How Bitcoin Online Casinos Work
September 19, 2018
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The Top 5 Bitcoin Online Casinos
Bitcoin (BTC) is an online digital currency (or cryptocurrency) that many online casinos are starting to accept as a payment method. Great news for online casino fans that happen to have ventured into the cryptocurrency world. Banking at an online casino with bitcoin has plenty of advantages, including that of anonymity and speed of cashouts.
Our top-rated Bitcoin casino for September 2018 is Slots.lv, and each of our recommended sites offers up a whole host of perks:
- Brilliant security to keep your funds safe
- Great loyalty programs & ongoing promotions
- The latest software & games
Bitcoin at a Glance
Bitcoin has been with us since 2008. ‘BTC’ is a digital or crypto currency that can transfer funds between two recipients, wherever they are located in the world. The digital currency has been growing steadily over the last few years, and it’s now pretty common to find yourself on a site accepting Bitcoin. The online gambling world hasn’t been left behind, either, and there are gamers who really enjoy a poker room that takes Bitcoin. Casinos are still catching up, however, and internet poker using Bitcoin is still in its infancy. Despite this, players are enjoying the speed and security of using Bitcoin.
How To Get Started With Bitcoin
To start playing at Bitcoin gambling sites, you will need a Bitcoin wallet, of which there are many varieties available for free. The easiest way to get BTC for Bitcoin gaming is to purchase them through a Bitcoin exchange site. If you have a wallet and know its unique address, you can also have a friend send you coins.
There is also 'mining', which is the process that generates new Bitcoins. These new BTCs spawn from using a free software application called a Bitcoin miner. However, if you are just interested in getting Bitcoins ASAP so that you can begin playing at a Bitcoin casino, purchasing them from an exchange is by far the quickest method.
The best online Bitcoin casinos will also allow you to 'break up' your Bitcoins in smaller allowances if you don't want to wager a whole coin (currently 1 BTC is equal to around $400 USD).
Why Should I Deposit for Online Poker with Bitcoin?
Internet poker using Bitcoin may be still on the rise, but players in the know get some real benefits in a poker room that takes Bitcoin. Firstly it’s fast. It’s peer-to-peer with no middle man. On a poker site that accepts Bitcoin your funds go directly, and quickly, to the recipient. Security is also assured because you won’t need to submit any personal or financial information when playing internet poker using Bitcoin. Casinos also reward Bitcoin users with much lower rake charges. Gamers are allowed to enjoy a greater percentage of their poker winnings when they opt for a poker site that accepts Bitcoin.
The Difference Between Bitcoin And PayPal
Again, the main difference between using PayPal (which involves using 'real' currency) and a Bitcoin wallet is that with the latter there are NO transaction fees and the transferring of funds is instant. Also, unlike with PayPal, it's impossible for your account to be frozen or otherwise shut down. While PayPal can be accessed on any device with an internet connection, most Bitcoin wallets have to be tied to a particular physical device for added security.
...you pay no taxes on your Bitcoin winnings and wealth.
Advantages Of Playing At Bitcoin Casinos
Like any other online gaming website, the best online Bitcoin casinos offer sign-up bonuses, stylish and secure software, and a wide variety of games from video slots to roulette to blackjack to video poker. All of these features can be taken advantage of simply by depositing Bitcoins into your account--no real money required!
But there's something you need to be aware of before you play at a Bitcoin casino. With Bitcoin, one of its greatest features is also one of its greatest flaws. The fact that the cryptocurrency is unregulated means that its value fluctuates wildly from day to day. This can lead to sometimes confusing transactions if the value is disputed, though this is normally not the case when using the currency with online Bitcoin casino gaming at reputable sites.
The Legality Of Bitcoin Casinos
While the United States and some other countries have fairly strict laws in regards to opening up and playing at online casinos, those laws only regard gaming with the US dollar. Even though Bitcoin can be converted to real cash (through parties independent of these gaming sites), users are basically gambling with bits of computer code that they themselves (not any government entity) assign value to. Bitcoin casinos' legal status is just another advantage these sites have over more traditional ones.
Because there is no central institution regulating Bitcoin (for the foreseeable future at least), online casino Bitcoin gamers should feel comfortable and confident in wagering their Bitcoins.
At first, Bitcoin can seem overly-complex, however once you have a wallet and your first few coins, using Bitcoin gambling sites is the same as playing with any other form of currency on another, non-Bitcoin gambling site. With its near-instant transaction times, high security, and low risk of losing your funds due to Bitcoin casinos' legal status, Bitcoin gaming very well may be the way of the future.
Make Your Deposit for Online Poker with Bitcoin
- Before you can hit the poker sites, you will need to create an eWallet for purchasing Bitcoin. Bitcoin friendly e-wallets are listed here: bitcoin.org/en/choose-your-wallet. There are device specific wallets if you prefer.
- Once you are set up for Bitcoin you can buy currency at the exchanges listed here: howtobuybitcoins.info Everything is stored in your eWallet, which is what you will use for depositing at any online poker sites.
- On a poker site accepting Bitcoin, find the option for the digital currency on the cashier page and select it as your deposit method. You’ll be redirected to your own eWallet for the transaction, and will need the Bitcoin address of the recipient. Enter this, and the amount you wish to deposit, and you’re done.
Frequently Asked Questions
Can I use Bitcoin at online casinos?
Yes! While it's not every single one (yet), more and more online casinos are beginning to accept the cryptocurrency. On this page we have listed many of the top online casinos that you can wager Bitcoin at.
Is this available in any country?
One of the biggest perks about Bitcoin is that it knows no international governance, and is largely unregulated by the majority of the nations on the planet. This means that if you are a player based in the United States, you could use your Bitcoins to play at online casinos based in Australia, Japan, or anywhere else without having to worry about converting your currency or paying transaction fees.
Are there sites that specialize in Bitcoin casino games?
In addition to online casinos that accept a multitude of currencies (including BTC), there are also casinos that specialize and cater exclusively to those playing with Bitcoin.
Are Bitcoin casinos legal?
Yes! Because most governments view BTC as a commodity and not a currency, you are free to wager as much as you want at online casinos that accept Bitcoin. Just know that online casinos that accept both Bitcoin as well as government-regulated currencies will sometimes block players that have IP addresses from certain countries. For instance, an American player might have trouble signing up for an online casino based in a European country, even if their intention is only to gamble with Bitcoin
Is Bitcoin poker legal?
Yes, because it is not a regulated currency in the eyes of governments. However, just be aware that many online poker rooms apply the same rules to players wanting to play with 'real' currency as they do to players that just want to wager Bitcoin. This means that a player with an IP address from a particular country (e.g., the United States) could have trouble signing up with an online casino in Sweden, regardless of what currency (or cryptocurrency) they are trying to play with.
Is it a safe payment method?
Yes! Bitcoin's security is another reason it has seen such a rise in popularity. Unlike with a traditional eWallet (like PayPal) or with online banking, someone trying to steal BTC would need more than just your username and password, they would need physical access to whatever device your Bitcoins were stored on (so your smartphone, laptop, etc.) before they could steal or spend them.
Are winnings processed and paid back in Bitcoins?
Every casino is different, but the majority will allow you to make a withdrawal in the same currency you made your deposit in (including BTC, if it is accepted).
Am I eligible to receive casino bonuses?
It varies from casino to casino, but the best ones offer a wide variety of bonuses to lure in new players as well as incentives to keep veteran ones coming back. Bitcoin-specific casinos will definitely offer BTC bonuses, and it won't be uncommon to see Bitcoin bonuses at casinos that accept multiple currencies.
Can I use Bitcoins when playing on a mobile device?
Yes! If the online casino you are playing accepts BTC and is mobile-optimized, you can wager to your heart's content from the convenience of your smartphone or other mobile device.
Are there any advantages to using Bitcoin?
It's a long list, but one of the most popular advantages is that it is not regulated by federal governments, meaning you pay no taxes on your Bitcoin winnings and wealth. The currency is completely private, meaning no one (including governments) have any idea how much Bitcoin you possess. And that means they can't freeze or seize your assets.
What are the disadvantages?
Because the currency is still growing and finding its proverbial footing, the value of Bitcoin can swing wildly from day-to-day and especially month-to-month. It is not yet accepted everywhere, meaning you might have to pass on your otherwise ideal online casino because it doesn't yet accept Bitcoin. Fortunately, more and more online casinos are, and we have listed many of the best ones on this page for your convenience.
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