What are Bitcoin Casinos?
Bitcoin Casinos are all online casinos that offer bitcoins as a payment method. Bitcoin (BTC) is a digital crypto-currency that has become highly popular in recent years. It is unlike traditional currencies, such as the US Dollar, Euro, and Pound Sterling, because it has no central bank and operates solely in the peer-to-peer marketplace. Therefore, bitcoins can only be transferred between users through bitcoin addresses, which are a series of numbers and letters that range from between 27–34 characters.
There are bitcoins only casinos that deal exclusively with bitcoins. However, there are those that have been operating with traditional currencies, and now are adding bitcoins as another deposit and/or withdrawal method. The second are called hybrid casinos. Most of them will accept deposits via bitcoin and process withdrawals back to a bitcoin address of choice, but they will convert the funds to a traditional currency when you deposit.
How to get bitcoins?
Find a reputable place to buy bitcoins. The easiest choice would be an established exchange service like Bitstamp, BTC-e, or Kraken. The most commonly used way of getting bitcoins is bank transfer (e.g. SEPA, ACH, or wire). However, there are some services that offer other methods like regional payment vouchers, e-wallets, or even credit cards.
Once you have chosen the place and decided on the payment method, you purchase the bitcoins. Trades typically happen instantly and at current market rates. The exchange will typically take a very small commission that pales in comparison to most e-wallet fees.
How to deposit into your casino account?
Upon registration, you will be given your bitcoin address, which you will have to use when you decide to make transactions with an online casino. Depositing money into your casino account is instant and virtually free. You just have to wait for the transaction to be confirmed by the blockchain, which almost always takes less than an hour. Once the funds arrive into your account, you are ready to play.
Also remember to keep an eye on the promotions page, for it’s the same like for traditional transactions. All brands have their own casino bonuses and giveaways that may increase your chances of winning.
How to cash out your winnings?
When you decide to cash out through bitcoin, simply send your coins to your exchange service’s address. You will have to sell them your bitcoins, and request a bank transfer or other withdrawal method. However, if you’d prefer to hold onto the bitcoins, we recommend downloading your own free bitcoin wallet and protecting it with a password. Just be aware that bitcoin prices fluctuate.
What are the perks of playing with bitcoins?
The reason why Bitcoin Casinos have taken the online gambling industry by storm is very simple - they offer plenty of benefits:
First of all, the payment processing is completely safe, easy and free of charge. Many reputable casinos cover the processing fees themselves when dealing with traditional currencies, but in unregulated markets like US, players end up covering fees of up to 10% of their winnings. When playing with bitcoins there are no processing fees whatsoever saving money for both casinos and players.
Another benefit is the fact that Bitcoin isn’t tied to any government or bank. Funds can’t be seized or frozen in the same way that they could if they were held in a bank using traditional currency.
This isn’t a big deal for those living in legal, regulated online gambling markets, but for unregulated markets, this is a very important aspect. For example, it is not unlikely for US players to have their funds frozen. Bitcoin users have complete control over their funds, so situations like this cannot happen.
Anonymity when gambling online is also a great perk. Most Bitcoin Casinos only ask for a player’s email address for password recovery purposes. The vast majority do not ask for personal information, like your name and address.
Games at Bitcoin Casinos
Bitcoin Casinos offer the same games as traditional online casinos. Whether you are an online slots lover, or more of a fan of table games, you needn’t worry. Bitcoin Casinos will have a variety of games to choose from.
It is very often with Bitcoin Casinos to have provably fair gaming, a revolutionary way for determining fair play. Each game calculates provably fair differently, but the concept is becoming widespread across most major Bitcoin Casinos. Players can verify that a game is provably fair by entering bet ID numbers and other information that varies depending on the site.