One of the latest trends among avid online bettors is gambling at Bitcoin casinos. Perhaps the main reason these types of casinos are becoming more popular is the fact that digital cryptocurrency makes it easier for players to deposit and withdraw funds than other payment options. Find a Bitcoin Casino? If so, take a look at our list and guide and win more bitcoins!
The best BitCoin casinos right now
Bitcoin casino news and articles
WHAT IS BITCOIN?
Although the first Bitcoin network was first introduced in 2009, Bitcoin became the first cryptocurrency in the world to hit the mainstream in 2011. This particular currency is different from traditional currencies such as US dollars, euros and pounds sterling because it does not use any third party. In contrast to other currencies, it does not have a central bank and works exclusively through the peer-to-peer marketplace. Although it suffered from a rather turbulent period due to its contemporary nature, its popularity and reputation has grown day by day over the years. As a result, as 2014 marked the year, thousands of online businesses began offering Bitcoin as a payment method. And now Bitcoin has also started to be accepted in many online casinos!
Another advantage of eCheck online casinos (and probably one of the main reasons they thrive) is the fact that American gamblers can take advantage of them. As we all know, the American market is still a largely untapped world thanks to its relentless, stringent online gambling legislation. Due to the fact that American banks block credit and debit card transactions with online casinos, many smart gamblers use the eCheck method. Of course, this route is not always successful as a bank may still be able to block a transaction if it finds that an online gambling company is at the end of the transaction. However, there is no guarantee of success or failure.
DEPOSIT IN AN ONLINE CASINO
Thats how it works:
1) Create a Bitcoin Wallet
In order to use Bitcoin in online casinos, you must first purchase a BitCoin wallet in order to be able to deposit and withdraw funds. This can of course be set up through the Bitcoin site. There are basically two types of eWallets that you can set up. Web-based wallet service and desktop wallets. For convenience, our casino experts recommend that instead of a desktop, you set up a web wallet for which you need to install software on your computer. However, if you personally prefer a more secure solution, opt for a desktop wallet that won't work with third-party online software. When opening a BitCoin wallet, all you have to do is log in by entering your address and setting up a password. You will then be asked to provide a Bitcoin address that you can use when making transactions in and out of your wallet. Similar to PayPal, Neteller and Skrill, a BitCoin wallet acts as your digital, personal wallet. The only difference between these e-wallets and BitCoin is that you don't have to provide a personal address.
2) Load your Bitcoin wallet with Bitcoins
After you've set up your own bitcoin account and selected the type of e-wallet you want through their official website, you need to buy some bitcoins that you want to use. You can do this in a number of ways. This includes the following options that you can choose from:
a) Your Bitcoin Wallet: You can buy Bitcoins using your own wallet.
b) Bitcoin Exchanges: Certain exchanges such as BTC China or Bitstamp allow you to exchange a number of currencies for Bitcoins and other digital currencies. You can also exchange your bitcoins for another currency if you want.
c) Direct: You can also buy Bitcoins from other users at a price agreed in advance.
d) Bitcoin ATMs: In some cities it is also possible to find Bitcoin ATMs that you can use to load your e-wallet with Bitcoins.
e) Mining Bitcoins: You can earn Bitcoins by "mining". This involves using special software to solve math problems. In return, users receive bitcoins.
3) Log into a Bitcoin casino and navigate to the payment options page
After you have made your choice in terms of Bitcoin casinos, you will need to create an account. If you've done this successfully, navigate to the casino's payment options page and select Bitcoins as your currency
4) Deposit your bankroll in one of the Bitcoin casinos
Once you have followed the steps above, you are ready to make your Bitcoin deposit. You don't need to enter any card details as Bitcoin doesn't use credit / debit cards. Instead, the funds on a user's Bitcoin account are transferred between you and the casino via Bitcoin addresses. These are characterized by a series of letters and numbers, usually between 27 and 38 characters. If you have decided on Bitcoin, you therefore need to know what your Bitcoin address and the address of the online casino are when making a deposit or withdrawal.
To do this, open your Bitcoin wallet and click on the "Send Money" menu. Next, enter the amount you'd like to deposit along with your own address, enter the casino's bitcoin address and click to confirm.
WITHDRAWALS AT BITCOIN ONLINE CASINOS
1) Log into your Bitcoin Casino account
When it comes to withdrawing your funds after winning a large sum of money, withdrawing your winnings is effortless. The first step you need to take is to visit the payment options page of the online casino where you won money.
2) Enter your Bitcoin wallet address
Once you are on the page, fill in the "Bitcoin address" field. Your credit will then be transferred from your selected Bitcoin Casino to your Bitcoin account.
3) Wait for the transfer to take place
When you're done with that, the next thing to do is wait for your money to be transferred from your Bitcoin Casino account to your Bitcoin wallet.
PAYOUT PERIOD FOR BITCOIN CASINOS
When trying to make a Bitcoin transfer to an online casino, you can see the transfer almost instantly (usually after 10-15 minutes). However, the transfer remains "unconfirmed" as such. The transfer is usually confirmed within 1-3 hours.
Assuming Lady Luck is on your side and you've made a lot of money playing online, you will of course want to withdraw your money from the online casino afterwards. Usually it takes about 24 hours.
BENEFITS OF USING BITCOIN CASINOS
No third party involved in the transaction
As a digital cryptocurrency, Bitcoin does not use any third party to help transfer funds from one account to another. Therefore, when you use Bitcoin, you can avoid paying third party fees.
As an e-wallet, Bitcoin makes it incredibly easy to transfer money. If used correctly, you will find that this payment method offers great security features. However, you should always remember that there are certain practices you must follow to keep your data safe.
Bitcoin offers you to play anonymously
Bitcoin casinos offer users complete anonymity when gambling online. Most of the information that Bitcoin casinos ask for on a regular basis is a player's email address. This is because otherwise the casino literally has no way of recovering the user's password if a player forgot it.
To protect your privacy, you need to make sure that your Bitcoin address and identification data are not disclosed to anyone else. This is because all Bitcoin transactions are permanently stored on a public network.
No fees when using Bitcoin
The cost of making a Bitcoin transfer is minimal. While there is usually no cost to transferring bitcoins, an online casino may occasionally charge a small fee. So always make sure to read the fine print beforehand.
DISADVANTAGES OF USING BITCOIN CASINOS
Players may have to pay taxes on their winnings.
When withdrawing your winnings, you may have to pay tax on the amount, even though the government does not consider Bitcoin to be an official currency. This is because there is value attached to every bitcoin.
Once you've submitted a payment using Bitcoin, it's irreversible
You should keep in mind that if you choose to transfer money using Bitcoin, you will not be able to cancel the payment. Essentially, bitcoins can only be refunded from the online casinos you paid for. Hence, you should always choose to do business with companies that are both trustworthy and secure.
Bitcoin's value tends to fluctuate
Due to the fact that Bitcoin is a relatively new currency, its value tends to go up or down over a short period of time.