Although Bitcoin is a relatively new phenomenon, paying with this online currency is becoming increasingly popular. For many people, Bitcoin seems to be the payment method of the future. Find out all about it here.
On this page, you will learn:
- What Bitcoin casino gambling is
- Which are the best Bitcoin casinos
- Why you should consider Bitcoin gambling
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How does Bitcoin Gambling Work
Paying with Bitcoin is perhaps best compared to sending an e-mail. Just as simple – a piece of cake. You can send your Bitcoins to a different address, which consists of a series of letters and numbers, via the Bitcoin network, in which everyone can participate, anywhere in the world. Bitcoin does not have to be complicated for online gamblers.
Think of it as nothing more than an app or computer program that offers personal Bitcoin addresses and enables a user to send and receive Bitcoins. This is how Bitcoin works for most users, they act as if they were their own bank. The Bitcoin network maintains a public register, the so-called blockchain, in which every transaction that has ever been processed is stored.
The authenticity of each transaction is protected by digital signatures that are linked to the shipping address so that you always have full control over sending Bitcoin via your own Bitcoin address.
How do I start gambling online at Bitcoin Casinos?
The most unique element of using Bitcoin casinos as opposed to other payment solutions is the fact that there are several other steps involved in getting started. The predominant one is the need to actually acquire Bitcoins online.
This can be done via an exchange platform, some form of p2p trading platform, or mining for Bitcoin yourself. Once you have obtained the assets, you then have to take some other steps to fund your account with them to begin playing with them.
Depositing with Bitcoin
Once you have purchased your Bitcoins, the next step is finding a way to get them in your account. In order to do this, you will need what is known as a Bitcoin wallet. A Bitcoin wallet is a piece of software, either on your desktop or online, that stores your Bitcoin and has its own address where you can transfer them or in or out of your casino with. After this point, you can follow the following steps:
5 Steps To Depositing With Bitcoin
- Find a casino that supports bitcoin transactions
- Head over to the casino cashier and select Bitcoin as your deposit option
- Enter the details of your Bitcoin address
- Input your deposit amount
- Wait for the funds to arrive in your account
- After this, you will have the ability to play with Bitcoin on your favorite games and gain access to exclusive Bitcoin-only games.
Withdrawing Via Bitcoin
If you win with Bitcoin bets, you can then withdraw the funds too in a similar equal easy to do fashion. The only difference is that you choose to “withdraw” instead of a deposit. Once the procedure is completed, your Bitcoin can be found back in your Bitcoin wallet. It goes as follows:
5 Steps To Withdrawing With Bitcoin
- Make sure that you have verified your account by completing your casinos KYC procedure.
- Head to the casino cashier, as you did for deposits, then select withdraw
- Choose bitcoin as your withdrawal method and make sure the bitcoin wallet address is correct.
- Enter your desired withdrawal amount and click confirm,
- Then simply wait for your winnings to arrive – this could be completed within one hour.
Bitcoin Processing Times
Bitcoin is a super speedy way to deposit and withdraw and permitting you have appropriately verified your account and depending on the processing times of the casino, you could be reimbursed with bitcoin in just a few minutes.
Pros & Cons
Pros
- The main reason for using Bitcoin is the freedom offered – The amount of the amount to be sent does not matter. Transactions can be sent and received directly, always, and everywhere. With Bitcoin, holidays, national borders, and limits are a thing of the past, meaning that online gamblers gain and retain complete control of their money.
- Another nice extra is that Bitcoin payments are processed without, or at negligibly low costs – That way you won’t incur annoying extra costs and you can take a seat carefree and move up at the roulette table.
- Paying with Bitcoin is safe, irreversible, and free of sensitive, confidential, and personal information – In this way, for example, sellers are protected against losses due to fraud or unjustified reversals. Bitcoin users can also protect their money through backups and encryption.
- Exclusive Games – There are now many games that you can only play with bitcoin which gives you an ayre of exclusivity when using it at online casinos
- Unlimited Deposits and Withdrawals – Casino who offer bitcoin as a payment option won’t cap either deposits or withdrawals so you can put in or take out as much you want.
Cons
- Unpredictable – For many reasons, the future of bitcoin is unpredictable.
- Value Fluctuates- Another issue is that the price of bitcoin change a great deal. This means that a win one day could be worth a different value the next.
- Not widely available – While the popularity of bitcoin is certainly on the up, the majority of casinos still do not offer it.
- Hard to obtain – With traditional currencies you already have access to them, with bitcoin you must obtain it first through other means, elongating the process.
Bitcoin Customer Support
A bit of a red flag when it comes to Bitcoin is due to its nature, it has no support system as no ones owns the network. In regards to this, it means that if anything untoward happens the support you receive will depend on the casino, your wallet provider, or the alternative place you have bought or stored your Bitcoin on. Most of these will have to adhere to some form of financial authority body which you can also look to for help.
Bitcoin Security
A similar issue relates to security as it will be reflective of the system you have chosen to use for your Bitcoins. Different locations where you store or purchase Bitcoin will determine the security level of your assets.
This said, there are unique security benefits that Bitcoin does have in terms of its core functionality. Namely, the fact that transactions are encrypted, anonymous, and a record of the history of each Bitcoin can be monitored via its blockchain.
Bitcoin gambling is the Future
Safe and reliable, these are the keywords of Bitcoin. The resounding success of Bitcoin ensures that Bitcoin Casinos open their doors all over the world. These Bitcoin-specific gambling houses are growing in number and becoming more reliable, while other casinos are adding support for the payment option.
Not only this, but there more and more games for Bitcoin only are getting released making Bitcoin gambling a more exclusive affair. All of this means that Bitcoin gambling is the future. Get ahead of the curve by checking out the options for Bitcoin gambling found on our website if this sound attractive to you.
Bitcoin Online Casinos FAQ
Where did Bitcoin come from?
Bitcoin is a cryptocurrency, which was first written in 1998 by computer scientist Wei Dai on the cypherpunks mailing list. He outlined a concept where a new money type uses cryptography, instead of a central authority that manages creation and transactions. That vision of the future became reality in 2009, with the roll-out of the Bitcoin payment system. The Bitcoin protocol and software are published online and can be viewed by everyone. The digital coin began to make a name for itself in mid-2011 with the general public. A turbulent period full of price fluctuations followed. Today more and more companies, individuals, and gambling palaces embrace Bitcoin. The possibilities are endless, and more and more gamblers are starting to see that.
How many Bitcoin casinos are there?
Bitcoin is still in its infancy. For that reason, the large online casinos do not accept payments via Bitcoin to date. While they have grown, today, Bitcoin is still not yet supported in large numbers by online casinos. This makes gambling with Bitcoin a tricky story, despite being easy to use. We, therefore, advise you to only visit the casinos reviewed by our experts, because then you know for sure that you are in the right place.
Does Bitcoin fluctuate?
One of the issues with Bitcoin gambling is that the price can fluctuate a great deal. This means that a big win one day might not hold the same value a week later. However, the opposite can also happen so what you win one week, might be worth a lot more a week later. While this happens with all currencies, Bitcoin takes this is extremes.
