In the past few years, Bitcoins and cryptocurrencies were not taken too seriously. Reason being that the people were unlikely to invest in something risky or something other than the usual.
Of course, people are very much conscious about their hard-earned capital, and nobody wants to experiment much with such things.
Besides that, Bitcoin casinos are in huge demand from the public because of their easily accessible and fast online gambling methods.
Satoshi Nakamoto (made-up name to hide identity) invented Bitcoin. Who knew it back then that something revolutionary like this might end up blowing the market?
It is estimated that Satoshi has 980,000 BTC, worth $9.716 billion based on the current value of bitcoin at $9,913 with him, which makes him the richest person on this planet. Crazy! Isn't it?
A few years ago, cryptocurrency and Bitcoin, in particular, were obscure terms for most people. However, Bitcoin casino is slow but certainly popular and has become a widespread payment method.
The number of online bitcoin casinos that accept Bitcoin is constantly growing, and players are empowered to play more games by depositing with Bitcoin.
When you make a deposit, your Bitcoins are converted into regular currency (USD, for example). The deposit is processed in the same way as entering any e-wallet or bank card.
However, some players still discriminate against the benefits of using Bitcoin. If you are one of them, you will be interested in finding out more about the pros and cons of making online bitcoin casinos and withdrawing with Bitcoin.
Disclaimer: You might end up losing all your hard-earned money in gambling. So, use play in these casinos at your own risks.
What is a Bitcoin casino?
Bitcoin is the most popular digital currency for those unfamiliar with bitcoins based on blockchain technology. A few online bitcoin casinos only work on bitcoins, while others offer bitcoin as an additional transaction, in addition to traditional currencies such as the US Dollar.
A majority of online casinos offer gambling games and money based on bitcoin currency. Bitcoin casinos operate worldwide, even if they must be subject to local laws.
With bitcoin transactions, these bitcoin casinos offer players various options to bet their bitcoin money on various games, including conventional casino games, gambling games, sports-based bets, online lotteries, and spread betting.
How does a Bitcoin casino work?
The software stays at the heart of any online gambling or gaming business, and so does bitcoin casinos. Many popular bitcoin casinos with large popularity bases use their gaming software, developed on their own. Some younger players use purchased or rented versions, customized by adding a few different features.
The software runs and runs the game, with minimal human intervention. In games that require all human players, the software plays the role of a table vendor (running the game). Due to its virtual interface of their business, bitcoin casinos face the problem of assuring users of their operations' integrity.
A large number of bitcoin casinos try to establish trust by explicitly telling the customers how their software algorithms work. Alternatively, it is more of a peer to the active or different peer review of their contribution to casino games.
Poker is the most popular game in bitcoin casinos, while there are many exciting games, lotteries, and a variety of popular games available (and continues to be established).
Why are Bitcoin casinos getting popular?
The advent of technology has brought about the emergence of an astonishing number of web-based gambling providers, allowing players from all over the world to participate in their favorite casino games without having to leave the comfort of their own homes. It takes to start playing a stable internet connection and register at one of the many online bitcoin casinos.
What is a Bitcoin, and what's its working? Bitcoin was invented in 2009, but its popularity increased later, in 2011. In common terms, Bitcoin is a medium-term currency. Bitcoins can be made in two ways, the first being “mining,” a process in which users donate their computer power and earn Bitcoins as a reward. The second option is to exchange regular currencies with other Bitcoins currencies.
There are several benefits to using Bitcoin when playing at online bitcoin casinos. First of all, there are no fees charged while processing deposits or withdrawals using Bitcoin.
Another advantage of playing in Bitcoin casinos results from the downgrading of this digital currency. Bitcoin is not justified to a bank or a given government - it is very important if you are a gambler, you live in a country where online gambling is illegal. When you use Bitcoin, the chances of your winnings being held are equal to zero.
Players can manage their funds and maintain their anonymity simultaneously. Like most casinos, using digital currency only requires the player's email for verification and refund purposes. No need to reveal any sensitive personal or financial information to manage your casino money.
We can distinguish between two types of Bitcoin casinos - those that only accept digital currency and those of mixed form, where Bitcoins are converted into fiat currency to play with. When you process your withdrawal, fiat money is also converted into Bitcoins.
Whatever type of Bitcoin casino you like, you have to learn some basics to make the right choice.
Top questions to ask yourself before choosing a Bitcoin casino.
1. Is the platform I chose for the online Bitcoin casino safe?
Multiple online bitcoin casinos are safe, secure, and reliable, but of all the online casinos you can trust, there are probably two more to watch out for. Unfortunately, fraudulent casinos are more common than you can see. Therefore, your priority should be to ensure that the online casino of your choice is trustworthy and safe.
You can make sure you choose a safe and reliable online casino to ask friends for their recommendations. Seek suggestions from your family members if they know about this field.
If you get a recommendation from a friend or family member, you still need to do your homework to make sure it is a safe casino. They may have used it in previous years, and their experience may have been accurate, but if they had not used it recently, the casino could have changed their terms and conditions. So, you always need to make sure it is a safe casino.
2. What extras do your online bitcoin casino provide?
One of the best parts of online bitcoin casinos is that they often withdraw free gambling money as part of their bonus programs. Almost all online casinos will have an acceptable bonus similar to your initial deposit. But you will probably use the same site for a while. You will want to find out what types of bonuses and promotions they offer after that.
Some online casinos offer excellent welcome bonuses, but after that, they only expand the offer to the highest quality customers. Some casinos offer to reload bonuses that apply to subsequent deposits or have additional bonus programs that apply in certain circumstances. For instance, many online bitcoin casinos offer a reward when you use cryptocurrency to make a deposit. You may also be able to find online casinos that offer promotions that work directly on your favorite games.
3. Are Bitcoins legal in my country?
First, you should check if online casinos are legal in your country. It is important to note that an online casino's legitimacy depends on the country you are playing in and not where you live. The legal status of a particular online casino should not be influenced by accepting Bitcoin. Like in the US, 48 out of 50 states allow online bitcoin betting and casinos. However, many online bitcoin casinos do not allow betting on US players due to stricter laws and higher taxes.
4. Is gambling through these online bitcoin casinos safe and fair?
First, you should check if online casinos are legal in your country. It is important to note that an online casino's legitimacy depends on the country you are playing in and not where you live.
The legal status of a particular online casino should not be influenced by accepting Bitcoin as payment. The US, for instance, 48 out of 50 states, allows online betting and casinos. However, many online bitcoin casinos do not allow betting on US players due to stricter laws and higher taxes.
Make sure is that your chosen online bitcoin casino is not frauding. Converting issues at will is much easier to do online than in mobile casinos, so you should look at the following signs.
What is Bitcoin?
Bitcoin is the largest cryptocurrency globally and is the father of all the different currencies you can find today. It was created in 2008, and since then, it has grown to the size it is today, which the general public is aware of. Its popularity stems from the fact that it is not controlled by any bank but by people and its complex encryption, which ensures that only a certain amount of Bitcoins will always be distributed and nothing else can be created.
Is bitcoin legal?
Gambling with cryptocurrencies is completely legal in many countries, but a few countries around the world prohibit their citizens from having various currencies. Suppose you are not from India or China. In that case, you will have to not worry about any legal issues arising from the management of cryptocurrencies.
Is it safe?
Like many other things online, cryptocurrencies are not 100% secure. However, it would help protect yourself by having a hard password that you don't use elsewhere, make sure you have a good antivirus program, and take other security measures. You won't have to worry about anything when you gamble cryptocurrency online.
Where can I bet on Bitcoins?
There are many different betting sites, casinos, and games that accept cryptocurrencies as a payment method. We have found some of the best and most trusted sites on the Internet, which you can find in our Games section, where you will also find all the relevant information you need before you start playing.
Do these sites require documentation?
Some sites do it. Some do not. As cryptocurrencies are designed to promote anonymity, many sites do not want your data or personal documents but allow you to play on their site and withdraw without giving anything away. Some sites prefer to run it as an old gambling site, where you will have to fill in your details and submit documents, but this is rare.
Who manages these bitcoin casinos?
Any regulatory authority does not regulate many cryptocurrency sites as a standard gambling industry. However, this is simply because regulatory authorities do not support sites that only accept substantial funds, making it difficult to control them. Other sites accept regular cash and cryptocurrencies, all of which have licenses to operate in appropriate markets.
Are there any site delivery bonuses?
Yes, several sites offer deposit bonuses when you deposit money using your cryptocurrency. It is the most common thing for poker to get some Rakeback transaction, while casinos and sports betting sites offer instant deposit bonuses when you join their room, giving you a great chance to win a big prize.
How Long Does a Deposit Take?
Depositing in any cryptocurrency takes between 10 minutes to more than an hour, depending on which wallet you use and how fast the transaction can be allowed on the server. In rare cases investing takes a long time, but it is all very fast. In case you notice that the deposit has not been credited to your account within a few hours, try to contact the site as there may be some error.
Are There Funds With Cryptocurrencies?
Yes and no. It all depends on the wallet you use and what digital currency you send. In case you use a legitimate digital wallet, there are usually no fees attached to send money to the site or another wallet. Still, if you use one of the larger digital wallets to buy and sell different cryptocurrencies, it is usually 0.20% of the amount you post on the site or to another person.
Coinnounce does not take any responsibility for any casino. We do not directly or indirectly prefer, advise, or advertise any of the casinos. We are just putting out our views and do not urge anyone to trust our views.
The information put in our list is only for educational and knowledge purposes. Please research and take the views of your financial advisor before indulging in any kind of gambling methods. A huge amount of losses can be made if indulged in these gambling methods daily.
Use terms and conditions before assessing any of these sites.
Bet in these online bitcoin gambling games at your own risk!