Bitcoin gambling can be a great alternative to traditional online casino venues, but to use the cryptocurrency that launched what is today an industry, you need to know what you’re doing. This guide will teach you the basics of using BTC on gambling websites, including using cryptocurrency exchanges and wallets, making deposits and withdrawals, and why Bitcoin may be a safer currency for you.
Whether you’re looking to gamble for fun or make some money, we’ve got you covered with our Bitcoin gambling guide.
Pros of Using BTC
Gambling with Bitcoin offers several advantages over traditional gambling, and it’s not surprising that its popularity is rising.
Unlike traditional online gambling sites that require personal information and financial details, most Bitcoin-only gambling sites require an email and a password to register. This is a significant advantage for privacy-conscious users.
BTC gambling transactions are public but processed anonymously without personally identifiable information related to wallet addresses. Therefore, there’s no need to worry about sharing your financial details with third parties. No institutions, like your bank, are involved and consequently can’t be made aware that you’re using your funds to gamble.
Fast Deposits and Withdrawals
Bitcoin allows you to make fast and easy deposits and withdrawals. When it comes to larger amounts, online casinos that aren’t using cryptocurrencies can take days, weeks even, to process your deposits and withdrawals. With Bitcoin, however, it only takes a few minutes for the network to complete your request.
Bitcoin casinos typically charge lower fees than traditional ones. This can save you a lot of money over time. Since Bitcoin is a digital currency, there are no exchange rates or costs associated with BTC gambling sites and no conversion rates from your local fiat currency to the one used by the casino.
Bitcoin gambling sites often offer higher payouts than traditional casinos or more attractive welcome bonuses. This is due to lower overhead costs for processing payments, and casinos can afford to return more money to their players.
No Minimum Deposits
Bitcoin casinos usually have lower minimum deposit requirements than the industry standard, which means you can deposit as little or as much money as you want.
Cons of Using Bitcoin
While there are many benefits to BTC, there are also some disadvantages that we need to point out.
Unlike fiat currencies, BTC is far more susceptible to fluctuations in value. This volatility can present a major problem for those who want to gamble with Bitcoin, as the value of their winnings and deposits could surge or plummet depending on market conditions.
For example, someone who won 1 BTC when it peaked at around $68,000 and then cashed out when it dropped to $34,000 lost 50% of the winnings’ fiat counter-value due to Bitcoin’s volatility alone. This is a downside of gambling with BTC and something you need to be aware of before you start playing. Alternatively, you can think of those funds long-term and exchange them for fiat currency as the price improves.
If you’re new to gambling with Bitcoin, you may be surprised to learn that BTC transactions are not as straightforward as using PayPal or credit and debit cards. Unlike traditional casinos, where you can just deposit your fiat currency and start playing, Bitcoin gambling sites require you to purchase BTC and then send it to your casino wallet. This can be confusing and takes some time to get used to.
What Makes a Good Bitcoin or Crypto Gambling Site?
Anyone looking for good Bitcoin and other crypto gambling sites must consider a few points before committing to a casino.
A good reputation is important for any business, but it’s especially important for an online casino. Why? Because when it comes to gambling, people are looking for a site they can trust. They want to know that their personal information is safe, that the games are fair, and that their winnings will be paid out promptly. A site with a good reputation can offer all this, while a site with a bad reputation will quickly lose customers.
Good customer support can be the difference between a positive and negative experience with an online casino. If you run into any problems while gambling with your bitcoins, good customer support will be able to help you resolve them in a timely and efficient manner.
In addition, a customer support team can help to create a sense of trust and confidence when gambling online. As a result, it is essential for any establishment to have a strong support system in place for its users.
Finding a casino that offers 24/7 customer support via live chat and email should be your priority.
Software and Game Variety
Software is one of the most important aspects of any online casino. It determines the overall look and feel of the site, the available games, and the security features in place. Always check if the software is from reputable providers that support Bitcoin gambling.
A casino should also offer a wide variety of games. Venues specializing in one type of game, such as playing blackjack with BTC, are great but hard to find. Expect that the best casinos will have hundreds of games, including slots, table games, card games, live dealers, and more you can play with Bitcoin.
Bonuses and Promotions
The Bitcoin gambling industry is highly competitive, and operators always look for ways to attract and retain players. One of the most effective methods is to offer enticing bonuses and promotions.
Bonuses can come in many forms, such as welcome offers, reload bonuses, cash back, and free spins. They provide a great way for players to boost their bankrolls and add excitement and anticipation to the gaming experience.
Promotions and tournaments typically take the form of competitions or leaderboards with prizes ranging from bonus funds to luxury items.
License and Regulation
There aren’t many gambling authorities that license and regulate websites with cryptocurrency gambling. Some, like Curaçao eGaming licensing, specialize in this type of online entertainment. This guarantees that the site follows all the necessary regulations to protect its customers.
While many Bitcoin casinos aren’t licensed, the best ones will always make sure to get this important accreditation. A license shows that a third party has vetted the casino and that it follows all the applicable rules and regulations. This gives players peace of mind, as they are assured their money and personal information are safe.
So when choosing a Bitcoin casino, be sure to check that it has a valid license. This will ensure you have a positive and safe online gambling experience.
Provably Fair Gambling
To be certain that each game has a fair outcome, you need to look for a provably fair gambling site. Provably fair gambling is a system where the casino cannot tamper with a game’s outcome.
Many online casinos hire third-party companies to audit their games to confirm they are provably fair. This is an important factor to consider when looking for a website for crypto gambling, as it gives you the assurance that games are fair and you have a fair chance of winning.
How Can You Use Crypto To Gamble?
Using crypto to play games online is even easier than traditional payment methods. When you complete a quick registration process, you can add funds to your casino balance by sending BTC to your account’s wallet address. Getting Bitcoin is easier than you might think and can be done in a few steps.
- Open an account on a cryptocurrency exchange – To purchase BTC, you first must register for an account on a cryptocurrency exchange.
- Verify your identity – Once you have registered for an account, you will need to verify your identity. This usually involves uploading a copy of your ID or passport, as well as proof of address such as a utility bill. Just follow the on-screen instructions provided by the cryptocurrency exchange.
- Deposit funds into your account – The next step is to deposit fiat currency into your account. This can be done using a credit/debit card, bank transfer, or e-wallet like PayPal.
- Buy Bitcoin – Once your account is funded, you can buy bitcoins for gambling by selecting the amount you want to purchase and completing the transaction.
- Withdraw Bitcoin to your casino wallet address – Once you have purchased BTC, you can withdraw it to your casino wallet address. Simply select the amount you want to cash out and enter your casino wallet address. The BTC will then be sent to your account almost instantly.
- Use those funds to play – When you’re ready to cash out, you can simply request a withdrawal, and your winnings will be sent to your wallet. It’s that easy!
Bitcoin and Other Cryptocurrencies
Most often, casinos will support other cryptocurrencies in addition to Bitcoin. Ethereum, Litecoin, Dogecoin, and Bitcoin Cash are some of the most common altcoins that can be found on cryptocurrency gambling sites. The process for using these tokens as currency is the same as using BTC, but are there any differences?
Dogecoin gambling is becoming increasingly popular. Originally created as a joke, the project quickly gained traction and has since been on an impressive development roadmap. Many casinos have started to accept Dogecoin as it becomes more mainstream. DOGE is often compared with BTC, and its fundamentals are convenient for sites supporting gambling with cryptocurrency.
Bitcoin Cash is often confused with the original project it was created from – Bitcoin. However, BCH has a few advantages over BTC that make it attractive to gambling websites and players alike. With faster transaction times and even lower fees, it’s an ideal candidate for casino use. It’s still highly rated by market capitalization and is set to continue growing.
Ether is a token that powers the Ethereum network. It’s become trendy in the gambling industry as it supports smart contracts, essentially self-executing programs, which offer security and transparency not found on other platforms. A crypto gamble site can even be built on Ethereum, and the platform’s ERC20 tokens can be used as currency. This makes ETH a great choice for a secure gambling experience.
Bitcoin Online Gambling vs. Regular Online Gambling
So what type of gambling is better? The answer is that this depends on your preferences. If you prefer to keep your gambling private, then cryptocurrencies such as Bitcoin can provide that anonymity. On the other hand, you might trust fiat-based gambling sites more, as they have been around for longer, and the cryptocurrency market is still emerging.
The newly-emerged play-to-earn games occupy the middle ground between crypto gambling and video games. Instead of using cash to play different games for a chance of profit, players can invest their time to earn crypto. However, the success of this model is still debated.
Ultimately, it’s up to you to decide what’s best for you. However, we think that using cryptocurrencies with online casinos has a lot of advantages, and it will only become more popular in the future. So if you’re looking for a new and exciting way to gamble, we recommend giving it a try.
Can I use Bitcoin to gamble?
Bitcoin gambling options online are limitless. Since the currency is popular amongst online casino players, many online gambling sites accept Bitcoin for deposits. They also offer a way to make deposits with other cryptocurrencies such as ETH, BCH, DOGE, LTC, and USD.
Is Bitcoin gambling profitable?
It will depend on your casino’s edge, the games you play, and Lady Luck. However, it is possible to make a profit with a bit of skill and strategy.
How do you gamble bitcoins?
You can gamble bitcoins by playing casino games such as slots, roulette, blackjack, and poker. You can also bet on sports or financial markets like other sports betting or casino sites.
Is gambling with bitcoins legal?
Yes, gambling with BTC is legal in most countries. Always check your local laws and regulations before playing to ensure you are compliant with laws and regulations.
Do casinos pay in Bitcoin?
A majority still don’t. However, more and more crypto casinos are emerging, and support for Bitcoin gambling is rising. This means that you can deposit and withdraw your winnings in BTC.