Playing Online Casino With BitCoin
You may have come across the idea of cryptocurrencies while looking through BitCoin casino Reddit threads. Everyone seems to be excited about this virtual payment method but you have to admit that learning about it seems a bit intimidating. But if you are an avid online casino player, it pays to get to know this virtual currency.
Not everyone is aware that you can use BitCoin or other cryptocurrencies when playing online casinos. While it seems like a foreign concept to a lot of people, it can be a great option for playing online casino games. It is worth getting to know more about it as our lives become more digital as years go by. You need to get to know your options so you can take advantage of them when the time is right.
What are cryptocurrencies?
Let us get started by knowing what cryptocurrencies are. Simply put, a cryptocurrency anything that is considered to be a decentralized virtual payment method. When we say decentralized, it means there is no one state or group of countries that ensures its value. The value is determined by the number of people who use it.
The most popular of all the cryptocurrencies is BitCoin. This is why you are most likely to find a list of the best BitCoin casino sites compared to the other type of virtual currencies. The BitCoin popularity is not surprising – it is the first of its kind after all. It was invented by Satoshi Nakamoto back in 2009 to serve as an electronic payment method.
Since then, online businesses have started incorporating this in digital transactions – with online casinos being the first to do so. Apart from Bitcoin, other types of cryptocurrencies emerged. This included Ethereum, Dogecoin, Litecoin, Dash, and PlayCoin. Regardless of the type of digital currency, every transaction has to be encrypted. This is an important feature that will ensure that transactions are safe and secure.
What are cryptocurrency casinos?
The rising popularity of cryptocurrencies gave rise to a new type of online casino. Cryptocurrency casinos are those that utilize cryptocurrencies as a payment method. The initial online casinos that allow Bitcoin for deposits and withdrawals became known as BitCoin casinos. With the rising popularity, online casinos started making sure that players find their way to them. This prompted casino owners to make sure they can offer something good to players. Soon, online players started to see more Bitcoin casino free spins and other freebies.
Not only that, they also made sure the casinos offer what other online casinos do. They have the same game providers. The most popular is NetEnt Bitcoin casinos – which has a majority of NetEnt games. But other popular game developers are also available in cryptocurrency casinos.
Those that started out as Bitcoin casinos started to expand their systems to accommodate other cryptocurrencies – giving online players more payment method options. Even sportsbooks and online betting sites started to expand their acceptance of various cryptocurrencies.
Of course, these online casinos and gambling sites still accepted paper currencies but the addition of cryptocurrencies placed online gambling on a different level of convenience. There is no need to provide personal information – at least, not in the same way as a paper currency would require. Cryptocurrencies also allow immediate transactions, whether it is deposits or withdrawals.
Popular cryptocurrency casinos
There are various types of cryptocurrency casinos and they are categorized by the specific virtual currency that is used.
The most famous is Bitcoin casinos or BTC casino. Although it was created just before the start of 2009, Bitcoin found its breakthrough in 2011. This is, without a doubt, the most popular and well-used among the other types. Almost all major online casinos allow the use of Bitcoin. These include Sportsbetting, Betonline, Bovada, etc. It is expected that in the near future, all major online casinos will use Bitcoin. It is, after all, the fastest, cheapest, easiest, most recommended, and reliable way to gamble online. Since Bitcoin casinos are gaining popularity, a lot of the other online casinos are bound to follow the trend. With Bitcoin casino free spins and various promotions, it has become an enticing payment method for online gamblers. Bitcoin transactions, which can also be done through mobile devices, are usually completed immediately. However, there are times when it can take up to 2 days to process.
Another popular cryptocurrency is Ethereum. It was created back in 2013 but was only launched in the middle of 2015. The creation of this cryptocurrency was intended to produce one that was better than Bitcoin. This is why it is also referred to as Ethereum Bitcoin 2.0. The transactions of units (called Ethers) are encrypted and can be made from peer-to-peer. While Ethereum casino is not as known as Bitcoin, it is steadily gaining popularity as a great cryptocurrency option.
Litecoin is yet another option when it comes to cryptocurrency casinos. While this is smaller than Bitcoin, it is still a growing option for most online casinos. Funfair casino and Edgeless casino are also other options that you have.
Legality of cryptocurrency casinos
Although cryptocurrencies are decentralized, that does not mean just about anyone can use it. Online casinos have to pay a huge amount of money to get the license to offer cryptocurrency as a payment option.
For players, there are a couple of things that can be done to ensure the legality of crypto casinos.
- Check for an online casino license. Even crypto casinos (cryptocurrency casinos) cannot operate without an online casino license. However, these are oftentimes questions because not all government recognize the legality of Bitcoin as a currency. This does not mean cryptocurrencies are illegal. They are still legal but it is hard to categorize them so some governments just choose not to recognize it at all.
- Get to know the licensing authority. The one issuing the online casino license will monitor the website to ensure that it follows the rules and regulations that are being implemented. Through this licensing authority, you can determine what the online casino should be doing or implementing in order to be deemed legal. You can take these as specific signs that the online casino is legal.
- Read the terms and conditions. This is what the online casino will use to govern all players. Make sure you understand what it says because it will give you an idea if the site is trying to trick you into something.
How do you use cryptocurrencies when playing online casino
Now that you understand cryptocurrencies and the casinos using them, it is time to learn how to use it when playing online casino. Obviously, the details will vary – depending on the specific online casino and the cryptocurrency that you will use. But there are generic steps that you can use to help you get started.
Create a wallet
Start by creating a wallet with the cryptocurrency that you plan on using. This is the wallet that will hold your Bitcoin or Ethers – whatever it is that you plan on using. If you need to deposit into a BTC casino, Ethereum casino, Funfair casino, or even Edgeless casino, the money will be coming for this wallet. In the same way, if you will make a withdrawal, the money will go to this digital wallet. There are many options to choose from when it comes to these digital wallets – like BTC, Coinbase, BitGo, etc. There is no need to provide personal information – you just have to give your email and come up with a password.
Put cryptocurrency into your wallet
Once your wallet is created, you need to fund it. The instructions will be on the site that you have chosen to create your wallet. One of your options is to ask someone who has Bitcoin (or another currency) to send it to your public address. You can give this link freely since it is only used to help you receive money and not the other way around. If you do not know anyone who has any cryptocurrency, you can go to an exchange site for cryptocurrencies and purchase your own coins. The payment is usually done through wire transfer or e-wallets.
Make a deposit
Once your cryptocurrency wallet is funded, it is time to choose an online casino that will get you started on playing. You can choose a cryptocurrency casino, create an account with them and make a deposit. You will probably be asked the wallet address so you can send the cryptocurrency over. The transaction is usually effective immediately and will allow you to play. There is usually Bitcoin casino free spins available for new deposits or new accounts. Make sure you are aware of any freebies available to you.
Request a withdrawal
If you need to withdraw your winnings, you simply have to log into your account and select a withdrawal. When choosing a payment method, choose the cryptocurrency you are using and provide the wallet address to complete the request. Most of the time, specifically with Bitcoin transactions, the transaction is sent immediately.
Pros and cons of using cryptocurrencies
There are many advantages and disadvantages to using cryptocurrencies when playing online casino. It pays to get to know them so you can determine if this is the right way for you to fund your online casino account.
Here are the different advantages of using cryptocurrencies when playing online casino games.
- It allows anonymity. No one was intended to control this digital currency. This is why it is possible to use it anonymously. You do not have to go to any bank or authority organization. Not only that, your financial information will not be in danger of being hacked – since you do not need to divulge it anyway.
- It allows more people to play online – even those who live in countries where it is not allowed. Sometimes, when online gambling is banned in a country, you cannot deposit or withdraw through your bank accounts. This can be bypassed when you use cryptocurrencies.
- It is processed quickly. It may be safe to say that this is the quickest method when it comes to making a deposit or withdrawal completed. Usually, it will only take a few minutes for your money to be transferred.
Here are the disadvantages of choosing to use cryptocurrencies in online gambling.
- It may seem complicated to get the cryptocurrency first – specifically if you do not know anyone who can send it to your public address. Fortunately, this gets better and easier as more people opt to use cryptocurrency.
- It can be volatile. The value will fluctuate in ways that can be hard to anticipate. This is to be expected since nobody is really regulating it. This makes it really risky and might cost you when you decide to convert it to real money.
Tips when using cryptocurrencies
When you decide to use cryptocurrencies to play in online casinos, you still need to exert some caution. Here are some things that you need to keep in mind.
- Make sure you only transact with secure sites. There is already a risk in the value of the cryptocurrency. Try not to expose it to illegal sites.
- Regulate your bets. Cryptocurrencies will still cost you money. And it can also help you win some. But nevertheless, you still need to regulate how much you will bet so you will not overdo it.
- Anonymity is not always complete. Some online casinos will still require you to submit proof of your identity to trade.
- Research if your country recognizes cryptocurrencies. This will give you an idea how much of this you can rely on to play online casino games.
- Check for a provably fair software is being used. This should be visible in the cryptocurrency casino that you have chosen. This system usually helps make the online casino secure and also fair.
- Always read the terms of service. This is one of the best ways to check if an online casino is legal.