Bitcoin Online Casinos
Bitcoin is the newest and trendiest payment method in the scene, especially the gambling industry. At this time, over 100,000 businesses worldwide trade using Bitcoin and the value is in the thousands if not millions.
This increased usage means Bitcoin is gaining popularity. In fact, many gamblers are moving toward this banking method thanks to the ease of withdrawal and deposit. Also, enhanced security continues to play a major role in attracting players.
Top 4 Best e-wallet Casinos in the US and NJ
What is a Real Money Bitcoin Casino?
Real money Bitcoin casinos are online casinos that accept Bitcoin and other cryptocurrencies as a banking method. Bitcoin and blockchain, which is the main technology behind it, came into existence in 2009.
Nevertheless, 2011 was when this digital currency hit the mainstream market. Unlike other traditional currencies such as the Sterling Pound, Euro, and US Dollar, Bitcoin is decentralized, meaning it doesn’t need a central bank to operate.
Instead, this currency functions through peer-to-peer connections, making this currency unique in its own way. Take a look at the best Bitcoin online casinos in the list above and the extensive one below.
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The Legal Situation Regarding Online Casinos that Accept Bitcoin
The legal status regarding Bitcoin online casinos is somewhat dicey. First, many countries don’t have specific rules or laws that regulate online casinos that accept cryptocurrencies. Even so, the legality of this type of gambling will be based on the laws of the country you play from and not where you live.
Having said that, it’s safe to say that using Bitcoin and other cryptocurrencies in online gambling is neither prohibited nor officially allowed. Some of the jurisdictions that have issued licenses for online casinos that accept Bitcoin include the United Kingdom and Curacao.
For the US, most states allow some type of online gambling. Nevertheless, because of taxation purposes and regulations, many online casinos prefer to not offer this option to US players.
In fact, the executive director for the New Jersey Division of Gaming Enforcement made it clear that cryptocurrency gambling will not happen in New Jersey. At least until the federal government regulates it.
How to Make a Real Money Bitcoin Deposit to the Casino?
The deposit process is quite long but once you’re done, everything will be simple and fast. In the meantime, take a look at the detailed steps of making a real money Bitcoin deposit at an online casino.
Funding Your Bitcoin Wallet
After creating a Bitcoin account and choosing your preferred Bitcoin wallet, it’s time to fund your wallet using Bitcoins. Punters have 5 different ways of funding their Bitcoin wallets. Take a look at each of them:
Set Up a Bitcoin Wallet
For you to use a Bitcoin online casino, you must have a Bitcoin wallet, which will enable you to make a deposit and also withdraw funds from your preferred online casino. To do this, you must visit the official Bitcoin website.
Before you can create a Bitcoin wallet, you must know that there are two types of wallets available: desktop wallets and web-based wallets. If you’re looking for convenience, then setting up a web-based wallet will be a wise choice.
On the other hand, if you don’t mind installing software on your PC or laptop, then go for a desktop wallet. While this type of wallet may be cumbersome, it’s also the most secure because there’s no need for third-party online software.
After setting up a Bitcoin wallet of your choice, you’ll need to sign up using your password and address. Afterward, you’ll be given a Bitcoin address, which will be critical in every transaction - similar to how other digital wallets such as Neteller and PayPal work. The only difference here is that Bitcoin transactions don’t require personal details such as an email address or card details.
Make a Deposit at the Bitcoin Casino
After successfully going through the steps listed above, you’ll be ready to make a Bitcoin deposit. To do this, you’ll require only two things. The casino’s Bitcoin address and your address. That’s all. You don’t need credit/debit card details.
A Bitcoin address is a primary credential needed in a Bitcoin transaction and it contains numbers and letters ranging between 27 and 38 characters. Next, go to your Bitcoin wallet and choose the “Send Money” option.
You’ll be asked to enter the number of Bitcoins you wish to deposit. Enter the casino’s BTC address and authorize the transaction by clicking on the “Confirm” button.
Create an Account with a Bitcoin Casino
After choosing a suitable Bitcoin online casino from the comprehensive list, it’s time to create an account.
After going through the necessary steps, head to the BTC casino’s payment page.
From there, choose Bitcoin as your preferred deposit method.
How to Make a Real Money Bitcoin Online Casino Withdrawal
Withdrawing from a Bitcoin online casino is even simpler than depositing. In fact, it’ll be over in three simple steps:
Provide Your Bitcoin Address
Once the page loads, enter the Bitcoin address as prompted and the funds will be transferred from your Bitcoin casino to your Bitcoin wallet.
Sign into Your Bitcoin Casino
Use your credentials to sign in to your Bitcoin casino account. Next, navigate to the payment page and choose Bitcoin as your preferred withdrawal method. Often, your deposit method will be your withdrawal method but confirm to make sure this is the case.
Be Patient as the Transfer Completes
After authorizing the transaction, what’ll be left is to be patient as the transfer completes to reflect in your bitcoin wallet.
Bitcoin Deposits and Withdrawal Transfer Times at the Online Casinos
For those that are interested in fast transactions, look no further than Bitcoin online casinos. Typically, the funds should appear in your online casino within 10 to 15 minutes. Nevertheless, this transaction will bear the “unconfirmed” status, although confirmation shouldn’t take more than 3 hours.
After beating your closest and fiercest rivals, it’s time to cash out your winnings from the online casino. Many online casinos offer Bitcoin as a withdrawal method and the transaction should take at least 24 hours to process.
How Does Bitcoin Stand as a Real Money Casino Payment Method Compared to Others
If you’re looking for fast transactions, Bitcoin is the best payment method. In fact, you’ll also get lower house edges on such casinos because of the low overhead involved. Furthermore, you also get enjoy the excellent security Bitcoin offers to its users not to mention the lack of third parties.
This is unlike other traditional banking methods where you need to provide your personal details. For instance, with e-wallets such as PayPal, you must link your bank account with the PayPal account. The inclusion of these third parties increases the cost of making a transaction, making Bitcoin a preferred payment method among gamblers.
Advantages Using Bitcoin at the Casino
Safe and Secure Transactions
Bitcoin is arguably the safest and most secure form of money transfer available in the market. This is thanks to its amazing security features such as decentralization, which means no one regulates it and anyone can store their own information.
While this payment method may be secure, you must careful with your private key. Sharing it with a third-party means you risk losing your Bitcoins.
Zero Transaction Fees
For punters, this is a slice of heaven because when performing any transaction, you want to save as much money as possible on fees. Making Bitcoin transfers comes at almost zero cost but chances are the online casino will charge a small fee. Make sure you go through the terms and conditions before joining the online casino.
Enjoy Anonymous Play
Bitcoin online casinos offer complete anonymity when playing online. These casinos only need your Bitcoin address and your email personal address.
Besides, how else will they help you to recover your forgotten password? Again, anonymity will be guaranteed as long as you don’t share your Bitcoin address with third parties.
No Third Parties Required
Bitcoin is a digital cryptocurrency and this means it doesn’t require third parties to act as a bridge to complete a transaction. This means you’ll avoid the fees that come with third parties, making bitcoin gambling a viable option for punters,
Sending and receiving funds to your online casino should be fast. This way, you can start playing your favorite online casino game as soon as possible. Bitcoin casinos rank as one of the fastest when funding your online casino account or withdrawing from the casino.
Disadvantages Using Bitcoin at the casino
Transactions are Irreversible
Bitcoin transactions are irreversible and this means it’s not possible to cancel a transaction after authorizing it. The only way to get your money back is if the online casino agrees to send back the Bitcoins.
Having said that, you must choose a trustworthy and secure Bitcoin online casino. This will ensure you don’t end up frustrated with accidental transactions.
You May Have to Pay Taxes
Bitcoin isn’t a recognized currency, at least officially by the government. This means you may be required to pay taxes on your winnings as soon as you withdraw them. Besides, each Bitcoin has value.
Fluctuating Bitcoin Prices
Bitcoin’s value fluctuates, similar to how the values of other official currencies fluctuate. Nevertheless, since this is a new currency, it’s more volatile and that’s not good for business.
Yes, it’s safe to deposit real money using Bitcoin at your preferred online casino. With that said, security starts with you, which means you must be careful about how you store your private key.
Yes, it’s possible to withdraw your winnings from your Bitcoin online casino. Typically, the deposit method will be the same for withdrawal. Nevertheless, you may want to go through the T&C’s of the casino because they differ.
There’s no maximum daily deposit when using Bitcoin and this makes it a preferred payment method among gamblers. However, the maximum limit will be set by the online casino.
Therefore, if you’re a high roller, you may want to check on the maximum deposit limit.
Again, there’s no minimum deposit when using Bitcoin as a payment method. Also, you’ll want to check with your online casino to find out the minimum deposit limit. Meanwhile, don’t deposit anything under 0.0001BTC.
This will vary from one casino to another because they are the ones that set the limits. As for Bitcoin, it can handle any amount. A general rule of thumb sets the maximum at 3BTC.
There’s no consensus on the minimum withdrawal limit on Bitcoin online casinos. This is despite each online casino having a certain minimum withdrawal amount. Therefore, you must check with your Bitcoin casino but most of them set the minimum limit at 0.0001 BTC.
Roulettes is a game of numbers where you have to spin a wheel. Once the ball falls on your selected numbers, you win. Many Bitcoin online casinos offer Bitcoin roulette games.
Based on 5-card draw poker, Bitcoin video poker is available in almost all Bitcoin online casinos. In fact, if you’re an ardent video poker player, you’ll be glad to know that there are multiple variants including Joker Poker, Deuces Wild, and Jacks or Better.