Bitcoin Casinos

Although Bitcoin was launched in 2009, it has taken years for Bitcoin betting sites to actually rise up in significant numbers. Thankfully, there are now plenty of Bitcoin casino prospects to consider whenever you wish to play using the cryptocurrency:

How You Can Get Bitcoin

Bitcoin is a cryptocurrency that can be acquired through exchanging real-world currency. How Bitcoin differs from those is that it’s not run as a centralised currency by any nation or nations. It was traded as a digital currency and can be obtained as follows:

• Sign up for a Bitcoin wallet: A Bitcoin casino can recommend a suitable option. Basically, this wallet is needed in order to successfully exchange the cryptocurrency. You can pick a wallet that runs from a website interface or one that works as an app.
• Visit a Bitcoin exchange: These are marketplaces where you can exchange real-world currencies for Bitcoin. The process is completed using public and private address keys that securely encrypt the transaction using your Bitcoin wallet.
• Deposit to a Bitcoin casino: You can use one of the examples given above. Simply sign up with the casino and then use your Bitcoin wallet to make a cryptocurrency deposit with the cashier.

How to Withdraw Bitcoin Winnings

The withdrawal of Bitcoin winnings works in quite a similar way to an eWallet, but it helps to be aware of the basics associated with the process:

•       Meet your bonus obligations: After claiming a welcome offer, you must clear any wagering requirements and meet the minimum withdrawal threshold prior to attempting a withdrawal.
•       Go to the cashier: You can then proceed by visiting the cashier/backing section and simply request a withdrawal. So long as you have met the required terms, you will be able to make a Bitcoin transfer to your wallet.
•       Make a Bitcoin exchange: Once the Bitcoin funds are in your wallet, you can then go to your preferred exchange and convert the winnings into a real-world currency.

Frequently Asked Bitcoin Questions

Bitcoin is yet to become widely used among the vast majority of gamers, so it’s helpful to answer some of the most common questions out there.

Is Bitcoin Anonymous and Do I Have to Share Personal Information?

A Bitcoin casino is going to ask for your name, address, and other personal details. At the end of the day, Bitcoin casino sites are still licensed by remote gambling authorities that require for identity checks to be performed. However, you will not be asked to share sensitive payment information whenever depositing or withdrawing at a Bitcoin casino.

What is the Typical Waiting Time for Deposits and Withdrawals?

So long as you have Bitcoin funds in your wallet or casino account, it will be possible to complete a transfer in approximately 10 minutes. Ultimately, the most experienced Bitcoin users will aim to complete a maximum of six Bitcoin transactions in the space of 60 minutes.

How Can I Understand What BTC, mBTC, and uBTC Mean?

The realm of Bitcoin will raise an array of terminology and abbreviations that you will have to come to terms with. Among new users, BTC, mBTC, and uBTC are some of the most important to learn because they determine the valuation thresholds of funds:

• uBTC: MicroBitcoin units (equivalent to one millionth of one Bitcoin)
• mBTC: MilliBitcoin units (equivalent to one thousandth of one Bitcoin)
• BTC: Individual Bitcoin units

Are There Any Pros and Cons of Bitcoin Casinos?

As a currency and payment method, Bitcoin offers a more varied option than many players will be familiar with. On balance, however, there are pros and cons to using Bitcoin at casino sites.

Strengths

When using Bitcoin, the strengths can outweigh the weaknesses that will eventually be discussed:

• Personal and private keys: The use of codified keys means that players can securely complete transactions without submitting card details or login info.
• Heightened security: Bitcoin has to provide mathematical evidence for the users involved, making the method more secure than just using encryption.

Weaknesses

After highlighting some of the core strengths, you can also consider the possible drawbacks that could impact your decision to use Bitcoin:

• Transaction speed: Bitcoin is quicker than credit cards, but slower than e-wallets, what with the cryptocurrency limited to six transactions per hour. However, this can be offset by extremely low transaction fees.
• Bitcoin acceptance: The cryptocurrency is yet to reach fully mainstream status, so you might not be able to use Bitcoin at your favourite casino.

The bitcoin craze – should you jump on the bandwagon and use the cryptocurrency as an alternative fund to your online gambling pastime?

For those who don’t already know – bitcoin is a type of cryptocurrency. Cryptocurrency refers to a specific type of digital currency that is intangible and not regulated or monitored by government agencies. This means that your transactions are not recorded, traceable, or trackable by anyone but you.

It also means that hackers are far less likely to be able to infiltrate your account or personal information by way of your bitcoin wallet, unlike banks or credit cards that are more susceptible. For that reason alone, it is enticing for those who frequent online casinos or sports betting sites, because their money and information will ultimately be safer from hackers or untrustworthy sites.

Since bitcoin gained momentum and popularity around 2015, other types of cryptocurrencies have hit the market, but this article will be speaking specifically about bitcoin. Is real money bitcoin gambling for you? Hopefully after you’ve read through the pros and cons, you’ll know for sure.

If you do decide to give it a go, we’ve provided a list of real money bitcoin gambling sites to get you started.

Convenience or Safety, Do You Have to Choose?

The hysteria and intrigue surrounding bitcoin has made it the perfect tool for gambling sites to use to attract new customers who want to test the full capabilities of their newly purchased currency. Now that the hysteria has died down, and the reliable online casinos and gambling sites have shone through the unreliable ones, it is relatively safer to use the currency on these formats.

In Ireland, you can even win bitcoin through a special lotto draw. But, in countries that have not officially legalized online gambling, you have to do a little bit more digging. You are better off going with a big-name site, because they are more likely to remain stable and capable of timely payouts.

Because there are now established, trustworthy real money bitcoin gambling sites, you don’t have to worry quite as much, but there will always be a risk: just like with any online gambling site. In addition, there are new regulations and laws that have been passed that require real money bitcoin gambling sites to have a license; this is the case in Spain, for example.

If you are looking into using bitcoin only sites, you can check their licensing status first. It is no guarantee that even the more established, well-known real money bitcoin gambling sites will have a license. If you do find one with a license, though, you may want to put it on your short list.

Real Money Bitcoin Gambling Site Transaction Setups

Within the realm of bitcoin gambling, there are essentially two types of real money bitcoin gambling sites to choose from, and they each carry pros and cons. In your search, you will more than likely run into both types, and it is important you know what each site entails before you begin.

The ‘types’ of sites have more to do with bet payments and winnings payouts than the games they contain, so really, the ‘type of site’ is referring to the way the site is setup for financial transactions.

The first setup you may run into is commonly referred to as a ‘bitcoin only’ site.

This type of site deals only in betting and transferring with bitcoin. It doesn’t allow for any other form of currency, such as Paypal or credit card. But an online casino or betting site such as this may not have the capabilities to provide larger payouts, or manage a high-volume patronage. Sites like these are more likely to be in their infancy, as opposed to the sites that have been around for a while and do have those capabilities.

• Pros: Instant payouts, convenient for avid bitcoin users, sites equipped specifically for transactions with bitcoin, transactions not government regulated*
• Cons: Trading in volatile currency, sites have not been around for as long, transactions not government regulated*

(* this point can be considered both a pro and a con, depending on your point of view. The non-government regulations mean that there aren’t necessarily records of your transactions. So, if your money is taken by an unreliable site, it may not be retrievable.)

The second one is simply a site that has added bitcoin to their repertoire of accepted currencies.

If you want to try betting with bitcoin on a site you’ve already grown to know and love, you might be in luck. Some established sites have added special bitcoin capabilities for both payouts and betting. This makes the already tried and true sites more appealing to bitcoin users, and is arguably a little bit safer.

• Pros: Established site, history of coming through on payouts, comfortable and convenient for bitcoin traders new and old
• Cons: Site not necessarily accustomed to transactions made in bi

The Debate

Of course, some of the lures of the real money bitcoin-only gambling sites are proven moot when you compare them with the established sites that have added bitcoin as an acceptable currency. For instance, the claim that the payout on the real money bitcoin-only sites is faster because they are dealing with only one type of currency. Or, that using bitcoin makes transactions cheaper because you do not have to pay any kinds of deposit fees or taxes.

The fact of the matter is these concerns are really only valid or relevant in the U.S. market. Those who don’t want to use their credit or debit accounts for safety reasons would turn next to a prepaid debit or credit card. If that’s not possible, the next step would be to use money transfers that tack on fees that could significantly knock your winnings down.

Not all sites offer a transfer of payout back to your credit card, either. This slows down the time between winning and having the money in hand significantly.

But, does that mean you should jump directly to bitcoin? After all, you can deposit AND collect using the same currency, taking out the need for an alternate way of collecting your payouts.

The truth is that it depends on your personal needs and priorities.

Now that more established and trusted sites are adding bitcoin as an accepted currency, the choice to use it or not is entirely yours. But, there is no true discernible difference in ease of use or definite reliability, at least when comparing the top, most reliable sites in each category.

So, Which One Should I Use?

The risk seems to be even across the board, and it mostly comes from the low-dependability of the currency itself, and not so much on the sites that use it in their transactions.

If you already own and are well-versed with bitcoin, the choice is really yours to make. If there is a site, either bitcoin-only or one of your favorite established sites that has added bitcoin to their capabilities, that you want to try out: you should! As you would with any other new online gambling prospect, do a bit of research first though. Try to see if you can find the site’s license, peruse the forums for any red-flag complaints, and ensure that customer service is up to your standards.

The differences in these sites are essentially minute (again, speaking in terms of the most well-known and proven), and the choice you make will be based on your level of comfortability and trust in the site in question.

The site recommendations that we have made were based on some of the universal standards that anyone should have when choosing a site, bitcoin capable or not, to gamble on.

Reliability and history – does this site have a lot of its current or former customers happy to return, or are its former customers more cautionary? If you’ve used the site in the past, do you remember how fast any issues you had were resolved? Are there payouts you remember having to chase down?

Useability – is the site clean and easy to navigate? Are their licenses, credentials, and contact information in an easily accessible area of the site?

Proven track record – does this site have a track record of at least a year’s worth of positive comments from former gamblers?

If you don’t already own bitcoin, stick to what you know. Bitcoin is a volatile, constantly-fluctuating currency, and if you can continue to make your transactions with static, regulated funds, you should.

How Bitcoin Compares to Alternative Payment Methods

Before embracing Bitcoin, it pays to compared it with some of the viable alternatives:

• PayPal: The e-wallet gives you the ability to perform currency transfers from one location, whereas you need to have a Bitcoin exchange. However, you will need to use a debit card to avoid high PayPal fees.
• Paysafecard: Security compares strongly with Bitcoin, but paysafecard is an eVoucher and is less convenient because you cannot complete withdrawals and will require an alternative payment method.
• Boku: This method lets you deposit securely using your UK monthly phone bill, but Boku will not enable you to complete the withdrawal of your winnings, whereas Bitcoin can.

Bitcoin offers low transaction fees and superior security architecture at the casino sites that do accept the cryptocurrency, so it’s well worth trying out.