Before you decide to use bitcoins at online casinos as your prefered payment method you should know more about them, what they are, how they came to be and how you can use them to your advantage.
Bitcoins are a form of cryptocurrency and they are produced by individuals with the help of computers through the process of mining or solving complex algorithms. Bitcoins can then be used for many kinds of transactions and are untraceable, completely anonymous and not governed by any central authority. This leads to several things.
Firstly, you are anonymous and not tied to any personal or financial info, you don’t have to use your credit card or your IDs to be able to make transactions. Secondly, the exact exchange rate for bitcoins fluctuates so what today can be €5 can tomorrow turn into €1000 and the other way around.
Thirdly, everything is done peer to peer so a transaction takes about 10 minutes, thus making it a lot faster than classical payment methods like credit cards. What is more, the number of bitcoins that can exist on the internet is limited to 21 million bitcoins and no more can ever be created meaning that they can grow in value without you having to do anything.
Why Bitcoin Casinos are Under Scrutiny
All casino regulations have been done on transactions using traditional currencies that enable tracking and identifying players and casino operators, but bitcoin casinos skip all that.
Since they are full-on digital audit and verifications can prove to be quite a challenge. It’s hard to know if the games are fair, if business practices are as they should be and if players are legal.
Many bitcoin casinos require minimal user details like email and login name, for example, which means no verification of age or location check. Since gambling is not allowed in many countries across the globe, bitcoin casinos make it harder to regulate and control it on a global level.
All these things are a challenge for authorities and they have to struggle to keep things in order, which makes this new and different economy complicated. Sure, it well may be the future, but it will take some getting used to.
Are Bitcoin Casinos Legal?
In most countries, there are no specific laws regulating Bitcoin gambling, which means it’s neither allowed nor prohibited, legally speaking. Actually, some people and governments still don’t think cryptocurrencies are “real currency” which is why they might stand in the way of using bitcoins in online casinos. Countries that prohibit gambling (such as most of the United States for example) are against bitcoin gambling sites as well, while those that have very clear gambling laws like the UK also accept bitcoin gambling as being legal.
In fact, Curacao and the UK Gambling Commission, two of the most reputable gambling jurisdictions already issue licenses to casinos that accept bitcoin. So as long as the casinos follow the rules and the regulations of their chosen jurisdiction everything is fine and they are perfectly legal.
How Long Does It Take to Deposit/Cash Out? Are There Fees?
Both depositing and withdrawing happen pretty much instantly with bitcoins. If you have a wallet account small sums will be instantly transacted or it could take a couple of minutes, either way, a much shorter period of time than with any other payment method. Larger amounts can take 2 to 10 hours to deposit or cash out. Generally, transactions with bitcoin take a few minutes to 2 hours no matter how many bitcoins you send/receive.
Another great perk and the reason for which many players love using bitcoins when they are playing online casino games is the fact that not only is it anonymous and takes virtually no time at all, but there are no fees. You don’t have to pay anything. In the event that there are some fees for some reason, they are so small that you won’t even feel them, much lower than anything else.
How to Make Bitcoin Deposits in 6 Steps
The first thing you need to do, when you’ve decided to play at an online casino that accepts bitcoin, is pick the best and most reputable Bitcoin casinos. You will find a great selection on SlotsCalendar to pick from and some of them even offer some amazing bitcoin bonuses.
The next step is to register at that casino. Once you’ve created an account, which should be pretty easy, it’s time to get yourself a bitcoin wallet if you don’t already have one. There are many different kinds, like web-based, desktop or even mobile. Pick one of them and set it up and add money to it to convert it into bitcoins. Then go back to the online casino you’ve chosen and let’s make the deposit in just 6 easy steps:
- Select bitcoin (BTC) as your preferred currency
- Select from the list of bitcoin wallets the one you have
- Copy your unique bitcoin depositing address
- Log in to your bitcoin wallet and choose the amount you wish to deposit.
- Paste the unique casino depositing address into the required field and make the payment.
- Go to your casino account and check your balance and you’re ready to play.
How to Make Bitcoin Withdrawals Instantly
Making withdrawals with bitcoin is a breeze. Go to the casino’s banking page, select the withdraw tab and specify the amount you wish to withdraw, the amount which must be within the casino’s specified limits.
Enter your unique bitcoin wallet address and request the cashout. The money should arrive in your bitcoin wallet immediately after the transaction has been approved as it is faster than all the other payment methods (e-wallets, bank transfers, credit cards etc). That’s it. You’ve made your bitcoin withdrawal.
Do Bitcoin Casinos Offer Free Bitcoins?
Many bitcoin casinos offer free bitcoins as an incentive to new players for registering, referring a new player or for playing a new game. Obviously, like all bonuses offered by any casino, they come with terms and conditions that need to be met. They can come as just free bitcoins, as free bitcoins plus free spins or many other combinations. It depends on the casino what the promotion will be. But if you look around and check our bitcoin casinos selection you should find some pretty amazing promotions.
Bitcoin No Deposit Bonus Offers: What is the Catch?
Obviously, no deposit bonus offers are amazing, no matter what currency or cryptocurrency they come in. No deposit bonuses with bitcoins are exactly like the no deposit offers in euros, pounds or dollars you’ve probably seen before. The only difference is that they are now in bitcoins which if you don’t already have bitcoins might be a little complicated.
While you won’t need to make any deposits with your own bitcoins, assuming that you go through the wagering requirements and win, you will have to either put that sum in your bankroll and keep playing with it or withdraw it. In order to withdraw it, you will need to have a crypto e-wallet that can hold it and you will have to know how to use an exchange if you want to convert it into your currency of choice.
Another “issue” that might arise could be that bitcoin no deposit offers aren’t as common as other bonuses because at this point there aren’t hundreds of casinos offering the possibility of using this cryptocurrency. The good news is that we are working hard to bring these great bonuses straight to you so you won’t have to search the entire internet looking for them. So stick around to get your hands on the best offers!
What Casinos Accept Bitcoin?
There are many exceptional casinos that give you the chance to play your favourite slot games or table games using bitcoins. They can be online casinos or mobile casinos, to offer you even more freedom.
If you want freedom in payment, peer to peer transactions, total control of your personal data, safety in complete encryption, transparent information, no fees and super speed, you should check out our top bitcoin casinos.
Here are just a couple of great choices you should check them! If you are curious about our top online casino list with some friendly loyalty programs and reviews, you should check them.