Cryptocurrencies are growing in popularity with each day. More and more online casinos list them as a valid payment method on their sites, using the power of cryptography to secure financial transactions. The most recognized cryptocurrency in the world – Bitcoin, provides a fully digitalized form of payment solutions.
Bitcoin is a completely decentralized system, meaning that no government or similar institution is regulating the distribution and exchange. Transactions are verified by network nodes and recorded on a distributed ledger that is open to anyone, called a blockchain. The blockchain technology was around since 1991, created to timestamp digital documents. It didn’t see much use until it was adapted by Satoshi Nakamoto, who implemented it for the first time in 2009, introducing Bitcoin to the world.
Bitcoin uses peer-to-peer technology, without the need for a mediator to link the business and the client. Essentially, payments are happening between one user and another, preventing the need for any third-party software or authority to interfere. Bitcoin is perfect for online businesses such as casinos, giving the player a great sense of security and anonymity.
In this article, we are going to explore in more detail all the advantages of using Bitcoin. We are taking a closer look at what makes it so popular among gamblers, and how to use it in online operators.
Bitcoin.org was registered in 2008, and at the beginning of next year, the bitcoin network was created. Cryptography is offering secure payment solutions, without the presence of third parties. It simply converts the information from a readable source to apparent nonsense. The anonymity factor that only cryptocurrencies can provide is hard to outmatch, especially in a world when our lives happen online as much as off the grid.
When it comes to the gambling industry, Bitcoin gains popularity several years later, somewhere around 2014. There are more than 25 billion bets placed with bitcoins over the past few years, and the numbers continue to rapidly grow. Ever since 2014, $4.5 billion were wagered, which equals roughly 3.7 million bitcoins.
Apart from being safe, bitcoin deposits are also easy. The first thing as with any other payment method is to check the casino page with all the payment options. Once you are sure that you can use Bitcoin, you can proceed with making your account. This process takes a few minutes, and the casino will guide you through the entire procedure. The next thing on your radar should be verifying your account via the email you’ve been sent.
The next step is to click the “deposit” button in the menu of the homepage of the casino. You need to open a Bitcoin wallet to make a deposit and to receive your winnings. The operator can open one for you, providing you with a private key and a public address. This address can be used by anyone who wants to send you bitcoins, so it’s a good idea to memorize it and store it somewhere safe.
If you have bitcoins, you can make the actual transaction. The best way to acquire them is to simply exchange some currency. In terms of looks, the public address of the casino is similar to yours. It will be a long line of characters or in some cases, a QR code. That means that you can use Bitcoin through mobile devices as well. Once you state how much you want to deposit, the only thing you need to do is confirm your transaction.
Usually, you will have to wait anywhere between a few minutes up to an hour for this process to register. The withdrawing works the same way depositing does. The only difference here is that it can take up to a few days to get your winnings.
• One of the safest payment methods in the world;
• Fast processing time;
• An unmatched level of anonymity;
• Accessible worldwide;
• You can use it to deposit and withdraw;
• Smaller fees;
• You can make Bitcoin transactions in a country where financial institutions are prohibiting casino money transfers.
Our mission at CasinoDaddy.com is to follow and deliver all the latest trends in the online gambling world. With so many new operators opening their doors every month, it can be a hassle to keep track of what’s worth your time.
Luckily, we have a page with all the greatest new operators of 2020. Each casino has a detailed review, and you can see if you can use Bitcoin in any of them, with a full list of payment methods provided as well.
If you can use Bitcoin as a deposit and withdrawal method at an online operator, you will be able to use every feature it has to offer. Live Casino is a section of an online casino, where you can get a true taste of what makes people gamble all around the world
The real adrenaline rush that many generations have felt is now achievable through the computer screen. The live dealer and the modern software behind the games changed the way we gamble forever.
Any mobile device with a camera or a QR reading program can youse Bitcoin. Mobile casinos are taking over the hearts of many devoted gamblers, offering new levels of convenience.
Most of the features you can find at an online casino can be found on their mobile platform as well, with lots of operators focusing their attention on refining the mobile gaming experience.
Bitcoin is accepted all over the world. The anonymity and security that cryptocurrencies provide are drawing in more players every year, and many casinos are beginning to implement Bitcoin as a payment option on their sites.
Extremely popular in the US, there are billions of dollars wagered by American citizens every year. This type of payment is different than any type of credit card or bank solution on the market. It offers a unique way of managing your finances. You can convert your Bitcoin winnings to your currency of choice without any problem either.
The only countries where Bitcoin is illegal and you won’t be able to use it at online casinos are Afghanistan, Algeria, Bangladesh, Bolivia, Pakistan, Qatar, Republic of North Macedonia, Saudi Arabia, Vanuatu, and Vietnam. According to the official Bitcoin site, there are 9 more countries where Bitcoin is restricted, but not completely forbidden.
Casino bonuses are a great way to try out a new operator, before deciding if you want to spend your time at their place. Their purpose is to attract new players and usually require you to register at a casino and make your first deposit. We have a page with all the types of bonuses out there, updated daily for our reader’s convenience. You can find all the hot bonuses and the best places to wager your money, with a guide on each type of bonus. Here are some examples:
• Loyalty Bonuses – Most casinos these days offer VIP Programs to the most loyal of players. Once you make a few deposits and play regularly at their site, you will start to get exclusive deals such as free spins or a bigger withdrawing limit;
• No deposit bonuses – Yes, they are such bonuses – everything you earn is yours to keep. Usually, they come in the form of free spins for a preselected slot and often have no wagering requirements;
• Free Spins Bonuses – These are aimed towards the slot lovers and are present in most types of deals. Everyone can enjoy a good slot machine game, and casinos know this better than everyone else. Just remember to always read the terms and conditions and track the wagering requirements closely;
• Deposit Bonuses – A welcome bonus package usually contains a bunch of goodies that you can claim the first 4 times you make a deposit. They can be anything from free spins, match-up bonuses, cash or cashback return.
Online casinos won’t charge you any fees when making a deposit or withdrawing money with Bitcoin. The small charges you should expect come from the mining cost that needs to be covered. They are significantly smaller than any credit or bank service
These charges are taken from your Bitcoin wallet and are a portion of the transaction itself. If you are not familiar with mining blockchains, you may want to check our FAQ section, where we try to answer this question simply.
The deposit and withdrawal times at online casinos using Bitcoin may vary. The deposits are usually fast and don’t take more than a couple of minutes. This is extremely convenient, as it allows the player to start using the features of the casino instantly.
The withdrawing, on the other hand, can take several days to reach your Bitcoin wallet. This happens on the casino's end for safety reasons. Otherwise, the transaction itself will occur in a few minutes up to an hour, thanks to the blockchain system.
Using a cryptocurrency doesn’t change some values that casinos set for depositing money. For example, you still need to deposit at least 10$ on their site, and the maximum withdrawal amount you can expect to find will be around $4,000-$10,000.
You can find which casinos allow the use of Bitcoin at the “payment methods” section of every operator, or try the ones we have listed here.
In general, there are no laws or regulations regarding Bitcoin gambling. It isn’t officially prohibited, and more and more countries are gaining a positive look at the use of this cryptocurrency. Bitcoin casinos are legit, as long as they are licensed by a regulative institution like MGA or Curacao for example. Every reputable online casino has a page containing the number of the license and the authority under which it is being regulated. All the casinos at CasinoDaddy.com are safe and trustworthy, so you shouldn’t worry about your safety.
Bitcoin deposits are almost instant in most cases. They can take anywhere from a couple of minutes up to an hour.
You will see the term “mining” used regularly when talking about any cryptocurrency. The founder of bitcoin, Satoshi Nakamoto, mined the first block of the chain, now known as a “genesis block”. In this case, it is the concept of creating Bitcoins from extremely powerful computers, where miners race against one another, to guess a specific number. These computers solve math problems that no person can, complicated enough even for an incredibly powerful computer.
All bitcoin transactions are processed by a distributed network of computers, running special software. When the transaction happens, the network records the sender and receivers bitcoin addresses, and how much was transferred. All of this information is recorded on a blockchain, which is then being sent to every computer that processes bitcoin. Each transaction is encrypted and verified by multiple links in the network, making it impossible to be forged. All in all, Bitcoin is one of the safest payment methods in existence.