Bitcoin is something that is very new in the casino industry. Created in 2009, this so-called crypto currency has become very popular indeed and has now made its way to online casinos as well.
In this page, we are going to be talking about Bitcoin casinos and the benefits of using bitcoins and crypto currency over your traditional means of depositing. Furthermore, you can also find a list of casinos here that allow you to use bitcoins and satoshis (1 bitcoin is 100 million satoshis).
How to play with Bitcoins
First off, in order to be able to play with bitcoins, you have to actually have your very own bitcoins. Buying them can be easily done at LocalBitcoins.com. So, if you do not yet have your own Bitcoin wallet, you can get one free of charge at Local Bitcoins upon signing up. This is somewhat similar to signing up with any of the modern e-wallets like Neteller, PayPal and Skrill.
After you have a Bitcoin wallet, it is time to find yourself a casino that accepts bitcoins. Obviously, here is where our list of Bitcoin casinos will come to your aid. Just pick a casino that has a casino bonus to your liking and you’re off to the races!
What are the benefits of playing with Bitcoins?
Of course, we should address this all important question as well. Why would anyone want to play with Bitcoins instead of your traditional currency? Well, in this day and age, why would anyone want to use snail mail to say hi to their friends when you have things like email, text messages and even instant messaging available?
Bitcoin is still rather new, so it is of course understandable that some people are still a bit sceptical towards this so-called crypto currency. After all, when it was first created, Bitcoin was nothing more than a monetary system that was completely made up. Then again, all of the world’s economy revolves around money that is either numbers on the screen or made of paper, and has no intrinsic value whatsoever. Bitcoin is actually not too far from this, when you think about it.
Bitcoin solves quite a few issues from the players’ perspective. Next, we’ll take a look at some of the most important benefits of using Bitcoin.
Bitcoin is fast
One of the best things about bitcoins is that using them is relatively fast compared to traditional methods. No need to wait for days or even weeks for the transfer process. While casinos, especially good ones, are fast in accepting the withdrawal, the transaction itself may take days. Therefore using bitcoin tends to be much faster compared to traditional bank transfers between two countries. Of course, transfer using an eWallet is another fast option to transfer money. However, an increasing number of casinos has chosen not to offer bonuses, if the deposit is made either Neteller or Skrill.
Some online casinos that are promoting themselves as a bitcoin casino, offer quite hefty welcome bonuses for new players. For example, Bitstarz offers a crazy first deposit bonus up to 1 bitcoin!
The withdrawal costs with bitcoins tend to be a lot less compared to those of actual cash. However, like bitcoin’s value, this is quite volatile and depends how many transactions are currently made with bitcoin. Most of the time you are paying a smaller percentage for every transaction compared to traditional money, but sometimes the fees spike and you end up paying more.
With bitcoins, people have better control over everything that they hold. So, if push comes to shove and the casino you’re playing at has to file for bankruptcy (not likely, but could happen), you will still get to keep your bitcoins.
All of us aren’t necessarily too eager on having gambling related transactions on our credit card. With bitcoin this can be avoided as there isn’t any paper trail left after the transactions to different authorities.
Is it safe to play with Bitcoins?
When playing any games based on luck, you are basically placing your trust in the organizing party of the said game of chance. This means that if they actually chose to just fool you, you probably would not even guess as they can always say that you only had tough luck.
The Bitcoin community has come it with a system called “provably fair”. Long story short, however, they have developed a way that allows you to verify whether the results of these so-called games of luck were actually random or not.
Of course, when an online casino has a gaming license from a trustworthy licensor such as the Malta Gaming Authority or the UK Gambling Commission, you can be pretty sure that the random-number generators are tested at regular intervals and should indeed provide a random result every time.
We have now gone through some of the most important aspects of Bitcoin. As you can see, using bitcoins provides you a new way of playing at your online casinos. So, if you’re not onboard with Bitcoin just yet, why not go to Local Bitcoin and try it for yourself?