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Find In This Article:
- What is Bitcoin?
- Advantages of Using Crypto Casinos
- Types of Cryptocurrencies Accepted at a Casino
- How To Get Started at a Bitcoin Casino?
- What Games Are Available?
- Are Bitcoin Casinos Safe?
What is Bitcoin?
Bitcoin came into existence in 2008 when Satoshi Nakamoto released a whitepaper detailing the function and goals of Bitcoin. Built on the Blockchain technology, Bitcoin grew quickly to become a favoured method of payment for many people who disliked centralized financial institutions.
Needless to say, casinos quickly adopted Bitcoin payments to offer their clients with this technologically advanced means of payment. A Bitcoin casino is most likely to accept other cryptocurrencies.
Today, there are more than a thousand Cryptocurrencies available for Cryptocurrency users. Bitcoin being the first Cryptocurrency, is the most famous and most widely accepted Cryptocurrency. If you are looking for a BTC casino, then here is some information about Bitcoins, Cryptocurrencies and crypto casinos, which can help you choose the most suitable casino.
What is Cryptocurrency?
Bitcoin is a Cryptocurrency. It is a virtual form of money which uses highly complicated encryption techniques for security and anti-counterfeiting. The reason why it has gained a significant audience is because it is decentralized in nature and uses a robust piece of technology known as the Blockchain.
Decentralized Blockchains are considered to be nearly impossible to hack, which means tampering of information is not possible when it comes to Cryptocurrencies. At the same time, digital money provides users with the ability to maintain anonymity to a certain extent. Cryptocurrencies can be stored in online or offline wallets.
What is the Advantage of Using Cryptocurrencies?
Crypto casinos have become popular because they offer greater anonymity to its users. This is an advantage for players who do not want to reveal their identity to online casinos. Many users who do not want their credit scores affected from playing on online casinos will find the anonymity offered by Bitcoin casinos to be an excellent way to play without having to worry about credit scores.
There are some Bitcoin casinos which offer Bitcoin and other Cryptocurrencies as the only option for making a deposit. This makes them Cryptocurrency-exclusive. It has been noticed that they have a unique clientele and are always willing to help new users when it comes to making deposits and withdrawals.
Faster Deposits & Withdrawals
Since Cryptocurrencies are based on a decentralized system, they are not limited to banking hours, which makes them ideal for users who do not want to wait too long for payments to be transferred from their bank to their Bitcoin casino account.
Even withdrawals are equally quick. It usually takes anywhere between a few seconds to a couple of hours to get the money transferred to your crypto wallet.
Less Fuss about Withdrawal Limits
A Bitcoin casino would usually allow you to deposit and withdraw Bitcoins or other Cryptocurrencies without any limitations. This makes it easy to claim big jackpots with fewer worries about cashing out a big sum of money. Since transactions are very fast, you will not even have to wait too long to get your winnings in your crypto wallet.
The only limitation is that you must use the same method of payment for deposit and withdrawals. If you choose to have your winnings deposited in a regular bank account, then you will have to go through the same casino terms and conditions with respect to withdrawals.
At the same time, Bitcoin purists have long believed in outgrowing regular money and eventually using Bitcoin for everything. For such users, the availability of a Bitcoin casino is a big advantage. It is proof of the fact that Cryptocurrencies are rising in popularity and it also helps the currency gain more value.
Types of Cryptocurrencies Accepted at a Crypto Casino
In addition to Bitcoin, a casino may accept other popular Cryptocurrencies too. With the popularity of Cryptocurrencies continually increasing, Bitcoin casinos offer their clients more options. The most popularly accepted Cryptocurrencies are:
- Bitcoin – BTC
- Ethereum – ETH
- Monero – XMR
- Bitcoin Cash – BCH
- Zcash – ZEC
- Dogecoin – DOGE
- Dash – DASH
- Litecoin – LTC
All of these are major Cryptocurrencies are used by many players to make deposits as well as to cash out. A crypto casino that offers such a feature can cater to Cryptocurrency enthusiasts.
Before you register with a casino, make sure you go through the details to check which Cryptocurrencies are accepted at that particular casino. If you are looking for a casino that will not limit you to Cryptocurrency deposits and withdrawals only, then look for Bitcoin casinos which accept regular methods of payment as well.
Is There any Difference in the Bitcoin Casino Offerings?
It has been noticed that BTC casinos usually do not pay bonuses as high as regular casinos. For Cryptocurrency enthusiasts, this can be a small downside when compared to the advantage of the anonymity offered by a Cryptocurrency casino.
How to Get Started on a Bitcoin Casino?
Step 1: Load your wallet
Your crypto wallet must have an adequate number of Bitcoins or any of the other Cryptocurrencies which you intend to use on the Bitcoin casino. Buy the currency which you intend to deposit in the casino and move it to your wallet.
Step 2: Register on the Bitcoin casino
With your wallet loaded to make your deposit and begin playing, register on a Bitcoin casino suitable for your playing requirements. Make sure the casino you register with accepts the Cryptocurrency you are using.
Step 3: Deposit the Cryptocurrency on the casino’s crypto wallet
Visit the cashier section of the Bitcoin casino and choose the right Cryptocurrency as the preferred method of payment. For example, when choosing Bitcoin for deposits, you will select BTC as the payment method.
Copt the casino’s wallet address and go to your Cryptocurrency wallet. Create a new transaction and add the casino’s wallet address in the section marked “receiver”. Choose the number of Bitcoins or any other crypto coins that you want to deposit in the casino and click or tap on send.
Step 4: Cashing out your winnings
If you use the same method to cash out your winnings too, then you will not have to worry about withdrawal limitations. A reputed Bitcoin casino usually allows players to withdraw their winnings easily and quickly.
Your winnings will be transferred to your account in a couple of hours at the most. If you want to withdraw your winnings using a different method, then you will be subjected to the casino terms and conditions for regular withdrawals.
Which Games are Available to Play on a Bitcoin Casino?
Cryptocurrency casinos usually offer almost the same games as any regular casino. The game selection will vary from one casino to another and is mostly not impacted by the accepted methods of payment by casinos. A Bitcoin casino will offer slots as well as table games to attract more clients.
What is the Currency in which the Game is Played?
This also depends on the Bitcoin casino. Some BTC casinos will allow you to deposit and play in Bitcoins. Others may allow you to deposit and withdraw in Bitcoins, but the casino would hold the account in fiat currency like USD or EUR.
In some cases, certain casino games will require you to deposit money in fiat currency like USD or EUR so that you can play that particular game. Every casino handles things uniquely according to the laws governing the casinos and the decisions taken by the casino boards.
Is a Bitcoin Casino Safe?
It is over a decade since Bitcoin was introduced to the world. In this period of time, it has been able to create a lot of supporters of virtual money. At the same time, it has also opened the gates of new forms of illegitimate activities that can be carried out by conmen. So it is always important to figure out if a Bitcoin casino is safe or not.
Reputed casinos which have been running for a long time and have a history of making it easy for users to withdraw their money are safe. If you come across a casino where something seems wrong, check and verify the license number for the casino, look for online reviews about the casino, and go through deposit and withdrawal terms and conditions.
Ambiguity in any of these details is a red flag for online casinos. Many players end up losing money because they fall for way too lucrative deposits offered by a Bitcoin casino without establishing the legitimacy of the casino.
Things to Consider when Using a Bitcoin Casino
1. Cryptocurrencies are volatile
Bitcoin gambling sites are good for anonymity, but the fact that Bitcoins and other Cryptocurrencies are very volatile makes it difficult for casinos to effectively carry out transactions in various currencies.
This is one reason why BTC casinos either use fiat currency to value the deposit held on the casino account or may use fiat currency for playing the games. The volatility of cryptocurrencies affects the casino as much as it affects the users.
If you do not want to get affected by the volatility of Cryptocurrencies, then choose a casino which holds your deposit in fiat currency. As a result, the value of your Cryptocurrency will not be affected by any changes.
2. Watch out for fake Cryptocurrency casinos and fake casino games
Since many Cryptocurrency users are new to virtual money, and since Bitcoin is still a relatively new method of payment in casinos, a lot of people may take advantage of this fact by setting up a fake BTC casino and offering lucrative bonuses.
Once customers begin registering, they may delay withdrawals or set up high wagering requirements for claiming bonus winnings to make it nearly impossible for a player to cash out money from the casino.
The same way, some casinos that appear to be legitimate may include fake casino games where the possibility of winning is next to none and the bets would be high. If a casino or game has a ‘Provably Fair’ certificate, then it means that the game being played is fair.
3. Identify problems with payouts before you deposit big amounts of Bitcoins
Make a small deposit to check how easy it is to deposit and withdraw money from the casino. This will help you identify any problems with cashing out if you had big winnings. It is normal for casinos to have players wager at least once before they can withdraw money from the casino account.
This is seen as a means of curbing money laundering activities. Other than this, you should not face a lot of problems when it comes to withdrawing your winnings unless your winnings are from a bonus. Bonus winnings have special terms and conditions. Other payouts should be quick and easy.
4. Check for games that may not accept Bitcoins
BTC casinos may exclude certain games from using Bitcoins or other Cryptocurrencies. If you have a favourite game, then make sure you check if it is included or excluded from Bitcoin deposits.
If it is not included then you will have to separately deposit fiat money in your casino account to play that particular game. It defeats the whole purpose of using Bitcoin casinos and especially making a Bitcoin deposit. So make sure you check these details before registering in a casino.
5. Go through the game library to check diversity in games that you prefer to play
It is important that the Bitcoin casino you join offers variety in games. This is especially important if you prefer playing different types of games in the casino instead of picking just one and sticking to it.
Go through the game library to check if your favourite games are included. If the library does not seem attractive enough and it does not have some of your favourite games, then you must check other casinos for a more expansive library.
6. Find out how the Bitcoins will be held in the casino account
Bitcoins and other Cryptocurrencies can be held in the casino account in the following ways:
- As the Cryptocurrency
- As fiat money
If it is held as the Cryptocurrency itself like BTC, then the value of your deposit will be affected by the changing values of the Cryptocurrency.
On the other hand, if the casino converts the BTC into USD, then you will be affected by the exchange rates and then the changing values of the USD, which may or may not be in your favour.
7. Chat with customer support before you sign up
When you are playing at a casino, you will often find it important to have a friendly and prompt customer support team which is easily accessible.
To make sure that you choose the right BTC casinos for playing casino games, chat with the customer support team to find out how promptly they reply and measure their responses to figure out if you would like to go ahead with registering on the casino or not.
Poor customer service can be a trouble at a later stage when you have queries about deposits, withdrawals and have a significant sum of money at stake.
8. Check for alternative payment methods
If you are looking for BTC casinos that are created exclusively for Cryptocurrency users, then you do not have to worry about alternative payment methods. But if you want to have the ability to use regular payment methods in addition to Cryptocurrency to make deposits in your casino account, then check the payment methods that you can use.
If the casino includes other payment methods of your choice, then you can go ahead with registering on that casino.
9. If you will be using a mobile to play casino games, then check for mobile compatibility
All casinos do not offer mobile compatibility. Make sure you check if the casino also has a mobile app or can be played on mobile browsers before you proceed with the registration. This is for players who prefer playing on mobile phones.
10. Do the negative reviews outweigh positive ones?
Check for the casino reviews and if you find that the number of negative reviews is very high, then it is better to steer clear of such casinos. Customers would usually rate casinos negatively because of problems experienced in withdrawals and deposits. Check for details in the reviews and avoid those casinos where payments are a concern.
Bitcoin casinos are gradually gaining customers, especially in countries where the audience prefers anonymity and wants to avoid the casino transactions going through their bank statements. Given the overall rise of Cryptocurrencies and the less than usual transaction fees which are involved in using Cryptocurrencies to play casino games, players find these to be more profitable too.
If you have been looking for a good BTC casino to play casino games, then make sure you take the time to verify the legitimacy of the casino for the safety of your Cryptocurrency deposits in the casino account. It is also important to consider reputed casinos that have been in business long enough because these casinos have a reputation to maintain.