The Bitcoin Phenomenon
Bitcoin (BTC) is a digital cryptocurrency that has become very popular in recent years. It turned out to be mainstream in 2011 due to the fact that, unlike traditional fiat currencies such as the US dollar, euro and pound sterling, Bitcoin does not have any central bank and operates exclusively in the peer-to-peer market.
The Bitcoin network first appeared in 2009, and since then there has been a rapid rise in its popularity around the world. As of 2020, tens of thousands of businesses around the world accept Bitcoin, including some of the largest online stores in the world. The multi-million dollar computer retailer Dell and the well-known Overstock furniture hypermarket are just a couple of examples of the largest companies that accept BTC as a currency for purchases.
Bitcoin funds can be transferred between users using Bitcoin addresses, which are a series of numbers and letters given in the range of twenty-four to thirty-seven characters. In most of the cases operations are processed free of charge.
One of the most expensive aspects of managing a regular online casino or any gaming site in this regard is payment processing. Each time, the user deposits money using a credit or debit card, bank account or electronic wallet such as Neteller, Skrill or PayPal. In this case, a fee is charged for their maintenance.
Most online gambling sites cover this fee and do not charge it to their players, but there are always exceptions. For those who play in unregulated markets, such as in the United States, customers are often required to pay government fees of up to ten percent of the value of the winnings.
Even if these sites cover payment processing fees, you still have to pay fees that reduce your real profit. But at the same time, online gambling sites will have to compensate for losses in the form of reduced fees, bonuses or promotions for the client.
This is just one of several reasons that makes Bitcoin gambling so attractive. Below I will describe all of its advantages.
Pros of Using Bitcoin Casinos
The most daring owners of online casinos did not hesitate and found use of Bitcoin in their gambling establishments, and certainly did not regret it. The service of Bitcoin casinos is significantly superior in quality to traditional institutions, and this deserves a special description.
The ability to play without investing is very common on the internet. Institutions give starter deposits to customers, or they earn them themselves by chatting with other players and completing simple tasks. Of course, in the case with Bitcoin casinos, it’s not coins, but Satoshi, which are used for the game. You have to wager the bonuses and you can them withdraw them. Thanks to this opportunity, Bitcoin casinos with free Satoshi are now at the peak of popularity;
Guaranteed confidentiality. This advantage is considered very valuable, because nobody will have access to your personal information. Entering personal data when registering on the traditional casino site is mandatory, and the user must indicate the first name, last name, passport number, country and other information, including a bank card number. However, not everyone wants even the slightest disclosure of personal data. Keep in mind that Bitcoin makes it possible to perform financial transactions anonymously, moreover, this feature is considered its main principle;
Low risk of bankruptcy. Regular currencies depend on the state, which can lead to a complete loss of currency due to hyperinflation, when all the savings of a person can be lost in an instant. Government regulations do not apply to Bitcoins. This is a global virtual currency;
Low risk of inflation. The biggest problem with currencies is inflation. Over time, currencies lose their value by a certain percentage, for the most part this is due to the fact that states begin to print more money. But you will not encounter this problem with Bitcoins, since this system is designed taking into account the finiteness of funds. You can buy no more than 21 million Bitcoins. Not to mention the fact that the release of Bitcoins is also constantly slowing down and will be completely stopped in the coming decades;
Withdrawal guarantee. Traditional online casinos undoubtedly try to protect their reputation and protect their sites, for which each user is carefully checked. This is great, but there are times when an honest player comes under sanctions because of scammers who play nearby, who simply launder funds. As a result, the security service blocks access to an honest account, and the player loses the opportunity to withdraw his money. In Bitcoin casinos, such cases are minimized, and not because security measures are not followed, but because security is already guaranteed thanks to the properties of Bitcoin. Thus, the player’s money always remains with him;
You can bet how much you want. Today, many online casinos offer to make minimum bets, but they can not be compared with Bitcoin casinos, where you can make a bet practically for free, due to the ability of Bitcoin to be divided into small parts. Bitcoin has its own special price - 100 million so-called Satoshi. Thus, by dividing Bitcoin, you can bet in the amount of $0.002, which is important for users who want to just play for fun, not chasing a huge win;
No better services a competitive environment. Bitcoin gaming market is in constant development, as it is rapidly gaining popularity - entrepreneurs, seeing all the advantages of such a business, try to open new Bitcoin casinos, especially since launching it requires much less money than launching a traditional casino. Competition is gaining momentum, and owners are fighting for visitors and, at the same time, trying to come up with more and more original services, as they have to lure customers from traditional institutions. As a result, the quality and service of cryptocasinos is constantly improving;
Bitcoin volatility. This is undoubtedly a great advantage, distinguishing Bitcoin from any other currency and making it very attractive for players. For example, if you have a few Bitcoins two or three years ago and still saved them up to this day, they have increased in price ten times today;
You can play everywhere. Even in a country where online gambling is prohibited, and where access to a traditional online casino may be unconditionally closed. The crypto casino will not allow supervisory authorities and strict administrators to identify the player’s IP;
Withdraw your money quickly. Bitcoin casinos do not require verification and the provision of personal documents on the list. As a result, the withdrawal of funds is greatly simplified. Institutions transfer cryptocurrency to customers within 10 minutes. Withdrawal requests are processed very quickly, there are no delays, since Bitcoin casinos do not work with banks and EPS, transactions are instantaneous.
Types of Bitcoin Casinos
As mentioned above, many gambling houses began to accept cryptocurrency as a method of depositing and withdrawing funds. However, Bitcoin wallets are much less common compared to traditional currencies, especially when it comes to interactive games.
Online gaming sites that exclusively accept BTC are most preferred for users who view Bitcoin casino pages. However, some playgrounds that accept regular currencies are currently starting to accept cryptocurrencies as an additional option for deposits or withdrawals.
Compared to sites that accept only Bitcoin, online resources that accept both currencies will ask for a name and identity verification address when customers send a request for withdrawal of funds. To pass the check, you will need to send an extract from the bank, or a receipt for utilities.
Most hybrid casinos accept deposits using Bitcoin, and will also be able to withdraw funds back to the BTC wallet of your choice, but will convert funds to regular currency when replenishing. For example, if you make a cryptocurrency deposit to a hybrid account, you will end up betting in regular currency. If you want to make a withdrawal of funds to your Bitcoin wallet, then the reverse conversion will be performed.
Provably Fair Technology
This technology is a revolutionary way to determine if the game is fair, not only for Bitcoin casinos, but also for any other online gambling sites. When playing Bitcoin games, all players have the same chance of winning. By using a special hash encryption technology, users can easily make sure that the online institution does not have any control over the game, and they don’t raise the stakes on purpose.
In every game, the Provably Fair technology is implemented in different ways, however, the general concept is becoming widespread in most major Bitcoin casinos. Users can verify that the game is played fairly, by entering the bet IDs and other information that may vary depending on the operating conditions of the internet portal.
Provably Fair technology is very helpful, because it is instant and reliable. Players will immediately find out which of the users tried to play a dishonest game, because each bet can be independently checked.
If you compare this cryptocurrency with similar technologies at other traditional online and offline casinos, you will realize how good it is. Independent studies have proven that when disputes arise between users of other resources, it takes weeks, or even months, to take proceedings. In each game, dozens of players will be tested, and this takes a lot of time. In addition to the time, you will need to spend a lot of money on the investigation.
Thanks to Provably Fair technology, you can check your bets at any given second. There will be no need to conduct a lengthy investigation if a certain player is suspected of cheating.
Bitcoin Online Casino Licensing
Those who have been betting online for many years are used to seeing licensed prints on most of their favorite gaming sites. Depending on the country in which the site is located, licensing requirements may differ from each other. In some countries, regulatory authorities have strict requirements, while in others, licensing is only a way of collecting additional revenue to the treasury and there is practically no supervision of the activities of gambling sites.
Licensing is extremely common when it comes to simple casinos, but few Bitcoin-based casinos are currently licensed. This is more due to the novelty of Bitcoins in the gambling market, and not because the sites are not safe enough for licensing.
Licensing is actually not as important as it seems to most players. In many countries, little can be done with the help of regulatory authorities when a dispute arises between a site and a client. In most cases, customers have to rely on the mercy of the operators.
Thing You Should Pay Attention to When Choosing a Trustworthy Bitcoin Gambling Site
To help you the right Bitcoin gambling site, I have created a list of several criteria, paying attention to which you can choose the right win-win option for you.
License. As mentioned above, you should look for a Bitcoin casino that has a special license for conducting online games of this nature. As a rule, information about the availability of a license is displayed on the site, but at the same time it is worth checking who issued the certificate to the gambling establishment. More and more Bitcoin casinos are getting licenses, but unfortunately, there are still some sites thT remain unlicensed. The fact is that the absence of a license certificate cannot indicate the unreliability of the online portal;
Software. Try to give preference only to the most famous gaming platforms of Bitcoin casinos, only in this case you will be sure of the fairness and accuracy of the games. Ideally, Bitcoin gaming portals should have a flash set of games, a website version for a mobile, and a fully downloadable platform for a computer. Only in this case, you see how large the investments were from the owners of the gambling establishment. Thanks to the monthly development of Bitcoin, you can observe the development dynamics of various software for computers, laptops, tablets and smartphones. As a result, you can now have fun playing games with coins from the most prestigious and popular software providers, including Playtech, Aristocrat Gaming, Softswiss, Microgaming and Betsoft;
Reputation. Bitcoin gambling sites can be judged by the kind of reputation they have gained, what kind of reviews they have in general, and how easy it was for visitors to receive payouts on winnings. Before you invest in a specific gambling house, make sure to google it, so you can find a lot of different resources with reviews about it;
Understand how it works. Before entering the gaming world of Bitcoin casinos, make sure that you are fully aware of how the Bitcoin system works and learn the specifics of working with it. You may need to spend some time studying the features of the system. Only when you learn to perform all operations yourself, you will see for how reliable and how ideal Bitcoin is.
Top Niche Bitcoin Gambling Sites
Bitcasino is not just another online casino that is only famous because of Bitcoins. It is rather a breath of fresh air in the market, where, from the very beginning, the same casino brands dominate, in which the policy of attracting players is considered outdated or, perhaps, has completely outlived itself. Bitcasino.io, in turn, runs on the innovative CoinGaming.io platform, which has been used by top Bitcoin casinos since the end of 2013.
Right after registering a game account (you don’t even have to go through long account verification procedures) and receiving a bonus, you will be stunned by the huge selection of casino games offered. In addition to the generous welcome offer, players will be able to choose from more than 1300 slots, board games, tables with live dealers and a poker room. And in the meantime, the selection continues to be updated and increased weekly.
In a nutshell, BitStarz is a fashionable online casino that is rapidly gaining momentum. Unlike many other Bitcoin casinos, you can play your favorite games not only using Bitcoins, but also the usual currency, for example, you can user dollars and euros. By the way, BitStarz is one of the first online casinos that began to offer the opportunity to play for real currency along with Bitcoins. Regardless of the chosen currency, your transfers will be incredible simple, fast and convenient. And there are also plenty of bonuses that you can choose from.
Here you can fully appreciate the collection of world-famous games (there are already over 1,700 of them) from the most sought-after developers around the world, among which are Betsoft, NetEnt, Yggdrasil, Play’n Go and Microgaming. So you can imagine how good the games are.
By joining today, you can fully enjoy the welcome bonus package with a total of 5 BTC or €500 and 180 free spins, as well as other promotions.
When it comes to gambling on Bitcoins, I can say that 1xBit is one of the few brands in the industry where anonymity and confidentiality of customers are valued from the very beginning. At the same time, 1xBit does an amazing job, providing quality service and almost all gambling options in one. The site of the casino offers an impressive portfolio of the most popular casino games from leading providers along with a modern bookmaker. It is worth mentioning that, if desired, players can also try their luck at Forex trading, virtual sports and other casual games on the site.
1xBit website mainly focuses on bBtcoin players, since at the moment this cryptocurrency is the only option to replenish the game balance with funds. Despite this, 1xBit has a gaming license issued by the government of Curacao, so all activities on the website are regulated and protected.
This casino positions itself as an online casino accepting cryptocurrencies as payments, and thanks to the enormous experience in conducting and organizing games and bets, the FortuneJack team offers high-quality customer service, progressive jackpots, provable fairness, as well as enhanced security and the safety of personal data and funds, and of course the incomparable support of players, that works 24/7.
Fun and unique - that’s how you can describe this casino in just a few words. All this can be easily confirmed by a huge number of players from numerous gambling communities of completely different levels.
Cloudbet is a fantastic Bitcoin bookmaker, operating since 2013. Due to the high quality of service and a huge number of satisfied customers, they are deservedly considered the leading world leaders in several areas of the Bitcoin gambling industry at once. Cloudbet revolutionized the online betting industry by releasing a completely innovative Bitcoin betting platform, available not only on the desktop, but also on mobile devices.
The first thing that catches the eye of all new players when they first visit the site is its attractiveness and multi-functionality. In addition to sports betting, numerous slot machines and excellent live dealers are also available, and all of that will make your gaming experience unforgettable. Besides, they have video poker games, movies and progressive jackpots.
The variety of types of sports bets offered at the Cloudbet will impress any player. In addition, you will be offered some of the most profitable odds comparing to the rest of the bookmakers.
How to Create a Bitcoin Wallet
Creating a Bitcoin wallet will not difficult, you just need to decide how exactly you want to access the money: through a personal computer or using a mobile application.
Blockchain is the first on the list. When deciding how to create a Bitcoin wallet, this online project simplified the task for the average user to a minimum. In just a few clicks you will be able to create your first Bitcoin wallet.
The most important advantage of Blockchain is that it is available on all platforms: you can easily connect your wallet to your personal computer, tablet or smartphone.
You can also be sure that Blockchain is safely protected. This resource is time-tested and has special encryption algorithms, so even site owners do not have access to passwords from your wallet.
There is also the preservation of passwords in case of a failure in the work of your device. You can quickly save your passwords in Dropbox virtual storage.
Also, before creating a Bitcoin wallet with Blockchain, you should know that the program interface is a bit complicated for a beginner. However, you take some to get used to it, because this drawback compensates for the lack of commission when withdrawing funds, constant updating and improvement of the interface.
Creating Your Wallet
To get started, go to the Blockchain online portal. In the upper right corner is the "Wallet" button. Click on it and select "Create a free wallet."
Now let’s get to the registration process. You will see a special form in which you must enter a minimum of personal data, such as your email and account password, consisting of at least ten characters. Since you are dealing with money, think of a strong password.
After that, you will receive a notification about the successful creation of a new wallet and you then need to click on the “Continue” button.
Then you can log in to the online portal. You need to only enter the password from the wallet, because the authenticator will appear automatically.
That’s it. You can now browse through the various tabs. There you will find the “Send Money” function, with which you can send your cryptocurrency to any other account. You can also make deposits to a Bitcoin casino from now on.
This platform has several advantages and disadvantages, and is very popular among beginners.
It has the following advantages:
Instant confirmation of identity;
The ability to buy and sell Bitcoins;
A special storage for money;
Simple and user-friendly interface.
The disadvantages are:
If you are a supporter of complete anonymity and want to remain incognito, then you better look for another service. In addition, the complex authentication procedure when transferring ordinary money to Bitcoins forces some users to look for other platform options. However, it is also a good thing, because it acts as a guarantor of honest transactions.
Besides, Coinbase has excellent protection against hacking, so your money is in good hands.
This is a relatively new platform that still has to build a reputation for itself. However, it has a number of advantages over already mentioned Coinbase and Blockchain.
The peculiarity of this company is the introduction of various innovations. For example, they are the ones who launched the wallet with 2-of-2 multi-signatures. In addition, GreenAddress acts as a guarantor during any transaction. In other words, if someone steals the password from your wallet, he will not be able to spend a large amount, due to the necessary authentication.
Similar protection methods are used in most real world banks. Thanks to instant transaction confirmation, you don’t need to transfer your private key to someone else.
Armory wallet is the best option for the lovers of maximum security. Although many users believe that such a wallet is designed for the pros, thanks to the function of switching between the advanced and the normal mode, this version can also be used by beginners.
The main advantage of this platform is the ability to enter the wallet offline, in which it will be completely protected from online attacks by hackers. In addition, the company offers various cold storage and backup methods for its users.
Even if your computer is disconnected from the internet, you will still have access to your savings. The special “Lockbox” function is designed to create multi-signatures that enhance the security of a large number of Bitcoins.
“M-of-N” addresses will create additional security for your multi-account, in case if two or more people have access to it. This means that you can limit the amount issued to your partner, or make it so that two electronic signatures will be required to withdraw money. The only minus of this platform is the absence of a mobile version.
Best Ways to Buy Bitcoins
There are at least three ways how you can buy this fascinating cryptocurrency: from someone, using exchanges or exchange services.
The safest way is to buy them using exchanges. They represent specific trading platforms for the purchase and sale of cryptocurrencies. Here, each participant can purchase Bitcoins using Qiwi, Webmoney, Yandex Money, OkPay or a credit/debit card.
A lot of users prefer EXMO cryptocurrency exchange. It lets you buy Bitcoins directly from your card or electronic wallet. The good thing is that the registration process and authentication won’t take much time.
The first step when buying cryptocurrency on the exchange is to deposit funds into the account. On the EXMO exchange, you can replenish money into your account using the following payment systems: Payeer (three percent commission is charged), OKPAY (commission is only 1 percent), Qiwi (five percent commission) and Yandex Money (4 percent commission). The most convenient way is either Qiwi or Yandex Money.
The next step is to acquire the necessary amount of Bitcoins at the auction. Just be careful and don’t worry if funds deposited to your account on EXMO are not immediately displayed, as transactions might take some time. As soon as you will see they money on your account balance, bet according to the exchange rate and buy Bitcoins for your currency. If your price is acceptable to other bidders, then your long-awaited cryptocurrency will soon be on your account, excluding the transaction fee in the form of two tenths of a percent of the amount.
The final step when buying Bitcoins on the exchange is to withdraw them to your wallet. The commission for withdrawal of funds is very little, as it is only 0.0001 BTC. Keep in mind that if this is your first withdrawal of money, it might take up to 3 days to proceed.
You can also use online exchangers to purchase Bitcoins. An excellent example of one is the xChange website, which presents a good exchange rate. This site has been tested by time and thousands of successful operations.
However, if you decide to make a purchase on some other Bitcoin exchanger, be sure to check the seller’s reputation, otherwise you may encounter fraudulent transactions and dishonest owners of exchange offices.
Buying Bitcoins directly from other users is also an option. This means that you yourself find a person who wants to sell the cryptocurrency you are looking for and transfer a predetermined amount to his account.
This way is especially great because of the lack of commission. However, it can be quite risky, so be sure to carefully check the reputation of all the people with whom you are going to make deals.
Is Bitcoin Gambling Legal?‘
For a long time, there has been a debate about some of the features of Bitcoin gambling, and there is especially a lot of talk about the legality of playing in cryptocurrency casinos.
Today, Bitcoin is one of the most recognizable, rapidly growing and common electronic currencies.
Not surprisingly, it is used by many online casino enthusiasts around the world. However, some continue to believe that the decentralized nature of cryptocurrency makes it illegal to use it on gambling sites, as the state and financial supervisory authorities cannot track these transfers. However, a completely logical question comes to mind: Isn’t that what we want: to make the gambling be 100% anonymous, and most importantly - cost-effective?
In fact, bets at Bitcoin casinos are no different from bets on regular gambling services. As in the case of real money, you bet on different types of entertainment and in different quantities.
The ultimate goal of any player is not just to deposit money into the account, but to increase the funds contributed by a decent win. The only difference here is that you use not the usual currencies, but BTC or mBTC (miles-Bitcoins).
The fact that cryptocurrency is used to make bets in online casinos is by no means an indicator of a fraudulent portal, and moreover will not lead to any criminal prosecution, in accordance with existing legislation.
Moreover, Bitcoin has a legal position in many countries of the world, so there is nothing to be afraid of, especially if gambling is not limited or prohibited in the state in which you reside.
In addition, note that some portals restrict their services to players who live in certain countries. For example, in China gambling in any of its manifestations is strictly prohibited.
How to get around such a ban? Find a game portal that is registered in a country where gambling and the use of Bitcoins are allowed.
Many regular online casinos have an age limit, and some visitors who have not reached the specified age simply cannot register on the site.
In the case of Bitcoin, there is no such restriction, all that a player needs is just a registered Bitcoin address, from where you can put money into your account, and later on withdraw your winnings.
Other Cryptocurrencies You Can Use for Gambling
Bitcoin casinos are constantly improving their services. Thus, Bitcoin is not the only cryptocurrency you can play with. You can also use one of the following cryptocurrencies to replenish your balance:Lightcoin, Dogecoin, Dash, Ethereum and others.
At the same time, Bitcoin casinos with no deposit bonuses and faucets accept ordinary currencies, such as Euros, dollars, rubles, yens and other. A number of establishments allow the exchange of one banknote to another.
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