About Bitcoin Casinos
When you mention cryptocurrency, bitcoin is the first thing that comes to mind for most people. It’s because the coin is the most popular cryptocurrency and the oldest. BTC launched in late 2008 and since then, has become one of the most used virtual currencies. iGaming is among the industries that found a great use for the digital coin. The nature of cryptocurrency is that it is decentralised, meaning users don’t have to answer to a central bank or any other intermediary. It offers a degree of privacy that is not easily available with fiat currency. Casinos are some of the businesses that allow online transactions using BTC. Players can fund their accounts using the digital coin and enjoy the available offerings such as roulette, table games and slots. Casinos also facilitate withdrawals through BTC wallets. You can find cryptocurrency gambling sites operating across the globe, reaching players in different spheres. We put together this bitcoin review to provide gamblers with a few basics of transacting with the virtual currency at online casinos.
The Benefits that BTC Gambling Provides
Why should you bother with the bitcoin payment method? We tested this banking alternative on different platforms so you can understand what it offers. The obvious advantage of a decentralised currency like BTC is that transactions don’t involve any third party. Gamblers don’t have to worry about paper trails or other information ending up with another service. When you want to keep your gambling activities separate, the privacy that BTC casinos provide is invaluable. Gamblers don’t have to fret about authorities tracking their online transactions when paying with cryptocurrency.
The global nature of bitcoins means that people from almost anywhere can play at their chosen casinos provided they accept digital coins. You can hop from one part of the world to another and not have to worry about interrupting your gambling. Currency exchange rates don’t affect the value of the coin.
The speed of transactions is another plus point of gambling with BTC. Cryptocurrency transactions are almost instant. Again, decentralisation plays a huge role. Due to the lack of an intermediary, users don’t have to deal with traditional bank wait times. The transaction is directly between the sender and recipient. You can deposit money in a casino and begin playing immediately. For withdrawals, you only have to factor in the processing time of the casino.
Bitcoin online casinos have low transaction costs. Without a bank charging for transactions, you have to pay minimal fees to see or receive money from a casino. Low fees mean that you get more to gamble with or save.
How to Set Up a Bitcoin Account?
Now that you have decided that cryptocurrency casinos are suitable for your gambling requirements, creating a BTC account is among the first steps to take. A wallet is an online account that helps with the management of your coin transactions. You can have the wallet on a PC or hand-held device.
Begin by selecting the right wallet. Multiple providers are available to choose from, therefore, know beforehand what features you want.
Download the wallet from the corresponding marketplace, depending on the OS you are using.
Open a new wallet on the app and follow the provided instructions. The process varies with the software.
The wallet will generate a private key once you submit the necessary information. Keep this key safe because you will require it for transactions.
Most Popular Coins with Online Casinos
BTC isn’t the only cryptocurrency that you can use at internet casinos. The popularity of BTC laid out the path for other coins that are steadily gaining prominence. Here are a few:
Litecoin – An altcoin that operates identically to BTC except that it doesn’t have as much a market share. Litecoin transaction times are faster than BTC, though.
Ripple – This system allows the transfer of digital coins globally. XRP is the native currency that you transact with on Ripple. Payment networks and banks use Ripple for speedy transactions.
Ethereum – The open-source platform is decentralised, just like BTC. It generates a token called ether and is programmable, meaning that it can create new applications.
Are there Bitcoin Casino Bonuses or Promotions available?
Bitcoin online casinos offer customers bonuses as with any other payment methods. Casinos that accept crypto coins exclusively have welcome bonuses and other promotions such as free spins and daily offers. If you are playing at a conventional gambling site that offers BTC as an alternative payment option, you can enjoy perks such as new customer bonuses when you deposit with digital coins. Casinos have strict regulations about transacting with cryptocurrency, so make sure that you adhere to them if you are to capitalise on promotions. The type of bonuses and promotions will depend on the casino.
FAQ to Bitcoins
Yes. By design, the cryptocurrency functions on anonymity. You only need the address of the wallet and an email to send and withdraw money from an online casino. Each user has a private key to authorise transactions. BTC transactions are nearly impossible to trace.
Transacting at bitcoin online casinos is safe. The digital wallet that you use to send and receive coins generates a unique address that you can change with every transaction. Users also need a private key to sign transactions. The BTC wallet will require a password during login and back up your data. These measures contribute to the security of your transactions.
Deposits at online casino reflect almost immediately. Minimal human intervention during funds transfer reduces the amount of time it takes for transactions to complete. Withdrawing via BTC might take a few hours because casinos have specific procedures for cashing out.
Deposit and withdrawal fees apply when playing at online casinos. Usually, a casino will charge a percentage of the bitcoins as a withdrawal fee. 0.5% is the common figure, but some gambling platforms can ask for more or less, so confirm with a casino first.
BTC and e-wallets are only similar in that they both function online. The biggest difference is that the digital currency doesn’t have a third-party service to facilitate transactions as with virtual wallets. BTC bases its value on supply and demand while with other e-wallets, you get an equal amount for the fiat currency you exchanged. Electronic wallets are legally established while a community of miners issues the cryptocurrency.