One of the newest emerging trends amongst keen online bettors is gambling at Bitcoin Casinos. Perhaps the primary reason that these types of casinos are becoming increasingly popular is the fact the digital cryptocurrency makes it easier for gamblers to deposit and withdraw funds more easily than other payment options do. Looking for a Bitcoin Casino? If so, have a look at our list and guide below and start winning more Bitcoins!
The Best BitCoin Casinos Right Now
WHAT IS BITCOIN?
Although the first Bitcoin network was initially seen in 2009, Bitcoin as a new modern day currency hit the mainstream market in 2011 as the world’s first decentralized currency. This particular currency differs to traditional currencies like the US Dollar, Euro and Sterling as it does not use any third party. Unlike other currencies it has no central bank and solely functions through the peer-to-peer marketplace. Despite having suffered from a rather turbulent period due to its contemporary nature, over the years its popularity along with its reputation has grown from strength to strength. As a result, when the year marked 2014 thousands of online businesses started offering the Bitcoin as a payment option. And now, Bitcoin has also started to be accepted at many online Casinos!
An added advantage of eCheck Online Casinos (and probably one of the main reasons why they are thriving) is the fact that American players can make use of it. As we all know, the American market is still a largely untapped plain thanks to their unrelenting, strict legislation when it comes to online gaming. However, due to the fact that American banks tend to block credit and debit card transactions involving online casinos, many savvy players are making use of the eCheck method. Of course, this way isn’t always successful as a bank might still block a transaction if they realise that an online gambling company is on the receiving end of the transaction, however, there is no guarantee of success or failure either way.
HOW TO MAKE A DEPOSIT AT AN ONLINE CASINO
1) Create A Bitcoin Wallet
In order to use Bitcoin at online casinos, you’ll first need to get a BitCoin Wallet to be able to deposit and withdraw funds. This of course can be set up through Bitcoin’s site. Fundamentally, there are two types of wallets you can set up; web-based wallet service and desktop wallets. For convenience sake, our casino experts recommend that you set up a web-wallet rather than a desktop one which will actually require you to install software on your computer. However, if you’d personally prefer using one that’s more secure, opt for a desktop wallet which does not work through third-party online software. On opening a BitCoin wallet, all you’ll need to do is sign up by providing your address and setting up a password. You’ll then be asked to given a Bitcoin address to use whilst making transactions to and from your wallet. Similarly to Paypal, Neteller and Skrill, a BitCoin wallet will act as your digital own personal digital wallet. The sole difference between these e-wallets and BitCoin is that you won’t be required to disclose any personal address.
2) Load Your Bitcoin Wallet With Bitcoins
After you’ve set up your own Bitcoin account and selected the type of e-wallet you’d like to have through their official site you’ll be required to buy a few Bitcoins to use. You can do this through a variety of different ways.Amongst them are the following options you can choose to use:
a) Your Bitcoin wallet: You can buy Bitcoins through your very own wallet.
b) Bitcoin exchanges: Certain exchange services like BTC China or Bitstamp allow you to trade a number of currencies for Bitcoins as well as other digital currencies. You can also exchange your Bitcoins into another currency if you’d like to.
c) Over the counter: You can also buy Bitcoins from other users for a pre-agreed price.
d) Bitcoin ATMs: It’s also possible to find Bitcoin ATMs in some cities which will allow you to load your e-wallet with Bitcoins.
e) Mining Bitcoins: You can earn Bitcoins through mining. This involves using special software to solve math problems. In exchange, users are given Bitcoins.
3) Sign-Up At A Bitcoin Casino & Navigate To The Payment Options Page
Once you’ve made your choice in terms of which of the Bitcoin Casinos to choose, you’ll need to set up an account. When you’ve successfully managed to do so, navigate your way to the casino’s payment option page and choose Bitcoins as your currency.
4) Deposit Your Bankroll At One Of The Bitcoin Casinos
Once you’ve performed the above steps, you’ll then be able to make your Bitcoin deposit. In doing so, you won’t have to enter any card details as Bitcoin doesn’t use credit/debit cards. Instead, funds in a user’s Bitcoin account are transferred between you and the casino through bitcoin addresses. These are characterized as a series of letters and numbers that usually range from 27-38 characters. Therefore, if you’ve chosen to use Bitcoin you will need to know what your Bitcoin address is as well as the Online Casino’s address when making either a deposit or withdrawal.
In order perform this step, open your Bitcoin wallet and click on the ‘Send Money’ menu. Next, fill in the amount you’d like to deposit along with your own address, enter the casino’s Bitcoin address and click to confirm.
WITHDRAWALS AT BITCOIN ONLINE CASINOS
1) Log Into Your Bitcoin Casino Account
When it comes down to withdrawing your funds after you’ve managed to win a great sum of money, you’ll be able to withdraw your winnings effortlessly. The first step you need to take is go to the payment options page of the online casino you’ve one money at.
2) Enter Your Bitcoin Wallet Address
Once you’re on the page, fill in the field which is marked Bitcoin address. Your funds will then be transfer from your selected Bitcoin casino to your Bitcoin account.
3) Wait For The Transfer To Occur
When you’re finally done, all you’ll need to do next is to wait for your money to be transferred from your Bitcoin Casino account to your bitcoin wallet.
TRANSFER TIMES FOR BITCOIN CASINOS
On attempting to make a Bitcoin transfer to an online casino, you’ll be able to see the transfer almost immediately (typically after 10-15 mins). However, the transfer will still be ‘unconfirmed’ as such. The transfer will usually be ‘confirmed’ within 1-3 hours.
Provided that Lady Luck is on your side and you’ve won a handsome amount of cash whilst playing online, you’ll obviously want to withdraw your money from the online casino afterwards. Typically, this will take about 24 hours for you to complete.
ADVANTAGES OF USING BITCOIN CASINOS
No Third Parties Involved In Transaction
As a digital cryptocurrency, Bitcoin does not use any third parties in order to help in the transfer of funds from one account to the other. Hence, when you’re using Bitcoin, you’ll be able to avoid paying any third party fees.
More Secure Transactions
As an e-wallet, Bitcoin makes it incredibly easy to transfer funds. Provided that it’s used correctly, you’ll notice that this payment method offers its user’s great security features. However, you should always keep in mind that you must implement certain practices in order to safeguard your information.
Bitcoin Offers Anonymous Play
Bitcoin Casinos offer users complete anonymity when gambling online. The most information Bitcoin casinos will regularly ask for is a player’s email address. This is because otherwise the casino would literally have no way in which to recover the user’s password just if a player had to forget it.
In order to safeguard your privacy you must make sure not to share your Bitcoin address and Identification details with others simultaneously. This is because all Bitcoin transactions are saved permanently on a public network.
No Fees When Using Bitcoin
The cost of making a Bitcoin Transfer is close to nothing. Whilst the cost to transfer Bitcoins is typically free, an online casino might charge a small amount occasionally. So, always make sure to read the fine print beforehand.
DISADVANTAGES OF USING BITCOIN CASINOS
Gamblers May Be Required To Pay Taxes On Their Winnings
On withdrawing your winnings you might be required to pay tax on the amount even though the government does not consider Bitcoin to be an official currency. This is because there is value attached to each Bitcoin.
Once You’ve Submitted A Payment Using Bitcoin It’s Irriversable
You should bear in mind that if you opt to transfer funds using Bitcoin, you won’t be able to cancel the payment. In essence, Bitcoins can only be refunded by the online casinos you have paid. Therefore, you should opt to always do business with companies that are both trustworthy as well as secure.
Bitcoin’s Value Tends To Fluctuate
Due to the fact that Bitcoin is a relatively new currency, the value tends to increase as well as decrease over a short period of time.