Since cryptocurrencies are based on the unique blockchain technology, they can be implemented in almost any sphere of our life. The idea of a decentralized, highly anonymous, fast and cheap transaction network is wonderful, so there’s no surprise that more industries start introducing Bitcoin as a mode of payment. Gambling is no exception.
Online casinos have recently started accepting Bitcoin for deposits and withdrawals. This article will focus on Bitcoin casino websites and apps, their features, pros and cons, and possible innovations.
Bitcoin casinos: the basics
According to Cointelegraph, in early 2017 gamblers wagered an average of $4,000 in Bitcoin every minute (approx. 4 BTC at that time). The number shows that Bitcoin casinos were in high favor with regular gamblers back then, though the concept of cryptocurrency wasn’t so widely accepted. Clearly, the industry has since progressed and Bitcoin casinos are becoming a bigger and bigger deal.
These websites are similar to regular online gambling services but have a slight edge – they accept both fiat and crypto payments. Some casinos may support only cryptocurrency though.
Major Bitcoin casinos have their inbuilt wallets where players can store BTC or other cryptocurrencies. There are different bonuses and promo campaigns which are also similar to regular casinos’ offers: deposit multipliers, no deposit bonuses, free spins and tickets to tournaments. Due to the high price of Bitcoin, websites display deposits in mBTC, which is equal to 0.001 BTC. Withdrawing is often limited, so gamblers can’t cash out all money at once.
Main features of Bitcoin casinos
Despite Bitcoin casinos being similar to regular ones, there are still some unique features to take note of.
Fast and safe transactions
Blockchain is a sought-after technology because of the innovative features it introduces. For instance, all transactions and operations within any blockchain are irreversible. It means that neither gamblers nor casino owners can manipulate the results or tamper with financial transactions data.
Additionally, transactions are encrypted and free from any third-party interference. Normally, you make the deals peer-to-peer, between a gambler and a casino only.
Another advantage is a relatively high network speed thanks to which users get their money instantly.
Convenience for players
Blockchain stores records in an encrypted form and requires no personal information of its users. This contributes to the user privacy and anonymity, which can be seen as a direct benefit, especially in the world of gambling.
Blockchain is decentralized, and thus belongs to the world in general, and not particular governments. As long as the technology is off the regulatory radar, gamblers can avoid paying taxes to a certain country. Still, it’s essential to follow the news and legal updates as Bitcoin and blockchain are becoming increasingly popular nowadays.
On top of all, high rollers and whales pay close attention to Bitcoin casinos because of the skyrocketing cryptocurrency prices. Even betting in mBTC may lead to huge wins. However, it helps to remember that gambling is a game of pure chance and you can lose just as much.
We mentioned that Bitcoin casinos offer the same bonuses as regular online gambling houses. Here they are:
- Deposit bonus. Multiplies the initial amount of BTC;
- No deposit bonus. Offers «free» BTC after the registration;
- Free spins and tickets. Allows playing slots, poker, and other games with a chance of winning cryptocurrency without having to bet cryptocurrency;
- Progressive Jackpots. Increase the potential profit with each game.
The only thing to remember is that nothing is really free. Entries are valid only for a limited time. It is often so that you can’t withdraw deposit bonuses until you wager more – 35x-50x from the initial amount of the Bitcoin bonus. That’s why it’s crucial to read terms and conditions of each Bitcoin casino.
High rollers have better VIP offers, as we already stated above. Some high-roller Bitcoin casinos feature loyalty programs with accumulated bonuses. The more you bet, the better bonuses a Bitcoin casino will provide. VIPs also have access to exclusive gambling games.
Bitcoin casinos offer well-liked slots, roulette, blackjack, poker, baccarat, etc. Slots are the most popular game among Bitcoin gamblers due to their simplicity and potentially large jackpots. Other games that are also quite popular includes dice or ตาราง ไฮโล (Hi Lo table). Most games in Bitcoin casinos are thematic: they feature digital style, crypto stories, and key characters like Satoshi Nakamoto.
There are also a few casinos offering sports betting. This was especially evident ahead of the Football World Cup June-July 2018. More information on cryptocurrency casinos and betting crypto on sporting events can be found in this blog post.
Bitcoin casinos: how to
Unlike regular online gambling websites, Bitcoin casinos require owning a cryptocurrency wallet. Simply put, it’s an address where you store your Bitcoins. So, the first thing to do is to create a wallet. You can also invest in a hardware device like Ledger Nano or Trezor.
Make a deposit
Here’s a brief instruction on sending funds to a specific Bitcoin casino:
- Create a wallet with unique addresses and enable multi-factor authentication.
- Buy Bitcoins via regular exchanges, brokers or peer-to-peer systems online. Use the Exchange Finder to find the best cryptocurrency exchange site for you.
- Register at a Bitcoin casino, sign in, and find the Payment Options/Wallet/Deposit page.
- Send money by entering the amount of Bitcoin and the casino’s address in your wallet.
Bitcoin casinos: the bottom line
Now let’s summarize our experience in crypto gambling. It’s clear that Bitcoin casinos have huge potential but they are not a safe haven.
What’s good with Bitcoin casinos is that the players transact with casinos directly without third parties. The blockchain system protects the transactions and users remain almost completely anonymous. Bitcoin casinos also charge almost minuscule transaction fees.
Some drawbacks include the unregulated nature of Bitcoin. Gamblers may ignore taxes and laws of their states but nobody can predict the future of blockchain. High volatility of cryptocurrencies also carries risks.
Online Bitcoin casinos become more popular both for regular users and high rollers. These websites are a good alternative to brick-and-mortar casinos because of their innovative nature, high potential incomes, and convenient interfaces. But, Bitcoin casinos are still subject to severe regulatory scrutiny like anything else related to cryptocurrencies.
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