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Bitcoin Casinos

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Find the best online casino accepting Bitcoin payments.

Bitcoin can be described as the world’s first decentralized cryptocurrency. All other cryptocurrencies were introduced after bitcoin and are known as ‘altcoins’. It was first released in 2009 as an open-source software. This cryptocurrency doesn’t rely on any bank or government for its circulation and maintenance.

Let’s explore in more detail the best Bitcoin casinos online.

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Best Bitcoin Casinos Online

About Bitcoin

Using cryptography, bitcoin transactions are verified by network nodes and recorded in blockchain, which is a public distributed ledger. The word ‘bitcoin’ is a combination of the words ‘bit’ and ‘coin’. Bitcoin is now used all over the world by many individuals and businesses. El Salvador has already adopted it as legal tender.

You can use bitcoin as a safe and secure payment method in online casinos. Some of them also have exclusive offers for the players who use this cryptocurrency. Bitcoin is easy to use and many online casinos accept it as a payment method today.

Bitcoin was created in 2008 by Satoshi Nakamoto. There’s a lot of mystery surrounding this name, as no one knows if this is an individual or a group. On August 18, 2008, the domain name ‘bitcoin.org’ was registered. In the same year, a white paper defining this cryptocurrency was published. On January 3, 2009, the ‘genesis block’ was mined by Nakamoto. This was the starting block of the bitcoin network or blockchain.

The price of one bitcoin started at $0.30 in 2011 and had reached $13.30 the very next year. On May 10, 2022, the price of a single unit of this cryptocurrency was $31,324. As the crypto market is extremely volatile, the price of bitcoin continues to rise and fall just like the other cryptocurrencies.

You can purchase bitcoin safely from the major cryptocurrency exchanges. To make deposits in your online casino account, you’ll need to use your crypto wallet. Since these wallets hold private keys to the number of bitcoins you own, the transactions are extremely secure. You’ll need to enter these keys when you make a transaction online.

Pros and Cons of using Bitcoin in online casinos

If you want to play online casinos using an alternative to conventional currencies, bitcoin is surely among the best. You’ll come across several casino websites that accept bitcoin as one of their payment methods. The fact that many online casinos have started accepting cryptocurrencies is a sign that these digital currencies have won their trust.

Despite the wider acceptance of cryptos today, you must stay away from unregulated and unlicensed casino websites. You can be susceptible to frauds and scams if you use such sites for playing your favorite casino games. You can consider these pros and cons of bitcoin before using it in online casinos:

Pros:

  • You can maintain anonymity while making a transaction
  • Bitcoin transactions are faster than most payment methods
  • Some casinos have attractive bonuses and deals for players who use bitcoin
  • The bitcoin casinos offer provably fair games
  • Bitcoin transactions are highly secure as they use blockchain technology

Cons:

  • High volatility of bitcoin might impact the value of your winnings
  • As bitcoin is unregulated, you’ll be on your own if something goes wrong
  • The transactions made using this cryptocurrency are irreversible

How does Bitcoin compare to other payment methods?

Bank transfers, credit cards, and debit cards are the traditional payment methods of online casinos that are still in use. The difference between bitcoin and these traditional methods is that you don’t need to provide your sensitive information online. This makes bitcoin transactions on the casino websites more secure.

When compared with the popular e-wallets such as PayPal and Skrill, Bitcoin scores high in security. You don’t need to provide your sensitive personal details when making a bitcoin transaction. Another advantage is transaction fees. PayPal and other e-wallets may charge you higher fees while the average bitcoin transaction fee is less than one dollar.

Prepaid vouchers such as paysafecard offer greater ease in transactions and are highly secure. However, it can be lost or stolen if one is not careful with the card. You’ll need to buy a new prepaid voucher in this case. With bitcoin, you’ll never have such problems.

BTC Fees

The purpose behind charging fees when bitcoin was first used was to prevent spam transactions. Today, the transaction fees compensate the bitcoin miners for their efforts in keeping up the speed of the network. So, you’ll inevitably be charged transaction fees for using this cryptocurrency.

Data volume of the transaction and the speed desired by the user to complete the transaction determine the fees. The bitcoin fee in recent times averages less than a dollar. There was a time during the peak of this crypto when the fees had gone up to $60. The online casinos might charge their players service fees for using bitcoin as the payment method.

The percentage charged on a transaction will differ with regards to different online casinos. You can check the amount of welcome bonus offered by the casino website to new players. The welcome bonus, in a way, can compensate for the fees that you pay on each bitcoin transaction.

How to use Bitcoin for deposits in online casinos

Before you sign up with an online casino that accepts bitcoin and make your first deposit, choose a good wallet. It will act as a personal storage space for your bitcoins. There are a variety of bitcoin wallets you can choose. They include desktop wallets, hardware wallets, and cloud wallets. No matter which bitcoin wallet you choose, it must have the best security features.

The next step would be to sign up with one of the best online casinos that accepts bitcoin as a payment method. Once you’ve signed up, log in and navigate to the cashier, banking, or payments section of the casino website. Select your payment method as ‘Bitcoin’. Upon choosing this option, a bitcoin wallet would be created. It will have its own address and private keys.

Scan the QR code or copy and paste the text from the online casino into your bitcoin wallet. Key in the amount you want to deposit into your casino account. Click on the ‘send’ button on your bitcoin wallet. Usually, such transactions are processed instantly, but it may take up to 10 minutes in some cases. If the transaction is successful, the balance will reflect in your online casino account.

How to use BTC for withdrawals in online casinos

To withdraw your winnings using bitcoin, you’ll need to go to the cashier, banking, or payments section of your online casino. Once you’re on the page, select the option for withdrawing your winnings and choose bitcoin as your withdrawal method. Next, enter the amount you want to withdraw.

However, you’ll need to check whether there are any restrictions placed by the casino on players with regards to withdrawals. You can go through the terms and conditions of the casino. This will help you understand the minimum and maximum withdrawal limits, if any. Upon proceeding further, you’ll need to copy the wallet address from your bitcoin wallet.

Paste the bitcoin address on the relevant field on the casino website and proceed with the withdrawal. Once your request is processed, you’ll receive the amount in your wallet. The time taken to receive the amount of your winnings will depend on the time taken to process your transaction.

How secure is Bitcoin?

Owing to its ultra-secure blockchain, bitcoin transactions are anonymous and can’t be easily traced like the traditional payment methods. Every time you make a deposit or withdrawal on a casino website using this cryptocurrency, a new bitcoin address is generated. Your personal details are never attached to such addresses. This process makes it quite impossible to trace your transactions.

Your personal and financial data are kept safe and secure at all times. If you keep your bitcoin earnings without converting them into fiat currency, they’ll not be subject to taxes. Bitcoin transactions are digitally encrypted and go through several verifications. Considering all these features, it is absolutely clear that bitcoin is one of the most secure payment methods for the online casino players.