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As the online casino industry looks to keep pace with the fast growing world around it, one of the many things they are implementing is the ability to use Bitcoin as both a deposit and a withdrawal method. This can offer a lot of benefits to the player, and it’s something that many casinos are looking to exploit.
In this article we’ll look at those casinos and at this currency. We’ll tell you all that you need to know to get more out of Bitcoin, to use it to play your favorite real money casino games, and to pickup some big bonuses at the same time.
The Best Bitcoin Casinos
The majority of big-name casinos do not accept this payment method, and, in some cases, you will find that Bitcoin compatible casinos only accept Bitcoin and don’t deal with any other payment method. This is because it takes a lot for a casino to accept this option and it’s not as easy as it is to accept other payment options.
It’s also not easy to choose a good casino from the list of ones that do accept Bitcoin. That’s where we come in. We have reviewed many of the biggest, the smallest, the best and the worst casinos out there, and we have compiled a list of the very best.
Top Online Casinos Accepting Bitcoin in 2020
Bitstarz is one of the best-known and most-loved Bitcoin casinos. It has been around since 2014, when Bitcoins were only just beginning to cement themselves in the consciousness of the general public. In the early days, they were a relatively unknown player in a relatively obscure sector. These days, they have achieved an almost god-like status amongst cryptocurrency gamblers.
Bitstarz was one of the first brands to embrace the “more is better” ethos, working with a huge number of developers and payment providers to offer players more options than they can find at the average gambling destination.
There are dozens of developers supplying titles to the Bitstarz online casino, including big names such as NetEnt, Betsoft, Evolution Gaming, Microgaming, Play’n GO, Thunderkick, Booming Games, Playtech, Habanero, Leander Games, NextGen Gaming, and Wazdan.
This variety can also be seen with the site’s banking options. In addition to Bitcoins, which can be used to deposit and withdraw, players can choose from a selection of other digital currencies (Litecoin, Dogecoin, Ethereum), as well as credit cards, debit cards, bank transfers, web wallets, prepaid cards, and instant payment options.
There are no withdrawal limits, no restrictions, and all withdrawals are processed following a pending time of between 1 and 60 minutes. In most cases, you will receive your winnings within seconds of clicking “Confirm”, which is a welcome sight in an industry rife with prolonged pending times and needlessly extensive verification checks.
All in all, Bitstarz is one of the true stars of the Bitcoin online gambling sector and one that deserves its place near the very top of this list. For a Bitcoin casino that has proved its worth time and time again and always has something special to offer, look no further than Bitstarz.
7bit Casino is an incredible online casino that simply doesn’t get the attention it deserves. In a world of blockbusters, 7bit Casino is the critically acclaimed masterpiece that wins all the awards but doesn’t get as many bums on seats.
7bit Casino has received certificates of trust and excellence from several major iGaming authorities and is generally beloved by all players who sign up and explore this top destination for themselves.
7bit Casino works with Microgaming, NetEnt, Betsoft, and other much-loved developers, creating an eclectic mix that is sure to appeal to players of all preferences and stake levels. All games are instant play for desktop and for mobile and the site works with an unparalleled level of speed and fluidity to keep buffering to a minimum.
On top of this, 7bit Casino offers a Welcome Bonus of up to 5 BTC, as well as 100 Free Spins.
And the fun doesn’t end when the Welcome Bonus does, as there are bonuses aimed at loyal players as well. 7bit Casino runs regular “Races”, where active players are encouraged to take additional slot machine spins to try and climb to the top of a leaderboard, at which point they can secure a host of cash prizes and bonuses.
7bit Casino doesn’t have the same vast selection of payment options that other top Bitcoin casinos have, but you can use web wallets and credit/debit cards in addition to Bitcoin, and there is also a relatively high withdrawal limit of €15,000 a month.
Pending withdrawal times are favourable as well, rarely taking any longer than an hour and generally processing your withdrawals in just a few minutes. To top it off, 7bit Casino has 24/7 Live Chat support, third-party verification and auditing, and a Live Dealer casino provided by Ezugi.
KingBilly Casino invites all Bitcoin gamblers to become members of King Billy’s kingdom, a kingdom where loyalty is rewarded, festivities are plentiful, and there are always plenty of options for gamblers seeking the best games and the most unique gaming experiences.
The site’s loyalty program actually begins at the “Citizen” level, utilizing a “royal kingdom” theme that runs more than skin deep and can be seen on all areas of this site. Players that progress beyond the Citizen level can become Barons or Baronesses, after which they can progress through stages such as Duke/Duchess, Prince/Princess, and make it all the way to King/Queen.
All levels of this program reward players with points for playing KingBilly games. These points can then be turned into cash and bonus credits. In addition to the generous loyalty program, there is a big Welcome Bonus and a multitude of tournaments and reload bonuses offered throughout the year.
The KingBilly games room is supported by big-name developers like Microgaming, NetEnt, Evolution Gaming, Quickspin, Wazdan, Playtech, Yggdrasil, Pragmatic Play, and many more. This ensures that players have a vast selection of top titles to enjoy, all of which are updated on a regular basis to guarantee the games room looks fresh and new every time you sign in.
All withdrawals are processed within 24 hours and options include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Tether, as well as more traditional payment methods such as Visa, MasterCard, and bank transfer.
There are minimum and maximum limits for every transaction and there is also a fixed withdrawal limit of €8,000 a week and €16,000 a month. You can choose from one of many currency and language options to make KingBilly more suitable to your needs, including all eligible cryptocurrencies, Australian Dollars, Canadian Dollars, Euros, US Dollars, and more.
Cloudbet is the only Bitcoin-only casino on this list. It has devoted itself entirely to this digital currency. Its blog is filled to the brim with articles on Bitcoin gambling; it has a wealth of support for this method, and it has some very relaxed limits.
Cloudbet is both a sportsbook and an online casino, with a few major sections on the website. These include an action-packed sportsbook, where you can bet on a host of European, American, and Asian sports, from Kabaddi and Cricket, to Soccer, American Football, and more; a Live Sports section, where you can bet on these events even after the kick-off; a Casino, where you can find a host of top slots, table games, and more, and a Live Casino, where you can play in a real casino setting, with real tables, dealers, and equipment.
The focus on Bitcoins has allowed Cloudbet to offer faster and safer withdrawals than what you can find on the vast majority of online casinos. All withdrawals are processed within 12 hours and most are processed in just 1 hour. There are no conversions to currencies like USD or EUR — everything is listed in Bitcoin, with all winnings, deposits, and withdrawals displayed in mBTC and BTC.
One of the benefits of this is that Bitcoin was not added as an afterthought, so there are no technical issues, long waits, and many of the other frustrating issues that plague some Bitcoin casinos.
If that’s not enough to tempt you, then maybe the Cloudbet games room will. This gambling destination works with Microgaming, NetEnt, Betsoft, and a plethora of other big names for the virtual casino, while Evolution Gaming supplies all the Live Dealer Casino titles, including Lighting Roulette, Dream Catcher, VIP Blackjack, and more.
Melbet Casino is a revolutionary online casino that set its sights on being the biggest and the best back when it first launched in 2012. In an industry known for being somewhat generous and offering very little variety, Melbet Casino stands head and shoulders above the crowd.
It lets players choose from dozens of different languages and currency options and in addition to Bitcoin, there are stacks of other payment methods. In fact, not only can you use alternative digital currencies like Ethereum, Dash, and Litecoin, but you can also deposit and withdraw with lesser-known options such as Verge, Tether, Paxos, BitShares, and many more.
At the time of writing, there are 25 options for cryptocurrencies, making Melbet Casino one of the best for digital currency users. In addition to these options, there are 30 other payment methods, spanning popular web wallets and prepaid cards, as well as bank transfers and credit/debit cards.
Melbet Casino doesn’t stop with banking options and accessibility options, either. It works with a long list of top-tier developers to provide players with a seemingly endless list of games. All these games are filtered by type, style, and developer, but you can also view them from A to Z. If you do this, however, you should prepare yourself for endless scrolling, as there are hundreds upon hundreds of titles to get through.
To finish things off, Melbet Casino offers a selection of top online casino bonuses, including a staggering 5-part Welcome Bonus, two separate Loyalty Schemes, many Free Spin offers, and separate bonuses aimed at members of the Melbet sportsbook.
Simply put, Melbet is one of the most complete gambling destinations on the internet. It is not defined by its inclusion of Bitcoin and is much more than a simple “Bitcoin casino”. It’s a complete, accessible, and massively varied gambling destination.
The first thing that strikes you about Bitcasino.io is how it looks so different from the vast majority of other online casinos. Its layout is more akin to what you would find on a sportsbook or even a retail marketplace. It’s clean, it’s simple, and everything is neatly laid-out, making it easy to find what you’re looking for without getting lost down a rabbit hole of slow-loading, feature-rich pages.
Bitcasino.io was launched in 2014 with a license from the government of Curacao. In addition to Bitcoins, players can utilize payment methods such as Litecoin, Ethereum, credit cards, debit cards, Neteller, and Skrill.
There is a pending time of just 48 hours on all withdrawals and a maximum withdrawal of 50 BTC per week, or the equivalent in your chosen currency. To give you an idea, 50 BTC is worth over $300,000. In other words, unless you’re a high roller gambling vast sums of money every single day, this limit won’t concern you.
Moving away from the payment methods, Bitcasino.io offers a huge selection of bonuses and promotions, including one of the best loyalty schemes of any Bitcoin casino and a Welcome Bonus that appeals to players of all stake levels.
You can also enjoy games by some of the most sought-after developers in the world, including the hugely popular Betsoft, a personal favourite of ours, Microgaming, and Quickspin. Live Casino games are provided by Evolution Gaming, as is so often the case, and you’ll also find a generous number of games from much-loved creators like NetEnt, Wazdan, and Yggdrasil Gaming.
Mbit Casino is a mobile-focused online casino that allows players to gamble with a selection of popular digital currencies, including the mighty Bitcoin. One of the ways that this casino stands out from the crowd is its vast selection of games, over 1,000 in total.
Game-heavy casinos like this are much more common now than they were a few years ago, but the average casino still offers a small selection, often spanning just 300 to 400 games. A casino like Mbit Casino, therefore, is always a welcome sight. It means you can play a different game every day for several years and still not explore everything that the casino has to offer.
These gaming rosters are bolstered every month with new titles, offered by the likes of Betsoft, Play’n GO, IGT, Booming Games, and more. Live Dealer fans will be happy to know that Mbit Casino also works with Evolution Gaming, the brand responsible for the very best Live Dealer games, including the Lightning series and Dream Catcher.
Mbit Casino withdrawals have a pending time of between 1 and 24 hours. In our experience, your first few withdrawals will be subjected to a longer waiting period, but all subsequent ones will be processed in just a few minutes.
As for the withdrawal limits, these are capped at between 3 BTC and 10 BTC, depending on the player and their level. As with the pending times, the more you play and the more you bet, the more favourable this aspect of the site will become.
Mbit Casino is licensed by the Caribbean island of Curacao and it is owned by Direx N.V. Casinos, a major casino brand with several top sites to its name and an impressive reputation in the iGaming sector.
FortuneJack is a beautifully designed website with an aesthetic that is easy on the eye and straightforward to navigate. It strikes a perfect balance between being feature-rich and simple enough to navigate without issue and lag. Players are invited to explore the FortuneJack virtual casino and Live Casino, and there is also a sportsbook, which is growing bigger every day.
There is even a dedicated section for dice games, which is a rare find in the iGaming sector but a welcome one, nonetheless. FortuneJack’s games are provided by the biggest and best developers in the online gambling industry, including Booming Games, NetEnt, Quickspin, Pragmatic Play, Yggdrasil, Habanero, ELK Studios, Playson, and Betsoft, to name just a few.
FortuneJack is as safe and secure as a casino can be and is a proud Bitcoin destination, with large guides and info-loaded screens outlining the many benefits of gambling with Bitcoins and alternative digital coins, including Litecoin, Dogecoin, Dash, and Ethereum. You can also choose between Bitcoins and Bitcoin Cash.
There are no limits on how much can be won or withdrawn at FortuneJack, which is a rare find in the modern online gambling industry, but you do need to deposit at least 0.002 BTC when you first open an account.
And once you see just how generous the FortuneJack Welcome Bonus is, you will be more than happy to deposit that amount and much more besides. The FortuneJack Welcome Bonus offers as much as 5 BTC in addition to an impressive 250 Free Spins.
One of the best things about this Bitcoin casino is the selection of loyalty bonuses, including seasonal prizes and leaderboard prizes, the latter of which give players a chance to win a share of hundreds of Bitcoins in addition to countless free spins.
Established in 2013, BetChain is a popular Bitcoin and alt coin gambling destination offering all new players up to 1 BTC or the equivalent in their chosen currency. There are also up to 200 Free Spins on offer and these are released at a rate of 10 per day for the first 19 days of your BetChain membership.
BetChain has a very fun and cutesy aesthetic, with brightly coloured characters plucked from fantasy worlds, including a blue genie that represents the casino’s main bonus feature.
Another highlight of this online casino, which is licensed by the authorities of Curacao, is the VIP scheme, which welcomes all players with a smile and gives them all the incentive they need to stick around for the long haul.
VIP schemes are more common on Bitcoin casinos than they are on casinos that only accept traditional payment methods. They reward you every time that you spend money on the site, whether you’re gambling on a Live Casino game or taking a few spins of a slot machine.
BetChain’s VIP Club has 6 different levels. The first of these is the Bronze Level and the one that all new players will enter when they first join. Every time you pass key milestones, you will advance through the levels, going from Silver to Gold, Platinum, Diamond, and then Black.
At each level there are extra bonuses to secure, including weekly VIP bonuses, cash back bonuses, Free Spins, and tournaments. Players who make it all the way to the Black level can get a 50% matched deposit bonus every single week, as well as 5% cash back on Monday, 10% cash back on Tuesday, 50 Free Spins on Friday, and access to a SpinFest tournament every week.
BetChain has generous maximum limits, Reload bonuses, and more, and players can browse hundreds of top slots created by the likes of Microgaming, Betsoft, and NetEnt.
PrimeDice is a unique casino because you won’t find hundreds of top slots, dozens of virtual table games, and a smattering of Live Casino games. As the name suggests, PrimeDice is devoted entirely to dice games. It’s great news for fans of Craps and Sic Bo but could leave a lot to be desired for fans of traditional casino games like real money slots, Roulette, Blackjack, and Poker.
The entire site is devoted to a single game of dice. On visiting the site, you will be greeted with a feature-rich interface complete with a game in the middle, a choice of bets off to the right side, and an active chat room on the left.
You can communicate with the other players while you place your bets and there are options for both manual and automatic bets. This essentially means that you can bet without staying active—just make your selection and watch as the bets unfold.
It’s hard to compare PrimeDice to anything else out there right now as it’s completely different. The best way to compare it would be to say that it’s like combining a Live Casino game of Craps with a betting exchange. The former provides you with a multitude of exciting and random outcomes while the latter allows you to bet on them in real-time alongside countless other players.
There are also elements of online bingo to it, because just like online bingo there is an active community of friendly players and if you’re a regular you’ll often see the same names day after day. It’s very easy to get drawn into the PrimeDice world and to get hooked because of this friendly and active community, and because of all the other great features that the site has to offer.
Bitcoin Casino Bonuses
Just because you use a payment method that is not common doesn’t mean you can’t pickup some big bonuses. In fact, Bitcoin casinos are doing all they can to attract new players, and in many cases, this means that you can pickup much bigger bonuses than the ones that are available elsewhere.
There are many different bonuses out there, including free spins, loyalty schemes, and matched deposits. To learn what all of these mean, and to discover which one works best for you, we have compiled an extensive guide on casino bonuses here.
Here is a short selection of the very best bonuses offered on Bitcoin casinos right now:
1. Melbet – 5 Tier Welcome Bonus
There are few Bitcoin casino bonuses that can get anywhere near Melbet. This iGaming giant has a Welcome Bonus that spans a player’s first 5 deposits and offers €1750 in total, as well as 290 wager free spins. This, in combination with everything else that the casino has to offer, means it has earned its place at the top of this list.
Melbet’s Welcome Bonus is offered to players of all currencies, and we mean all, as Melbet has over 40 different currencies for players to choose from, including the largest selection of cryptocurrencies we have ever seen.
2. KingBilly – Loyalty Scheme
The KingBilly loyalty scheme looks great and offers a wealth of great bonuses, including cash back. The idea is simple: Just play, earn, and spend. One of the best features of this loyalty scheme is that it’s styled around a medieval theme, one that runs deep throughout the casino and creates a pleasantly immersive atmosphere.
3. Bitstarz – 5 BTC Welcome Bonus
Bitstarz is one of the biggest names in online Bitcoin gambling and while the 5 BTC Welcome Bonus is not the biggest, the fact that it’s backed by such a big name, with lots of great games and massive withdrawal limits, means it has to be placed high on this list.
5 BTC may not sound like much, especially when you take a look at the 5-tier bonus that Melbet has to offer. But it actually adds up to a much higher amount as Bitcoins carry some staggering value and that seems to be increasing all the time.
4. mBit – Welcome Bonus
mBIT welcomes all new players with a bonus of 5 BTC and 300 Free Spins. These spins don’t have a high value, but they give you a great excuse to play some top slots and get used to the casino and the features it offers.
5. FortuneJack – Welcome Bonus
Similar to mBIT, this promotion provides a matched deposit bonus of up to 5 BTC and combines this with 200 Free Spins. FortuneJack also offers regular Reload bonuses and Free Spins to keep you depositing once this Welcome Bonus has finished. As mentioned above, 5 BTC goes a very long way and creates a massive Welcome Bonus.
6. BetChain – Free Spins
BetChain’s Welcome Bonus is ingenious, offering players a batch of 10 Free Spins every day in addition to a bunch of bonus credits. This ensures that players stay active for several weeks, getting used to this casino and exploring the many great games and features that it has to offer.
BetChain is a top casino and one that is very generous when it comes to Free Spins and other bonuses.
7. BetChain – Loyalty Scheme
Although it’s not quite as impressive as the KingBilly loyalty scheme, the BetChain VIP still has a lot to offer and works in a similar way. You begin at the Bronze level and if you keep accumulating points then you can make it all the way to the Black level, where you’ll get regular Reload bonuses, Free Spin offers, cash back, and more.
8. Melbet – Reload Bonuses
Melbet’s big bonuses don’t end when you sign up. You can secure a host of extras as you hold onto your membership and the best of these are Reload bonuses.
Simply put, Melbet encourages active players to fund their account regularly by offering matched deposit bonuses ranging from 50% to 100%. There are even sports betting bonuses that can be used alongside their casino bonuses.
9. 7Bit Casino – Welcome Bonus
Get up to 5 Bitcoins and 100 Free Spins when you join 7Bit Casino for the first time. This is a great offer from a solid and massively underrated online casino.
7Bit Casino is as good as it gets and while their bonuses don’t quite top this list, they still have a lot to offer and will introduce you to the casino in style.
10. mBit Races
Although not bonuses in the traditional sense, the mBit races and tournaments provide new and loyal players with all the reason they need to stick around and keep those deposits flowing.
These bonuses encourage you to take spins on a selection of slot machines, with each spin sending you up a leaderboard or across a track, with a host of prizes for those who finish at the head of the pack.
How to Deposit and Withdraw Using Bitcoin Casinos
If you have never used this currency before then it might be tricky to begin with, because getting Bitcoins is not as quick and as easy as using them. Firstly, you need to signup and then download a wallet, at which point you will get your unique wallet ID.
From here you can then purchase some Bitcoins from an exchange, paying the going rate at that time (unless you have the knowledge and the computing power, it won’t be possible to mine these coins yourself).
It gets easy from that point on, as you simply need to select the “Bitcoin” payment option and then send money to the wallet ID that is displayed. Once the connection has been made and the casino knows that you have sent the money, then that money will be credited to your account.
Obviously, you cannot use Bitcoins like you would dollars, because 1 Bitcoin amounts to thousands of dollars and you wouldn’t want to blow this on a single spin of a slot machine. To get around this, Bitcoin casinos will convert your deposit into casino credits, which you can use in any amount that you choose.
To learn more about deposit and withdrawal methods, concerning this payment option and many others, like Skrill, Credit and Debit Cards for casino usage, you can read our payment options guide here.
The Best Bitcoin Casinos Compatible Games
The majority of online casino players play slots. They are often the most popular and the most varied thing in the casino and several big-name developers work hard to release new titles on a regular basis.
Slots can range from basic, 3-reel games that utilize classic arcade aesthetics and features, to full-featured, multi-reel titles that typically offer anywhere from 10 to over 100,000 titles (the latter of which are tied to the Megaways mechanic).
Progressive jackpot slots are deserving of a category of their own as their popularity even exceeds that of traditional video slots and bonus slots. These games work by establishing a jackpot that takes a small amount of cash from each spin and releases this at random to a lucky player.
Some progressive jackpot slots have 7-figure seed amounts, which is the amount they offer at their lowest. But these amounts can climb to 5x, 10x, and even 20x their original amounts.
Poker & Blackjack
Poker and Blackjack are played by professional players, and if you know your stuff and you’re willing to go the distance, to stick it out and learn, then you can make a lot of money from them. What’s more, with Bitcoin you can play blackjack for instance, quickly, without interruption, without the need for ID checks and other issues that often arise with online casinos and gambling sites in general.
Games of Chance
Big bonuses are always great for games of chance like roulette for real money. This is because you’re often given a lot of free cash, and rather than blowing through this steadily, you are afforded the chance to stick it all on a single bet.
And with Bitcoin casinos, the bonuses are often much bigger, which means that if, for example, you play slots with bitcoin and win with that solitary bet, then you will be in for a very big payday.
If you want a taste of real sports betting but don’t have the patience to wait for the next big game, try your hand at virtual sports, which are offered on the internet’s best Bitcoin casinos, including Melbet.
These games simulate real sports like soccer, horse racing, greyhound racing, and tennis, and allow you to bet just as you would on the real thing. The difference is that every game is simulated 100% and there is a constant stream of action to follow, with a brand-new game beginning just minutes after the previous one ends.
Top Software Used by Bitcoin Casinos
Some of the best software providers used by Bitcoin casinos include:
- Microgaming: Often credited as being the first true online slot creator, Microgaming now reigns supreme as one of the biggest, with releases including Mega Moolah, Avalon, Thunderstruck, The Dark Knight, and more.
- NetEnt: A favourite with many players and with a host of Bitcoin casinos, NetEnt’s creations including Gonzo’s Quest, Starburst, and many more.
- Betsoft: A creator of beautiful 3D slots, including A Night in Paris, Spinfinity Man, and the game-changing and multi-award-winning Max Quest: Wrath of Ra, which looks and plays like nothing else on the market.
- Playtech: Arguably the biggest iGaming developer in the world, Playtech’s titles have featured on many top Bitcoin casinos, with popular games including the Age of the Gods series and Switch Blackjack.
- Big Time Gaming: A relatively small developer, but one that has played a very important role in this industry as BTG created the Megaways mechanic.
- Evolution Gaming: The biggest and best Live Casinos are backed by Evolution Gaming, a brand that owns more state-of-the-art Live Casino gaming studios than any other.
Why Use Bitcoin Casinos?
There are many reasons to use this payment option. Firstly, Bitcoin could be the currency of the future, which means that starting your collection now, could make you a lot of money in later years. Gambling with this currency is also a good way to get more of it, assuming you’re good enough to score some consistent wins.
The main reason people enjoy using Bitcoins is that they are completely secure and anonymous. There is no need to connect your wallet to a credit card, debit card or other payment method, and the same applies to your online casino account.
5 Tips for Using Bitcoin
Keep an Eye on the Value
Bitcoin goes up and down, perhaps more so than any other currency. When you spend your Bitcoins at an online casino, you are effectively exchanging them for casino credits, which in turn will be swapped for cash. So, do as you would do when exchanging any other currency and wait for when it’s high before selling.
Keep Your Wallet Secure
With so much money going into and out of your wallet, you will need to make sure that it is secure. In the case of a hack, a theft, or a corrupt drive, you want to ensure that you will still have your money.
The casinos that allow this payment option tend to offer big bonuses, so you’re missing out if you don’t pickup a sizable bonus. Be sure to shop around, to take what you can get. This article and many of the ones we have linked to here will help you to ensure that you get a good bonus.
Use Other Methods
If the value of this crypto currency is particularly low when you want to make a withdrawal, then you can either keep the money in your account, or you can withdraw via another method. However, many casinos that accept Bitcoin do not accept other methods, so this is something you will need to lookout for prior to joining the casino.
Know Its Worth
One of the issues with this currency is that it’s hard to connect it to real money. When you’re using a debit card you know that every penny you lose is a penny less in your bank account. But with Bitcoin, after you convert it to credits and then use these in the casino, that connection is lost.
What is Bitcoin?
Bitcoin is a crypto currency that can be used to send and receive payments anonymously. They are “mined” into existence by computers running complex equations. You need a very powerful bank of computers to mine this currency, which is why they tend to be produced by a small number of specialized miners.
Bitcoins pass from one wallet to another, much like a PayPal account. The difference is that these wallets exist only on your hard drive. If you lose that hard drive then you lose your wallet.
All wallets have a unique code. This code is like a bank account number, but it can only be used to add money to a wallet and not to withdraw. Your code does not display any info about you or the contents of your wallet, and you cannot see such details from someone who sends you money. This makes it completely anonymous, although you still needs to make sure you take steps to protect your privacy with Bitcoin, whenever you use it.
FAQs About Bitcoin Casinos
Does Bitcoin Charge Any Fees?
There are no fees associated with Bitcoin as such, but if you use an exchange to purchase some of this currency (which is the only option available to many users) then you might be charged a small fee for each transaction. These fees should not apply when making a deposit or a withdrawal with an online casino though.
Is Bitcoin Better Than Other Methods?
It is all down to preference, and whether you find Bitcoin to be better than other payment methods is down to you. For some, the anonymity and the security, as well as the ease of use, will be just what they are looking for.
However, in most cases, the only people who will prefer this method are the ones who are already involved with the currency and are sitting on a stockpile of it. If you are not, then the process of getting those coins may not be worth it.
Is Volatility a Problem?
Volatility can be a problem and it certainly was in the early days, but it’s less of an issue now. Not only has Bitcoin stabilized, but many believe that it will one day be worth much more than it is now and will continue on an upward trend. In other words, while it might decrease a little here and there, if you persist and don’t panic, it will increase in time.
Of course, we’re only repeating what experts have predicted and can’t speculate on the potential success of this currency ourselves.
What Are the Upsides to Using Bitcoin?
This can be a great way to invest, a great way to use a small stockpile of coins to build more and to hold onto these as Bitcoin continues to grow and to become something extraordinary.
If you already have a Bitcoin wallet setup and you know how to use it, then this can be one of the quickest payment methods there is. It’s very easy to send and receive, and most of the payments you make will be instant, speed that you just don’t get with any other payment methods.
If you’re worried about the taxman, the bank, loan companies or your spouse paying too much attention to your gambling, then this is a great way to gamble in secret. And in general, Bitcoins are one of the most secure ways to send and receive money, and one of the only ways that is completely anonymous.
What Are the Downsides to Using Bitcoin?
Slow for Non-Users
If you do not own any of this currency to begin with, then the process of purchasing some and then using it, can be slow.
Bitcoin itself is not very complicated and it is easy to use, but if you don’t know much about economics and don’t pay attention to the global economy, then staying up to date with this currency and its worth can be confusing.
Easy to Lose
Getting a stockpile of Bitcoins might be a good way to invest for the future, but it’s like sitting on a stockpile of cash, in that they are very easy to lose, and once they are gone, they’re gone.
Are Bitcoin Casinos Safe?
Yes, they are very safe. All online casinos, regardless of the payment options they accept, should be safe, because they all abide by strict regulations and rules. You can check the safety of these sites for yourself by looking for security certificates, as well as information on auditors and regulators, all of which should be available.
There is no telling what will happen to Bitcoin in the future as its value has been very unsteady and unpredictable. However, this is definitely one of the currencies of the future, and right now, thanks to Bitcoin casinos, it’s also a great way to get your online gambling fix.