The most popular crypto after bitcoin is Ethereum. Some online casinos only accept the coin because of this fact. Do not deposit funds in a Bitcoin casino that includes your country in the list of restricted countries. There have been cases where some bitcoin casinos will accept players but refuse to pay out when they find out the player is from a restricted country. If you’re the kind of person who enjoys a good time at a cryptocurrency casino, then an important factor for you is to select one with a great VIP program and lots of entertaining promotions.
Why Cryptocurrency Gambling is the Future of the Casino Industry
The online casino industry continues to grow and evolve. Gambling companies are continuously finding ways to make their customers’ gambling experience keep on leveling up. This is why they always make sure to adapt to the latest technologies including blockchain technology.
Because of cryptos, gamblers can now deposit their gaming accounts without disclosing any of their information. Whenever you make a transaction with Bitcoin or altcoins, all you need is a wallet address and/or account destination tag. This means they do not need to disclose their personal and financial details when making deposits to their accounts.
- Safe and Secure
Since Bitcoin and other cryptos run on blockchain tech, transactions are easy to monitor. Players always directly send money to the casino without the approval of anybody. No one could manipulate the transaction and so it is safe. However, just always make sure that you are sending the funds to the right wallet address.
Overall, it’s simply convenient to use cryptocurrencies when gambling online. It’s also a great way for gamblers to avoid having gambling transactions in their account. There are countries wherein people won’t be allowed to take loans if a bank account has been involved in a gambling transaction like in Ireland and so, buying crypto is simply the better option for them.
Why Crypto Gambling is Getting More Attention
In general, the use of cryptocurrencies is seen as the future of online transactions. This is also the case for the gambling industry. Many predict that online casinos will heavily rely on cryptos in the future. This makes sense because, for online operators, it’s cheaper to process crypto transactions.
It’s more sustainable for these gambling operators to use cryptocurrencies. The number of crypto users is also continuously rising. This is especially today when Bitcoin’s value has once again peaked.
Before 2020 ended, Bitcoin was able to surpass its all-time high since 2017. In 2017, its highest value was at around 20,000 US dollars. This year, its all–time high was at 58,000 US dollars and this happened in February.
Currently, Bitcoin’s value is playing around 46 to 49,000 US dollars. This is a dip that many is seeing as a sign that it would still be able to reach a new all-time high before the year ends. Some are even saying that it could rise to 100k USD by the end of the year.
The uncertainty is keeping people intrigued that more crypto wallets are created every day. Now, whether it does peak once again or not, Bitcoin has gained more users. This only means that there is now more Bitcoin circulating for people to use in online transactions like gambling.
FAQs on Bitcoin Casinos
What Benefits Will I Get From Using Bitcoin as a Payment Method at Online Casinos?
Bitcoin transactions have three major advantages from conventional banking methods in online casinos. They’re faster, safer, and cheaper. Most bitcoin transactions take an average of 10 minutes to complete. They use advanced encryption to make sure every transaction is secure. And they usually don’t charge any fees for both deposits and withdrawals.
What Charges Do I Incur When Making Deposits and Withdrawals in an Online Casino Using Bitcoin?
Most Bitcoin transactions are always free. In case you are charged, fees are usually of small proportions, sometimes as low as 2%. The good news is that you’ll get numerous casinos that don’t charge a dime, like the ones we have listed above.
Do Casinos Award Bitcoin Bonuses?
Yes. Many casinos give Bitcoin players bonuses once they start playing for real money. The most common ones are the welcome deposit bonuses, free spins, Bitcoin casino no-deposit bonus and other reload bonuses. Online casinos like mBit and Bovada offer generous Bitcoin bonuses. Always read the bonus terms before you proceed to claim them.
How Is Bitcoin Used in Casinos?
If you are new to Bitcoin, find a suitable exchange service, preferably a regulated one like CoinBase. Secondly, get a wallet. Now, buy Bitcoin from your exchange account into your wallet. At this point, you can transfer from your wallet to your online casino within 15 minutes, and you’re good to go.
The Bitcoin casinos provide a tutorial explaining the entire process. Customer support is also instrumental, especially when you’re a first-timer, and that’s why we were keen on their efficacy in each of the casinos above. The entire process only takes a couple of minutes when done right.
How Can I Deposit Using Bitcoin in a Casino?
Transacting in an online casino using Bitcoin is as easy as using any other payment method. By now, you should have had a Bitcoin wallet. Head to the payment methods section, select Bitcoin, and transfer funds into the casino. It’s that EASY.
How Much Can a Player Deposit Using Bitcoin?
There isn’t a definite answer to this since each casino sets its transaction limits. Online casinos can allow as little as $20 or as much as $500,000 in Bitcoin deposits for a single account. What we can confirm for sure is that casinos allow Bitcoin accounts to hold way more funds than fiat money accounts.
How Can I Withdraw My Cash From an Online Casino When Using Bitcoin?
If the casino you are playing in has Bitcoin as a withdrawal method, simply click on it and follow the prompt. You can also deposit using Bitcoin and withdraw using another payment method as long as the online casino you’re playing in allows for such an arrangement. Some will process that conversion at a small fee. Details are usually available in the casino’s T&Cs segment.
How Secure and Legal Is Bitcoin?
Bitcoin, and cryptocurrency in general, is one of the safest forms of banking, especially in the digital space. The cryptocurrency keeps its users safe by using blockchain technology. All transactions are kept in a public ledger, making it virtually unhackable.
You also have the option of transacting anonymously, making it difficult for a third party to steal your personal information or identity. On matters of legality, ensure you’re playing in a fully licensed casino.
What Other Cryptocurrencies Can Players Use Instead of Bitcoin?
They can use Litecoin, which has faster transaction speeds and more coins than Bitcoin. Ethereum is another variation to consider as it sports the best open-ended decentralized software platform. There’s also Dogecoin and USDCoin, among others.