While more and more governments, including the United States, legislate against online gambling, mostly through restricting payment providers, Bitcoin gambling grows bigger by the day. You can enjoy all big Casino games like Poker, Roulette, Blackjack, Bingo, Dice Games and many more – without any restrictions by using Bitcoin for your online gambling.
Although, bitcoin isn’t the only cryptocurrency, it is by far, the most well accepted by online casinos. There are a handful now accepting Ethereum, Litecoin, Dogecoin and others, but the selection is very sparse. The number of these casinos offering alternative cryptos is expected to expand greatly in the coming months.
The Benefits of Bitcoin and other Crypto Casinos
Fees, What Fees?
Fees are something that players who deposit often, hate, as it eats into their bankroll by as much as 5% in addition to any fees charged by the credit cards, paypal, and bank wire transfers. Then they get hit again with withdrawal fees in the form wire fees, check fees, swipe, and other money transfer services. In addition, weekly withdrawal limits, means you may incur these fees several times before being able to receive all of your winnings. All told, between deposit and withdrawal fees, you could be losing 10%-15% of your winnings. Bitcoin and altcoin casinos eliminate most if not all of these fees, although I have seen some casinos charge as much as 2% for bitcoin deposits. This makes cryptocurrency gambling very attractive, especially if you factor in the possible appreciation of the coins themselves while they are in play.
Say Goodbye to Deposit and Payout Delays
The best thing about bitcoin casinos is the fact that cashing out is faster and easier than anything in the past. The single biggest gripe that people have against online casinos are the delays and uncertainty related to receiving payouts. Unlike traditional payout methods, like checks and wire transfers, where you may have to wait weeks or months before ever receiving any money, bitcoin and other crypto payouts are processed instantaneously you will have your money only seconds or minutes after a cash out request. Give them a wallet address, hit the cashout button and go buy daddy his new pair of shoes.
Bank Account and Credit Card Fraud Eliminated
Since bitcoin transactions are unique, anonymous, and require no more than a one-time blockchain generated wallet address, your credentials are never compromised. Other than the hacking of your access keys to those particular bitcoins (which can be easily safeguarded), your identity is safe. You are the owner of your coins and the private keys used to transfer them. No longer are we tied to a central processor with all of your account and credit information.
Many bitcoin casinos offer free bitcoin bonuses to its prospective players or affiliates for different activities such as, your registration with the casino, referring a new player to register on a casino, to play a new game, and many others. These offers are mostly promotional and certain terms and conditions apply. There are some casinos that also offer bonus on games and number of gambles etc.
How Do Bitcoins and Others Work?
Bitcoins are an electronic currency that are stored in the cloud on a network of computers, so they aren’t susceptible to any particular hardware or network failure. There are a set number of 21 million bitcoin that are in the blockchain and no more can ever be made, unlike dollars that can be printed on demand by the Federal Treasury.
Bitcoins and other cryptocurrencies that use blockchain technology are stored online in much the same way our bank accounts store our balance online. A public ledger contains all Bitcoin transactions. In addition, the total number of coins in circulation can be independently verified at any time to ensure that the system operates fairly. On top of that, your identity is never compromised since all transactions involving this type of cryptocurrency take place anonymously.
Bitcoins and other cryptos are bought and sold on exchanges such as coinbase and can be transferred stored in a variety of methods including hardware, software, cloud and online wallets using long passwords called private keys.
* A note to U.S. bitcoin users: Certain online wallets prohibit the use or transference of coins to or from casinos or other gambling institutions. Coinbase is one of these. Don’t risk having your account cancelled and/or your crypto assets frozen. Make sure to read all of the rules and regulations before using an online wallet to make deposits into an online casino. Don’t worry, there are plenty of wallets that don’t have these restrictions. You can also use hardware wallets, which are the safest way to store your bitcoins, have no restrictions, and require no middle man for storage or transactions.
Although the transfer of funds is anonymous, your account with the casino in most cases isn’t. Very few casinos offer truly anonymous gambling and the ones who run usually less than reputable sites anyway.
Your best bet is to play in a reputable online casino with a well established reputation in the industry, even if they are late to the adoption of bitcoin. See our Online Casino Reviews page.
Where do I buy bitcoins and other cryptocurrencies?
You can buy from the exchanges where you deposit funds in fiat currency (i.e. dollars, euros etc) or purchase cryptos directly from the open market using debit card, credit card or any other supported form of payment. The exchanges are for example: Coinbase.com, Kraken.com, BTC-E.com or Localbitcoins.com. You can also buy bitcoins from people who have bitcoin and want to sell by transferring them from their online or hardware wallet to yours. You can buy bitcoins against any mode of payment supported by the seller of bitcoins.
The price of Bitcoins and other altcoins is extremely volatile, so you should check the price charts at websites like coindesk.com to determine a good opportunity to buy.
Are bitcoin casinos safe?
It all depends where you play. There are many bitcoin casinos that are secure and provably fair in their games and payouts, as there are many fake and unfair casinos that are not secure. Because bitcoin and other cryptocurrencies are largely government unregulated, many bitcoin casinos can operate freely without a license or any oversight whatsoever. Therefore you should do your due diligence in deciding on any casino such as, checking the license status and reputation of that particular casino through reviews- see Online Casino Reviews.
I hope you found this article informative and helpful in your cryto-gaming pursuits. Do you have an experience to share about playing in an online casino using bitcoins or other altcoins? Please share in the comments below.