Simply put, all forms of online gambling activities made with Bitcoin (BTC) are known as Bitcoin gambling. As known, Bitcoin is a digital and encrypted currency, which can be used to make payments. Just like Fiat currencies (USD, EUR, etc.), you can use BTC to buy and sell goods and services. Online casinos also provide a service, which can be bought by using Bitcoin. If you are new to this, just think of them as another currency that is supported by the casino. Preferring them will provide some additional advantages to you, which we will mention below.
The number of casinos that support Bitcoin increases every passing day. BTC is a very popular and very valuable currency. At the time of this article, 1 BTC was equal to 8.116 USD. Bitcoins value, however, is not the only reason why it is supported by online casinos. So, what are the reasons behind this increasing support?
Anonymity. BTC users can choose to remain anonymous. This currency cannot be tied to real world identities. BTC transactions happen outside of the banking system, and all you need is a wallet address. You do not have to share your credentials with the casino. Nobody knows who you are you are just a digital address. This is advantageous for both players and casinos. Gamblers can get rid of time-consuming procedures like ID verification. Online casinos do not need to spend a fortune on KYC (know your customer) checks. You log in to the casino as a ghost, play, win, and collect your winnings. Simple as that (1).
No Fees. Banks cut fees from both the players and the casinos. Each transaction costs additional money. Moreover, banks can refuse to provide service to a casino if the laws of the country it is located in forbids gambling. Bitcoin blockchain does not use the banking system. It has very low fees and much faster transaction times. Since it is a decentralized network, nobody can restrict the transactions nor control them.
Security. BTC transfers are secure. To make a transaction, all you need is the address of the recipient. Providing your sensitive financial information such as credit card and bank account numbers are not needed. The transactions happen on the blockchain, not through the casino. Third-parties do not store any information that can be used to access your financial data.
Provably Fair Betting. This feature is exclusive to BTC users. Games that support provably fair feature allow players to check the fairness level of the game they are playing. It is a complex procedure, but basically, players can be sure that the result of a roll or a spin is fair. This is advantageous for casinos too because they can get rid of audition agency fees. Each player can check the fairness level of a game anytime he/she wants (2).
There is one more advantage, which concerns online casinos: No licenses. Now, before we explain what this means, know that only casinos that work entirely on the blockchain can benefit from this advantage. This means they do not have a central server. All the software (games, payment infrastructure, membership management, etc.) works on the blockchain itself. This type of casinos is rare at the moment, but they exist. They do not need any licenses to operate because a license guarantees that the owner of the casino is audited by officials. Blockchain casinos, on the other hand, needs no audition. Even if the owner decided to vanish from the face of the earth, your deposits and winnings are safe on the blockchain. These are autonomous casinos that can work without the need for human management. Nobody other than the blockchain itself can control them nor intervene with their operation. At the moment, the majority of online casinos operate under a license and provide Bitcoin support just a form of payment. However, in the future, there will be no need for licenses, and this will change the online gambling industry from start to end (3).
Please note that online casinos with an electronic gambling license may still ask for your credentials even if you prefer to use Bitcoins. This is mandatory because of their license conditions. The info given here applies to true Bitcoin casinos which entirely work on the blockchain.
Due to its nature, the provably fair feature cannot be used in live dealer games.
Please note that we do not advise you to play at unlicensed casinos. Always look for a license and do not play at places without one. The concept explained in this section refers to future developments in the online gambling industry and does not reflect the current situation.
First, you need to own BTC. Use a reputable exchange site such as Binance to buy Bitcoin with Fiat currency. Next, find an online or mobile wallet. These are digital wallets that can store your crypto-currencies and they can be freely used.
Once you obtain a wallet, you will also get an address. Do not try to memorize, it will change constantly. It looks like a series of random numbers and letters, and it is random. This is your address on the blockchain, and you will use it to withdraw money from casinos. Start by transferring your recently purchased BTCs to your wallet.
Now, to make a deposit, you must learn the address of the casino. This is simple because casinos provide that info as a payment option. Log in to your account page, click on deposit button, choose Bitcoin among the deposit options. The wallet address of the casino will be revealed.
Switch to your wallet. Enter the recipient address, determine the amount, and click send. Congratulations, you just completed a BTC deposit! To withdraw, the procedure is nearly the same: Click on the withdrawal button this time from your account page, enter your wallet address, and confirm the transaction.
All BTC transactions will complete in a matter of minutes. From now on, you can play at the online casino by using BTCs. Note that the rest is exactly the same as using a Fiat currency. Your casino balance is credited with Bitcoin instead of, for example, USD. The games are the same. The rules are the same. The only difference is that you are winning (and losing) in BTC.
Yes, you can. Any game (poker, roulette, baccarat, blackjack, slots, etc.) can be played by using Bitcoin after you complete a deposit. As we mentioned, the only change you will notice will be your balance: It will be shown with BTC or mBTC, instead of USD or EUR. There is no limitation on the types of games you can play. Just do not forget that this is a valuable currency. For example, betting 100 USD and 100 BTC is not the same. Bitcoin is much more valuable, so you need to learn what mBTC is.
mBTC means millibitcoin. It is exactly 0.001 BTC. Think of it as the cent of this currency. However, it is still valuable: At the time of this article, 0.001 BTC was worth 8.15 USD. If you are not a high-roller, you must learn to bet with mBTC and its conversion rates. Keep your mobile phone near and look for the exchange rate before placing a bet. Bitcoin is a volatile currency, and its value can change in a matter of minutes. To avoid financial damage, always check the Fiat currency value of your mBTCs beforehand and place a bet accordingly.
Take a look at the list below to find out our recommended places to play with this currency.
100% match bonus up to 300 EUR + 30 free spins
100% welcome bonus up to 1 BTC (or 100 EUR) + 180 free spins
25 free spins no deposit bonus + 450 EUR first deposit bonus
100% bonus up to 100 EUR or 1.5 BTC + 100 free spins
These are our recommendations, especially for newcomers. However, the best casinos list is not limited to that places. Our team constantly reviews and tests each Bitcoin live casino out there and shares the results with our visitors. Security, reliability, size of the game collection, quality of the customer service: We use these criteria and more while evaluating casinos. Visit our reviews section and find out everything you want to know about BTC casinos. You can also find exclusive bonus codes which will give you an advantage over other members. Bitcoin casinos represent the future of online gambling, and you should be a part of this revolution. Let us guide you and show the best places to start.