What You Need to Know
Bitcoin casinos allow players to make deposits and withdrawals with one of the most popular cryptocurrencies available. Bitcoin is a popular choice for online and mobile casino gamblers, because it offers the best combination of anonymity and security. Bitcoin transfers uses a unique key, so a third party can never steal or track your payment information. This guide to casinos that accept bitcoin provides full details of how the virtual currency works, along with its many advantages. This article also gives reviews and recommendations on online Bitcoin casinos safe to play at.
The revolutionary payment system that only started a few years ago has become enormous, Bitcoin. It allows players to deposit this virtual monetary system into various different casinos in the easiest and simplest ways; without having to use credit cards. Bitcoin has become another option for players, with many benefits. Some advantages are it has become a global currency, has low transaction fees, and allows transfers to be done fast and secure.
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Reasons to Use Bitcoin
Bitcoin is hailed as one of the safest currencies to use on the internet, but that is not the only reason to use this system when depositing at a casino. There are a few advantages, but there are some disadvantages to using them as well.
Advantages of Using Bitcoin
Among the many advantages of using Bitcoin, these are some of the best when it comes to making a casino deposit:
It is considered to be one of the most secure payment systems there are. One simple reason, it is extremely hard to forge a Bitcoin, and hacking into one is so time-consuming that it hasn’t been tried.
Hard to Get It Stolen
Ownership of Bitcoins can only be changed by the owner. No one can steal them unless they physically access the person’s computer, making it that much harder. Or by obtaining the personal and private address.
No one can trace the Bitcoin transactions back to the user unless they wish to do. Only the wallet owner will know how many Bitcoins they have. In the event that a wallet address is publicized, a new one can be easily generated, keeping third-parties from accessing your financial information.
Seeing as how the transactions cannot be traced, it gives players a high level of anonymity.
Low or No Fees
The transaction itself has no fees for the player, however, casinos do hold the right to charge a certain fee (see: How to Use Bitcoin).
When Bitcoin recently came out on the market, there were not many casinos that took Bitcoin. However, this has just gone from being a drawback to a benefit, as many of the best casinos accept Bitcoin now.
Disadvantages of Using Bitcoin
This payment system is relatively new, and only a portion of the population knows and uses Bitcoin, which presents some disadvantages:
Slightly More Complicated
Using Bitcoin comes with the need to install special software in order to use the wallet. For someone that doesn’t own any Bitcoin, there are two options: buy them or mine them. One is easier, but comes at a higher cost. The other one is free to do, but takes a lot of time.
Due to the anonymity of the Bitcoin, most government agencies are cautious about its use. It can be used for money laundering or other illicit activities. This shouldn’t concern you if you are using it properly and legally. Although, Bitcoin has become more popular, and is quickly becoming a recognized form of currency throughout the world.
This shows why it is important to make the right choice when picking a casino to deposit your Bitcoins at and play.
Bitcoin casinos have smaller fees and no third-party tracking of transactions, because the only new owner has access to the private key. This second fact means people cannot steal your bitcoins without physical access to your computer. There’s no risk of charge-backs, because the transaction cannot be reversed. The security, low costs, and anonymity of Bitcoin make this the perfect deposit method. Here is our recommendation for casinos that accept bitcoin.
Ignition Casino is our pick for the best United States-facing Bitcoin Casino. Ignition Casino offers a $1,000 welcome bonus to new players and licensing from Kahnawake. The site uses the best software available to US-facing operators, including RTG, Rival, and Bodog proprietary software.
Best of all, Bitcoin casino deposits and withdrawals are completely safe and secure.
Bodog is the best Bitcoin casino for international players. Bodog is a one-stop gambling site with a $600 deposit bonus and bigger bonuses for members of the high-roller “94 Club”.
Bodog has fast withdrawal times and instant Bitcoin casino deposits. You can start playing within a few minutes of making the deposit, and withdrawals are just as fast and reliable.
How to Make a Bitcoin Casino Deposit
Bitcoin casino deposits are easy to make. Follow the instructions below to fund your account with bitcoin. This is a fast, secure, and anonymous payment method, so you’ll have the steps down after a couple of payments. Bitcoin is designed to keep your transactions private, while keeping them secure from third-party interference.
Join a Bitcoin Casino
Become a member at an online casino by signing up through the registration form. Continuing members only need to click on the Cashier link, then select Bitcoin as their payment method.
Fill-in basic information when registering. This include name, username, snail mail address, and a valid email address. Give accurate information when registering, so the cashout process is quick and easy.
Go to the Casino Cashier
Once in the casino’s Cashier, select Bitcoin as your payment method. Remember that you’ll need to use one of the accepted Bitcoin wallets. You’ll need to own bitcoin cryptocurrency, which can be bought at exchanges like Circle or Kraken.
Input Your Wallet Address
Each player that has a Bitcoin wallet will have their own personal wallet address. This address is used when you want to make a transfer and the casino will need the address to continue. Input your wallet address to make certain payments go through.
Choose Deposit Amount
Choose the amount you want to deposit in order to fund your account. Each casino has deposit and withdrawal limits. These can be as small as 0. 0.00000001 BTC or can go up to 1 or more BTC. You will need to input the casinos Bitcoin address, which is given to you be the online casino. Contact customer support if you need further information.
Fund the Account & Play
Accept any deposit bonuses offered. Input a coupon code, if that’s required. Bitcoin is an instant payment method, although it might take a few minutes for the software to process the request. Now that you’ve converted bitcoin into a casino bankroll, you can start playing.
Players can always check out other resources on how to properly transfer bitcoin. Make sure that you know all of the steps before making a Bitcoin casino deposit so that nothing gets lost.
How Bitcoins are Sent
In order for the player to send their Bitcoins to the online casino, they will need the output and private key. As mentioned above, the output is simply the casinos wallet address and are a sequence of randomly generated numbers and letters; as is the private key. However, the private key should always be kept a secret, only to be known to the player and casino. The private key is swapped, and that is when the transaction begins, and the verification process begins in the Bitcoin network. Once it is verified, the Bitcoin amount is then deposited successfully.
Transaction Waiting Times
Using Bitcoin can be fast, much quicker than using a check or other methods that can take a few days to process. The one aspect is that in order for the transaction to be checked, it takes roughly 10 minutes for each transaction, as the miners are in charge of verifying. For larger sums of money, it will usually take a number of confirmations. This could take anywhere from 10 minutes to a couple of hours to be verified and deposited into your account.
Choosing the Right Bitcoin Casino
When performing your own Bitcoin casino reviews, use a checklist of factors. These include customer service, bonuses, VIP rewards, and the reliability of deposits. If an online or mobile casino does not meet all the requirements, the player needs to find a new site. One of the reasons players use this payment method is the flexibility and security, but that shouldn’t be the only thing on your mind when choosing a Bitcoin casino. Read customer feedback on authority sites like Ask Gamblers to see complaints. If a high percentage of complaints are resolved, it’s a good sign they are trustworthy. Keep these factors in mind.
Great Customer Service
Reliable Deposits & Withdrawals
Withdrawals Using Bitcoin
Bonuses & Rewards
Alternate Banking Options
Picking the right Bitcoin casino translates to more fun and more cash in your pocket. Gamblers who play on a site which treats them well and makes gaming easy enjoy better entertainment. Decisions about the product they have a real effect on their bank account. Once you’ve made the right decision, you can stop worrying about better options and starting having fun.
What is Bitcoin?
Bitcoin is a digital asset and payment system that was created by Satoshi Nakamoto in 2008 and later released it to the public in 2009. It can be used by people all over the world, but depends on which countries and organizations have recognized the Bitcoin as a virtual currency. To use it, the user would need to use a “wallet”, which is software that is stored on their computer that allows them to safeguard and pay for goods or services.
As it is considered a virtual currency, or cryptocurrency, it can be exchanged for normal currencies, or can be bought; 1 Bitcoin (BTC) is equal to roughly $436 US dollars, but the market changes, so be sure to check the latest price. Other than purchasing them, you can also earn them by “mining”.
Mining for Bitcoin
Mining is simply a term used when a person is trying to discover new Bitcoins; essentially they will be digging through information, trying to find gold. A simple explanation is it is the verification of Bitcoin transactions.
When a person purchases an item using Bitcoin, it must be checked to see if it is a genuine Bitcoin, and miners are those that do the checking. It isn’t just one transaction that needs to be verified, but rather many. These many transactions are placed into block chains and placed into a locked box. The miner would then need to find the key that opens that box, and once it is open, the transactions can be verified. For being able to do this, the person is rewarded with 25 new Bitcoins.
It takes roughly around 1,789,546,951.05 attempts to find the key, which is why not everyone does this. However, there are miners that specialize solely in finding the key, as this 25 Bitcoin reward is given out every 10 minutes. You will need a lot of computing power to do this!
In order to be able to use, store, and transfer Bitcoins it is necessary for the player to install software called Wallets. You can choose from cloud-based or direct software downloads on your computer. They all provide the same functions: transferring Bitcoins from one wallet to another, and securing your Bitcoins.
To use Bitcoin as a casino payment method, you’ll need to choose a bitcoin wallet. Ignition Casino and Bitcoin.org suggest using one of 12 different bitcoin wallets, including services like:
- Bitcoin Knots
Players choose a public “wallet address” and a private “personal address”, which should be kept entirely secret. The personal address is used as the key to your Bitcoin casino deposits and withdrawals.
Once you’ve selected a bitcoin wallet, then you’ll need to buy bitcoins from an exchange, including top providers like Kraken and Circle. Once you’ve converted your currency into the world’s most famous cryptocurrency, you’ll have safety and privacy while you gamble online. Once you’ve got a wallet and some bitcoin currency, you can start making casino deposits.
Cloud wallets are the most convenient to use, as you can access it from any device that has access to the internet. There is some risk, as you are giving the responsibility of your Bitcoins to a holding business, so you must be confident they are trustworthy.
These wallets are software programs that you download and run directly from your computer. These are more secure since the only way someone can access your Bitcoins is by physically breaking into your computer.