Online casino players are spoilt for choice when it comes to payment methods they can use to carry out transactions. Today, gaming establishments support a wide variety of traditional and alternative banking options you can use to make deposits and withdrawals in fiat currencies. However, in the last few years, more and more operators have been adding cryptocurrencies to the list of supported payment methods with Bitcoin (BTC) being the most popular among them.
While it has been used by more and more people around the world, Bitcoin is still a mystery that needs a comprehensive introduction. In this review, we bring you a detailed guide to the digital currency along with an overview of fees, timeframes and all other aspects of Bitcoin online gambling that may come in handy.
The first thing you should know about Bitcoin is that there is no institution behind it, which is considered a major breakthrough in the financial services market. This is a decentralised, digital currency that does not exist in the physical form. However, you should not underestimate its value based on these facts. As a matter of fact, 1 BTC was worth $10,602 at the moment of writing this review.
To help you understand how it functions, here is a brief history of Bitcoin. It all started back in 2008 when a paper called Bitcoin. A Peer to Peer Electronic Cash System was attached by a person or a group of people calling themselves Satoshi Nakamoto to a mailing list discussion on cryptography. That’s when the Bitcoin software was made public, and the process of mining began. The identity of Satoshi Nakamoto has remained a mystery for more than a decade, and more than 18 million Bitcoins have been generated through mining.
Mining is just one of the ways you can obtain BTC. Others include purchasing and exchange. What you should be aware of is that this cryptocurrency can be quite volatile, with its value ebbing and flowing over the years. It was valued for the first time back in 2010 when two pizzas were paid 10,000 BTC. In 2013, its price was $1,000, and it quickly began to decline, reaching $300. In 2017, the Bitcoin price reached $10,000, and it increased to $15,000 in 2020.
If you have been wondering whether you can use Bitcoin for online gambling, the answer to this question is simple: you most certainly can regardless of the country of your residence. Bitcoin is available worldwide, with no restrictions, as long as you join an online casino that is available in your country. What’s more, it makes a great banking option for residents of the countries where online gambling is illegal or not regulated as it grants its users 100% anonymity.
Bitcoin is powered by blockchain technology, which is considered revolutionary in the fintech industry. It is a technology that keeps records of information about transactions carried out in Bitcoin. To carry out transactions, you need a Bitcoin wallet. Today, you can choose from multiple crypto wallets. They can be web-based, software and hardware wallets, yet they function in more or less the same way. So, let’s find out how to set up one.
Download the software
Some of the most popular options include Exodus, which is the best hot wallet for beginners, Electrum, which is also a wallet connected to the internet but more suitable for advanced users and Mycelium, one of the best hot wallet options for mobile users. Hardware wallets are called cold wallets as they are not connected to the internet.
Install the software on your desktop
Upon installation, you may be asked to choose the type of wallet you want to create. Choose the standard wallet option if you are a newbie to cryptocurrencies.
Generate a seed to encrypt your wallet
A seed is a 12-word sequence you can use to restore your wallet in case anything happens to your computer. Keep this string of characters in a safe place.
Save Bitcoin addresses you use frequently.
These addresses are impossible to remember, so this is a great option that allows you to save them all in one place.
Customise the appearance of the wallet
You can change the interface of the wallet and choose whether you will see your balance in BTC or mBTC. One of the options is to set that your balance is expressed in the preferred fiat currency. When creating a BTC wallet, you won’t be asked to share your personal information, such as your name or address. It is all about getting a private key you will use for further instructions. These are only basic steps that apply to the installation of a crypto wallet on your desktop device. Anyhow, whichever type of crypto wallet that you opt for, follow the steps given on the screen and you are good to go.
Now that you have set up your Bitcoin wallet, you can make Bitcoin deposits and withdrawals. Using Bitcoin to make deposits and withdrawals is a no brainer as long as you understand how the cryptocurrency functions and know its value.
- Go to the cashier and choose Bitcoin as a preferred payment method.
- Instead of entering your credit card number or logging into your e-wallet, the only two things you need to provide is your wallet address and the amount you want to send to the casino.
- Confirm the transaction, and the money will be added to your account in no time.
Since amounts expressed in BTC may be a bit confusing with all the zeros included, you can choose the familiar fiat currency to see your wagers and balance in. If Lady Luck smiles upon you and you manage to win some money, you can clear your winnings in Bitcoin again by choosing it as a withdrawal method. Enter your Bitcoin wallet address once more and the amount you want to cash out to complete the transaction.
Bitcoin transactions at online casinos incur no fees. However, making transactions through the Bitcoin network is not free at all. As a matter of fact, transaction fees apply, with its value being based on the price of Bitcoin, number of transactions and more. On the internet, you can find fee calculators and estimators where you need to enter a number of blocks and the type of transaction to get an estimated fee you need to pay.
Also, if you want to buy and sell Bitcoin, you can do it at exchanges where you can obtain the cryptocurrency. Exchange fees vary depending on the banking method you use, the currency you want to convert into Bitcoin and more. These fees can start at 0.05% and go up to 3.5% or even higher. Get informed about all expenses of Bitcoin transactions before you make one.
Bitcoin payments are processed in a few seconds, and those made at online casinos are no exception. However, at some casinos, your cashouts may be subject to a pending period which may take up to 48 hours. During this time, players can reverse a request and get their money back to their account for further wagering.
The fact that there is no financial institution behind Bitcoin allows online casinos to have flexible deposit and withdrawal limits. As you can see in the table given above, in most cases, only the minimum deposit or withdrawal limit apply while the maximum amounts are not capped. Even those operators that set the upper limit keep them quite high, thus allowing high-rolling players to make larger payments and withdrawals.
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In 2014, the biggest Bitcoin exchange at the time Mt.Gox left the owners of 850,000 Bitcoins empty-handed. The case is still under investigation, and the only thing that is known is that the amount taken away from owners was worth $450 million dollars. Its value today would be around $4.4 billion. That was not the only breach of security, yet cryptocurrencies are considered more secure than fiat currencies and traditional payment systems and institution when it comes to online transactions. Blockchain ledgers are hard to interfere with, yet this technology still has security weaknesses.
One of the main problems is a so-called private key which functions like a password. Users must not reveal or share private keys with anyone. Also, hot wallets connected to the internet are riskier to use as any flaw in the app or exchange may result in a security breach. If you can, the best option would be to use cold wallets.
As we have pointed out several times in this article, Bitcoin was designed as a decentralised currency that functions without any bank or financial institution behind it. It is all about the Bitcoin network, which represents a peer-to-peer system running on a cryptographic protocol. Therefore, if you have been experiencing any issue with the cryptocurrency itself or your casino transactions, you won’t be able to get in touch with a banking institution or service provider.
On the other hand, you can contact the customer support team of the casino you have signed up with. Some of the Bitcoin-friendly casinos have a dedicated FAQ section for BTC users as well. Also, there are websites specialised in Bitcoin you can turn to if you need any assistance.
Due to anonymity Bitcoin guarantees, its users prefer to stay off the radar and don’t use their traceable information around the web.
That’s why you won’t easily find player experiences with BTC or a wallet they use. On forums and websites, like Reddit and Quora, you can read about experiences at Bitcoin casinos, including topics on Bitcoin gambling addiction.
Though we cannot talk about extra features like ones offered by payment services, there are a few things you should keep in mind when it comes to Bitcoin. First of all, it is just one of the thousands of cryptocurrencies out there. Secondly, Bitcoin itself has its offshoot called Bitcoin Cash. Since you may stumble upon it at online casinos, we will briefly explain it to you now.
Bitcoin Cash is another cryptocurrency that was created from a fork of Bitcoin in 2017. There are two more offshoots of Bitcoin, and they include Bitcoin Cash ABC and Bitcoin Cash SV. However, only the first one uses the original Bitcoin Cash client. While they all function in more or less the same way, the main difference between the original cryptocurrency and its offshoots is that the latter enables processing more transactions per block at lower fees.
Since there are many crypto wallets operating on mobile devices, you can use Bitcoin wherever you are. Even if you use a desktop or hardware wallet, you can make your transaction in Bitcoin on the go as all you need to provide is your wallet address and the amount you want to send or withdraw from the casino.
- The first BTC purchase allegedly involved trading 10,000 Bitcoins for two large pizzas.
- 22 May is celebrated as Bitcoin Pizza Day.
- You can keep your privacy while using Bitcoin until the moment you want to convert it into fiat currency.
- The identity of Satoshi Nakamoto has not been revealed for more than a decade.
- A total of 21 million Bitcoins is available for mining. In 2020, there were 2.6 million Bitcoins left to be mined.
- One of the largest Bitcoin wallets is owned by the FBI.
- The smallest Bitcoin denomination is called a Satoshi byte and is worth 0.00000001 Bitcoin.
- You can use Bitcoin to buy a trip to outer space.
- There are more than 2,000 Bitcoin ATMs in the US.
- Bitcoin transactions are not reversible.
Online casino players can make both deposits and withdrawals in Bitcoin.
Online casinos don’t impose any fees on transactions in Bitcoin. However, each Bitcoin transaction is subject to a fee you can calculate by using fee estimators on the web. Anyhow, these fees are much lower than ones charged by other online payment services.
Thanks to the sophisticated blockchain technology, Bitcoin is one of the safest methods to use at online casinos as long as you keep your private key secure. Also, consider using cold wallets as they are considered the best option when it comes to security.
Bitcoin is available globally and particularly suitable for players residing in countries where online gambling is not legalised.
All transactions via Bitcoin are processed instantly, yet some online casinos may impose a pending period which can last up to 48 hours.
Bitcoin is a decentralised currency, and as such, it is not licensed by any financial authority. However, the technology it is based on is highly sophisticated and secure, so you can rest assured that your transactions will be carried out in a safe manner.
The best way is to use a Bitcoin ATM and exchange your Bitcoins for real cash. Alternatively, you can use a number of Bitcoin exchanges and then withdraw the fiat currency via bank transfer, popular e-wallets or credit cards.
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