin and enter the amount you'd like to cashout.
- Open your bitcoin wallet, copy your wallet address and paste it on the casino.
- Click withdraw, and you'll be credited with your money quickly.
Alternatives to bitcoin
Offering speed, security, anonymity and low fees, bitcoin is certainly the payment method to beat, as other providers are still lagging behind in one or more aspects. However, there are several alternatives to bitcoin:
Is bitcoin online gambling legal?
With bitcoin being unregulated by any government, it's neither prohibited nor officially allowed. Legally, you shouldn't have any issues playing at a bitcoin casino. However, this also means there's limited player protection from authorities, so make sure you only play at reliable bitcoin sites.
How do I use bitcoin for online gambling?
You can use this payment method just as you would any other. Simply follow the deposit process to fund your account with bitcoin and start playing your favorite games.
Can I play blackjack at a new online bitcoin casino?
New online casinos are designed with the latest technologies, so many of these platforms will allow you to play blackjack with bitcoin. Also, new blackjack games often feature high-quality graphics and exciting gameplay, so you should certainly try them out.