What is a Bitcoin casino?
A Bitcoin casino, also known as a crypto casino, is similar to traditional online casinos but with different payment methods. A conventional online casino use fiat currency, such as the UK Sterling, Euro, or Canadian dollar. The way that the fiat currency is transferred can be done using a debit or credit card or through an online wallet.
On the other hand, a Bitcoin casino uses crypto coins (such as Bitcoin, of course) as their main form of currency. It is a safer payment method as you never have to worry about a data breach and third parties getting hold of your bank information.
Bitcoin casinos often do still offer fiat currency, but they put a big emphasis on using cryptocurrency.
What are Bitcoin and cryptocurrency?
So, a Bitcoin casino is built around cryptocurrency as a payment method, but what exactly is it? A cryptocurrency is a relatively new form of digital currency that can’t be withdrawn in a physical form, such as cash. They are often built on a blockchain and use cryptography to secure and verify transactions, so people cannot forge or try using someone else’s wallet.
Cryptocurrencies such as Bitcoin have become extremely popular because a third-party institution like a bank doesn’t control them. It doesn’t have to go through an organization to approve a payment. Instead, you can hide your identity, so it is harder for anyone to track your payments, providing you with higher levels of privacy.
Bitcoin is the most popular form of cryptocurrency, and this is because it was the first that was ever released. It was first created through mining, where people would solve mathematical equations to verify transactions. In return, these people would be rewarded with Bitcoin. There are only 21 million Bitcoin available to be mined, which means their values have increased drastically because they are rather rare.
Bitcoin was first released in 2009, but since then, we have seen various other cryptocurrencies come into circulation, such as Ethereum, Litecoin, and Dogecoin.
What to ask before playing at a Bitcoin casino
Before you consider playing at a Bitcoin casino over a traditional online casino, there are a few questions you may want to ask yourself first.
Is the Bitcoin casino reliable and fair?
Before playing at any Bitcoin or crypto casino, you first want to check whether it is reliable and has provable fairness. Every game outcome can be independently verified, and the site’s operators can’t cheat. It gives you a fair chance of winning and means the casino can’t just steal your bets and never cash out.
How it works is that all bets are made on a blockchain, which is completely transparent. Anyone can view the blockchain at any time, and there is no opportunity for it to be tampered with. Operators can’t cheat the system, so you know your crypto will be safe, and you can win.
What types of cryptocurrency does it accept?
Of course, a Bitcoin casino will accept Bitcoin, but you may not have this form of cryptocurrency to use. Therefore, you should check that it accepts the crypto stored in your wallet. Most casinos will have all of the popular Bitcoin alternatives, such as Ethereum and Litecoin, but they might not all support lesser-known coins.
Before you start looking for games to play and checking if a casino has good reviews, you need to be sure they will support the type of cryptocurrency you’ll be depositing into your account. If not, you’ll have to move on to the next one.
Does the Bitcoin casino have a license?
Like any other Canadian online casino, you must ensure that the appropriate governing body licenses a Bitcoin casino. This is because any licensed crypto casino will follow strict rules and guidelines to ensure all methods and practices on the site are fair and your information is safe and protected.
However, just because a Bitcoin casino has a license doesn’t mean it is the best. While a Curacao gambling license is accepted, it is a fairly weak option. You should rather go for sites licensed by bodies such as the Malta Gaming Authority and the UK Gambling Commission.
What does the casino game library look like?
There’s no point signing up for a Bitcoin casino and making a deposit if they don’t have any games you’re interested in playing. That’s why it’s vital to check that a site has games you know how and want to play before setting up an account.
Sometimes it’s a good idea to research games and then look for Bitcoin casinos that offer these games afterward. It saves you the hassle of scrolling through extensive libraries and ensures you’ll have the game you want waiting for you once you’ve gone through the other steps of approving the casino.
Do they help their customers?
If you’re new to Bitcoin casinos, you may need a little bit of assistance in the beginning. And even if you’re a seasoned crypto gambler, things don’t always run smoothly, and you’ll need to contact customer service. That’s why you want to check how good the casino’s customer service is.
You don’t want to sign up for a Bitcoin casino without clear contact details. Getting in touch with them will be hard, and you never know how long it will take them to reply. Instead, you want a casino that offers a 24/7 live chat. That means that they can help you if you ever get stuck, no matter what time it is.
What do the reviews say?
There’s no better way of finding out if a Bitcoin casino is worth playing at than looking at customer reviews. You will be able to discover immediately whether they have a good selection of games, how many types of cryptocurrencies they support and if you should trust the site with your well-earned coins.
You can find the answers to many of the above questions from these reviews, saving you time. Simply go onto Google and other trusted review sites and forums to see what other players say about the Bitcoin casino.
Is anything hidden in the terms and conditions?
This may not be as necessary as the other questions, but if you want to be sure that the Bitcoin casino is right for you, you may want to finish by reading the terms and conditions. It ensures you aren’t missing out on anything, and there won’t be any surprises along the way.
For example, you might have been convinced to sign up for a specific Bitcoin casino due to its great welcome bonus. However, there may be high wagering requirements that don’t make it worth it. Therefore, you need to consider whether this bonus is better.
How to sign up for a Bitcoin casino
Signing up for a Bitcoin casino is incredibly easy and similar to signing up for a traditional online casino. There are just a few simple steps you need to take:
- Before heading to a Bitcoin casino, be sure you have some form of cryptocurrency ready. If not, go to an exchange where you can purchase the coins you want to use.
- Store your coins in a secure digital wallet easily linked to a Bitcoin casino.
- Ask yourself the questions above and find the most reliable and secure Bitcoin casino to sign up for.
- Create an account by filling out all your basic information or leaving it blank.
- Choose how many cryptocurrencies you want to add to your balance and deposit them to claim your welcome bonus.
- Browse the library and select the game you want to play.
- Have fun and cash out your winnings when you are happy with your balance.
How to deposit and withdraw at Bitcoin casinos
We’ve mentioned that when you sign up, you need to deposit into your Bitcoin casino account, and when you want your winnings, you need to withdraw. But how do you do both of these things? Just follow the steps below:
- Log into your Bitcoin casino account and select the cashier button.
- Browse the list of accepted cryptocurrencies and choose the one you wish to deposit into your account.
- You will be given a unique address from the casino, and you need to paste this into your digital wallet.
- Choose how much you want to add to your account and confirm.
- The cryptocurrency should now be in your balance.
- Log into your Bitcoin casino account and select the cashier button.
- Enter the amount you would like to withdraw.
- Request a new address from your digital wallet and provide it to the Bitcoin casino.
- Your winnings should turn up in your digital wallet soon.
Pros and cons of Bitcoin casinos
Are you still debating using a Bitcoin casino over a traditional online casino? Let’s look at the pros and cons to help you decide.
Fast and secure payments
If you’ve used a traditional online casino before, you’ll know it can sometimes take forever to confirm a transaction; whether it’s waiting for your deposit to show up in your account or your winnings in your bank, it can become quite frustrating. However, cryptocurrency and Bitcoin work much faster than this.
When you request to withdraw your winnings into your digital wallet, your cryptocurrency will take seconds to reach it. Most Bitcoin casinos will also store your balance in a cold storage wallet first, which is much more secure than other storage options.
Higher levels of privacy
One of the greatest things about Bitcoin casinos is that you can be completely anonymous when playing on them. You don’t have to fill out any personal information most of the time. You may only be required to enter an email address so you have some credentials to log into your account with.
All transactions made through a Bitcoin casino are also completely private because they don’t have to go through a third-party authority such as a bank. Your transactions will never turn up in your bank statements or affect your credit score in the future.
Sometimes people want to get involved in online casinos, but they have to deposit a minimum amount into their account, which they aren’t comfortable doing. They also don’t want to place large bets on any games. This can deter people from ever trying gambling, but this isn’t the case with Bitcoin casinos.
Bitcoin casinos offer micro gambling, where you can make smaller bets. You have a lower risk and can try the games before increasing the amount. Sometimes you’ll even be able to bet less than one cent, so there wouldn’t be much of a loss, but all of the thrill.
Regulations can quickly change
Cryptocurrencies are still fairly new, with the first Bitcoin-only created in 2009. In the last few years, they have only become more widespread as a payment option. Due to this, there aren’t many laws and regulations surrounding cryptocurrencies, and they could change anytime.
Therefore, once governments start adding harsher regulations on cryptocurrency, many of the pros that players love Bitcoin casinos for may not be viable anymore. You never know when the regulations may change, so there is a lot of uncertainty in the air.
Hard to recover the account
Privacy may be a strong pro for Bitcoin casinos, but it does come with a downfall. If you only use your email address for your account, it is much harder to get access if you forget your password. Therefore, you may be locked out of your account forever if you ever need to generate a new password and don’t have access to your email.
When you can’t recover your account, you may think it’s OK because you can make a new one. However, if you have cryptocurrency left in your balance or haven’t withdrawn your winnings, there is no way you’ll be able to reaccess them, and they will be lost.
Bitcoin Casinos FAQs
What is the lowest Bitcoin deposit you can make?
Every Bitcoin casino will have a minimum deposit amount, so it can vary depending on which casino you have signed up for. However, the most common minimum deposit tends to be 1 BTC, and it is favoured by Canadian players.
The amount of Bitcoin you deposit each time will depend on the current exchange rate, which is always changing. Therefore, it is advised to deposit a full Bitcoin for your first deposit because it can be matched depending on the casino’s welcome bonus.
What are the differences between BTC, mBTC, and uBTC?
BTC is the shortened version of Bitcoin, but you may also come across mBTC and uBTC when you scroll through the list of cryptocurrencies on a Bitcoin casino. Basically, BTC is when you have one full Bitcoin instead of a fraction of it. mBTC is a smaller variation of Bitcoin, and it is named when you have a millibitcoin which is 1/1000 of one Bitcoin. A uBTC is much smaller than an mBTC at 1/1,000,000 of a Bitcoin. You will often see these cryptocurrencies when you don’t have the funds to deposit a full Bitcoin.
Will Bitcoin replace fiat currency at online casinos?
The future is always uncertain, so we don’t have a definite answer to this question. However, with the way Bitcoin and cryptocurrencies are expanding, it is a strong possibility. Many online casinos that aren’t specialized Bitcoin casinos are starting to offer cryptocurrency as a deposit and withdrawal option, meaning it’s becoming more popular.
While it’s unlikely that fiat currency will ever disappear from the online casino world, there is a chance Bitcoin may overtake it in popularity. The more people learn about the advantages of cryptocurrencies and gambling, they may start changing their payment options.