What Is Bitcoin?
Bitcoin is a decentralized digital currency. This means that it operates independently of a central bank or single administrator. Instead, it relies on a peer-to-peer network for the transfer of funds. This allows for the seamless and swift transfer of funds between users, without the need for intermediaries such as banks.
Bitcoin transactions rely on a network of nodes that use cryptography to verify and secure the transfer of funds. This system ensures the currency's integrity, preventing fraudulent activity. These transactions are recorded in a public distributed ledger known as a blockchain, which is accessible to everyone. The blockchain provides a transparent and secure way to record and track transactions, increasing trust among Bitcoin users.
One of the unique features of Bitcoin is that there is a finite number of them. This number is 21 million, and as of now, around 18.7 million Bitcoins have been mined. The scarcity of Bitcoins is an intentional design feature, and it helps to maintain the value of the currency. As more people adopt and use Bitcoin, the demand for it increases, and thus the value of each coin goes up.
What Are Bitcoin Casinos?
Bitcoin casinos are online gambling platforms that allow users to place bets and wagers using the cryptocurrency, Bitcoin. These casinos typically offer a wide range of games such as slot games, table games, and sports betting options. Like traditional online casinos, Bitcoin casinos are designed to be user-friendly and easy to navigate, and they offer a variety of bonuses and promotions to attract and retain customers.
One of the main advantages of using a Bitcoin casino is the increased level of security and anonymity provided by using the cryptocurrency. Transactions made using Bitcoin are not linked to a person's personal information, and the decentralized nature of the currency makes it difficult for hackers to steal or tamper with funds. Additionally, many Bitcoin casinos offer provably fair games, which means that the results can be independently verified for fairness and randomness.
Another advantage of Bitcoin casinos is the faster and cheaper transaction processing. Transactions made using Bitcoin are processed much faster than traditional online casinos, and the fees associated with these transactions are typically much lower as well. This can be especially beneficial for players who make frequent or large deposits and withdrawals.
However, as crypto casinos are relatively new and not yet widely regulated, it's important to research and choose a reputable and trustworthy platform. It's also important to remember that, as with any form of gambling, it's important to gamble responsibly and to be aware of the risks involved.
Bitcoin Casino Games
If you're interested in using Bitcoin to gamble, you'll have a variety of bitcoin gambling games to select from.
At a Bitcoin casino, you will have access to the same types of slot games as you would at a regular online casino. This includes popular titles from developers like NetEnt and Microgaming, as well as many others. To play, simply select a your favorite games, set your stake, and start spinning.
Bitcoin Live Casino Games
You can also find a live dealer section at Bitcoin casinos, which offers games like roulette, blackjack, video poker, baccarat, casino game shows and more. To play, simply select a game, input your bet amount, and have fun!
Many of the top Bitcoin casinos feature specific Bitcoin casino games. These games function like traditional slots, but the casino provides access to their source code. This is done to ensure full transparency, and is a common feature in casinos that only accept cryptocurrencies.
You can also use bitcoin on sports betting. In any crypto betting sites listed above you can place bets on:
- MMA fighting
- Formula 1
Provably Fair Games
The best crypto casinos use a provably fair algorithm for their games, which generates a unique and encrypted key for each game. This key is paired with a secondary key to guarantee the fairness of the game. Both keys are stored on the blockchain, ensuring that they cannot be manipulated or altered.
HOW PROVABLY FAIR GAMES WORK
A game that utilizes the provably fair algorithm on the blockchain operates in the following manner:
- Before the game starts, a unique “hash” is created, represented by a sequence of letters and numbers.
- As the game is played, its outcome is determined by chance.
- After the game is complete, it releases its result and secret key.
- By utilizing a hash calculator, it is possible to merge the game outcome and confidential key and recompute the game hash.
- When the hash of the game matches the initial hash, it is an indication that the game has been verified to be fair.
Some games will automatically employ this process, but players can also use any open-source hash of their choosing.
What are the deposit and withdrawal methods available at leading Bitcoin casinos?
Below, we will be discussing the process of depositing and withdrawing funds from your preferred Bitcoin casino. So long as you possess a BTC wallet, this should be a straightforward task.
Depositing Using Bitcoin
If you're interested in playing at a Bitcoin casino, you will need to deposit some funds into your account.
- Log in or Register to a Bitcoin casino.
- Go to the Cashier/Wallet section and choose ‘Bitcoin’ for deposits.
- Approve the transfer with your wallet app.
Withdrawing Using Bitcoin
Withdrawing funds from a Bitcoin casino is a similarly simple process:
- Head to the Cashier and go to the Withdrawals section.
- Check the minimum withdrawal limit
- Choose ‘Bitcoin’ as your withdrawal method of choice.
- Input the amount you’d like to withdraw.
- Input your wallet ID and confirm the withdrawal.
- Wait for the casino’s payment team to process the withdrawal (usually within 24 hours).
Are There Any Fees for Using Bitcoin at an Online Casino?
Most online crypto casinos do not impose any fees unless you are trying to withdraw an amount that falls below a certain threshold. However, in the case of BTC or other cryptocurrencies, you should be aware of two types of fees: wallet fees and miner's fees.
Miners perform the necessary operations that confirm transfers in BTC. They are rewarded with a small amount of BTC as compensation for their work.
Of course, these miners are usually located on huge servers in countries where electricity is very cheap. These fees will go to the miners. Your wallet will include these fees in its calculation of your cost per transfer. According to Cryptofees.net, the average fee is 3.92633%, while the median fee is 1.40689% for a transfer between USD 100 and USD 200.
While most wallets include the miners' fees in their cost estimate, they are of course businesses that also charge small fees for their services. While some, such as Robin Hood, do not charge any fees, most others charge around 0.1%.
Bitcoin Casino Fees Overview
|BITCOIN CASINO FEES||None|
|WALLET FEES||Around 0.1%|
|MINERS' FEES||Average 3.92633%, Median 1.40689%|
Best Bitcoin Casino Bonuses
Bitcoin casinos are known for their generous bonuses, which tend to be more attractive than those offered by traditional casinos. While you may be able to find bonuses that are more generous than the standard 100% up to €/£/$ 100, it's important to pay attention to any wagering requirements and minimum deposit rules that may be attached to these bonuses.
Bitcoin Casino Welcome Bonus
All top rated Bitcoin casinos offer welcome bonuses for new players. A typical Bitcoin casino welcome bonus ranges from 100% up to 1 BTC to 100% up to 5 BTC, which is significantly larger than the welcome bonuses offered by traditional casinos. This makes it an attractive option for high rollers. However, it's worth noting that you can also claim a bonus by depositing a smaller amount, usually around €/£/$ 20.
The Best Bitcoin Casino No Deposit Bonus
Many of the leading Bitcoin casinos also offer no deposit bonuses. These can vary from 50 to 100 free spins, and some even offer a cash bonus that can reach up to $70.up to $70.
Special Bitcoin Bonuses
Certain operators, particularly those that accept both fiat currency and Bitcoin as forms of payment, offer exclusive bonuses. This typically means that a larger bonus is provided when choosing to gamble with Bitcoin instead of traditional currencies such as dollars, pounds, or euros. While the standard bonus may be $500, the Bitcoin bonus could be as much as 1.5 BTC or more!
How to Get Started With Bitcoin
To play at the best Bitcoin casinos, it's necessary to have access to actual bitcoins. If you're new to this, the most straightforward method is likely to register for a Bitcoin wallet and then purchase some coins.
Ways To Get Bitcoin
There are four main methods to get Bitcoins:
- You can receive them as payment
- You can mine them yourself
- You can get some for free using a Bitcoin faucet
- You can buy them.
The Best Wallets for Bitcoin Gambling
As previously mentioned, a Bitcoin wallet is necessary for storing digital currencies. While it's possible to have your own virtual or physical wallet, the simplest way to purchase Bitcoin - and potentially other cryptocurrencies - is through an online wallet.
Here are four of our favourite options.
Checklist: How to Choose the Best Bitcoin Casino Sites
It's important to only engage in Bitcoin gambling at reputable and licensed Bitcoin casinos with a good standing. This means taking the same precautions as you would when selecting a traditional online casino, such as checking for a valid license, third-party certification, affiliations and availability of customer support.
This is particularly crucial, as an illegitimate casino could easily take your money and not credit it to your account, especially when using Bitcoin as it's harder to trace.
The following checklist can assist in distinguishing the best Bitcoin online casinos from those that have been blacklisted.
Check the Casino’s Licence ✔️
One of the most crucial steps is without a doubt verifying that the online casino of your choice has a license from a reputable jurisdiction. With such a license, the casino is required to adhere to a particular set of laws that are ultimately in place to safeguard you. We advise selecting Curaçao licensed casinos when looking for the best Bitcoin gambling sites.
Check the Casino’s Fairness Certification ✔️
The top Bitcoin casinos go above and beyond what is required by law. Obtaining a fairness certification from an impartial testing organization, such as iTech Labs, GLI, or eCOGRA, is one of these extra steps.
These attest to the fairness of the casino games. Additionally, keep in mind that the Provably Fair software for Bitcoin games is also a certification of fairness, so if your casino has it, that is one more thing in its favor.
Check the Games Providers ✔️
Large, global, and publicly traded companies are typically the ones that offer reliable casino games. They cannot afford to be associated with shady businesspeople.
The games must not only have a fair RTP but also be transparently fair. You can choose from some of the best software providers, including NetEnt, Evolution Gaming, Red Tiger Games, Novomatic, Playtech, Wazdan and Pragmatic Play.
Check the Terms & Conditions of the Bonus ✔️
Casino bonuses are offered as a way to say thank you for joining and to increase your bankroll. Even so, you shouldn't take these bonuses at face value because they frequently have terms and conditions, including wagering requirements.
Sometimes it is simply impossible to fulfill these conditions, rendering the bonus useless. Instead, a smaller bonus might be preferable as long as the wagering requirements are more reasonable.
Read Our Casino Reviews! ✔️
Reading our casino reviews is one of the best ways to determine the caliber of any Bitcoin gambling site. We offer in-depth analysis of the best online casinos available, steering you away from shady gambling sites and toward reputable, licensed providers.
Pros and Cons of Bitcoin Gambling
Knowing Bitcoin's benefits and drawbacks can give you a clearer picture and assist you in determining whether this is the best currency for your casino-related needs.
- Allows for anonymous transactions
- Best system encryption on the internet
- No casino fees
- Super-fast deposits and withdrawals
- May increase in value as a currency
- Not yet accepted at all casinos
- Casinos accepting Bitcoin often have restricted territories
- May decrease in value
- Higher fees than many other cryptos
Advantages of Using Bitcoin to Gamble
- Privacy: All transactions made with Bitcoin is that all transactions are anonymous. What this means for you is that any transaction made to top Bitcoin casino sites will not show up on any bank statements.
- Security: Blockchain, which is the database used to make Bitcoin transactions, operates on the internet’s safest and most reliable encryption system. This makes it virtually impossible for your data to be breached.
- Low fees: The vast majority of Bitcoin online casinos do not charge players any fees when depositing or withdrawing in Bitcoin. This is because it costs them practically nothing to process such payments, and they can therefore do the same for their customers.
- Speed: Bitcoin gives almost instantaneous deposits and fast withdrawals, meaning you don't have to wait for very long to start playing your favourite games or to cash out your winnings.
Disadvantages of Using Bitcoin to Gamble
- Not accepted at all casinos: While btc gambling sites have been growing in popularity, the currency itself is still lagging behind other more mainstream methods. At the time of writing, payment options like debit cards and e-wallets remain the predominant option for most players.
- Restricted territories: Bitcoin casinos often cannot accept players from certain locations (states or countries). Thus, if you live in one of these regions, you may have to opt for fiat currencies instead.
- Potential decrease in value: Bitcoin is currently very volatile, meaning there is still the possibility of the currency decreasing in value. In other words, like any other investment, Bitcoin's value may fluctuate depending on various factors.
- Higher fees than many other cryptos: While Bitcoin is still the original and most popular cryptocurrency, alternatives such as ETH or BCH offer lower fees. Of course, an upside to Bitcoin is that it is the only truly decentralised currency, as all other altcoins are in some way minted and managed by companies who have varying degrees of control over them.
Bitcoin Casinos – Summary
With the popularity of Bitcoin growing, so do Bitcoin casinos, as more and more gamblers start using this digital currency for its simplicity and convenience. Only a few years ago, it was very challenging to find an online casino that accepted Bitcoin. Today, however, they are more common than ever, with new operators appearing all the time!
Online Bitcoin Casinos FAQs
What are the best Bitcoin casinos 2023?
The best Bitcoin casinos are those which are legally licensed to operate. In this article, we have listed many reputable BTC casinos that you can check out! Some of the best include BitStarz, BC Game, and Stake.com.
What type of games can I play at a Bitcoin casino?
Bitcoin gambling is as varied as normal online casino gambling, with slots, table games, lotteries, live games and live dealer games all available. There are also dedicated blockchain games, where you can even see the source code to be sure that they are fair to players.
How long do casino deposits and withdrawals take when using Bitcoin?
Typically, deposits made through Bitcoin as a cryptocurrency are processed within 30 minutes or immediately. Withdrawals, on the other hand, may take up to 24 hours depending on how quickly the casino processes the transfer. However, based on our experience, most withdrawals are processed within a few hours.
How does the Bitcoin mechanism work?
When you effect a Bitcoin payment via a Bitcoin wallet, your unique address and the amount you wish to transfer is sent to a p2p network of computers across the world. A miner then checks that you have enough funds and then authenticates the transaction on the public ledger.
Are there any fees for using Bitcoin?
While none of the top Bitcoin casino charge fees, there are wallet fees, which include miners' fees and fees paid to your wallet app.
Do all UK casinos accept Bitcoin?
No, the majority of UK casinos do not accept Bitcoin. In fact, the UKGC has not licensed any UK casinos to accept cryptos as of yet.
Is Bitcoin gambling legal in the UK?
While Bitcoin gambling is not available at licensed UK casinos, its legal status is grey. As far as we know, there is no law prohibiting UK players from using it. While we are not legal experts, we do however recommend using an alternative option instead to be on the safe side.
Do I need to pay taxes on Bitcoin gambling in the UK?
In general, you do not need to pay taxes on winnings from UKGC-licensed sites. However, most crypto betting sites are licensed outside of the UK. In reality, you would probably need to pay a tax if you turn a fiat currency profit from the sales of your bitcoins. Again, though, we are not legal experts.
Is it safe to use Bitcoin at an online casino?
Given that the casino in question has a licence from a trustworthy country, then you can rest assured that the casino is trustworthy. This licence requires the casino stick to strict requirements that are ultimately in place to protect you. So far, all of the top Bitcoin casino are licensed in Curaçao.