Bitcoin is a virtual decentralized currency that you can buy, sell and also pay with. A network of people's personal computers around the world is used to produce these currencies and to validate transactions. This "money" exists only online and cannot be withdrawn from an atm. There is no state or government behind them, and there is no central registry that controls payments.
Transactions are confirmed by individual miners who provide some of the power of their individual computers to create new virtual coins. If payment is confirmed, it is encrypted into all these computers, making it almost impossible to forge the transaction confirmation or hack the network.
One of the most important features of cryptocurrencies is anonymity. When you open a bank account, you have to prove your real identity. When you open a bitcoin wallet you are assigned an alphanumeric address under which all transactions are recorded. Linking such money flows to the actual identity of the sender or recipient is very complicated.
Along with the creation of virtual currencies, the first online casinos where slots and other casino games can be played with cryptocurrencies are also being developed.
The most famous cryptocurrencies
- Bitcoin
- Etherum
- Litecoin
- Dogecoin
- Bitcoin Cash
- Cardano
- Stellar
- Chainlink
- Binance Coin
- Tether
- XRP
Of course, there are many more cryptocurrencies. And there are new ones practically every day. However, the vast majority of these currencies are worthless and are not accepted by online casinos. Bitcoin, Etherum, Litecoin and Dogecoin are the most common cryptocurrencies to deposit into crypto casinos. A number of operators also offer the option to deposit and withdraw in other virtual currencies.
Very simply, it could be said that bitcoin casinos work very similarly to all online casinos. You just use cryptocurrencies instead of fiat currencies. You set up a player account to which you send money. With this money, you bet on selected casino games. If you are lucky and win, you send the funds to your own account, e-wallet or bitcoin wallet. It depends on the payment options of each casino.
Bitcoin casinos use Blockchain technology, which offers several advantages over traditional payment options. These casinos are thus suitable for players who want to take advantage of secure anonymous payments. All transactions take place from one e-wallet to another without any personal information being visible.
Basically, we can say that there are three types of crypto casinos:
Hybrid casinos - In these casinos, it is possible to play with both cryptocurrencies and traditional fiat currencies such as euros, dollars or pounds. These casinos are usually licensed by individual authorities and players here must go through a full KYC (know your customer) process. This means that they have to prove their identity, for example by using an offset ID card.
Crypto-exclusive casinos - In these casinos, you can only play for crypto. Otherwise, they are essentially no different from hybrid and online casinos. If the casino is licensed, the player must provide proof of identity before making a withdrawal, especially if they are of legal age.
Anonymous crypto casinos - These casinos take full advantage of the anonymity of bitcoin and other cryptocurrencies. Players here only enter a nickname and password. Using their wallet, they send the required amount of bitcoin to this account and play. They then collect their winnings back into their wallet. Again, anonymously. However, this type is relatively rare.
Bitcoin Casino Bonuses
If you've ever played at online casinos, you know that players receive many bonuses. At this point, you are probably wondering if you can get such bonuses at bitcoin casinos as well. And the answer is, of course, yes. Crypto casinos offer the same types and equally generous bonuses that you will find in classic online casinos.
The bitcoin casinos offer no deposit bonuses. That is a bonus just for creating an account. But most often you will get a bonus for the first deposit. This means that the casino will add the value of the deposit to your account. For example, if you deposit 1mBTC, you will get an extra 1mBTC from the casino. This bonus cannot be withdrawn immediately, but you must meet the so-called wagering requirements. Just like in a regular online casino.
Whether the bonuses are profitable always depends on these conditions. For this reason, we recommend that you always study these conditions carefully.
The most common bonuses at bitcoin casinos
Deposit money bonuses - For every deposit, the casino will give you a percentage of the deposited amount.
- No Deposit Bonus - The casino will reward you with a small cash bonus for creating an account before your first deposit.
- Free spins - You will get free spins on selected slots.
- Cash back - Some casinos will send you back a portion of your winnings for a certain period.
- Loyalty points - For wagers placed, you receive loyalty points from the casino which can be redeemed for bonuses or cash.
Main Benefits of Bitcoin Casinos
Playing at bitcoin casinos comes with many benefits. We have selected for you those benefits that are directly related to the use of cryptocurrencies and that you will not get with traditional online casinos.
Decentralized currency
One of the main benefits of cryptocurrencies is decentralization. It means that these currencies are not regulated or controlled by any country or company in the world. No one is looking over your shoulder to see where you are sending money to or receiving money from. Another benefit associated with decentralization is that bitcoin is accepted everywhere in the world where it is legal. So you save on exchange fees.
Anonymity
Another advantage of cryptocurrencies and bitcoin casinos is the anonymity of the players. You don't waste your time sending in scanned documents or bank statements. Real bitcoin casinos let you play, and they don't care who you are. At this point, we would like to remind you that a sufficiently motivated state apparatus is capable of tracking your identity. So don't use bitcoin for money laundering or tax evasion.
Security
By its very nature, bitcoin transfers are among the most secure transactions. Bitcoin is linked to special Blockchain technology that uses advanced cryptography to secure transactions. This and other security features make the blockchain very difficult to hack.
Fast payments
If we're talking about bitcoin, the average time to complete a transaction is about 10 minutes. If you're sending funds to a casino, you'll have them in your account in a matter of minutes. When making a withdrawal, then, it depends mostly on the processing time of your request by the casino administration.
Low or no fees
One of the biggest disadvantages of international bank transfers, for example, are the high fees. The same applies to most e-wallets. This won't happen to you with bitcoin. The average fee is currently around €2.5. However, these fees can be much lower depending on how long you want your request to take to be processed by the miners.
The Main Disadvantages of Bitcoin Casinos
Playing at cryptocasinos comes with its own disadvantages. Let's take a look at the main ones.
A smaller selection of casinos
By no means do all online casinos accept cryptocurrencies. While it is true that nowadays most offer the option to deposit in bitcoins. Very rare than are anonymous cryptocasinos that do not require KYC processes. Thus, it may happen that you have to settle for a casino in which, for example, you will not find the desired bonuses or your favorite games.
Unable to refund transactions
Once a transaction is confirmed and you have sent money from your bitcoin wallet, it cannot be refunded. There is no chargeback here, as there is with credit cards, for example.
Volatility in the value of cryptocurrencies
Since many people use bitcoin and other cryptocurrencies as an instrument in the financial markets, bitcoin is very volatile. This means that its value often falls or rises unpredictably. A prize that was worth €200 on Wednesday may be worth only €150 on Friday. On the other hand, it can be the other way around.
How to Deposit and Withdraw Money from Bitcoin Casinos
Before you can play at any Bitcoin casino, you must own Bitcoin. You can get bitcoin in several ways. The quickest is, of course, to exchange it for fiat currency. For this, you need a special exchange app or a bitcoin wallet. It's true that you don't have to buy the whole bitcoin, most people probably don't have the money for that. But you only buy a portion of Bitcoin.
For convenience, here are the sub-units of Bitcoin:
- sat. (Satoshi) = 0.00000001 BTC
- µBTC (Microbitcoin) = 0.000001 BTC
- mBTC (Milibitcoin) = 0.001 BTC
How to Get Bitcoins
You can buy or mine bitcoin. You can buy it in any exchange app
Once you have bitcoin, you store it in a bitcoin wallet (some wallets also offer an exchange option) From this wallet you send and receive bitcoins.
You can find information about payments after creating your casino account in the relevant section. Just select the bitcoin option there to learn more. Basically, though, it's a very simple process compared to any financial transaction and won't take you more than a few minutes.
What Can You Play
Many people ask what games they can play at bitcoin casinos. The answer may surprise you, but you'll play the same games as in all other casinos. It then just depends on whether the crypto casino has a valid license from one of the world's licensing authorities.
Popular bitcoin slot machine software providers:
- NetEnt
- Yggdrasil
- Play N Go
- Microgaming
- Playtech
- Concept Gaming
- And many more
All casino table games such as roulette, blackjack, baccarat and more are available. Of course, there are also online slots. Some bitcoin casinos also offer live casino games or a poker room. A number of crypto casinos function as a bookmaker and you can also find odds betting on sports and other events.
What is Important to Know before Sign up in Crypto Casino
Since no two casinos are the same, you as a player are faced with a tough decision. Where to start playing for real money. It depends, of course, primarily on your personal preferences. That's why we've prepared some tips that will make it easier for you to choose a bitcoin casino.
Type of casino
Decide if you want to play completely anonymously or if you don't mind giving the casino your personal information. If you want to play anonymously, you need to find a pure crypto casino where you only register with a nickname and password.
Currencies
Most often, you will see casinos offering deposits in bitcoins. However, there are many more cryptocurrencies. Make sure the casino you choose accepts the cryptocurrency you want to play with.
Bonuses
As we wrote above, the bitcoin casinos offer a plethora of bonuses and perks for players. With bonuses, you can get bitcoin for betting worth up to several hundred euros or dollars. If you are a complete beginner, we rather recommend playing without a bonus. This is because violating the terms of the bonus can result in the bonus being withdrawn or your account being blocked.
Games
What are your favourite games? Do you play more slots or table games? Or do you only play in the Live Casino? The answers to these questions will help you choose a bitcoin casino where you play for real money. You can browse the games before you sign up. Plus, at most casinos, you'll get to try out free, risk-free games.
Reputation
The experience of other players is an invaluable aid when choosing an online or bitcoin casino. You will immediately know if the casino pays out money, how their customer service works, etc. You can find these player reviews on online casino comparison sites.