In this article we’ll discuss one of the most revolutionary payment systems to emerge in recent years – Bitcoin. It’s an option that’s become increasingly attractive to gamers worldwide due to its low transaction fees and speed of funds transfer.
We’ll examine Bitcoin in the context of its use at online casinos, covering everything you need to know to safely add it to your list of payment options.
What Is Bitcoin?
The Best Bitcoin CasinosBitcoin is an online payment system and digital currency, often referred to as cryptocurrency. The US Treasury describes it as a virtual currency. It works through a software “wallet” which is stored on the owner’s computer and enables them to pay for goods and services worldwide. The software is entirely open source, not owned by a single entity, and is available for all to use.
Bitcoins can be exchanged for your normal currency – and vice-versa at Bitcoin exchanges. It’s even possible to earn Bitcoins through a process called mining which involves using your own computer to crunch through calculations in order to generate new Bitcoins. This option has become too computationally expensive to make it worthwhile for most people these days so the simpler option is going to an exchange and buying them with your own money.
People can use Bitcoin to make payments to others – both individuals and businesses – from their wallets. One of the attractions of this is the low transaction fees compared to credit cards or payment systems like PayPal. Bitcoins can be spent directly from a computer, tablet or smartphone, and the system uses the highest levels of security to ensure safety for users.
As we can see, Bitcoin has a lot going for it. It’s simple to use and very secure, ideal for transactions with online businesses such as casinos. As it’s also easy to convert back into your normal currency, it’s one of the easiest methods of online payment once you have it set up.
bitcoin historical value in usd
Companies particularly appreciate the low fees which in some cases can actually be zero. Bitcoin is also a great fit for casino sites if you just want to deposit a small amount to take advantage of bonus offers when trying out a new service. The other benefit to Bitcoin is its relative anonymity. While this may not be a concern for many, being able to pay into a casino account without it connecting back to your banks account or credit/debit cards in any way can be a positive for some people.
Furthermore, it's important to mention that bitcoin has been continuously growing over the course of the years, investors and players alike have been turning to it thanks to its presence and appeal, of course, information is power, being continuously engaged in the changes this cryptocurrency undergoes should always be a priority for bitcoin players. We are pleased to bring to you recent data regarding its historical value, take a look at how bitcoin is performing through time.
Bitcoin Updates May 2021
International Game Technology (IGT) patented a system allowing players to transfer Bitcoin and other cryptocurrencies from their online wallets to their accounts at any gambling establishments.
Square Inc. and PayPal have officially adopted Bitcoin, gamblers can now use these services to pay with it at online casinos.
B2B gambling technology provider, FansUnite, has implemented a new feature to allow cryptocurrency payments. Now, all casinos and sportsbooks powered by FansUnite will allow payments in Bitcoin, Ethereum, Dogecoin and other famous cryptocurrencies.
Bitcoin.com is adding live, video streamed casino games from Evolution gaming, these will include Baccarat, Blackjack, Roulette, and others.
Revolut UK has added a new feature that allows its digital service users to withdraw Bitcoin to any external wallet, before this update, users were only able to trade and store their cryptocurrencies.
The famous Bitcoin casino Cloudbet revealed an “Arcade tab” filled with Bitcoin games, containing classics such as “Dice” and “Plinko”.
Wyoming approved a law legalizing online sports betting, players can now bet on their favorite sports with Bitcoin and other cryptocurrencies.
5 Things to Check When Choosing a Casino That Accepts Bitcoin
Having seen the benefits of Bitcoin, it’s no surprise that many people decide to look for casinos that accept the payment method. Let’s consider the casinos themselves now. What should you be looking for when choosing your next casino?
Security: This should be an important factor however you fund your casino account. While Bitcoin offers very secure payments in itself, ensuring the casino keeps your details safe from other risks such as identity theft is something you need to be certain of. Legitimate sites will display and relevant gaming licenses or other regulations clearly on their site. The sites themselves should be fully secured to ensure your details are always safe.
Software: By “software” here we mean the technology used to deliver an online casino experience to your machine or mobile device and how it performs in use. The solution used will affect the range of games available to you and how enjoyable they are to play. All casinos should include the staples such as roulette, blackjack and so on but extra games and options will often by dictated by which underlying platform the casino is using – this is particularly the case with slots. There are various software suppliers – you can find reviews of casino software here on the site – but the important thing is to find a game you enjoy playing. That’s the whole point after all! That is, after all, the point of signing up!
Bonuses and Offers: All other things being equal, you would look for the casino that offers you the best sign-up offers. We steer clear of recommending going after the best bonuses above all else however. Safety and being able to play the games you want to play should always be your first priorities. Getting bonuses is just a nice way to get off to a good start with a particular casino. Also, remember that bonuses come with restrictions and stipulations and are not really “free money”. That said, it’s always nice to have a bit more cash to play with. You can find much more information about casino bonuses right here on the site.
Good Reviews: You’re obviously looking for a casino site that provides a good user experience but how can you go about finding these? The only sure way is to check available reviews for casino sites and make sure the ones you have narrowed it down to have overall positive feedback. Don’t be fooled by 100% satisfaction ratings, they can often be a sign of review manipulation. You’re looking for an overall positive consensus so don’t get distracted by individual negative reviews.
Account funding options: You’re probably looking at Bitcoin as your primary payment method but it’s always worth checking the other deposit and withdrawal methods available to you. Look out for particular restrictions so you’re sure you can access your money when and how you want. Also be on the lookout for excessive fees for withdrawals, delays and other factors that could be dealbreakers over time.
As we can see there are several factors to consider when choosing an online casino. You can find more info on this subject in this handy guide to online gambling.
Reasons to Use and Not to Use Bitcoin at Online Casinos
Let’s have a quick look now at some good reasons for selecting online casinos that accept Bitcoin:
Anonymity: Bitcoins allow you to move money around the internet without revealing who you are and as such you can play casino games without revealing your true identity. This is especially true of casinos that exclusively use Bitcoin.
Security: Bitcoin is a highly secure payment system in its own right beyond any measures taken by the casino itself. It’s a very safe way of depositing and receiving funds in any situation, not just with online casinos.
Low Fees: Transaction fees are pretty much non-existent with Bitcoin, or to be more precise, they are largely voluntary. Any fees paid tend to be minimal and substantially lower than other payment systems. they are used to get your transactions processed more quickly, you can use Bitcoin and incur no fees at all if you don’t mind waiting a little. This is a byproduct of how the system works and its decentralized model.
Choice: Perhaps the biggest issue with using Bitcoin with your online casino payment method is simply that the number of casinos which accept Bitcoin is still relatively small. This can restrict your choices somewhat and you’ll occasionally find that your favorite games are simply not available from any Bitcoin friendly casino.
Complexity: Bitcoin isn’t necessarily a simple payment method, you need to install specialist software on your device for your Bitcoin wallet. You’ll need to visit exchanges to buy Bitcoins to put in that wallet, all of which takes time, before you can then use those Bitcoins in your casino.
Legality: One of the biggest issues with Bitcoin is also one of its major advantages, it is unregulated by government. This brings many positives – we mentioned the anonymity and low fees previously – but also some negatives. If a casino shuts down and takes your Bitcoins with it, there are few avenues of redress available to you as a user. Payments are irreversible once the transaction is completed.
Reasons to Use Bitcoin at Online CasinosOnce you’ve weighed up all the pros and cons, choosing your online casino provider should be substantially simpler. No matter what solution you go for, ensuring the payment and withdrawal process is transparent is vital, as is checking that the games on offer are the ones you actually wish to play.
Assessing bonuses is also important, not just the size of the bonus itself but the restrictions that come with it. Play-through levels – the value of games you have to play before you can withdraw anything, usually a multiple of the bonus amount itself – and which games you can use bonuses on, are also important to check.
For Bitcoin in particular there are some additional considerations to bear in mind. As we mentioned before, there is the issue of Bitcoin payments being irreversible for starters. To mitigate against this, several of the more reputable Bitcoin casinos publish their own operational guides – known as provably fair gambling – to instill trust with potential customers. You should look out for this with Bitcoin casinos and also look for an outfit with a good track record and reputation for paying its customers. Reviews, in this case, are even more important than with standard online casinos.
Bitcoin rating as a funding method at online casinos
Bitcoin’s growing popularity leaves no doubt that this valuable cryptocurrency has become a great asset for investors around the world, but some questions may still remain when we think of it as a payment option for your online casino activities. In this section, we will review a variety of ratings, covering some of the most important characteristics any player should analyze before choosing Bitcoin as a funding method.
Overall rating | 7
Speed | 8
Customer Service | 1
Costs | 9
Accessibility | 9
Popularity at online casinos | 6
Alternatives to Bitcoin at Online Casinos
As convenient, anonymous, and fast as Bitcoin payments are, there are many other great deposit and withdrawal options out there too. You may be surprised to learn that many “Bitcoin casinos” support several other payment methods. Aside from cryptocurrency, there are four main payment options. Credit/debit cards, eWallets, bank/wire transfers, and vouchers. Each method has its own pros and cons. Some cost more than others, limits and processing times differ, and some do not facilitate withdrawals. Of course, very few of these options rival Bitcoin when it comes to cost-effectiveness, processing speed, and anonymity. Let’s take a brief look at a few popular Bitcoin payment alternatives.
Paypal for Bitcoin Casinos
PayPal is one of the oldest and most widely used eWallets in the world. As of 2019, an estimated 286 million people had an active account. PayPal voluntarily stopped processing transactions with gambling sites in 2003. The company resumed processing online gambling transactions in 2010, but only in countries where online gambling is legal. Also, PayPal only provides its services to properly licensed sites.
It’s very easy to open a PayPal account and use it to make instant deposits and fast withdrawals. While PayPal transactions might cost a little more than Bitcoin transactions, the fees remain among the lowest, and the service is one of the most reliable. Perhaps the biggest drawback is that PayPal isn’t an option at many online gambling sites. However, the list of supporting sites is rapidly growing and will continue to increase moving forward. While it isn’t always the case, PayPal deposits usually qualify for bonuses.
Skrill for Bitcoin Casinos
Like PayPal, Skrill is a popular eWallet that is supported at many of the world’s leading online casinos and bookmakers. The company was known as Moneybookers when it was founded in 2001. In addition to using Skrill for moving money in and out of online betting accounts, a lot of people use it to send money to friends and family all over the world. Users can even use their balances to purchase a wide range of cryptocurrencies like Bitcoin.
It takes about a minute to register for a new Skrill account. Once the account is open, you may choose from over 40 currencies, and you can add more later on. The great thing about Skrill is that so many excellent online gambling sites accept it. Deposits are instantly credited to your betting account and they normally qualify for bonuses. Some sites process Skrill withdrawals within minutes giving you quick access to your funds.
Ethereum for Bitcoin Casinos
Since Ethereum was initially released in 2015, the popularity of this blockchain-based currency has exploded. Ethereum is a lot like Bitcoin, but there are some subtle differences. For instance, Ethereum transaction times are significantly faster than those of Bitcoin. Perhaps the biggest difference is their respective monetary values. Entering 2020, Bitcoin sits at around $8,000 while Ethereum is worth about $140. Despite the massive gap in value, Ethereum’s total market capitalization is second only to Bitcoin’s.
There’s a good chance that an online gambling site will accept Ethereum if it supports Bitcoin. That means Ethereum owners can make instant deposits, cash in on some awesome deposit bonuses, and, in many cases, have access to their withdrawals in the blink of an eye. Ethereum is just as easy to get as Bitcoin and most other cryptos. Find a wallet, purchase your Ethereum, and enjoy the convenience, speed, anonymity, and low to non-existent fees.
Debit Cards for Bitcoin Casinos
Not everyone has a credit card. However, almost anyone with a bank account has a debit card. People use them to pay for countless goods and services including online gambling. Debit cards work almost identically to credit cards. The major difference is that credit cards allow you to spend money that you might not actually have. Meanwhile, you can only use your debit card if you have enough money in your bank account to cover the cost of your purchase or online casino deposit.
Debit cards, and credit cards for that matter, are among the most secure and reliable payment methods around. Furthermore, the vast majority of online gambling sites accept debit card deposits. Even though debit cards are one of the most convenient and safe means of making instant deposits, there are a few downsides. The most glaring con is that debit cards are often incapable of processing withdrawals. This is also a common issue for credit card users. This means debit card users may need to find an alternative withdrawal method such as an eWallet. Of course, debit card holders can easily use their cards to purchase cryptocurrency.
Games offer at Bitcoin Casinos
Bitcoin casinos are very popular among gamblers
One of the biggest attractions for playing in online casinos is the variety of games on offer. There are often so many that, for a beginner, it can become somewhat overwhelming quite quickly. Some casinos have more than a hundred different kinds of slot machines alone.
For beginners, blackjack is often the best game to get started on as it offers good odds for winning and is a straightforward game to play. Your goal is simple – beat the dealer’s total without going over 21.
It helps to get used to the casino interface without worrying too much about the intricacies of the game you are playing. By doing this you’ll boost your odds of winning and coming out on top!
Blackjack aside, the most commonly known and popular casino game out there is roulette. This one is fun to play and in some instances even provides a real-time video of a real wheel being spun, all adding the the experience. It is another game that is relatively easy to play, as we can see in the video on the left.
Once you get past the two major games, slot machines are the most widespread option on offer remaining. You’ll find them everywhere online and they offer easy to play gaming for players of all experience levels. Some have large jackpots and there is plenty of potential to win big online though it is worth noting that the odds for winning here are lower than those of blackjack or roulette.
What games you decide to play will ultimately be a matter of personal preference of course. Starting out with games that are not only straightforward to understand but present the best chances of winning is certainly the way to go as a beginner. You’ll build your confidence and gain the skills to progress to other games and garner the most enjoyment possible from your casino experience.