Once it was introduced, it did not take long for the use of this currency to spread across the globe like wildfire. Today, the Bitcoin trades millions of dollar every day and has quickly grown to become a force to reckon with in the economic realm. This factor has led to the commodity being quite pricey.
During its infancy in the market, one Bitcoin traded for far less than a dollar. Fast forward to today, and one BTC can be sold as high as eighteen thousand dollars. This has proved to be quite a lucrative investment venture for most industries, with the casino business taking the lead.
Since Bitcoin exists on the digital platform, it requires no intermediaries to operate. This means that banks or credit card companies are not involved as middlemen. This means that the use of this currency has a lot more wiggle room than real money because the owner of the BTC acts as his own bank. Therefore, the users can make their own rules.
The use of Bitcoin has not been around for so long, so most countries have yet to define any laws that govern its use. Even with its legal status being undefined in most parts of the globe, some governments have been quick to ban its use in any trade within their borders. Some of these nations include:
Some countries have already embarked on the decision-making process to see if their citizens can use the currency or not. In such nations, BTC may not be banned, but it has not yet been embraced as an actual currency. Hence, it will be quite hard for residents to exchange them for goods and services.
Other countries such as Canada, on the other hand, were quick to legalize BTC use. Even though most nations are yet to decide where they stand with this cryptocurrency, the speed at which it is growing is a clear indicator that it will be accepted worldwide in no time.
BTC Exchange Rate
Since the BTC is not governed by any physical entity, there is no definite answer as to how much a BTC is worth. When the cryptocurrency was first introduced, each was going for less than a dollar. Today, on the other hand, one BTC goes for over fifteen thousand dollars.
Even so, these rates keep changing and are only determined by how the market is doing. Therefore, those with this currency should constantly keep themselves informed to stay in the loop. The exchange rate information can easily be found in the currency encyclopedias found online. It is advisable for gamers to compare a couple of them to know the accurate exchange rate.
BTC Online Casinos
The widespread use of this cryptocurrency has made it quite an easy commodity to acquire once one looks in the right places. In most cases, people acquire BTC as a form of payment for a product or service they have provided. Another alternative is by visiting a site that specializes in the sale of this commodity. Some of the websites that conduct this business include Coinbase, Kraken, Indacoin, LocalBitcoins, and SpectroCoin. The widespread nature of this currency has facilitated the rise of such in most regions around the world that accept its use.
Another way of acquiring BTC is by mining the currency. A minor is a computer application that acts as a generator for BTC. These applications are lopped in a network that is linked to the main BTC generator. The system ensures to keep the mining rate in check so that the currency market does not end up flooded.
This is similar to when too much cash is printed out, which makes it lose its value. Once the mining of a BTC is complete, it is marked with a special signature that is unique to the coin alone, and it can proceed to be used in trade. The creator of the BTC, Nakamoto, coded the system to stop the generation of this product when a certain number of them are produced: twenty-one million of them. However, this number will not be attained at least for the next one hundred years. This is different from the usual cash since it can infinitely be produced without limit.
Before one can proceed to acquire BTC, they should first have a wallet where they will store their coins. Most websites that conduct the sale of BTC come with wallet offers for their storage. These wallets come in three varieties: online, software, and hardware wallets.
The former two options exist on the virtual platform. However, the online wallet is connected to the wide web while the software one is not. The hardware wallet, on the other hand, exists on a physical electronic device. Each of these wallets come with a set of pros and cons that should be studied if one is to make the best choice.
Regarding security, hardware wallets are considered the best. This is because the physical electronic device has to be connected to the user’s phone, computer, or tablet if any transaction is to be conducted. This aspect makes it quite difficult for these wallets to be hacked, especially if the hacker is nowhere near the user.
However, they carry the disadvantage of coming with a hefty price tag. Additionally, as much as the security measure of needing the physical device is advantageous, it can prove challenging when payments need to be made in its absence. Hard wallets can best be used for investment and saving a lot of money. Their code error-free nature makes them the best option to store a large amount of BTC. Some of the best hardware wallets available on the market include Trezor, Keepkey, and Ledger Nano S.
Otherwise referred to as hot wallets, online and software wallets come with secret codes that only the owner has access to. They are given in the form of IP addresses that can only be located by the user. The biggest advantage that comes with hot wallets is that they are free of charge.
However, because a device that is connected to the wide web is used to generate the passkeys, it leaves one’s wallet prone to hacking. This makes it an especially insecure place to store large amounts of BTC. However, their easy accessibility on any device makes them the best option to conduct small transactions with much ease. Since they can be accessed on the web easily, one can use various devices.
Once the wallet choice is made, one can head on to acquire bitcoin using one of the ways touched on above. The best ways would be by either attaining them as a mode of payment or purchasing them from an official site. The mining of this currency can prove quite cumbersome for those with no experience in the matter. If one’s intent is to use the currency on a gambling site, they should shop around for casinos that accept it as a mode of payment. The popular use of the currency has made most casinos adopt it as a method of payment, so players will not go through too much hassle in this respect.
- Bitcasino.io. This casino accepts only yr BTC as its currency of exchange. The site is licensed by the government of Curacao. The casino is comprised of 220 games which include video slots, table games, live dice and Live Lotto. The casino offers 100% match up bonus for deposits of up to 1 BTC which is equivalent to 1000 mbtcs. The casino has a jackpot of ฿4,571.730. The casino has a live chat and hands-on customer support system.
- Bitstarz.com. Bitstarz.com is also licensed by the government of Curacao. The site accepts payment in both the Bitcoin cryptocurrency and the dollar standard currency. When you sign up, you instantly receive 180 free spins that are broken down to 20 spins per day for the next nine day. The free spins apply to only Starburst, Fruit Zen, and Boomanji.
Bitstarz rewards it returns clients with reload bonuses and has an offer for free spin Wednesdays.
- Betchain. Betchain Casino is licensed by the Government of Curacao. The site offers 100% welcome bonus for deposits of up to 1btc, 10000 peer coins. The casino accepts payments in Bitcoin, peer coins and dollars.
Use of Bitcoin in Casinos
The online gambling business has been known to adopt numerous innovations to keep their services modern and exciting for their players. Therefore, when this easy to use currency was introduced, they quickly pounced on the opportunity. This comes as no surprise seeing that the use of cryptocurrency comes with a lot fewer restrictions and fees as is the case with other forms.
The use of BTC has not changed much when it comes to how gaming is conducted and has only affected the mode of payment. However, these changes are not monumental and are easy to grasp. When it comes to depositing, all one has to do is:
- Click on the deposit option in the BTC casino of choice. Different casinos will present this option in different ways: some will have it on their homepage while others will require the launching of the My Account option.
- Choose BTC as the preferred currency to use. In this case, if the casino is purely a Bitcoin casino, it will be the only option provided. However, some BTC casinos have been known to cater to other cryptocurrency users such as altcoin. Therefore, one should carefully read through the options so as not to get confused.
- Select the mode of transfer of the currency. Most gambling sites allow gamers to send the coins directly from their wallets to the casino’s account. In other cases, one will need to transfer it in the form of a QR code that will be scanned by the casino. Some casinos go for only one of these methods, which beats the need for this step.
- The player will be redirected to a page where they will need to key in the amount they would like to deposit.
- The entry of verification information may be required; this step is dependent on the casino of choice as well as the mode used in payment.
- Once this is complete, one should sit back and wait for the information provided to be verified and the transaction processed. Depending on the site, it could take anywhere between immediately and a couple of minutes.
The withdrawal process is also as easy as that of depositing and is conducted as follows:
- Choose the withdraw option on either the gambling site’s homepage or under the My Account option.
- Select Bitcoin from among the options provided.
- Choose the withdrawal method to be used; this can either be a direct transfer from the casino’s account to the BTC wallet or by sending a QR code to the wallet address.
- A redirect page will appear where the entry of the amount to be withdrawn will be required.
- Provide the necessary verification details that are requested. This step will either be there or not depending on the casino one plays in as well as the transaction method used.
- Choose the proceed option and wait for information verification and the transaction to be processed. The amount can take anywhere between a few minutes and a couple of hours to reflect in the player’s wallet. The time frame will be affected by the pending time provided by the casinos as well as the method used. Even so, this period is quite impressive considering that real money transactions could take up to ten days to reflect in one’s bank account.
Popular Bitcoin Online Casinos
The use of this currency encompasses more regions in the globe with every waking day, which has made most casinos include it to their list of payment methods. Some casinos have been solely created for the use of cryptocurrency while others have just included it to their real money methods. Some of the best casinos to visit as a BTC user include:
- Megawins Casino;
- Raging Bull Casino;
- 1 x Bbit Casino;
- Loki Casino;
- Intertops Casino;
- Oshi.io Casino;
- Ignition Casino;
- Sloto Cash Casino;
- Lincoln Casino;
- Bovada Casino, etc;
These casinos may come with the option for other currencies aside from BTC. The access to games is as wide as that in real money casinos including variations of slots, blackjack, roulette, baccarat, poker, and much more. The same case applies to bonuses. However, the rewards offered will depend on the chosen casino and can be offered as a no deposit bonus, reload bonus, or welcome offer.
Pros of BTC Casinos
Bitcoin has been able to take off successfully in the gaming world due to a set of advantages it comes with over the use of real money. Some of these advantages include:
- It stands as its own entity free of the control of any intermediaries such as banks and credit card companies. Therefore, the gamer does not have to deal with any restrictions and high fees. This advantage applies to the casino investors as well as players.
- Transactions are quite fast considering that deposits reflect immediately and withdrawals take a maximum of a couple of hours. This is unlike real money payments that could take up to ten days for withdrawals.
- Cryptocurrencies are free of the risk of inflation or counterfeiting; this is because each coin comes with a unique signature that cannot be replicated.
The introduction of BTC has seen the creation of other cryptocurrencies, most of which are on the road to success. This has made casinos quickly adopt them around the world. They include:
- Black Coin;
- Metal Music Coin;
- Lottocoin, etc.;
Like the BTC, the exchange rate for these currencies is entirely dependent on how the market is doing. Even though BTC casinos come in a limited amount compared to real money casinos, they are not short of entertainment and offer hundreds of games to indulge in. However, their limited aspect appears to be changing with time as more and more cryptocurrency casinos are included on the online platform.
Legality of Bitcoin in the UK
This cryptocurrency has been a subject of debate in the UK parliament on whether or not to legalize it. However, this does not apply to the online casino industry. This means players can use this Cryptocurrency to pay for their services at the online casino as long as they are playing at a UK licensed casino.
Top 3 Benefits of Bitcoin Gambling
- Low fees – Compared to other payment options online, BTC has the lowest fee partly because there are no third parties involved while carrying out the transactions
- Safety and security – BTC use the latest encryption technology while conducting their transactions and all the coins are stored in block chains. This means you don’t have to use your credit card information while making payments making it totally safe to use
- Anonymity – This is perhaps the most important and main reason why BTC has become more popular with gamblers and users across the world. While making payments using BTC, you don’t have to disclose any of your personal information. Other benefits include fast processing times for both deposits and withdrawals, flexibility as no government can control it and its high value compared to all currencies.
Games That Can Be Played with This Cryptocurrency
Now that you know the three advantages of of using this digital currency, which games can you play using Bitcoin? Below is a list of all games in summary:
- Satoshi Dice.
Bitcoin Available Slot Games
Here are the types of online btc slots
- 3D slots. These slots are made using 3D graphics and cinematics that are captivating. These slots will pull you in by the feel of reality it gives you. The themes behind the slots will keep you hooked. Some of the slots include; At The Copa 3D Slot, Event Horizon 3d Slots and Good Girl Bad Girl 3D Slots.
- Progressive Slots. These are characterized by a changing jackpot every time some plays the slot. The jackpot will keep increasing until someone wins it. It will then reduce the minimum balance. Examples of bitcoin progressive slots include; Lucky Blue BTC Slots, Lucky Sweets BTC Slots, and Desert Treasure BTC Slots.
- Fruit Slots. These include; All Way Fruits, More Fresh Fruits, Fortuna Fruits and Merry Fruits.
- 5 Reel Slots. These include; Platinum Lightning full HD slot, The Ninja full HD slot, Book of Pyramids full HD slot, Greedy Goblins full HD slot and Starburst video slot.
How to Deposit Money & Buy Bitcoin?
How to get BTCs can be very confusing, especially when you are doing it for the first time. This procedure will help make the purchase of BTCs easy.
- Find a seller that accepts to change bitcoins for cash;
- Decide on a number of coins you need and place your order;
- The seller will give you their account number to which you will deposit the cash;
- You will get a slip that you will send to the seller as confirmation of the deposit;
- The seller will then transfer the bitcoins to your BTC Wallet;
- You can buy bitcoins from a couple of sources. It is important that you buy from a reputable source, so as not to be scammed and lose your money.
Once you have made your purchase, and you have your BTC in your wallet, you will sign up with a btc casino of choice. Once this is done, you will transfer your btc from your wallet to the casino. For this to happen, you need two keys, the address to which your wallet is registered and a key given by the casino, the payee. When the keys have been exchanged, the verification process begins, and the transfer is done. Some casinos will let you deposit the btc but will convert the btc to real money, so you are able to play in a real money casino. You can buy BTCs using the US dollar as your currency.
Bitstarz has introduced the use of Paypal and credit cards to make btc deposits and withdrawal setting the path as far as the use of bitcoins to make payments is concerned.
Slots with Bitcoin No Deposit Bonuses
Various btc casinos give a no deposit bonus. Some of those include;
- Betchain has a 50 free spins bonus for registering with the casino;
- Cafe Bitcoin offers $10 free chip with the use of a bonus code;
- mBit offers 25 free spins automatically after a sign up;
- Bitstarz has a 20 free spins bonus issued automatically;
Casinos that operate using multiple currencies, i.e. standard currency, and the cryptocurrencies may offer incentives for people who use bitcoins. This is meant to encourage players to use BTCs to place their bets.
How to Withdraw Bitcoin from Casinos?
Withdrawing bitcoins is very easy. Visit the banking page of the casino and select the withdrawal tab. You will then enter the amount you want to transfer and enter your wallet address which is unique to you. The amount will reflect in your wallet immediately. There are usually no conditions, but it is always wise to read the terms and conditions of the casino before making any deposits, and withdrawals. There is a very small fee charged for withdrawing the bitcoin which makes it a lot more convenient. The cost may be paid by either the seller of the services or the processor who is usually the client.
Instant Payments. Bitcoins have an advantage because they are withdrawals, and deposits are instant.
Minimum & Maximum Deposits & Stakes
For Bitcasino.io, Bitcoin transactions can be as small as 0.00000001 BTC
Some of the most popular developers on Bitcasino.io, btcspin.io, Bitstarz and Bitchain include;
- Endorphina Gaming;
- Amatic Games Bitcoin;
- Betsoft Gaming;
- Softswiss Gaming;
Betting using bitcoins has huge advantages over betting using standard currency. Here are some of the reasons why.
- Bitcoin is protected by government and military encryption making it very safe and secure. If you follow the instruction on how to guard your wallet, then you can rest assured you bitcoins are safe. The encryption protects your bitcoins from hackers.
- Transactions using bitcoins are fast. The networks work round the clock to ensure that the transfer of bitcoins is complete within minutes whether you are making the transfer across continents or across streets.
- Transactions using the bitcoins are absolutely free. However, if you require the transaction to be sped up, there is usually very minimal service charge charged for bitcoin transactions. This makes the transactions using bitcoins cheaper and more preferable.
- Since bitcoins are no centralized as are banks, there is freedom to transact as often as you like. This also means there are no service charges deducted to facilitate the transactions or pay the third parties.
- With Bitcoin, you can transact comfortably knowing that your privacy is protected. Bitcoin transactions are anonymous, and there is, therefore, no risk of hackers stealing your identity and making transactions using it.
How to know if Bitcoin slots are fair?
A provably fair will take the time to explain its provability. The casino will have a form that explains how they calculate their probability. You can follow through the calculation, so you are certain that the calculation has not been manipulated to fool you, the player.
There is also a possibility of determining whether a casino is provable without necessarily using their Random Number Generation System. The number given should be those never seen before.
Is the no deposit bonuses in casinos offer Bitcoin no deposit bonus? Which?
Yes, the casinos that offer no deposit bonus for standard currencies also offer a no deposit offer for Bitcoins. These casinos include the Betchain Casino and BitStarz. Some offer the no deposit bonus to bitcoin users only as an incentive to use the bitcoin cryptocurrency for the transactions.
Should I have a credit card to deposit Bitcoin?
You do not need a credit card to deposit bitcoins. Bitcoin deposits can be done directly from the Bitcoin wallet to a casino of choice. Payments can also be done directly to your bitcoin without the need to use a credit card.
How do you buy Bitcoins?
This popular Cryptocurrency is readily available online at the different BTC exchange platforms. You however have to ensure that you have set a wallet, which will enable you to carry out the transactions seamlessly
How does one deposit using BTC?
Depositing is easy. Just like any other transaction, you’ll have to log into your account, go to the banking option, select this as a method of payment, add your wallet details and click on the deposit option to complete the transaction.
Is there a commission for every transaction?
This varies from one casino portal to another. While others offer free transactions, others will have a small fee imposed on all transactions, perhaps because of the extra services they offer.
How long until I can use my Cryptocurrency?
Immediately you click on the deposit button, you’ll be ready to start using your BTC to gamble online.
Is it possible to convert the coins into real cash?
No. Once you deposit using the different coins, you can only use them as they are, until you withdraw them. Once they are in your wallet, you can then convert them to real money.
Do I have to sign up using BTC as the main currency?
It all depends on your preference as most of the online casino websites usually have given you the liberty to choose which currency you prefer to use.
What is the legitimacy of BTC Casinos?
As far as BTC Casinos are concerned, provided it has a license issued by the UK gambling commission, it is very safe to play and access all of its services.
Which countries have officially accepted Bitcoin casinos?
There are only a handful of countries that have 100% legalized the use of Bitcoin as a method of payment and purchasing goods. Japan, Canada, Belgium, Italy, Netherlands, Switzerland, France, Israel and Singapore are just a few that we know of. However, not all have legalized gambling and betting activities.
Do I get to receive bonuses using cryptocurrencies?
Yes. Just like you are awarded with bonuses once you make deposits using the other payment methods, you are entitled to receive BTC bonuses, which you can withdraw once you’ve met the wagering requirement