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Bitcoin started as an underground payment method but it quickly evolved into one of the most popular banking options in online casinos worldwide. As time went by, new cryptocurrencies emerged, but BTC remained an undisputed leader in the field.
Gamblers love crypto as it enables them fast and anonymous transactions. Although the number of casinos requesting players to complete ID verification is increasing, this payment option comes with less hassle than traditional banking options such as credit cards and e-wallets.
In the following guide, you will get an insight into the history of Bitcoin while learning more on how it works at online casinos. Plus, you will find out its pros and cons, familiarize yourself with Bitcoin bonuses, and much more. Stay tuned!
A Brief History of Bitcoin
Bitcoin is a completely cyber form of currency using a series of characters to build up a unique identifier to make the cryptocurrency unique. This digital asset was created in 2008 by Satoshi Nakamoto, whose identity remains unknown. It is unclear whether that’s a real person’s name, an alias, or it could even represent a group of people.
This currency is created through a process known as mining, where computers use their computing resources to try to form this currency. Thanks to its peer-to-peer use, anonymity, and the fact that the currency is decentralized, meaning that it can't simply be taken away from you by a government entity, BTC’s popularity surged to the highest heights.
Worth noting is that Bitcoin has continuously been the target of hackers, seeking out ways to gain access to people’s private wallets and coins. What’s even more, prices for this currency have been fluctuating wildly. Starting at a few cents when it first popped onto the market it now skyrocketed to tens of thousands, making its value unstable.
Controversial as it is, in 2013 Bitcoin ended up in the news, as banks in Cyprus ended up seeing many residents of the island country pulling their money from the banks and investing in the currency. The reason for this was the teetering financial stability of the country, confirming that BTC is much more than just a temporary craze.
While it is true that Bitcoin mining is becoming more and more difficult and the fluctuations in price are a definite concern, the casino industry and crypto enthusiasts are still positive that BTC is here to stay.
How to Create a Bitcoin Wallet?
It can be a bit intimidating to buy your first Bitcoin, but there are plenty of ways to discover how to purchase this virtual currency. A wallet is like a bank account for your cryptocurrencies. There are online and offline wallets, both of which have their pros and cons.
We’ll focus on online wallets as they are easier to create and use for an average user.
Step 1: Choose the Right Wallet
Back in the day, there were only a few trusted wallets available. Today there are dozens upon dozens that offer the necessary protection and security. The choice comes down to desktop and mobile wallets.
Mobile Wallets – With a mobile wallet, you can use your phone's or tablet's camera to scan QR codes and conduct transactions even faster than you can with desktop wallets. Some of the best mobile wallets are Electrum, Mycelium, and Blockstream Green. Both of these are user-friendly and feature an intuitive User Interface.
Desktop Wallets – With desktop wallets, there is a much wider array of options. However, Electrum is probably still the best place to start. It is free, simple for beginners, and proven to be secure. Other options include Coinomi, MetaMask, Bitcoin Core, Coinbase, etc.
At the end of the day, choosing a wallet is a personal thing. The ones we've mentioned are a great place to start but you might find yourself wanting something different after a while. Feel free to explore and find what works best for you.
Step 2: Purchase Bitcoin
With your wallet set up properly, you can now add funds to it. To do this, you'll need to set up an account with a reputable exchange. One name that comes to mind is Coinbase. They have been around for long enough and have a relatively spotless track record.
Your other choice is to find a peer-to-peer service that allows you to buy Bitcoin straight from other individuals. If you're just getting into crypto, we strongly suggest that you stick with a reputable exchange for the time being.
Here is a video showing you how to create a Bitcoin account at Coinbase:
How to Deposit and Withdraw Using BTC?
Depositing at a casino using Bitcoin is a pretty simple process. Players will have to provide their wallet information and type in the amount they want to transfer to the casino. Within a couple of seconds, the money becomes visible on their account, meaning they can quickly get down to playing games.
The withdrawal process is very similar to the deposit process. A player selects the desired amount of money, labels BTC as a currency of choice, and submits a cashout request.
Once the money is on your BTC balance, there are several paths you can take:
Saving – One of the simplest things to do now that you have yourself some Bitcoin is to simply hold on to it. If you look at the graphs that depict the growth of this currency from the moment it was created up to this day, you will have periods of sustained growth with volatile spikes followed by dips.
However, the thing to note here is that those dips, as severe as they are, rarely ever go below the value from before the spike. In other words, even if you miss the spike, you will most likely still be profiting at the end of the day.
Bitcoin Gambling – Bitcoin casinos are becoming more and more popular as people realize the value of guaranteed anonymity. Being able to gamble with Bitcoin means that you can enjoy your favorite form of entertainment without having to leave an information trail behind you. There is very little verification required, making it very attractive to many.
Day Trading – Last but not least, there’s day trading. Aside from Bitcoin, there are hundreds if not thousands of alternative coins out there governed by a whole-day trading ecosystem. It is similar to Forex trading but much more malleable. If you have the patience and a knack for it, this could be a great way to turn a profit.
Bear in mind that most commonly, depositing or withdrawing smaller amounts is done momentarily. However, larger sums might take some time, but it depends on your casino of choice.
Benefits of Bitcoin Casinos
When it comes to online gambling, Bitcoin is an attractive payment option for players and enthusiasts alike, due to several reasons such as:
Anonymity – One key perk for the massive pool of online gambling enthusiasts is that they get to keep their identity hidden during their favorite pastime. This has been particularly beneficial for players looking to keep their entertainment choices away from official records, due to credit reports, financial stability, or simply privacy.
The fact that Bitcoin holders are solely identified by their Bitcoin wallet public key, and possibly a username at the chosen casino website, ensures a level of anonymity like no other.
Security – Security is a top priority for all banking methods, and many standard institutions have rightfully implemented all the latest encryption and protection protocols. Nevertheless, Bitcoin gets its protection from the unique build of its platform and system, hence enabling a one-of-a-kind peer-to-peer transaction processing solution that relies on mutual confirmation and approval for proper execution.
Speed – When it first came into being, Bitcoin enabled extremely rapid transactions. Nowadays, due to the much greater volume of Bitcoin miners, traders, and holders, the processing time has slightly increased but still beats the regular payment processing services by a long shot.
And when it comes to online casino players looking to enjoy speedy deposits that wouldn’t be at the expense of their security, this crypto has it all.
Low fees – Bitcoin’s fees are low to practically non-existent, as there is no central authority or institution to charge you for their troubles. In fact, the only fee you would likely face as a Bitcoin online casino player is the small charge during the transaction process, which would later turn into the miner’s prize.
Considering you need the miner to solve the complex calculation and confirm your transaction for the funds to go through, it’s more like paying next to none to get it all in one.
Decentralized – One of the most debatable matters about Bitcoin is the question of its legality. There is a tendency for governments to try and regulate the cryptocurrency, some by banning it within their territory, while others adopt it. Regardless of their stance, a major advantage is the decentralized character of the crypto token, allowing it to remain beyond the control of any one authority and legal system.
Downsides of Bitcoin Casinos
There are a few downsides attached to casinos that use Bitcoin as their primary source of funding. Many of the sites that had operated in the past did struggle with being either among unlicensed casinos or scams. Apart from such scams and malicious intentions, the Bitcoin gambling community is also deterred by the following setbacks:
Volatility – The volatility of the currency is still considered a rather significant shortcoming that is setting players off the idea of Bitcoin gameplay. The argument revolves around the fact that players are already gambling their hard-earned cash on the games of luck and chance, and practically steer clear of other potential risks such as market fluctuations that could see them lose massive amounts in moments.
Licensing – While the absence of a central regulatory power may be considered one of its strong suits, the lack of licensing authoritative bodies willing to certify Bitcoin casinos is a disadvantage. Players are normally looking to settle with a licensed operator that has met the industry requirements, and tend to be put off by the prospect of enjoying fast deposits and withdrawals if it’s only available at unlicensed sites.
Limited availability – Considering the rather revolutionary nature of the cryptocurrency, there is still a large portion of providers reluctant to introduce it to their banking page. As a result, players are left with a somewhat limited range of casino and other gambling sites, and the game content they feature on these platforms.
Software Developers Supporting Bitcoin
The matter of Bitcoin availability on casino sites has additionally brought about the question of software providers willing to support the cryptocurrency as a payment method for their game portfolio. Although there aren't as many gambling software developers out there supporting Bitcoin casinos, there are still some high-quality names that do offer games to players using the virtual currency.
BGaming and its Provably Fair games are one of the most commonly mentioned names when talking about crypto-friendly game developers. Others include Evolution, Hacksaw Gaming, NetEnt, Nolimit City, Relax Gaming, Push Gaming, Wazdan, Wizard Games, Fazi, Mancala Gaming, BetSoft, Quickspin, etc.
There are a handful of smaller software providers who also provide their games to casinos using Bitcoin, but for the most part, these casinos lack licensing and they do not make themselves open to independent audits to ensure fair play.
As for the Provably fair system, it represents an algorithm that is used to analyze and verify fair play. Such games are designed to be unpredictable and random, and their outcome is determined by a random number generator (RNG). It is a system that cannot be manipulated.
Bitcoin Casinos (199)
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Bitcoin Poker
Although casinos are generally just starting to come into their own when it comes to using Bitcoin, online poker is a bit more established in this market, and you will find some bigger spots offering Bitcoin transactions for poker. The largest of these is America's Cardroom, which targets the American gaming market although players from other jurisdictions can log in and play as well.
Just like with older casinos, the most popular Bitcoin poker rooms were sites that operated in a grey market of sorts. The lack of stability that can come with using a virtual currency results from the fact that BTC and other crypto assets are not backed by a national treasury.
Nevertheless, the situation nowadays has greatly improved and stabilized, and Bitcoin casinos and poker rooms face much less pressure and risk of failure. In fact, many player pools in jurisdictions that ban online poker gameplay are more than gladly making use of Bitcoin operators ready to swoop in.
Bitcoin Casino Bonus Offers
Bitcoin casinos are also filled with a variety of incentives, just like their desktop counterparts. Most of these offers follow the traditional model of online casino bonuses and promos, so claiming them is quite simple.
Currently, there are several types of Bitcoin casino bonuses that tend to attract players the most, such as:
- First Deposit Welcome Offer
This deal has become an industry standard for interactive gambling operators everywhere, regardless of their jurisdiction, content, or payment methods. Hence, newly opened Bitcoin casinos were quick to get in on the action.
Introductory bonuses are normally awarded to newly registered players at the Bitcoin casino, who are just about to make their first deposit. These tend to consist of a specific percentage and a bonus cap, so you have all but to deposit the qualifying amount into your player account and get a bonus match. If it’s 100%, players are practically awarded the same amount they deposited, within the cap as expected.
These bonuses serve to introduce players to the platform, which is why they can often be accompanied by bonus spins, another type of bonus mentioned below. It helps players form their first impressions of the casino, its terms, generosity, and the benefits of dedicating their gameplay to the site.
- Deposit-Match Bonus
Continued working on the idea of welcome offers, and soon expanded it to cover several deposits. This would still be limited to the first few reload attempts, and they would normally come with different terms and deposit match percentages, all the while allowing players to get quite the head start on their Bitcoin casino gameplay spree.
Such deposit match bonuses normally come with different terms and requirements, so keeping these in mind is a useful consideration. That way, you will be able to control spending and keep winning at the same time.
- Reload Bonus
Many Bitcoin casino operators have started focusing on the regular, average player. This turn to player retention alongside player acquisition proved most beneficial for such businesses, as they improved their status and reliability, as well as overall success rates.
Claiming a reload bonus can be a one-time affair, that is if the casino operator of your choice has set up a regular scheme. Many Bitcoin casinos allow players a once-a-week opportunity to bank on their deposits by simply signing up for the bonus when they claim it for the first time. Other times, you would need to keep track of the bonuses at the site and make use of the reload bonus as the opportunity arises.
These reload bonuses are actually alike deposit-match offers – they match the player’s deposit (reload) amount by a certain percentage, up to a cap amount.
- No Deposit Bonus
As the name indicates no deposit bonuses are awarded to players without them needing to spend any of their cash, i.e. coins. Considering the fact that Bitcoin casinos operate with this cryptocurrency, such bonuses may be less available.
After all the gambling site is less likely to hand out any amount of Bitcoins due to the specific nature of the cryptocurrency. While they can tie the bonus up in wagering requirements and avoid misuse, the point of bonuses is to make it profitable for both parties involved.
Still, if the casino does have a no deposit bonus offer, it is most often in the form of casino spins.
- Casino Spins
Extra spins are one of the most common types of casino bonuses, and rather popular ones since they allow players to test out most top-ranking or new slot games. As previously mentioned, they sometimes come attached to the welcome package or can be independently offered as a no-deposit bonus.
What is more, FS can also be incorporated into the slot’s gameplay by the original software provider, although this doesn’t fall under the Bitcoin casino’s dedicated “Promotions and Bonuses” section.
- Bitcoin Casino Bonus Codes
Most of the time the process of claiming bonus offers is quick and straightforward, to appeal to as many player types as possible. Otherwise, players quickly leave halfway through the process, which is bad for business, and even the players themselves.
Bonus codes are one of the most widespread options for claiming an offer, as they allow players quick and easy access to the bonus, and still make it easy for operators to keep track of claims. Bitcoin casinos were quick to identify the advantages of bonus codes, and players nowadays have all but to input the code in the designated box and claim whatever offer they want.
Often players can even access exclusive codes through review sites, or simply go to the casino homepage and look for the offers there. Operators find it just as easy to function this way – the number of code claims is easy to track and relate to the specific player. They can keep up with the players’ progress when it comes to redeeming the bonus offer as well and allow them to withdraw their winnings as soon as they complete the requirements, without any lengthy confirmation delays.
Bitcoin Casino Bonus Terms & Conditions
Now that you are aware of the types of bonuses you can claim at your chosen Bitcoin casino, as well as the different methods of claiming them, here is another key aspect to consider. Bitcoin casinos, just like any other type of gambling operator, seek to attract players by offering generous bonuses. Nevertheless, to protect their own interests at the same time, such casino sites normally include some terms and conditions to the overall offer.
The terms of a bonus offer at a Bitcoin casino usually include some of the following provisions:
- Selection of games where you are eligible to go through your bonus funds (jackpot titles and some high-paying tables are normally excluded from the list)
- Amount of the bets you can make using the bonus funds
- Maximum cashout amount for your Bitcoin casino bonus winnings (the casino’s way of protecting itself against players hitting major wins with bonus funds)
- Countries and jurisdictions whose residents are restricted from bonus claims or specific games (to keep everyone compliant with gambling laws and regulations)
- Wagering requirements of the specific bonus
When it comes to the wagering requirements in particular it is best to pay attention and understand all the aspects of it to avoid any trouble down the line. These wagering requirements refer to the amount players need to deposit upon claiming and going through the casino bonus funds, to redeem them. This way, casino operators ensure there is no misuse of the benefits.
Since Bitcoin is the leading cryptocurrency so far (with the greatest market value), players normally perform this in specific portions of a single coin, such as a Satoshi.
Most often these wagering requirements of your respective Bitcoin casino bonus specify how many times the bonus amount (and the deposit, in certain cases) you would need to deposit and play through to complete the redemption requirements. Considering the fact that this amount may turn out quite high, especially for more generous bonus offers, players are most advised to review such requirements before claiming anything.
Is the Future of Bitcoin Bright?
Those days when the only way to obtain this virtual token was to mine it or buy it are long gone. As a large number of casinos offer BTC and other cryptocurrencies as a method to deposit and withdraw, anyone can dip their toes in crypto.
While no one can for certain whether crypto will completely overthrow fiat currency, there are some indications that their status could become equal. The World Bank has started paying much closer attention to crypto in general, even thinking about launching a quasi-crypto currency of its own.
When pluses and minuses are compared, it is obvious that the former ones are predominant, which once again guarantees that BTC and other crypto assets are not just a passing trend. After all, in a world where everyone and everything is being tracked, people appreciate the fact that their gambling activities can remain anonymous. That’s precisely what crypto makes it possible for them.
Gamble responsibly!
FAQs
What happens if there’s a problem with Bitcoin deposit and withdrawal?
As there’s no one person or company behind the cryptocurrency, there is no customer support to contact with regard to the transaction itself. However, the support department of an online casino should be trained to help you out with any transaction-related questions, so get in touch with them.
Do any transaction limits apply when depositing and withdrawing via Bitcoin?
Can play using the crypto on mobile devices?,/p>
As this is a digital currency, therefore, as long as your device is connected to the internet and you’ve joined a mobile casino that accepts BTCs, you can rest assured that you’ll be able to transact with the crypto via any smartphone or tablet.
Are there any casinos completely based on blockchain technology?
There are online casinos that offer only payment methods that process cryptocurrency transactions, with no option to use any fiat currency. Such casinos are called cryptocurrency-only casinos.
Why do players need to verify their identity when playing at crypto-friendly casinos?
ID checks are needed and required by casinos that are licensed, hence, safe casinos, which need to verify your identity due to regulatory rules. While the BTC transaction itself remains anonymous and untraceable, a casino may request KYC to be completed due to local regulations.
Are there any Bitcoin casino bonuses for the live dealer games?
Most top Bitcoin casinos tend to provide suitable bonus options for their live dealer enthusiasts, at the same time allowing them to deposit and withdraw with the cryptocurrency. While they are not as numerous as bonuses for slots, and table games, they still exist.
Is it possible to claim two different bonuses at the same time?
Most bonuses restrict players from benefiting from other offers when claiming them, but there may be exceptions. The best would be to check the relevant Terms and Conditions on the matter.
Which Bitcoin casinos offer the best bonus offers?
Pay attention to the casino’s licensing and regulation authority, the game selection and providers, customer support reliability and responsiveness, plus overall Terms and Conditions. If nothing is suspicious and everything is transparent, chances are such a casino is the one which offers good bonuses.
Internal Links
- Getting into Bitcoin and Crypto Made Easy Through Online Casinos
- How to Setup a Bitcoin Wallet and Use It to Withdraw Funds from Online Casinos