Bitcoin gambling institutions have recently become the talk of the Internet because of their innovative technology and quality. Users enjoy the completely anonymous nature of the sites and the data protection they offer. For those that wish to wager more, Bitcoin casinos boast some of the highest limits on the market and offer the most fleshed out VIP programs.
Types of Bitcoin Casinos And Their Advantages
An often misconceived notion is that Bitcoin casinos are all the same; after all, it is the currency that defines these sites. However, while some top online casinos offer Bitcoin exclusively, many feature traditional currencies as well. Below, we’ll examine the differences and advantages of each of these gambling opportunities.
Bitcoin Casinos VS Standard Ones
While exceedingly controversial in the financial space, Bitcoin has steadily become the choice alternative to the widely used USD and EUR. There is no verification process. You don’t need to register with a site or use a credit card to exchange funds. In the next section, we’ll list some of the most prominent benefits.
List of Bitcoin Casinos Benefits:
Anonymity. Protect your data!
Secure transactions. Thieves can’t intercept your credentials.
No fee structure. Bank and transaction fees can add up, but not with Bitcoin.
Quick, efficient deposits and withdrawals. Using the ACH is a thing of the past.
Cryptocurrency Gambling Regulation And Licensing
While on the cutting edge of technology, not all countries recognize Bitcoin gambling as legitimate. Despite regulating bodies coming forward to inspect Bitcoin casinos and testify to their authenticity, some countries ban this kind of gambling — and sometimes all online betting — entirely.
Keep in mind that not all laws are enforced and it is very possible to get away with Bitcoin gambling in a banned country, but be prepared for the possibility of fund seizure and account closure.
|UK Gambling Commission
||To provide licensure for businesses within the territory of Great Britain.
||To provide the Internet gambling realm a singular voice for other regulators and lawmakers.
||To act as an independent agency which prides itself on the responsibility of governance for gaming institutions.
||To act as a testing company for the verification of gaming software; to prove the authenticity of such products.
|Gibraltar Gambling Commission
||To regulate electronic gambling and promote data security in this sector.
|Alderney Gambling Control Commission
||To enact a hands-on policy with frequent audits to license gaming operators.
Offer Variety For Bitcoin Casinos Players
Websites that consider Bitcoin transactions are typically more liberal with their policy on bonuses. Promotions are often run on Bitcoin casinos that players can take advantage of; the only difference to consider are that the rewards are given in cryptocurrency.
Whether you are a new or returning player, these bonuses can help you cash in on your winnings or compensate losses. Just be sure that if you enroll in any particular promotion that you have a method of swapping Bitcoin for fiat if you need it immediately.
Bonuses generally come in two forms. The first kind of promotion a Bitcoin gambling house will run are the ones you view when you visit the site. They may be a welcome bonus or a first deposit bonus with specific criteria that must be met before claiming the free money. The second type of bonus is for existing players and may be exclusive to high rollers or frequent visitors.
Regardless of where you fall on this spectrum, the usual promotions include welcome bonuses, deposit matches, no deposit bonuses and free spins. All or some of these bonuses can be a part of your initial deposit package, but many require specific enrollment.
While bonuses are the chief offering of Bitcoin gambling sites, they have additional offers that can be profitable for the player. Although you might need to participate with the casino for a longer period to be offered these special promotions, they can be the difference between being in the black or the red. We’ll view a few of the most regular types and explain their benefits.
If you have a credit card with cash back rewards, you already know how this functions. Basically, you get money back for simply playing the games you love. Say you lost 1,000mBTC in a two-week period. The casino’s cash back offer might compensate you for 10% of your losses during that time. 10 mBTC for free is nothing to sneeze at!
The more you play with a casino, the more you show your dedication. This dedication often has perks attached, meaning you’ll earn points to use on shows, tournaments, special events or free spins. You might even be able to redeem them for cash. Bitcoin casinos treat regular players with much respect and the rewards will differ depending on your VIP status.
These are special bonuses that are only available during certain times during the year. Specifically, a promotion might run during the New Year only or during Christmas. Whatever the case, time-based offers incentivize players to continue their gambling journey and doing so will land you extra rewards.
Tournaments themselves aren‘t the perk, but gaining free entry to them is! By using your VIP status or playing enough with the Bitcoin casino, you may qualify for a free tournament entry. These competitions, which usually charge a fee to enter, have very large prize pools. Popular games include poker, slots and blackjack.
Stipulations with bonuses are to be expected. Playthrough requirements, or wagering requirements, are a set of conditions that must be met before bonus funds can be withdrawn from your account. For example, a 10 mBTC bonus with a 25x wagering requirement means that you must bet the equivalent of 25 times that amount (250 mBTC) before you have access to that additional coin.
If you like a variety of games when you gamble, then rest assured that Bitcoin casinos aim to please. These amusements are all fair pieces of software that mimic their traditional currency counterparts. Enjoy a session of roulette, craps, blackjack, poker or a progressive jackpot slot! That’s right, you can play your favorite table games and slots with Bitcoin. Also, if you like micro stakes, then you can divide your Bitcoin into units smaller than pennies!
|5 mBTC – 5,000 mBTC
||0.01 mBTC – 60 mBTC
||5 mBTC – 1,000 mBTC
||Progressive Jackpot Slots
|5 mBTC – 2,000 mBTC
||1 mBTC – 1,000 mBTC
||0.01 mBTC – 100 mBTC
When using Bitcoin, it’s natural to have questions. In the space below, we’ll list the most asked questions users have about Bitcoin casinos and provide detailed answers.
1. How do I use Bitcoin in Casinos?
Bitcoin is an anonymous decentralized currency that is transmitted from user to user using a technology known as blockchain. Once you have Bitcoin in your wallet of choice, you can easily deposit it to your casino account so long as the website accepts that form of payment.
2. How to Get Bitcoin?
The traditional way to earn Bitcoin is to mine it using powerful computer hardware. However, this can take a long time and be expensive as the process uses a lot of electricity. Because there’s so much mining competition, other methods are available and sometimes necessary. Individuals can send you Bitcoin using your public address, but the easiest way to get the cryptocurrency is by purchasing it on various exchanges. This method converts your fiat currency to Bitcoin at a ratio determined by the market.
3. How to Make a Deposit and Withdraw?
Players can obtain Bitcoin by downloading a desktop wallet, using a hardware wallet, or even a paper wallet and adding Bitcoin to it. Setting up a standard Bitcoin wallet is easy; the process only requires an Internet connection to download the software from Bitcoin.com. Once you download it, you’ll need to memorize certain keywords and then you’ll be randomly generated a private key and a public address. Keep your key safe as it is required to access your account. The public address is used for others to send you payments. Once you have this wallet with Bitcoin inside, you can use that to transact with a Bitcoin casino.
4. How Long Do Transactions in Bitcoin Casino Take?
Transaction times can vary, but the best part about Bitcoin is that withdrawals don’t take days. In fact, withdrawals can take less than 30 minutes depending on the traffic along the blockchain network. Deposits are the same as they require the same number of confirmations before the transaction is completed.
5. Do I Need to Verify my Identity Using Bitcoin?
No, unless the casino in question demands that you verify your identity. Some hybrid casinos which offer both fiat and crypto force you to do this. However, sending or receiving Bitcoin is completely anonymous in and of itself.
6. Do Exist Casinos That Accept Other Cryptocurrencies?
If Bitcoin isn’t your thing but you love altcoins, a bunch of online casinos is now accepting various forms of cryptocurrency. These coins include: Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Cardano, NEO, Stellar, IOTA and Monero, amongst others.
The realm of cryptocurrency is a technologically confusing area. As such, breaking down the specifics of Bitcoin is often a necessity to understanding the core concepts the payment method offers. Here, you’ll discover the advantages and disadvantages of utilizing the magical Internet money that is Bitcoin.
Decentralization And Transparency
The problem with traditional currencies lies in their control by the government. The value can rise and fall (inflate and deflate) based on governmental actions. It’s also extremely traceable, especially with bank cards and checks so common. Bitcoin, on the contrary, has no regulating force. Therefore, it’s the wild west of money.
Its value is determined by the people instead of a centralized body. Additionally, all transactions are anonymously displayed on a public ledger. This ledger is known as the blockchain and it acts as the foundation for Bitcoin’s prominence.
Wallets As a Way of Currency Keeping
You probably have a wallet with your paper bills inside. A Bitcoin wallet is a term used for an electronic place to store your earned coins. These coins come in two versions: hot and cold. Hot storage refers to wallets that are connected to the Internet which are more susceptible to viruses and attacks. These include desktop wallets and storage on third-party exchanges.
Cold storage, conversely, is storage not connected to the web. This is the more secure method and is resistant to malicious activity. Cold storage methods include paper wallets and hardware wallets. Although these avenues are safer, they are much less convenient should you wish to exchange or otherwise actively use your Bitcoin.
Scam Possibility in Bitcoin Casinos And Its Prevention
Where there is money to be made, there are fraudsters willing to exploit it. It would be disingenuous to suggest that there is no inherent risk in gambling with Bitcoin. It’s virtual money, after all. It cannot be traced in any way shape or form so there is no way for authorities to hunt scammers down. In addition, because there is no regulating agency, your Bitcoin is your responsibility.
So, make your decisions wisely. Don’t rush into a situation that you do not fully understand. Players that enjoy using Bitcoin will find legitimate operators who want the business—be one of those smart players. Below, we’ll take a look at some real examples of Bitcoin fraud and explain how to prevent them.
The following are examples of what can happen when you aren’t thorough with your research on a casino. They have happened to many individuals before you. Use their mistakes as a lesson and immediately cut ties with a casino you feel is suspicious.
- You are approached by someone on a social media site promoting the gambling site and it turns out to be a fraudulent scheme.
- You send money to the casino but never receive it in your account.
- You request a withdrawal and the funds never appear in your wallet.
- Customer service stops responding to your emails and calls.
- The games on the Bitcoin casino are rigged more heavily in favor of the site.
- The casino is supposedly licensed by a gaming authority, but that authority is not reputable.
- You enroll in a bonus that seems amazing, but it turns out to be a scam.
Prevention methods: Here are some common ways to avoid being duped out of your hard-earned money. These are my top suggestions and they combine a lot of research with a grain of common sense. Following these guidelines will arm you with the knowledge necessary to ward off potential threats.
- See that the games on the website are fair and created by reputable gaming software providers.
- Check proper licensure of casinos and identify the bodies which regulate them.
- Read in detail the fine print before you sign up for a Bitcoin casino. This goes for anything in life but remembers to be thorough here as well.
- Do your research on the site. Google it. Check forums. Ask friends. Any suspicious activity experienced should raise red flags.
- Test it out! Send a small portion of Bitcoin to the casino’s address and gamble with it and then withdraw it the same day. If all goes well, the situation bodes well.
- Use the logic: If it’s too good to be true, it probably is. Bitcoin gambling houses that offer outrageous bonuses likely cannot follow up on their promise.