Bitcoin and Online Casino: Everything You Need to Know

Introduction

Bitcoin Casino SitesBitcoin is the world’s first and most popular cryptocurrency that has brought a complete revolution in the digital payments not only in online casinos but across several industries in the world.

Bitcoin is a very special virtual currency that is used by people across the world for online transactions as well as for investment purpose. This peer to peer payment method eliminates the middleman. It means payments are processed in real time without any waiting period.

There is no processing fee which means there are no hidden charges. At the same time, there are no privacy concerns as the details of the sender are kept anonymous, and there is no role of the bank or any other financial institution.

There are several applications of Bitcoin all thanks to the several state of the art features and other benefits over the traditional currency. Today, we will talk about a few essential properties of this digital payment system and what makes it an ideal payment gateway for the online casino sites.

Why Use Bitcoin for Online Gambling?

Bitcoin CasinoAll top rated online casino sites are far away from being illegal. In fact, they comply with the strict regulations and adhere to the local laws. In many cases, the online casinos don’t offer services in few regions due to regulatory issues. Like for instance, many casinos don’t accept US players due to gambling restrictions.

So the question comes – “Why would an online casino site want to use Bitcoin – which is an encrypted, privacy-centric currency – if it has no interests in skirting around the gaming regulations or breaking the law?”

There are many reasons the online casinos are accepting payments in the form of Bitcoin from the players.
This virtual currency comes with many inherent features. Here are some of the critical elements of this cryptocurrency that makes Bitcoin an ideal payment method while playing games at the online casinos.

1. Lightning Fast Transaction and No Fees

Since this cryptocurrency uses a peer to peer payment method, there is no involvement of any banks or financial institution. At the same time, there are no processing fees user has to pay. While comparing it to the traditional payment methods like for instance credit/debit cards or e-wallet, Bitcoin transaction incurs a rock-bottom fee of 0.000BTC.

At the same time, any transaction done through credit card incurs a fee of 3-5% of the total transaction value. Apart from that, there is always a processing time involved in the traditional method of payment, and it takes a minimum of 3-5 days for the funds to settle down.

There is no such thing with Bitcoin, and all the transactions take place instantly in the blink of an eye with no waiting around. Just make your payment at the online casino, and you are ready to play your favourite games.

2. Added Security

If people can store Bitcoins properly in the digital wallets, it will be one of the most secure digital currencies out there. As long as the user is keeping the coins in wallets, protecting it with a robust password and preserving them in cold storage, one need not have to worry about this cryptocurrency from getting stolen.

Just compare the security of Bitcoin with credit/debit cards or PayPal. If someone hacks the gambling website and it has your bank details, you will be the next victim. Not to mention the social engineering schemes and other phishing tactics that trick even the most intelligent people into giving their private bank details to the cyber thugs.

With Bitcoin, one can rest assured that such kind of thing is not going to happen. Never give the wallet password or private key details to anyone. If you can do this, your money is safe and secure.

3. Sense of Anonymity

One of the most significant concerns of the gamblers is their privacy. They don’t want to reveal their identity when they are gambling online. When making payment through credit cards or electronic wire transfer, the person is leaving a trail behind him. However, there is nothing to feel anxious, and gamblers can secure their identity by making payment using Bitcoin.

All the transactions are completely anonymous, and none of it can be traced back to the person concerned. The payee does not have to worry about the security concerns which make all the private information inviolable and secure.

4. No Paperwork at All

Apart from providing complete anonymity to the casino players, Bitcoin at the same time is a perfect paperless virtual currency. Not only in the sense that this cryptocurrency does not exist physically in a paper form but also in a sense there is no paperwork involved for opening a Bitcoin wallet.

There is no ID verification or address proof required to get the account started. We all know how much paperwork and other documentation work is necessary to open a bank account. With Bitcoin, everything is simple and hassle-free.

5. Increase in Value

In the last half-decade or so, there has been an upsurge in the value of Bitcoin and would continue to do so soon. Between January 2017 and September 2017, the value of this cryptocurrency has increased by 32% which is quite impressive from the investment point of view. One can analyse the value of Bitcoin from the fact that anyone possessing 10,000 BTC, its importance in today’s time is approximately $180 million.

Now that we have given a fair idea for funding the casino account with Bitcoins and why it should be the primary payment method for online casinos, now we will talk about setting up this digital currency while gambling online.

Using Bitcoin at Online Casinos

Cryptocoin MoneyWhile playing games at the online casinos, one needs to take care of two essential steps while using Bitcoin. First of all, one has to create a Bitcoin wallet and secondly fund the wallet with the necessary money. Once this setup process is done and ready, one can use this digital currency at any casino site or other merchants who accept Bitcoin for online payment.

Once the Bitcoin wallet is set, the user needs to select this payment method from the official website of the merchant concerned, login to the cryptocurrency wallet and confirm the payment.

Step 1: How to Create a Bitcoin Wallet?

While talking about Bitcoin wallets, they can be classified into two broad types. This cryptocurrency wallet can be either desktop based or service based. One need not have to go into the complex terminology and understand that Bitcoin wallet is similar to a bank account.

The wallet is entirely private and secure that one can use to send or receive payments. The best thing is that unlike the electronic wire transfer, the user need not have to share their account details for the sake of the transaction.

For starters, the web-based Bitcoin Wallet is the best option as it is effortless to use and one does not have to download or install anything on their laptop or smartphone. Just the necessary credentials like name and password are sufficient to access the wallet from any part of the world.

On the other hand, the desktop wallet is slightly different as it requires a laptop or PC. The proper software has to be installed and configured only after which one can use this wallet system for sending or receiving online payments.
Creating a web-based Bitcoin wallet is extremely easy, and beginners can do it without any external help or supervision.

There is an ample number of services available that provides free wallets to people. Expert reviews and customer feedbacks are available about such service providers. One can read such reviews, compare one service provider with another and settle for the best one.

Some of the widely used and most popular Bitcoin wallet service providers that are extensively used by casino players for online transactions are Trezor, Keepkey, Hardware Wallet, GreenAddress, BitGo and Blockchain.info.

These web wallets are known for their state of the art features and excellent customer service. At the same time, they are rated best as per industry standards. Just sign up with any one of these and create your web wallet today.

Step 2: How to Fund the Bitcoin Wallet?

Bitcoin GamblingNow that the Bitcoin wallet is created, the next big thing is using the wallet for sending and receiving payments from the online gambling sites that supports and accepts this cryptocurrency. However, for a successful payment, one needs to put some currency in the wallet. Before adding the money, proper funding of the Bitcoin wallet is required.

There are many different ways one can add money in their wallet, and some of the popular methods are discussed below:

  • Your Wallet: Majority of the Bitcoin wallets allows the user to pay in the traditional payment form where the currency is converted in terms of Bitcoin units. It is one of the easiest and widely used methods by people for adding money to their wallet.
  • Bitcoin Exchange: For people looking for a better conversion rate, there are dedicated Bitcoin exchanges available. There are many websites where one can buy Bitcoins and fund their wallet accordingly. Such sites accept multiple payment methods in exchange for the Bitcoin units.
  • Bitcoin Teller Machine: Some of the biggest cities of the world are now offering Bitcoin ATMs where one can use their credit/debit card to fund directly into the Bitcoin ATM. In the coming years, these machines are going to grow into prominence and available at all the major cities across the globe.

Using Bitcoin for Online Gambling

BCH - Peer-to-Peer Electronic CashNow that you know what Bitcoin is, what are the different wallets, how to purchase it and fund money in the wallet, it is high time we start talking about using this cryptocurrency to gamble online. Using this digital currency for online casino gaming was never so easy and entertaining as it currently is.

We offer a comprehensive list of Top 10 Bitcoin Casino Sites as evident from the list above. Every casino is regulated and licensed from the gaming regulatory body offering unparallel gaming services to players. Just select your choice of casino site based on your country of origin.

Register online and after account verification process is done, go to the profile dashboard. You will be asked to connect your wallet to the gaming account. Just fill up the boxes with the correct address and other fields with right information, and you are ready to go.

Someone on the dashboard, there will be an option like “Deposit Funds” or “Top Up” or something related to this. Just fill in the required amount you are willing to transfer, and after authorising the transaction, you are ready to gamble using Bitcoin.

When it comes to using Bitcoin for online casino gambling, we hope that our comprehensive and in-depth guide was insightful enough in helping you understand the nuances of this cryptocurrency and how to use it.

Thanks for reading.

Jay Stevens

Jay Stevens

Hi, my name is Adam Jay Stevens. Welcome to Top10-CasinoSites. Explore the online casino world with my site.


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