The Best Online Bitcoin Casinos
Bitcoin casinos are becoming increasingly popular, due to an increased interest in crypto-currencies. In short, crypto-currencies like Bitcoin are virtual money. Money that only exists in digital form. Since Bitcoin’s rate is constantly changing, it is not safe to say whether it is better for players to use Bitcoin in online casino’s or not. Of course, the value of all regular currencies also changes. But the instability is nowhere near as dramatic as Bitcoin.
Players can buy Bitcoins or obtain them through Bitcoin Mining. Bitcoin casinos are no different from other online casinos, except that they accept Bitcoin as a means of payment. We’ve looked at Bitcoin casinos more closely. Exploring the pros, cons and what players should be careful of when signing up at one of these casinos.
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NetBet is the first major online casino holding a licence in the United Kingdom to offer bitcoin gambling. Founded in 2001, NetBet Casino is an innovator in the online casino industry. Thanks to bitcoin’s agreement with Neteller, players at NetBet have the opportunity to deposit with bitcoin. One major advantage NetBet Casino has over the many other bitcoin-only casinos, is its game selection. Most bitcoin-only casinos offer a limited number of online casino games. NetBet offers a complete online casino experience. This allows bitcoin players to have access to an unlimited selection of casino games.
The Good Reputation of Bitcoin Online Casinos
Bitcoin entered the mainstream market as a new, modern and independent currency in 2011. This cryptocurrency differs from other traditional currency types. For e.g. The US dollar, Euro and Sterling Pound.
Unlike other currencies, there is no central bank that manages it. Also, there is no fixed exchange rate. Bitcoin works exclusively through a peer-to-peer marketplace. Over the years Bitcoin has gained a lot of popularity and a good reputation. Since 2014, thousands of online shops have opened for Bitcoin. They offer the currency as a payment option. As part of this development, numerous online casinos now offer Bitcoin.
Why Choose Bitcoin Casinos?
Bitcoin casinos offer their users complete anonymity in gambling. Most of the time, the only information required is just an email address. As a modern currency of the digital information age, Bitcoin offers the possibility to have absolute control over the own bankroll. But, there are other advantages that other payment methods cannot offer.
In principle, the lack of any money is one of the biggest advantages. For both the online casinos and players who choose Bitcoin casinos. The reason for this is simple. There is no institution that can simply raise or freeze funds. This sometimes happens when using traditional currencies.
Incidentally, other methods of payment are also much more expensive. The processing fees can be quite substantial. However, who uses Bitcoin has almost nothing to pay in processing fees. Unlike Skrill casinos, PayPal casinos and Neteller casinos. These fees are paid on deposits or withdrawals. Nevertheless, we recommend reading the terms and conditions carefully. Because some casinos might still try to impose costs on players.
Bitcoins Online Casinos – How Do They Work?
As previously mentioned, Bitcoins require special software on the player’s computer. Plus, an acceptance from the opposite side, being the online casino. The payment process does not differ significantly from other currencies. Typically, most online casinos rely on traditional payment methods. Such as ewallets (Paypal, Skrill, etc) or bank transfer. If a player has found a casino that offers Bitcoin payments, the next steps are very simple. These include:
What to Look Out for When Depositing at Online Casinos with Bitcoin:
Bitcoin is an e-wallet and very easy to use. Bitcoin makes it incredibly easy to conduct financial transactions. If all the transactions are completed correctly, players are on the safe side with Bitcoin. However, one should always remember to follow certain rules to protect personal information.
- Prices fluctuate dramatically
Because Bitcoin is still a relatively new currency, the price tends to move up and down quickly. Therefore, the company itself recommends not to create savings in Bitcoin.
- One can not undo payments with Bitcoin
Always keep in mind that transfers cannot be undone with Bitcoin. Bitcoins can only be returned from the online casinos where they have been deposited.
- Almost, but not completely anonymous
To ensure safety, a Bitcoin address must never be provided in connection with other personal information. All bitcoin transactions are stored on a public network.
Making deposits in Bitcoin casinos
When considering Bitcoin as a payment option, players may be confused at first about how the currency is used and how to make a deposit. Don’t worry, it’s easy! Once a Bitcoin account is set up and the type of e-wallet is selected, bitcoins can be bought.
Once a Bitcoin Casino has been chosen, go to the area for the deposits and enter all the personal information required. There are normally two fields:
- The sum of the deposit
- The Bitcoin address
Funds from a Bitcoin account are transferred between users through bitcoin addresses. These are characterised as a number series; between 27 and 38 digits.
Withdrawing from Bitcoin casinos
If players are lucky enough to get a big win, then they can easily make a withdrawal. Of course, to start the process, they must go back to the payment page. Then fill out the fields with the Bitcoin address and the sum of the withdrawal. The money will then be directed from the selected Bitcoin casino to the Bitcoin account.
Advantages of Bitcoin Casinos
- Virtual currency
Bitcoins are a virtual currency and are not considered a legal means of payment. Therefore, users are given a lot of freedom. If a casino only accepts Bitcoin deposits and only pays-out Bitcoin winnings, it can easily bypass casino licences. In other words, anyone who uses Bitcoin does not legally execute any financial transactions. Gambling laws only regulate banks and payment service providers, such as debit card companies. Since Bitcoin does not need these institutions, theoretically anyone can open an online casino.
Another advantage is that casino owners and players enjoy a very high level of privacy. Because the currency is not traceable, others cannot tell where the payment is coming from. Therefore, third parties cannot access personal or financial information. The registration is also accelerated, because players no longer have to confirm their identity.
- Worldwide, region-free
Players that are especially from countries where gambling is illegal, have the great advantage that they are not in illegal zones. Because, gambling with Bitcoins is not regulated.
Since most Bitcoin casinos do not even ask for the player’s name or address, this problem is non-existent. However, it explains why the currency is so popular because it bypasses the usual hurdles of money transactions.
- Transaction times
After all, the biggest advantage is obvious. The transaction times are very low with bitcoin, both for deposits and withdrawals. Deposits can be automated so that players can instantly see the deposited value in their account and start playing.
With the payouts/withdrawals it runs similarly. Although the casino owners still have to confirm the payout. Apart from that, the profit is immediately on the user’s Bitcoin account. In traditional casinos, this can take up to five business days.
Disadvantages of Bitcoin Casinos
- Unregulated and perhaps unsafe
There are also disadvantages when playing at Bitcoin Casinos. As already mentioned, there is no need for an official licence to start a Bitcoin casino online. This means that the Bitcoin casinos are unregulated and perhaps uncertain. Who then plays in the wrong casino and is a victim of fraud, has no way to get their money back.
- The currency fluctuates dramatically
In addition, the value of the currency varies from day to day. If today a Bitcoin was worth £1000, tomorrow it can be worth ten times or only a fraction of it. Again, this is not necessarily an advantage if players want to withdraw winnings and find that they’ve just halved in the market.
- Bitcoin is still in its infancy
There are not too many online casinos that accept Bitcoin as a valid payment option. Thus, supporters of this currency are sometimes forced to go in and search for suitable casinos.
- Bitcoins are stored in a digital e-wallet
Therefore, the user should make sure that his computer is free of viruses or fraudulent phishing software. Because the valuable coins can otherwise be stolen. It is therefore advisable to increase the security of the PC or device.
What’s on Offer at Bitcoin Casinos
Although rare, when a player finds a Bitcoin casino, they do not have to compromise on what they like to play. Because there is generally a selection of all kinds of casino games. For e.g. slots that also accept Bitcoins, are certainly available. As always, the slots are provided from reputable manufacturers such as NetEnt, Novoline or NextGen.
There are also normal card and table games, almost always the absolute classics like Black Jack or Roulette will be found. Poker or baccarat are also very common in online Bitcoin casinos.
Bitcoin and Online Casino Bonuses
New customers are usually rewarded with a deposit bonus and/or free spins for certain slots. Players will need to deposit a minimum amount and then get a percentage bonus on this deposit. Of course, customers who like to use Bitcoin are wondering if they can benefit from these bonuses. Or, if they are only reserved for players who deposit into their account with other payment methods.
Bitcoin fans can rest assured. There are casinos where Bitcoin is also used to claim bonuses. Basically, there is no difference for customers. The maximum deposit and bonus amount can be found in the bonus terms and conditions. There is also the necessary information about which currencies or deposit methods for a bonus may even be excluded.
Online Bitcoin Casinos & Licencing
The advantage of Bitcoin in the casino industry can also quickly become a disadvantage. Bitcoin is a form of payment accepted worldwide. However, the disadvantage is that despite all legality, it is not an official currency. To play in a secure online casino, players should pay more attention to factors such as whether the casino holds a valid gambling licence or not.
Bitcoin casinos do not need a valid gambling licence, it is not essential. Not every online casino without a valid licence can be associated with an untrustworthy casino. However, a licence helps to build reputability. Casinos can certainly operate safely and seriously without a licence.
Is a Bitcoin Online Casino Licence Important?
A valid casino licence is very important for the average casino. Because, this is somewhat, a seal of approval. The customer can recognise that the casino is secure and fair. In order to obtain an online gambling licence, casinos must fulfil a number of requirements and conditions. Transactions must be encrypted, so that third parties cannot get access to private information and do fraudulent activity.
However, the same security standards also apply to customer data. Because even information such as name, address, date of birth, etc. must not reach the public. Additionally, at online casinos, the factor of fair play and responsible gambling is important. All games in an online casino are computer controlled. Therefore, the customer must be sure that the games are fair. This is ensured by the software that generates random numbers and game outputs. This software plays a very important role in the evaluation of a Bitcoin casino.
What Bitcoin Alternatives Are There for Casinos?
One of the tried and tested methods of payment, will always be online debit card casinos. In most cases, cards from Visa debit cards are accepted. But if players do not have a debit card, they do not need to worry because there are a number of other deposit methods. For e.g. there are e-wallets that are not filled with Bitcoin but with normal currencies. Noteworthy here are PayPal, Neteller or Skrill. However, the customer must also have a valid account with these providers, in order to use them as a means of payment. For those who prefer prepaid credit, Paysafecard is an effective alternative.
Paysafecard shares an advantage with Bitcoin: No bank data is required, so the transactions are anonymous. The customer can buy this card in different amounts and also deposit via credit. The disadvantage of Paysafecard is, unlike Bitcoin, it is not used for payment into a cheque account. It is a method for depositing credits.
Bitcoin Online Casinos: Momentum is Building
The idea behind Bitcoin is great but it’s going to take a little bit of time to grow and become accepted at more online casinos. It’s certainly gaining in popularity all the time that’s for sure.
Although there aren’t too many casinos online that accept Bitcoin at the moment, with momentum slowly building in the world of cryptocurrency with the likes of Litecoin and Ethereum, it might only be a matter of time until more are accepted as a payment method when it comes to iGaming. It remains to be seen just how it will go but it looks like Bitcoin and other cryptocurrencies are here to stay.