With the rise of Bitcoin as a form of digital currency comes the rise of Bitcoin casinos. Casinos are nothing new, but the ones thriving on this new form of currency definitely are. Now, people can gamble and bet on the lottery via online casinos that allow wages with Bitcoins.
Playing in a Bitcoin casino simply requires a stable internet connection in order to access an online casino as well as a source of Bitcoins. Read on to better understand how these casinos work and how you can get started in joining one.
As the most popular cryptocurrency, Bitcoin is quickly gaining traction in the mainstream. It has been around since 2009 but has gained steam in more recent years. Some online casinos have since incorporated transactions involving this digital currency aside from traditional ones.
They operate similarly to other online casinos and are also subject to local laws. The only major difference is that you can transact using your Bitcoin earnings.
Just like most online casinos, you can partake in the following options to get your bets going: spread betting, gambling games, casino games, sports based betting and online lotteries.
There are several advantages to using Bitcoin as your primary currency in an online casino, which will be discussed below.
How to Set Up a Bitcoin Account
Bitcoin works via a software wallet that is installed on your computer. There are two methods by which you can get Bitcoins and that’s by buying them with traditional currencies like dollars, or via a process called “digging.”
When you “dig” for Bitcoins, you are using your computer’s power to crunch through calculations. Digging is cost-effective but exchanging real cash for Bitcoins is simpler and easier.
You can set up an account on the provider’s system, but larger transactions require that you download an encrypted wallet on your device (phone or computer). Create a Bitcoin wallet by choosing one from the many available software and then install it on your computer.
Set up your account, then link your debit card to it. Like other e-wallets, you can manage your payments and transactions via Bitcoin. From there, you can make your purchases and deposits for your online casino needs.
Fund your wallet depending on the method of your choice, either via a bank wire, “digging,” or even transfers from other Bitcoin owners. Another important thing to double check is if the online casino of your choice accepts Bitcoins as a form of currency.
Don’t forget to check if the site is a reputable one as well. Once you choose Bitcoin as method of deposit, the transaction is instant and hassle-free. Withdrawal can be done via the software itself or paper checks.
Benefits of Bitcoin Casinos
One of the major reasons why people opt for Bitcoin casinos is because they don’t require transaction fees like the traditional ones do. Daily transactions are also unlimited, which allows for greater freedom in gameplay and engagement in the casino.
Without the need to leave the comfort of your home, patrons of online casinos can have players from all over the world at any given time. This round-the-clock access and availability ensures that players in the casino are usually plentiful.
Of course, the most important part of these casinos is that they use Bitcoin as a currency. Digital currency or cryptocurrency are decentralized, which means that they are not governed by bank laws or a government. This ensures both anonymity and a better control of casino funds.
Players who use Bitcoins make use of little personal or sensitive information to manage their Bitcoin accounts, which is a plus.
Disadvantages of Bitcoin Casinos
Because Bitcoin is still a relatively new form of payment, there are several disadvantages that can hinder your online casino gaming experience if you use it. One of these is the question of how legitimate the casinos that are compatible with Bitcoin are.
More often than not, Bitcoin casinos are available in countries where online gambling is not yet legalized. To avoid getting swept up in a dubious casino, choose from one of the more popular and reputable ones.
Since reliability is a huge problem, take some measures to determine a casino’s reliability. First, look at how well it fits into your gaming demands and what software providers are offering the said games.
Looking at the terms and conditions as well as the history of the casino can also help you make your decision. The availability of customer support is also important so that you can be assured of a relatively problem-free gameplay.
Other than that, reviews from other players can also help you gauge how reliable a casino is.
Limited Bitcoin Casinos
As casino operators are still taking time to acknowledge the benefits of using Bitcoin as a currency, the current number of casinos that offer this payment method are still lacking. Most of them still rely on traditional currencies or a mixture of both.
It’s nothing to be worried about though, as cryptocurrency is still growing in popularity and soon, casinos that make use of it will increase too.
Bitcoin is currently treading the middle ground, or the grey area between being legal and illegal. While it is not outrightly illegal nor prohibited, it’s currently not recognized by many countries as a legal form of currency.
Due to its anonymity, it’s harder for people in authority to determine which players are residents of a country where online casinos and/or gambling are still illegal.
Due to the developments in technology, even online gaming and gambling have been swept up and changed over time. Bitcoin casinos are just some of the manifestations of this fact.
Now that you know these basic things about Bitcoin and how these online casinos work, you can get started using Bitcoin as your primary method of payment in an online casino.