Over the last decade, online casinos have grown in popularity. Most online casinos now accept cryptocurrency as payment, kicking off the crypto casino culture. The online casino culture has grown in tandem with the rise of Bitcoins as a digital currency. Given the ease with which Bitcoins can be carried and transferred, the cryptocurrency gambling sector appears promising for many. So, are they worthwhile? How do you find the best Bitcoin casino for you, and how do you fund your account so you can play? Continue reading for our comprehensive Bitcoin Casino guide.
What exactly is Bitcoin?
Bitcoin is the most expensive and popular cryptocurrency in the world. Bitcoin is the first cryptocurrency ever created, and it is responsible for the entire cryptocurrency industry.
Today, cryptocurrencies are used as an investment and trading tool by millions of people all over the world. Bitcoin was founded by an unnamed developer who went by the internet handle ‘Satoshi Nakamoto,’ who has since become a deity in the cryptocurrency industry.
Bitcoin is a peer-to-peer virtual currency that people can send to each other without needing a third-party authority. The coin was created as an alternative to government currencies following the 2008 housing crash in the United States, which wiped out billions of dollars from the country’s economy.
Is It Legal to Bet on Bitcoin?
If you want to learn how to gamble with Bitcoin, you probably want to know whether bitcoin gambling is legal in your country.
There is currently no specific regulation in place to determine the legality of Bitcoin gambling worldwide. However, different countries’ laws governing cryptocurrency transactions and gambling may apply.
Furthermore, most Bitcoin casinos operate under licenses that prohibit players from specific jurisdictions. At the same time, some Bitcoin casinos do not require any player identification, allowing them to accept players who would otherwise be barred from participating.
To summarize, Bitcoin gambling is legal in most jurisdictions, with a few exceptions. Check your local legislation and casino terms for more information.
Are Bitcoin Casinos Worth Your Time?
The online gaming industry is expected to be worth more than $300 billion by 2022, and it is expected to grow further in the coming years.
As a result, it is only natural that it should collaborate with another rapidly growing industry: the cryptocurrency industry.
Bitcoin casinos combine online gaming and cryptocurrency, allowing gamers to pay for their online gaming experiences with Bitcoin and other cryptocurrencies. The number of bitcoin casinos has steadily increased in popularity, with new crypto casinos springing up at a rapid pace to meet the demand.
As a result, we’ve established that bitcoin casinos are quite popular. What should your next step be if you want to find the best bitcoin casino for you?
Why Did People Begin Using Bitcoin for Gambling?
Casino players who use bank accounts and debit cards are all too familiar with long transaction processing times, high fees, and stuck payments. Bitcoin was created in response to the shortcomings of the modern financial system, which are also visible when playing at online casinos.
By using Bitcoin for deposits and withdrawals, you can avoid having your transaction frozen by the bank. The payment system is clogged with various intermediaries, increasing the possibility of an error or delay. There is only a transparent network between your wallet and the casino when transferring money with Bitcoin.
Furthermore, the presence of intermediaries incurs high financial costs. Banks habitually raise the cost of their services when a certain transaction amount is exceeded. The Bitcoin network doesn’t care if you send in one dollar or one million dollars; the processing fees are the same.
How to Locate the Best Bitcoin Casino?
Before committing to a Bitcoin Casino, research which one you should spend your Bitcoin on.
Let’s take a look at some of the features you should look for when comparing crypto casinos.
Licensing and security
When depositing money into any online business, especially Bitcoin Casinos, you should always check the security it provides.
The United Kingdom Gambling Commission, Malta Gaming Authority (MGA), Curacao Gaming Control Board, and Gibraltar Licensing Authority are the most secure entities regulating this market and issuing licenses that protect customers.
Before you begin playing, look for a license issued by any of these regulatory bodies to ensure that your cryptocurrency is in good hands.
Methods of payment
While Bitcoin remains the most popular cryptocurrency for deposits at crypto casinos, a few allow customers to play with Ethereum, Ripple, Dogecoin, Litecoin, or Bitcoin Cash in addition to Bitcoin.
The importance you place on this feature is determined by whether you are interested in playing with altcoins (cryptocurrencies other than Bitcoin) or if you are a Bitcoin aficionado who would never consider playing with any other cryptocurrency.
When onboarding new customers, most crypto casinos provide promotional offers. This allows you to compare your experience with each casino after taking advantage of the promotional offer and determining which casino best suits your preferences. It’s important to understand that some casinos provide deposit bonuses while others provide cashback.
Choosing a Game
Most crypto casino users are already familiar with the various games offered by online casinos and have established their playing preferences. Some casino players prefer online poker, while others prefer slot machines or roulette. Most bitcoin casinos will provide you with various games to try out. However, if you already have a preference, it may be worthwhile to investigate sites that cater to a specific niche.
Loyalty Reward Schemes
Before you join a bitcoin casino, look into their loyalty rewards program.
Most reputable online crypto casinos allow their players to earn points while playing at their casinos. These points can then be used to obtain credits or bonuses.
Furthermore, if you are accustomed to playing with higher stakes, you should look for a VIP program that will allow you to earn larger rewards such as exclusive promotions, birthday gifts, regular bonuses, and more.
Whether you are new to bitcoin casinos or an experienced player, you should always ensure that the crypto casino has excellent customer service that is readily available to assist you with any problems you may encounter while depositing funds or playing.
The best bitcoin casinos offer live chat support 24 hours a day, seven days a week. However, having an email address to contact customer service can also help.
Where and How Should Bitcoin Be Stored?
After purchasing Bitcoin, you may wish to set aside some funds for future investment. You should also consider keeping your casino winnings before converting them to traditional currency. Storage solutions are classified into two types: hot wallets and cold wallets. You may prefer one over the other depending on your requirements. These requirements could include converting BCH to BTC or having a wallet for depositing only with no crypto storage.
Hot wallet security: average
A hot wallet is an everyday software that allows you to spend Bitcoins instantly. A desktop or mobile application that stores keys and allows you to interact with the blockchain is what a hot wallet is. Exodus, Electrum, Mycelium, and Trust Wallet are the most well-known Hot wallets. The most important thing to remember when using a Hot wallet is to write down your private key and keep it safe because you may need it later to regain access to the funds.
Cold wallet security level: very high
A cold wallet is a device that can be connected to your computer when necessary. A Cold wallet can be challenging to use, so such devices are best suited for long-term investors. Ledger and Trezor are the most popular cold wallets. Cold wallets include a 24-word seed phrase that you should never reveal to anyone, as it can be used by intruders to unlock the wallet and steal your funds. When you win some bitcoins, you should consider using a cold wallet because you won’t be able to exchange and withdraw your BTC to EUR or USD directly from the casino.
Level of exchange safety: average, better for new users
You can also keep your Bitcoins on an exchange that will manage your private keys for you. Because you do not control the private keys, you must trust the exchange, but it makes Bitcoin much easier to use. Furthermore, you can easily exchange your Bitcoins for fiat currency without sending them to any other address. When storing Bitcoin on an exchange, don’t forget to enable 2-factor authentication, which greatly improves account security.
How to Make a Crypto Deposit at a Bitcoin Casino
Purchasing cryptocurrencies from Xcoins to play at your favorite bitcoin casino is straightforward.
Xcoins guarantees that your chosen cryptocurrencies will be delivered within 15 minutes, allowing you to begin playing right away!
You can buy cryptocurrency instantly at Xcoins using your credit or debit card, Apple Pay or Google Pay, SEPA bank transfer if you live in the EU, or Faster Payments bank transfer if you live in the UK.
Simply follow the steps below:
Step One: Do you not yet have an Xcoins account? No worries, registering is simple. Simply click “Sign Up” and go through the verification process.
Step two: Once your account is activated, click “Buy Bitcoin.”
Step three: Buy Bitcoin by deciding how much you want to spend and which currency you want to use.
Step four: Decide on your preferred payment method.
Step 5: Enter the Bitcoin casino’s wallet address so we can send your purchase to the correct location.
Step Six: Click “Complete Payment,” and you’re done; your Bitcoin will be at the crypto casino in 15 minutes, and you can begin playing immediately.
The Benefits and Drawbacks of Using Bitcoin at BTC Casino
To summarize, in our Bitcoin gambling guide, we will discuss the main benefits and drawbacks of using cryptocurrency when playing at a casino. It is critical to make an informed decision when choosing a cryptocurrency, whether at LTC Casino or elsewhere. It is impossible to identify a single cryptocurrency better suited for gambling than others. We recommend that you look into various options and consider their specifics.
Play with the most popular cryptocurrency: it’s simple to buy, convert, and store.
Transfer your money with ease: no more lost transactions due to banks.
Thousands of games, including slots and live games, are available, just as they are with traditional currencies.
As you can see, Bitcoin is a viable gambling option with a number of benefits. However, it has disadvantages that make it inferior to other available payment methods. Don’t be afraid of mBtc, mLtc, or mEth when playing; they’re fairly simple to calculate if you understand their meanings.
Fees are higher, and the processing time is longer when compared to other cryptocurrencies.
We understand why players might hesitate to use Bitcoin as a casino deposit method. Nobody wants to pay more and wait longer when they can pay less and wait for less. That is why, at LTC Casino, we have added support for multiple cryptocurrencies so that each player can find something that suits them. If you still have questions about BTC and can’t find the answers below, we created a full bitcoin casinos FAQ to help you out.
Why is Bitcoin beneficial for online gambling?
Bitcoin provides increased anonymity, faster transaction processing, and lower transaction fees. Furthermore, the Bitcoin network is immune to outside interference, so no one can halt your transaction. As we previously demonstrated in our Bitcoin gambling guide, these benefits make it a viable alternative to traditional payment methods for real money gambling.
Do Bitcoin casinos exist?
Many casinos do accept Bitcoin. Aside from dedicated crypto casinos, more traditional casinos are beginning to accept Bitcoin. These casinos accept Bitcoin as a payment method and may offer BTC-denominated games. Even if they deposit with Bitcoin, players can usually play with dollars or euros.
Are there any restrictions on Bitcoin deposits and withdrawals?
Bitcoin does not have any transaction limits on its own. However, the casino may impose such restrictions. Casinos typically limit the minimum deposit and maximum withdrawal amounts. Examine the corresponding information in the casino’s terms and conditions.
Can I withdraw my winnings in Bitcoin?
Yes, you can withdraw your winnings using Bitcoin. First, withdraw your winnings from the Bitcoin casino to an exchange that accepts traditional currency conversion. Most of the time, the exchange where you bought your Bitcoins will work.
You must first sell Bitcoin for fiat currency and then link a payment method to your exchange account. Many exchanges allow withdrawals to be made to bank accounts, credit cards, and third-party payment systems such as PayPal.