Bitcoin casinos

What is a Bitcoin Casino?

A Bitcoin casino, simply put, is a casino that accepts Bitcoin as a form of payment. You can refer to any casino that supports Bitcoin as a form of payment, as a Bitcoin casino. Due to the volatility of cryptocurrencies and a period of uncertainty surrounding it, some casinos are tentative about accepting this form of payment.

Many top online casinos have embraced Bitcoin due to the ease of payments, the high value that the currency holds, and the use of blockchain technology. There are even casinos dedicated to Bitcoin, where they only accept Bitcoin as a payment method.

Bitcoin casinos usually offer all the best casino games, which includes slots, table and card games. Many casinos also provide the opportunity for sports betting, often including fantasy leagues and e-sports. You’ll find these games at regular casinos, but many Bitcoin casinos change the games to make them unique for players who only choose to play with Bitcoin.

Why Should You Play at a Bitcoin Casino?

Bitcoin is one of the safest payment methods due to blockchain technology. Once you’ve made a payment, the blockchain records it, and it can’t be changed. It’s also a suitable payment method to use if you want some anonymity while playing online.

If you’re worried about your country’s laws and monitoring your online activity, Bitcoin offers relative safety from authorities. When you sign up with a Bitcoin casino, you don’t have to verify personal information, allowing you the anonymity for which Bitcoin is known.

Cryptocurrency’s use of blockchain technology doesn’t need personal details to verify transactions, and the lack of this information doesn’t affect the integrity of transactions. Because of the decentralised nature of cryptocurrency, governments can’t interfere or manipulate the currency.

Bitcoin payments are usually faster than traditional methods, with minimal expenses incurred when making transactions. Cryptocurrencies have no middle-man when it comes to transactions, so there’s no need to pay anyone.

Many traditional payment methods charge hefty fees for transactions, often up to 10% or 15% of the amount. These intermediaries have often been accused of overcharging players for transactions because there are no alternatives.

This is one way the cryptocurrency disrupts the market, offering an alternative form of payment that traditional banks do not regulate. Anyone can make transactions using Bitcoin without any charges accrued.

Banks often freeze accounts or charge high fees when you make a payment to a casino. These types of transactions are often frowned upon. When you use Bitcoin, neither your bank nor other authorities have records regarding the transaction.

Transactions times are much faster with Bitcoin payments than traditional methods. If you make a withdrawal using your credit card, you can wait seven days, if not longer, for the amount to reflect in your account Bitcoin, however, can be as fast as 15 minutes.

Furthermore, many Bitcoin casino sites offer free transactions when making use of this payment method. Some casinos provide bigger jackpots for Bitcoin players, and many traditional games are getting a face-lift to appeal to players who play using cryptocurrency.

Pros and Cons of a Bitcoin Casino

As with any casino, there are pros and cons to playing at a Bitcoin casino.

Pros:

• Easy deposits and withdrawals
• Quick transactions
• Online anonymity
• Marginal fees
• Excellent bonuses and promotions
• High conversion rates
• Unique games
• Casinos dedicated to Bitcoin
• Bitcoin wallets are available on mobile

Cons:

• The currency is volatile
• Some casinos may not be legal

Bitcoin Casino Bonuses

Many Bitcoin casinos create special bonuses and promotions for players who use Bitcoin. These are often much more lucrative than those for other players. While not all casinos offer bonuses and promotions, the majority of licensed casinos do. Here are some of the Bitcoin bonuses you can look out for.

New Bitcoin Casinos

List of recently launched and reviewed casinos that accept BTC and other cryptos.

Transactions with Bitcoin

One of the advantages of playing at a Bitcoin casino is the ease of making transactions. If you’re not familiar with Bitcoin, you may not be sure how transactions with a casino will work. When making transactions with Bitcoin, there are marginal costs involved.

The fees are payable to the people who hold the virtual ledgers. Most casinos don’t charge for Bitcoin transactions at all.

Making Deposits

Go to your favourite online casino and choose to open an account if you haven’t done so already. You’ll be able to follow the prompts to make the process easier. Once your account has been approved, you can click on the ‘banking’ link and choose Bitcoin as your preferred payment method. You’ll receive a unique web address which is your casino account.

From here, you’re going to go to your Bitcoin wallet, enter the address for your casino account in the tab for making Bitcoin payments. Choose the amount you’d like to pay over to the casino and confirm the transaction. You’ll see the funds in your casino account within minutes.

Bitcoin Exchange Rates in Online Casinos

Since Bitcoin is a volatile currency, most casinos don’t exchange the currency for the value of regular money. Instead, the casinos will use Bitcoin in its pure form, breaking it down into bits. Most Bitcoin casinos will allow you to make deposits in Bitcoin bits and cap the transactions before transferring a whole coin.

Your winnings will also be affected by the volatility of the currency. This is part of the reason why casinos trade in Bitcoin and don’t exchange it for regular money.

Hardware BTC Wallet

This kind of wallet uses hardware to keep your cryptocurrency safe. A hardware wallet looks similar to a USB, and you can store all your keys on it. Since a hardware device is only connected to the internet when making transactions, it’s a safe way to keep your coins. Its purpose is mainly for safekeeping and is often referred to as a cold wallet.

Factors to Consider Before Choosing a Wallet

Before choosing which wallet will be best for you, there are a few factors that you should consider:

• Your needs— you want to use a wallet to make transactions easier for deposits and withdrawals with an online casino.
• Cost— software wallets have transaction fees, while hardware wallets will have an upfront fee and transaction fees.
• Convenience— the wallet should be easy and convenient to use.
• Features— ensure that the wallet you’re interested in has all the features that you’ll need.
• Bitcoin support— ensure that the wallet you’re interested in supports Bitcoin.

The Most Popular Wallets

The most popular wallets for you to investigate includes:

• Edge
• Wasabi Wallet
• Trezor T
• Ledger Nano X
• Exodus Bitcoin and Crypto Wallet
• Mycelium Bitcoin Wallet

Bitcoin Casino Games You Can Play with Crypto

If you choose to play with Bitcoin, you have the option of playing virtually any casino game that the Bitcoin casino offers. Many casinos tweak their games to make it more interesting for Bitcoin players.

Major game developers have signed contracts with Bitcoin casinos, which is a definite sign that Bitcoin casinos are becoming more acceptable among mainstream players. Some of the top names in the igaming industry have started recognising that more and more people want to use cryptocurrency when gambling online.

Entering into contracts with Bitcoin casinos offers these companies the opportunity to showcase their portfolios to Bitcoin players, often with exclusive content explicitly aimed at cryptocurrency.

You can play slots, card games and often make bets in sportsbooks using Bitcoin. You’ll find that most Bitcoin casinos offer the exact titles of your favourite games that you would find at traditional casinos. While many games are different, you don’t have to worry about the gameplay of your favourite games being changed.

The Bitcoin casinos and game developers are also serious about making player’s gaming experience unforgettable. For this purpose, most of the casino games are optimised for mobile, and you’ll be able to access Bitcoin casinos from your mobile device.

The History of Bitcoin Rates

One thing that people constantly repeat when they talk about Bitcoin is how volatile the currency is. That means that the value of a Bitcoin fluctuates wildly. In fact, in trading classes, it had one of the most volatile histories.

Some experts compare Bitcoin to the Beanie Babies craze in the ’90s, while others likened it to the Dutch tulipmania in the 17th century. Initially, finance experts didn’t have much faith in cryptocurrency and dismissed it as a short-lived fad. After a decade of crashes and growth, Bitcoin has shown that it’s here to stay.

The original purpose of cryptocurrency was to cut out the middle-man and make daily transactions with minor risks, specifically after the 2008 financial crisis. Initially, the currency was mainly accepted as payment for online transactions, specifically illegal transactions on the dark web.

This caused scepticism in the mainstream, but Bitcoin is slowly becoming a more accepted mainstream payment method. Many investors see its value as a hedge against inflation and a store of value.

2009 – $0.0008

When the currency first came out in 2009, it had no value at all. In a year, it grew to be worth $0.0008, and then suddenly, in the same year of 2010, it jumped to $0.08. From here, there were still fluctuations, until it reached $1 in April 2011. In three short months, the value increased to $32. The crypto market then hit a recession, and Bitcoin fell to $2 by November.

2012 – $220

During 2012 there was a slight increase, hitting $4.80 and then peaking at $13.20 in August of that year. 2013 started with a $13.40 value, and by the beginning of April, it had shot up to $220.

Unfortunately, a quick decline followed, and by mid-April, the currency was worth $70. By October, Bitcoin was trading at $123.20, with a massive leap towards the end of the year to $1,1560.10. Three days later, it fell to $760. These fluctuations triggered a slump, and Bitcoin was changing hands at $315 at the beginning of 2015.

2017 – $1K to $20K

2017 saw another massive increase, seeing trade at around $1,000 at the beginning of the year, and then flew off the charts to $20,089 at the end. This increase placed Bitcoin firmly in the spotlight of mainstream media, and people started paying attention.

More cryptocurrencies entered the market, and Bitcoin saw little action until 2019, where the value shot up to $10,000 but then fell again to $7,112.73.

2020 – $40K

With the start of the 2020 pandemic, investors became worried about the global economy, and Bitcoin became more valuable again, at $7,200. Towards the end of the year, it was trading at $18,353, closing the year at just under $24,000. It grew to $40,000 at the beginning of 2021, spiked up to $64,000 towards the middle of the year, and then slowly reduced to $40,000.

Experts predict that by 2030, Bitcoin will be trading at $400,000 per coin. The system will only allow 21 million Bitcoin to be made, and this number should be reached by around 2140. After the cap has been reached, the value of Bitcoin should even out.

What Makes Bitcoin Valuable?

The traditional factors that influence the value of a currency don’t apply to Bitcoin. It’s not issued through a central bank and isn’t impacted by monetary policies or inflation rates. If it’s not regulated and simply entered the market from nowhere, why is it valuable?

Essentially, an asset has value because we attach worth to it. Bitcoin is valuable because we’ve decided that we can use it as a form of payment. A few other factors are influencing this evolving entirely currency.

Bitcoin Casinos VS Traditional Online Casinos

There are a few differences between traditional casinos and Bitcoin casinos. Cryptocurrencies have changed how casinos function, and often, Bitcoin casinos are more attractive than conventional casinos. As with any casino, you should understand what it’s all about before you commit to playing.

These differences completely change the user experience of the casino. Considering you can play the same high-quality games at Bitcoin casinos, it doesn’t seem like traditional online casinos can compete with crypto casinos.

Future of Bitcoin

Since cryptocurrency is in its infancy and constantly evolving, most experts find it difficult to predict where it will go in the future. Considering the massive fluctuations that Bitcoin has seen since its inception, it’s generally agreed that anything could happen. Some sceptics believe that Bitcoin will eventually crash entirely and never return to its total value.

On the other hand, many people believe that Bitcoin will become even more mainstream, and its value will continue to climb, even over $1 million or $2 million. It’s entirely possible that this could happen, as more people trade and use the currency. The more optimistic finance experts agree to expect short-term volatility but long-term growth, as has been the trend since its inception.

All experts agree that we’ll never see Bitcoin, or any cryptocurrency, become a global currency since this is a nearly impossible concept. Money doesn’t have a global reach; even traditional currencies won’t fulfil a role like global currency. Bitcoin will also never be a global currency anchor.

More companies adopt Bitcoin as a payment method, likely increasing the value further while also triggering more interest. Mainstream interest will, in turn, create higher value, and so on.

There should be continued conversations about stricter regulation of cryptocurrency, precisely guidelines and legislation to make the use of cryptocurrency safer. There are also plans on the table to create ETFs, which will make investing in crypto easier.

Blockchain technology is disrupting various industries, not only the financial sector. Governments are starting to use blockchain to replace pen-and-paper recordkeeping. Blockchain can improve identity systems by using a single source for both identity and assets, leading to self-sovereignty. It can also cause greater transparency between various industries.

Privacy at Bitcoin casinos

If you’re worried about the information you share with online casinos, Bitcoin casinos are a great option. Essentially, you don’t have to share any personal information with the casino. They don’t need to verify your details for financial transactions.

This increases the casinos’ security, as hackers don’t have anything to access. This lack of personal information also increases your privacy with a Bitcoin casino.

Your transactions are anonymous, and banks have no record of payments. This removes the risk that your bank or credit card company can identify you as a gambler.

All-in-all, Bitcoin casinos offer a lot more privacy than conventional online casinos, which have to ask for all your personal details and verify them for transactions to take place. If your information isn’t available online, third parties can’t access it. This also implies that you won’t get any unwanted marketing sent to your phone or email address.

You must ensure the casino you’re interested in is licensed and legitimate. If not, your transactions aren’t secure, and there’s no guarantee that you’ll receive any winnings. If a licensing body doesn’t regulate the casino, you also can’t make any complaints if the casino is unresponsive.

What Should You Look Out For in A Bitcoin Casino?

When you’re ready to start playing your favourite casino games at a Bitcoin casino, there are a few factors you need to look out for before making a deposit.

• Authority
  Firstly, which regulatory authority issued the license to the casino? If the casino hasn’t published the licensing number and the name of the body on the website, you should steer clear. Furthermore, the casino should have a good reputation among players. You can easily find out how good a casino is by reading the reviews of other players.
• Bonuses
  The casino should offer reasonable bonuses and promotions. Remember that Bitcoin casino bonuses are usually higher than conventional online casinos due to the low transaction cost.
• Games
  You should also look at the game providers. The top gaming developers should have games in the casino portfolio. If you don’t see any games you recognise, it may be a red flag.
• Deposit/Withdrawal speed
  Similarly, the time that the casino takes to process withdrawals will indicate how legitimate it is. Generally, it shouldn’t take more than one workday to process the transaction, and with Bitcoin offering quick transactions, the amount should reflect in your wallet within 15 minutes.

Possible Issues with Bitcoin Casinos

Bitcoin casinos may not be as anonymous as it wants to claim. Each casino has a regulatory responsibility to account for where their money comes from and where it goes. For this reason, most Bitcoin casinos still trace transactions to prove that there is nothing illegal going on, like money laundering.

The volatility of the currency can also impact your profit on winnings, especially over the short term. What you paid to play the game may be much more than what you get when you withdraw your winnings.

You should be vigilant before opening an account with a Bitcoin casino, as there have been scams in the past.

Interesting facts

Bitcoin mining consumes two times more energy then Switzerland

As shown in the infographic bellow, Bitcoin miners use more electricity than some small countries.

Bitcoin electricity usage infographic 2022

Other Cryptocurrencies to Keep an Eye On

Bitcoin is the largest and most popular cryptocurrency on the market, but it’s not the only one to watch. Here are some other cryptocurrencies that may follow the Bitcoin example and become equally popular.

You’ll find that many online casinos that accept Bitcoin also accepts a variety of altcoin. The most popular of these are Litecoin, Bitcoin Cash, Ethereum and Dogecoin. All of these cryptocurrencies have been successful in some way over the past years, even if it hasn’t been as big as Bitcoin.

Bitcoin paves the way for these altcoins and is indicative of what the market will do with the smaller cryptocurrencies.

Final Thoughts

Bitcoin casinos offer a variety of advantages you won’t find at conventional online casinos. It’s a faster payment method that offers more privacy than regular currency. The low transaction fees also mean that you can get bigger bonuses and more lucrative promotions.

Bitcoin is generally safe to use to play at online casinos and allows you a level of anonymity. Most Bitcoin casinos are safe, but you should ensure that the one you’re interested in is fully licensed and has a good portfolio of games.

Game developers often change some of their games to be more appealing to Bitcoin players. The changes can be anything from gameplay to bigger prizes.

Before you start playing with Bitcoin, you should get the correct wallet that’s safe and allows you to make transactions quickly and easily. A software wallet is usually a better choice for commerce, but ensure that you download one to meet all your needs.

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