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What is Bitcoin? How it works

Bitcoin is a cryptocurrency with a network connecting millions of users across the world. When we say cryptocurrency, we mean that Bitcoin is not a tangible currency but more of a set of algorithms and protocols. The prefix, crypto, is short for cryptography, which is the study of deciphering codes. When a user opens an account, codes are generated to identify that account and every transaction conducted by that particular user. Then all the records are safely stored in a digital ledger on the network. To protect your identity, you will not be asked to provide your personal information when you open your account or perform transactions.

bitcoin casino online

To simplify, think of Bitcoin as an entire financial system that exists digitally. Bitcoin was the first cryptocurrency and is by far the largest. Unlike e-wallets which are essentially internet-based banks, Bitcoin is open-source software. Open source means that the software is not controlled solely by the developers but users may be collaborated to make the rules. This is a market-driven system and as such the cryptocurrency is volatile. The value may change at any time.

Bitcoin is the symbolic unit of this virtual currency. Because of the high value of Bitcoin, a single coin is divided into milli-bitcoins. 1 bitcoin is equivalent to 1000 milli-bitcoins. A newer variant of the unit is called Bitcoin Cash and has a lower value than the original for user convenience. These units may be converted back to ordinary currencies such as Euros whenever the customer wishes. Bitcoin is not only a payment method. It is also a store of value that is less affected by inflation. Using Bitcoin affords players a chance to enjoy financial freedom.

Why Choose Bitcoin Over Conventional Payment Methods?

If you are looking for a payment option that carries out all transactions with zero hassles, your long search is finally over. You can set up an account with bitcoin and start transacting right away. Setting up an account with bitcoin only requires your email address and takes a few minutes to complete. As a payment method for online casinos, Bitcoin has substantial perks. For example, cryptocurrency does not require you to provide personal banking info every time you make a deposit or withdrawal.

One grave concern that customers will have is the issue of transaction fees. You’ll be glad to know that this platform charges lower fees than most payment methods. The deposits and withdrawals on the online casino using Bitcoin are instant and will cost you nothing unless there's currency conversion involved.

The general ease of use is clearly what makes Bitcoin a great choice compared to traditional cashier options that require significant red tape. Bitcoin may be used around the world without any interference from government agencies or other regulatory bodies. Another perk that will reel in new users is that Bitcoin earns you additional bonuses from casinos. In some cases, just by choosing Bitcoin as your payment option, you will access free spins in addition to the welcome bonus.

The whole idea of a virtual monetary system like this is yet to be fully embraced by governments. In certain jurisdictions, internet gambling is not fully regulated. There are therefore too many grey areas. Banks may not be allowed to process financial services for individuals wishing to access internet gambling. In this case, the only way for such gamers is to use their bitcoins or other cryptocurrencies.

How do We Choose the Best Bitcoin Casinos?

We took time to analyze all the features of different Bitcoin casinos to make sure that we were being fair and thorough. These are the key factors that determined our criteria.

  • Many gamers usually assume that the more games a casino offer, the better. However, we also stopped to consider the quality of the games and what sort of themes the games had to offer. Ideally, casinos must have an extensive collection of slots, with other games such as Blackjack, Poker, and Roulette.
  • Software compatibility was another area we looked at thoroughly. Players should be able to enjoy games on both desktop and mobile devices. We were looking for casinos with high-performance seamless software and web design.
  • Is the casino legit? Since Bitcoin provides some anonymity, it is susceptible to some funny business. So, we evaluated our casinos based on proper licensing and a traceable reputation. A casino has to be licensed by a recognized authority like the UK Gambling Commission, Curacao eGaming, or Malta Gaming Authority.
  • We also looked for information about fair gameplay. The online gaming site must be able to provide proof or information about the house edge for each game on offer. You wouldn’t want to be cheated, would you?
  • Bonuses and promos play a huge role in making casinos great. We looked for the perfect offers with realistic stipulations in the fine print. Players should take care not to get fooled by unscrupulous websites that promise huge bonuses but have unintelligible terms and conditions.
  • Customer support is essential to building a sound reputation for any business. A Bitcoin casino must have a responsive customer care team dedicated to resolving all player's issues.

Advantages of Crypto & Bitcoin Gambling

For online gamers, it’s vital to keep up with modern technological trends. Many tech-savvy players relish the advantages of using this new cryptocurrency technology. It basically makes your life easier.

  • Users are not required to disclose their personal info and this removes the risk of identity theft and increases personal security.
  • Bitcoin has very low transactional charges and oftentimes you will not be charged a thing.
  • Transacting on Crypto platforms is always lightning-fast for deposits and withdrawals alike. And you can save time.
  • There is no taxation when you use cryptocurrency which means added financial freedom for the player.

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Disadvantages of Crypto and Bitcoin Gambling

Naturally, you can't have advantages without disadvantages. You might have to forfeit a few privileges to capitalize on this innovative payment solution. You will probably agree that the disadvantages do not really have an edge over the benefits.

  • Cryptocurrencies are volatile. The value of the digital coins will never be completely stable since it is not centrally administered but run by the users themselves.
  • Cryptos are untraceable making it easy for dubious operators to con gullible players.
  • Cryptocurrency is a fairly new idea and most countries haven’t found a way to recognize or regulate it. This makes the future a bit unpredictable.

Bitcoin Games

Let the fun begin! With your bitcoins, you can play a wide variety of games. Online slots are the most popular in all casino game lobbies. Standard casinos will have classic 3-reel slots as well as contemporary 5 and sometimes 7 reels. Depending on their choice of casino, players can also access progressive jackpots.

Online blackjack is another important game with numerous variants and is a favorite for many gamers. Another exciting card game is Baccarat. Bitcoin casinos with an extensive section of table games typically have numerous Baccarat variants.

As for dice games, Online Roulette and Craps are available to take away all your boredom and the live casino feature will enhance your Roulette adventure. You can wager your coins in video poker, which is usually a comprehensive collection on its own. Some bitcoin sites will occasionally host a tournament with lucrative prizes. The live casino feature is designed for table games which are all about player versus dealer. Live casinos provide that realistic experience, connecting players with a real human being via video streaming.

Other games on Bitcoin casinos will include, Keno, scratch cards, and Bingo. These games do not really qualify as casino games but are included in many game lobbies these days. You may also find sports betting on many Bitcoin casinos. Some casinos will have special categories for games that only accept Bitcoin. Which means all the prizes will be quoted in Bitcoin. These sections may include specific slot titles which may come with bonus free spins.

At the same time, some casinos will have games that prohibit Bitcoin depositors. For these games, players will have to convert their bitcoins to an accepted currency and use an alternative payment option.

Best Bitcoin Casino Bonuses

Some traditional and well-established casinos seek to maintain a status quo and are skeptical about new systems such as Bitcoin. Therefore, players using cryptocurrency, if accepted at all, may not be allowed to participate in certain promotions. The casino operators feel that the unregulated crypto users may find ways to manipulate the bonuses, thereby duping the casino.

However, a great number of outlets have a set of promotions that are crafted for crypto gamers. The Bitcoin players can claim welcome bonuses that are quoted in cryptocurrency. These offers may also include free spins for specific slot games. Regular Bitcoin players will enjoy promotions such as cashback bonuses and VIP programs.

Chief among these promotions is a welcome match bonus. This is awarded to new players when they sign up. The casino will match the player’s initial deposit. For example, when you deposit 5 bitcoins the casino will give you an additional 5 bitcoins worth of bonus cash.

That being said players must never forget to remember the terms and conditions for the wonderful promotions on offer. Pretty much all promotions are attached to wagering requirements and have an expiration date.

Bitcoin Payment at Online Casinos

Making payments at an online casino with Bitcoin is not at all complicated.

  • First, a player must have an account with Bitcoin.

You may download a Bitcoin wallet onto your device or you may use an in-browser wallet. Bitcoin will not require any personal information but just an email address.  

  • After setting up a Bitcoin account, you can buy some bitcoins using MasterCard, Visa, or an e-wallet.

Here, you will incur some transaction charges depending on the payment plan used. Furthermore, the wallet hosting you will typically charge you around 1.5% when you buy Bitcoin.

  • Now that you’ve got your bitcoins, the next step is to transfer the funds to your casino of choice.

So just go to the cashier's section on the casino homepage and select Bitcoin. After signing into your Bitcoin account enter the number of bitcoins you wish to transfer. The online casino provides its Bitcoin wallet address which you must copy and paste to your bitcoin wallet and click send.

That’s how you load your casino account with bitcoins. You will not be charged for this transaction since there is no middleman.

How to Withdraw and Get Those Bitcoin Back after Your Investment?

After playing for a while, you may be lucky enough to win a significant amount of cash. How do you get those Bitcoins back?

  • You just need to head back to the cashier section and select ‘withdrawal' or at some casinos, this option may read ‘cash out'.

You will be required to enter your wallet address and answer a security question. The casino will then transfer the coins into your wallet instantly. Depending on the casino from which you’re withdrawing, this may take up to 2 days. Remember, that unless you want to convert your bitcoins to Euros or US dollars, deposits and withdrawals are entirely free of charge.

A Bitcoin transaction sounds more complicated than it is in reality. The casino site will give you step-by-step instructions, so you don’t need to memorize all of this.