Bitcoin Gambling Guide
Interest in Bitcoin is growing in online gambling due to its entirely digital structure. Compared to other currencies bitcoin offers additional security and flexibility, which is appealing to players and casinos alike.
These benefits have seen bitcoin gambling and bitcoin casinos online rise in popularity in recent times. For newcomers to this cryptocurrency, the following guide explains everything you need to know about gambling online safely with bitcoin, and recommends the best bitcoin casinos to play with online.
- Bitcoin Casinos
- Bitcoin Explained
- Bitcoin Gambling
- Bitcoin Banking
- Bitcoin Tips
Our Top Rated Bitcoin Casinos
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Lincoln Casino review
While only launching in 2013, Lincoln Casino has gained recognition for its interesting selection of games, and the high standards of safety and security it offers its players.
Slots.lv Casino review
Slots.lv Casino may not have been around for very long in comparison to other established brands, but it’s made a huge name for itself in a short space of time. You can look forward to a huge selection of games & brilliant mobile compatibility.
Cafe Casino review
A very new site (established 2016) that’s powered by Rival and RTG, Cafe Casino is a breath of fresh air thanks to a very large welcome bonus and its acceptance of US players. Plus, it’s fully licensed in North America by the Kahnawake Gaming Commission. Find out more in our Cafe Casino online casino review below!
Ignition Casino is one of the newest additions to the online casino industry. Currently they offer close to 300 games and have a hefty RTP – return to player percentage. This is awesome and it is a great way to bring in new players. Ignition is perfect for US players and it is pulling out all the stops to prove itself among a field of extremely successful online casinos. Ignition Casino was founded in 2018 and is run out of Kahnawake Canada. Other casinos that are connected to Ignition are Bovada and Slots.lv. This is good to know because they have a great track record of quality gambling.
BetOnline is a huge brand in the online gambling industry and its poker room is a top destination for a relaxed poker session. It has great software from Playsafe Holding and is on the Chico Poker Network.
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What is Bitcoin?
Before ditching standard money and swapping to cryptocurrency when betting, it helps if players understand how bitcoin works, and how to use bitcoin online.
Bitcoin (shortened ‘BTC’) is a type of cryptocurrency or digital money that is decentralized from any government or bank. Instead, Bitcoin operates on a peer-to-peer network where users can send and accept bitcoin ‘computer files’ in their digital wallets. The benefits of this system mean bitcoin requires fewer intermediaries and provides greater transaction transparency and security.
These benefits are especially appealing to casino players and sportsbook bettors. As a result, gambling online with bitcoin is growing in popularity. Special bitcoin casinos now operate online, with traditional gambling sites like NetBet now accepting cryptocurrency too.
For bettors ready to take their first steps into this cryptocurrency, here is how to use bitcoin online.
First, Open an eWallet
Popular Bitcoin eWallet options are listed further below, but many online casinos and sportsbooks accept NETELLER and CashBet.
There are several ways to get bitcoin, users can buy bitcoins or accept it as payment in exchange for goods or services. ‘Mining’ bitcoin is also an option, but this is a time-consuming and complicated task.
Wait for the Transaction to Process
Bitcoin transactions are usually fast, so users will not wait long. The details of the transaction are listed on a blockchain technology network, which offers complete transaction transparency.
Check the payment information page of a casino site or sportsbook to see if they accept bitcoin deposits. Alternatively, there are online directories that list which websites and businesses accept bitcoin.
Is Bitcoin Real Money?
In short, yes, bitcoin is real money and can be used to purchase anything from coffee at your local café to chartered jets. The main difference is that it’s an entirely virtual currency. Think of bitcoin like you would with foreign cash. You ‘buy’ or exchange money when you travel, or occasionally when making purchases online. Bitcoin operates in a similar way, with users able to buy, pay and convert this cryptocurrency into other forms of cash.
Bit Currency Explained
Like ‘normal’ money, bitcoin is made up of smaller currency units. Unlike your 100-penny dollar though, bitcoin takes this to the next level. A single bitcoin is made up of 100 million ‘satoshi’ units. Or rather, 1 satoshi = 0.00000001 BTC. Collect enough satoshi, and they create larger currency units within a bitcoin.
How Do I Use Bitcoin for Online Gambling?
Generally, gambling operators process bitcoin in two ways. Bitcoin-exclusive casinos and sportsbooks will only accept bitcoin currency in exchange for chips or bets. Bitcoin-compatible casinos and sportsbooks alternatively, will exchange bitcoin deposits for a standard currency, i.e. US dollars.
The benefits and Springbok bitcoin casino play 300 disadvantages of bitcoin casinos are discussed further in this guide, but the steps bettors must take to gamble online using bitcoin hardly change:
Check that the Bitcoin Casino/Sportsbook Offers the Game you Want
Bitcoin casinos generally offer fewer games, but there are no transaction fees.
Open a Bitcoin Wallet
These eWallets operate on the cloud or with software and offer various features. Do some research first to find the one that fits your needs.
The quickest way to do this is visit an online bitcoin exchange, and buy amounts using your country’s standard currency.
Decide how much you want to wager, and then deposit it into your account with the online casino or sportsbook. Depending on their system, you will need to convert this to chips or another currency.
Thanks to the digital qualities of cryptocurrency and the security it offers online transactions, online casinos and sportsbooks can process bitcoin payments and deposits rapidly, and with ease.
How Does Bitcoin Transfer to Real Money?
Bitcoin operates on an exchange rate, just like any every other currency worldwide. The value of bitcoin to other currencies fluctuates daily, depending on inflation, the amount of bitcoin available, and other cryptocurrency trends.
If a bettor wants to transfer bitcoin into real money, there are several options available. These can vary depending on the user’s location, but the section on withdrawing bitcoin wins below explains several methods for exchanging cryptocurrency into real money.
Is Bitcoin Gambling Safe?
The newness of cryptocurrency and its digital nature causes many bettors to question the security of bitcoin gambling. The answer to this depends on the bettor’s personal preferences and how well they protect their personal information online.
Conventional banking systems protect their clients’ money using advanced security protocols. For bettors, this gives them the peace of mind that their funds are protected without much involvement on their part. Not only that, but they can also rely on insurance systems and middlemen like PayPal for additional protection.
On the downside, the details required to complete transactions with traditional banking methods mean there are more opportunities for these personal details to be hacked and used to steal funds.
With BTC gambling, money transfers are anonymous, peer-to-peer transactions. Once a transaction is complete, a security certificate between the two parties is created and approved by virtual software. The anonymity makes it impossible to steal user data, but the usual issues over online security come into play here.
Essentially, the argument boils down to whether a bettor prefers the familiarity of traditional payment methods, or New casino video values keeping their identity online private, no matter what.
Is Bitcoin Gambling Legal?
Many countries have yet to update their gambling legislation for bitcoin casinos. In these circumstances, we recommend bettors follow the online gambling legislation their country of residence provides.
Always check that the site you want to play on is licensed in your jurisdiction, regardless of whether it is a bitcoin casino or a multi-currency gambling site. This can be tricky to find, as the digital nature of bitcoin means these casinos and sportsbooks can operate anywhere in the world. Most bitcoin casinos will feature this information in their footers, though.
For bettors that live in countries with restrictions on gambling, the anonymity bitcoin offers can be an appealing prospect. Read the terms and conditions of an online casino though before depositing funds. It may not offer its services in your country, which means you may risk losing money.
Bitcoin Wallets for Gambling
Before any bettor can start gambling with bitcoin, they must have a bitcoin wallet. Bitcoins can resemble computer files, so this virtual wallet stores all these cryptocurrency files in a safe, secure place before bettors are ready to make any transactions.
When bitcoin wallets store information, it will either be through the cloud, how to play poker with bitcoin or through software. One benefit of bitcoin wallets is that they are compatible with multiple operating systems, such as Apple’s iOS and Android. To keep security tight though, many bitcoin wallets restrict users from accessing their account through more than one method. Here are the four types of bitcoin wallets:
This method stores bitcoin on a separate physical piece of tech, such as a hard drive plugged into a laptop through a USB port. This is one of the most secure bitcoin wallets.
With web wallets, users can access their bitcoin on any browser or mobile device. This option offers great flexibility to bettors.
Software is required for this bitcoin wallet, which is installed on a desktop computer. However, it gives the user complete control over their wallet, including the address details for sending and receiving bitcoins.
This wallet behaves similarly to a desktop wallet but is a paid app on your mobile and can offer great ease-of-use.
Bitcoin wallets secure information with ‘keys’, New mac pro pci bitcoin slots these are essentially long passwords of numbers and letters created using encryption algorithms. To maintain the user’s anonymity, bitcoin wallets use virtual addresses. If an online casino or bettor wants to deposit or withdraw money from their bitcoin wallet, they will direct the funds to the address.
If a bitcoin wallet is based in the United States, it will be fully regulated. That means if it detects funds are being sent to gambling sites, your account may be closed.
For bettors undecided over which wallet to use, the options below have been tried and tested on bitcoin gambling sites, and recommended by experienced BTC players:
This US-based wallet and currency exchange operates in over 32 countries and trades the most common types of cryptocurrency available.
Users have unrivalled control over their cryptocurrency with this bitcoin wallet. Combined with a simple design and optional advanced safety features, this wallet is ideal for new and experienced bitcoin users.
This bitcoin wallet app offers a range of features, including encrypted and automated back-up, that has made it especially popular with online poker players and sports bettors.
For users that prioritize security, Armory is a full-featured wallet renowned for its online safety features and Best casino resorts las vegas flexibility.
This is the most popular bitcoin wallet for Android users, due to its strong security features and simple user interface.
What are Bitcoin’s Deposit & Withdrawal Options?
Depositing bitcoin into a crypto gambling site is simple. If playing with a bitcoin casino, users can directly deposit bitcoin into their account, and it will appear in their funds in seconds. Because the transfer is direct, there is no transaction fee.
If a gambling site can only accept indirect bitcoin deposits with eWallets, then a small transactional fee may be charged. Bettors can transfer money to their online gambling accounts using their virtual keys and bitcoin address, or a QR code.
Most online casinos will require bitcoin users to complete a verification process. While bitcoin prizes anonymity, some online casinos have a legal obligation to know the identity of their clients.
When withdrawing funds from a crypto casino, the process is instant and fuss-free. After the initial deposit has been made, bitcoin gambling sites can remember a user’s wallet details and deposit withdrawals in your account instantly. If an online casino is unable to issue bitcoin payouts, it will usually offer bettors the equivalent amount in the currency of their country of residence.
If a bettor wants to transfer bitcoin into real money, there are several options available. The most common method is to sell it on a cryptocurrency exchange site but be prepared for verification processes and withdrawal limits for some currencies. Another option is bitcoin ATMs, however there are currently only 2,200 established worldwide. Some online exchanges will offer bitcoin payment in the form of prepaid debit cards, which is the most flexible option as it allows users purchase items online or in person.
Bitcoin gambling sites do not charge any transaction costs. As all transactions are completed directly, through a peer-to-peer network, there are no intermediary companies to pay. Multi-currency casinos may charge a transaction fee however to exchange the bitcoin into other currencies. The eWallet might charge too, although this is usually called a «miner’s fee» to help the company continue to mine for bitcoins. At an average cost of $1 though, the fee is nominal.
Why Should I Use Bitcoin Instead of Real Money When Gambling?
For experienced bettors, bitcoin is a solution to many of their regular gripes about gambling online. The same benefits that attract users to bitcoin are the same possible solutions to these issues:
With crypto casinos, deposits and withdrawals are completed straightaway. This means players can enjoy their favorite casino games online within minutes, with no annoying transaction costs.
The anonymity bitcoin offers means crypto gamblers can rest assured that their data and funds are secure if they followed all the security steps their eWallets require from them.
Many gambling sites are keen for more bitcoin bettors to sign up. Players can receive exclusive and lucrative casino bonuses by making bitcoin deposits.
Bitcoin wallets use complex encryption algorithms to protect its contents. This encourages better cybersecurity habits in users, particularly those who use the same basic password across multiple accounts.
Fewer Geo-Location Restrictions
The digital environment of bitcoin means it can be accepted worldwide. Some gambling sites are unable to accept all currencies, making bitcoin’s universality a helpful feature for these players.
No matter where players are located, they should always follow the gambling legislation in their country of residence, even when using bitcoin.
What Bitcoin Gambling Games Can I Play?
Bitcoin casinos and other cryptocurrency gambling sites are still establishing themselves. As a result, these sites have a smaller number of casino games available online. However, players can still find their favorites, Hallmark bitcoin casino no deposit codes 2020 including:
mobile casino and live casino