- What is a Bitcoin Casino?
- How to Use Bitcoin at the Online Casino
- Pros and Cons of Bitcoin Online Casinos
- Finding Online Casinos that accept Bitcoin
- Should You use Bitcoin at the casino?
Is NOW the right Time to Play Casino Games with Bitcoin?
Numerous casino operators have delved into the field of cryptocurrencies since 2011. While a few online casino operators have decided to entirely focus on Bitcoin by making it available as its only means of payment for withdrawals and deposits, others have chosen to add it as one of the payment options.
But as a result of its nature and it’s just growing popularity, you will be able to locate some bitcoin casinos that are worth considering. In this article, we shall be taking a look at bitcoin online casinos, how to use them and where to find them. First, let’s take a look at what Bitcoin is.
Bitcoin Casinos are merely casinos that let players make payments on their platforms using bitcoins. Bitcoin is a virtual currency or cryptocurrency released in 2009 by an anonymous programmer named Satoshi Nakamoto. Bitcoin came into the limelight in the year 2011, and ever since it has continued growing.
It is a peer to peer payment system which uses electronic cash to make purchases online. The crypto was the first of many trustless digital currencies which provides two parties with the capacity to carry out transactions with each other without the requirement of a third party. It is a well-known method because it is absent of government intervention.
This currency is different from fiat currencies like the Sterling, Euro, and the US Dollar because it does not have a central bank and functions solely in a peer-to-peer marketplace. Regardless of the fact that it experienced a turbulent time in the beginning (as many cryptocurrencies do), its reputation, as well as popularity, has continued to grow. As a result of this, lots of organisations and casinos online have begun using it as a means of payment.
Types of Bitcoin Casino
There are two types of Bitcoin casino. The first type are those that operate exclusively in Bitcoin, meaning you can deposit, play and withdraw winnings in this cryptocurrency. In this type of casino, Bitcoins are used as you would use cash deposits where credit is expressed in fractions of one Bitcoin, such as 0.0003 BTC for example.
The second type is what is commonly referred to as a Hybrid casino. A hybrid is actually a standard casino that accepts deposits and withdrawals in Bitcoin. This type of Bitcoin casino will allow a player to deposit coins, but before you start playing the Bitcoin is converted into fiat currency. Some, but not all of these sites will also allow a player to withdraw winning in Bitcoin back to an e-wallet.
Here is a selection of top Bitcoin casinos reviewed and rated by our experts:
What is Provably Fair Gambling?
In your search for for a Bitcoin casino, you may on occasion come across the concept of Provably Fair Gambling. Provably Fair describes a blockchain-based technology unique to Bitcoin and other altcoin based casinos. Simply put, through the use of a cryptographic algorithm, the technology allows both the operator and player to verify the fairness of a game using complex mathematical equations, seeds and hash functions. Bitcoin casinos described as Provably Fair provide players with tools to prove the randomness of an outcome and make it impossible for either party to cheat. Not all Bitcoin casinos offer Provably Fair Games because the technology is used solely on the blockchain and Hybrid Bitcoin casinos that convert deposits from Bitcoin to fiat currency do not have this level of security. To find a Provably Fair Bitcoin casino, you will need to check on the casino site directly for further details.
If you have never used this currency before, then it may not be as easy as other payment methods to start with because bitcoin must first be acquired. First, you will need to have a wallet to keep your bitcoins safe. After that, you will be provided with a wallet ID which is unique to you. From here, you can then buy some Bitcoins from an exchange and pay the rate stated.
The good news is, once you are in possessive of Bitcoin the rest is very straightforward. All you would need to do from there is to choose the payment option for ‘’Bitcoin” at your bitcoin casino of choice and then transfer money to the wallet ID provided. The instant the connection has been established and the casino is aware that the deposit has been transferred, your account will be credited with the funds.
Bitcoins cannot be used like you would use cash deposits. There are a few reasons for his, but mainly because bitcoin deposits are expressed in fractions of one bitcoin. To solve this, Bitcoin casinos will convert your deposits into casino credits for simplicity and transparency.
It is in fact relatively straightforward to find a casino that accepts payment in Bitcoin. But before you go through the process of signing up, making your deposit, and placing your initial bet, it's better you are aware of some of the pros and cons of bitcoin gambling.
The Benefits of using Bitcoin:
Anonymity: One of the best aspects of blockchain technology. Uses are kept anonymous, and this means when you carry out transactions with the casino, your personal banking information is kept private. You cannot be traced with the funds you pay either.
It is Safe: Bitcoin Payments compared to credit card payments are more secure. Bitcoin payments are direct payments between player and casino and do not use a third party.
Less Fees: Bitcoins can be sent straight from your wallet to that of the Casino. They do not need to charge transaction fees because the casino does not require the assistance of a third party facility for payment.
Disadvantages of using Online Bitcoin Casinos
Its value changes: The value of Bitcoin is currently very volatile. It is possible that the value is higher when you deposit then it is worth when you come to withdraw your winnings when compared to fiat currency. This aspect of cryptocurrency volatility can introduce another element of risk to your casino strategy.
Extra Steps Required: Although some players already have experience in carrying out bitcoin transactions, for many players acquiring bitcoin, to begin with, may seem like a challenge that requires a steep learning curve.
There is an ever-increasing number of online casinos which support payment using bitcoins. These casinos are for the best part safe, but it is always a good idea to do your research before committing funds. If you don’t have time to do your own research, the good news is that the experts at GambleScope have done all the checks for you and selecting a bitcoin casino from the options we suggest will ensure that amongst other things you sign up with a credible and reputable alternative.
If you prefer to look at the available options in-depth for yourself, it is straightforward to find a casino that accepts bitcoin by doing a simple google search for ‘bitcoin casinos’.
The bitcoin payment option can be confirmed by clicking on the ‘payment methods accepted’ link provided by the casino online casino, generally found at the bottom of the homepage.
Using bitcoin in a casino is a good option for those that currently own bitcoin or at least have experience in buying and using cryptocurrency. For everyone else, using bitcoin at the casino may require some additional steps before it is possible to play with these new types of online casinos. Bitcoin casinos are generally safe, fast and private. Nonetheless, there are still some risks involved in connection with the volatile nature of this digital currency. Players need to assess the benefits and drawbacks of using a bitcoin casino before committing to giving them a go.