Gambling With Bitcoin
Bitcoin has been around for more than a decade. Investors have built fortunes overnight with canny trades. Globally, the value of all Bitcoins in circulation has grown to more than $750 billion.
Yet despite the fortunes and the headlines, only a tiny percentage of online and brick-and-mortar shops accept Bitcoins as payment.
One market has led the way by embracing the virtues of fee-free, anonymous, secure transactions: online casinos. Gambling with Bitcoin is commonplace at a rapidly growing number of casinos, poker rooms, and sportsbooks.
In most ways, gambling with Bitcoin is no different from gambling with conventional currency. You make a deposit, place your bets, and if you’re lucky, you accumulate winnings. It makes little difference whether you have funded your account with a Visa card, your PayPal account, or a Bitcoin transfer. Gambling is gambling. You win some, you lose some, and the currency doesn’t matter.
If you look just a little deeper, you’ll see that Bitcoin online gambling offers unique benefits to gambling websites and players. You’ll understand why cryptocurrencies and online casinos are a match made in gambling heaven.
Bitcoin offers almost total anonymity. Deposits and withdrawals aren’t encumbered by the fees and delays imposed by banks and money-transfer services. Many governments don’t recognise Bitcoins as currency, so laws against gambling for money may not apply.
These are some of the reasons Bitcoin gambling has become such a hit. Experts say that 60% of Bitcoin transactions are made through online casino sites.
Whether you prefer slots, table games, poker tournaments, or sports betting, you can enjoy the benefits of Bitcoin gambling sites – without writing a line of Java or Python.
We can divide Bitcoin-friendly gambling sites into two categories. Some gambling sites support cryptocurrency banking as one option along with credit cards, debit cards, wire transfers, e-wallets, and online money-transfer services. Other sites are built specifically around cryptocurrency and the underlying blockchain technology.
Most Bitcoin gambling sites fall into the first category. These are online casinos, sportsbooks, and poker rooms that let you do your banking in multiple ways. Many accept currencies from around the world. It’s easy for them to add Bitcoin to the list of supported currencies. Instead of betting with dollars or euros, you’re betting with Bitcoin.
Because there are no fees associated with Bitcoin transactions, and because gambling online with cryptocurrency is not currently forbidden under American federal law, many well-established offshore gambling sites are encouraging users to switch to Bitcoins by offering better bonuses, promotions, and other incentives.
Some gambling websites are built specifically to cater to Bitcoin users. Crypto casinos often have special features to help users accumulate cryptocurrency funds. And many have Bitcoin casino games based on blockchain technology. Sometimes the source code for these games is available. Every spin of the wheel is recorded on the blockchain, and every game is provably fair at these exciting new BTC gambling sites.
You won’t find a huge selection of slots from big-name developers at BTC casinos, but if you’re tired of playing the same old games, you’ll be pleasantly surprised. When you sign up at a Bitcoin casino, you’ll enjoy access to unique games and banking features that add up to an original, unforgettable gambling experience.
Everything at these gambling sites is optimised around digital currencies. Everything from banking options and game selection to wagering requirements for collecting bonuses are custom-tailored to the benefit of the crypto community. BTC-only casinos offer a unique experience.
How To Buy Bitcoin
If you’re going to gamble with Bitcoins, you’ve got to have some Bitcoins. Because cryptocurrencies are based on advanced technology and they are still quite new, acquiring Bitcoins is a relatively complex matter. In fairness, it’s not as complex as opening a credit card account at a bank. But the process has some rough edges, specialised website and software applications, and unfamiliar terminology.
Don’t worry. We’ll walk you through it.
Your Bitcoin Wallet
Acquiring a BTC wallet is the first step you should take if you want to enjoy online gambling with Bitcoin.
You might be tempted to skip this step. When you purchase Bitcoins at an online exchange website (we’ll talk more about exchanges soon), the site establishes a temporary wallet for you. It is possible to leave your funds there. But it is not your wallet. It is not under your control. And unlike a bank account, it is not secured by deposit insurance. If the exchange gets hacked, your money is gone.
You need a wallet of your own.
A Bitcoin wallet is a program that runs on your PC, laptop, or mobile device. The wallet handles all the encryption and decryption chores associated with accessing your funds on the blockchain-based virtual ledger so you can enjoy BTC gambling.
Your crypto wallet works like any e-banking app. You log in, inspect your balance, and make payments by transferring money to other people’s accounts.
When you shop for a wallet, you’ll encounter the terms “hot” and “cold”.
A hot wallet keeps your crypto keys immediately available so you can access digital funds whenever you want. Think of it as a checking account where you keep money for day-to-day expenses.
Cold-storage wallets aren’t always connected to the blockchain through the internet. For example, the Ledger Nano X is a Bitcoin wallet implemented as a specialised hardware device that is online only when plugged into your PC’s USB port.
Either kind of wallet works great for banking at Bitcoin gambling platforms. Hot wallets are more convenient; cold wallets are more secure. If you’re serious about cryptocurrency, you may want one of each.
Wallets for Gamblers
Here are some popular wallets you can use for online gambling transactions.
Blockchain.info: This wallet is one of the most popular apps on the planet. This cross-platform wallet works great on mobile devices and desktop PCs alike. One of the internet’s oldest wallets, it has handled more than 100 million Bitcoin transactions.
Mycelium: It’s hard to beat Mycelium for Android. Its user-friendly interface makes sending and receiving Bitcoin as easy as it gets. The app is free from Google Apps, and you can interact with all the old and new Bitcoin casinos to be found on the internet without concerns about security or efficiency. Just relax and play the games. Mycelium is available for iOS devices, but the Android version is superior.
Breadwallet: Versions of this wallet are available for both Android and iOS mobile devices. Although it’s a good wallet for anyone, we think Breadwallet is an especially great choice for beginners. The easy-to-use wallet has only two screens: Send Money and Receive Money. It’s even easier than PayPal and other funds-transfer services. We recommend Breadwallet because it’s so easy. You can focus on cryptocurrency gambling without worrying about private keys and smart contracts.
Airbitz: This Android-compatible wallet has attracted a loyal following thanks to its unique features. One of our favorites is a business directory that will help you find the nearest poker room, restaurant, or retail shop that accepts Bitcoins.
All About Exchanges
Bitcoin exchanges work like stock exchanges. They set up a Bitcoin price so you can purchase cryptocurrency to fund your gambling account. Exchanges accept credit cards, debit cards, wire transfers, and other payment methods. Of course, you can purchase Bitcoins with other crypto funds as well.
Most cryptocurrency exchanges require you to complete client verification procedures. This is mainly because governments are beginning to tax crypto profits and suppress blockchain gambling transactions. Exchanges based in Europe are also subject to EU Know Your Customer regulations.
During the Cold War, Western countries made information-sharing agreements that have since been applied to financial transactions. The best-known is the Five Eyes agreement. Exchanges located in allied countries can be compelled to share user data with legal authorities in the other countries. Many crypto gamblers therefore avoid exchanges in the US, UK, Canada, Australia, New Zealand, Denmark, France, Holland, Norway, Germany, Belgium, Italy, Sweden, and Spain. Israel, Japan, Singapore, and South Korea are also known to comply with international information requests. If you’re serious about keeping your gambling activities private, find an exchange outside these countries.
Bitcoin Gambling With Faucet
Bitcoin faucets are website features that reward people with small amounts of Bitcoin currency for signing up for a newsletter, playing a game, or viewing ads. Faucets let you earn a small amount of crypto money so you can participate in paid gambling without funding all of the games yourself.
Our experience is that most sites with Bitcoin gambling faucets don’t offer a classic betting experience. Instead, they provide a selection of custom-developed simple games built on blockchain technology: dice games, prize drawings, pick-me games, and so on. If you play these games long enough, you will accumulate a Satoshi or two.
Inside the Bitcoin Casino
Although many online gambling establishments now accept Bitcoins and other cryptocurrencies alongside dollars, pounds, and euros, some casinos are purpose-built for crypto gambling.
These sites tend to specialise in specialty games that are written using blockchain technology. You won’t find Texas hold ’em or your favorite slots at a crypto-only casino. Among the internet’s most popular Bitcoin casinos are Satoshi Dice, Bitzino, Satoshibet, StrikeSapphire, BCLC, and Sportsbet.io.
These crypto gaming sites are popular because they provide anonymity, support fast financial transactions, and charge minimal fees for deposits and withdrawals (if they charge fees at all).
At a BTC casino site, there’s no need to fill out endless forms with personal information and credit card details. You can usually just deposit funds and start gambling.
When it comes to deposits and withdrawals, traditional online casinos pass along fees from banks – and most tack on a few charges of their own. Gamblers need to keep up with countless taxes and reporting requirements that compromise fun as well as and winnings.
With Bitcoin casinos, most of these costs are eradicated. Bitcoin casinos aren’t regulated by payment services or institutions, so transactions proceed at a minimal cost. BTC gambling winnings are not automatically reported to government tax authorities.
Every experienced gambler knows that online casinos sometimes conceal information from customers. Flashy images, huge jackpots, and fine print on the promotions page combine to set user expectations high, only to result in disappointment.
Bitcoin casinos are part of a culture that prizes transparency. Gambling platforms are straightforward, and games are often provably fair. Fees are disclosed in advance, and your odds of winning are both fair and explicitly shared.
BTC gambling sites are extremely convenient, especially for players from countries where gambling is restricted. With Bitcoin gambling, players can enjoy slots, card games, table games, and other gambling activities around the world. Players can make withdrawals and deposits instantly from anywhere in the world.
Bitcoin has exploded in popularity in the past few years, and as a result, traditional casinos have started to implement Bitcoin as a payment option. Although these operators still mostly deal in currencies such as the US Dollar and Euro, the adoption of Bitcoin transactions has given them positive public relations, and business growth. Bitcoin gambling is legal in some jurisdictions where it is illegal to gamble with conventional currencies, so accepting crypto funds helps casinos expand their markets.
How Do They Work?
At hybrid casinos, you make crypto deposits through the regular banking page. You’ll find “Bitcoin deposit” listed alongside payment options like credit cards, debit cards, PayPal, and wire transfer.
When you send a Bitcoin deposit to the casino, your funds will be converted into a fiat-based currency at equal value. There are generally no processing fees or additional charges.
Keep in mind that you won’t be betting with Bitcoin, but with a fiat currency.
The biggest difference between Bitcoin-only casinos and hybrid gambling sites that accept both crypto and fiat currencies is that Bitcoin casinos typically don’t require any personal information, so all of your gambling activities are anonymous. Hybrid casinos require personal information such as your home address, full name, and date of birth. They often require scanned documents as proof of identification before allowing you to withdraw your winnings.
When a player at a hybrid casino requests a Bitcoin payout, the funds are converted back into Bitcoins and are transferred to the player’s Bitcoin wallet.
Many hybrid casinos have been around for a long time and enjoy strong reputations in the gambling community. They are licensed by reliable government gambling regulators such as the UK Gambling Commission, Malta Gaming Authority, and other similar agencies that set rules for gambling operations and procedures to protect users’ funds and personal information.
Government regulators are known for monitoring the actions of every casino in their jurisdiction – except for Bitcoin gambling sites, which are less likely to be licensed. When they do acquire licenses, they tend to be from off-shore gambling commissions that don’t match the UK or Malta in authority.
Better Game Quality and Variety
At a hybrid casino, you’ll enjoy a good selection of excellent games. The games are usually sourced from well-known software-development houses that create the top games for desktop and mobile platforms. You’re also likely to find more games at a hybrid casino – hundreds or even thousands.
Various Payment Methods
Making deposits and withdrawals with Bitcoin is great, but sometimes you may need the money on your credit card or something else in a specific situation.
A new trend has emerged on online gaming platforms – blockchain gaming, in which not just the banking options, but the games themselves are built on the blockchain.
Here are some popular Android-compatible crypto games that you can find in the Google Play store. Depending on the casino and its policies, you may find that playing these games will earn you Bitcoins and other digital tokens.
Crop Bytes is a simulation game that runs well on Android and iOS devices. It is one of the crypto games that allow you to earn digital funds whilst playing. It is integrated with a wallet called Tron.
When you play this simulation, you can adopt your role. For instance, you can become a farmer, or maybe an investor or trader. You can even take on every role at once, for maximum in-game income.
The app allows you to perform crypto mining and crypto trading in an open market. The value of your assets depends on in-game market conditions based on the overall activity of all players. You can learn a lot about cryptocurrencies and digital economics by playing Crop Bytes at an online casino Bitcoin site.
Did you know that you can play space games on your smartphone and earn digital coins at the same time? You can, in 0xUniverse.
When you play 0xUniverse, you build the spacecraft you’ll ride as you explore new worlds, extract resources, and even purchase planets. This is not a free game: You must make an initial investment before you can play. The game requires a wallet called Arkane, and the rewards you earn are delivered in Ether, which you can convert to Bitcoins at any exchange.
Bitcoin Gambling Tips
Bitcoin gambling can be a lot of fun, but you must know what you are getting into. Remember that Bitcoin is different from conventional currencies. You must learn how to use wallets and exchanges so you can avoid common mistakes.
Bitcoin is extremely volatile. Its value varies from hour to hour, and some of the swings are quite extreme. It’s important to be careful when you gamble with this cryptocurrency.
Choose Reputable Casino Sites
Not all sites are created equal. Whilst most Bitcoin casinos are on the level, some are launched just to scam Bitcoin owners. Stick to the best Bitcoin casinos, licensed sites that prioritise keeping Bitcoin accounts secure. Then you can enjoy your gambling experience without the fear of being scammed.
Provably Fair Games
Provably fair gaming is a benefit of crypto gambling. When games are built using blockchain technology, games can be assessed as provably fair.
Some sites even publish the source code for their games so programmers who visit the sites can verify random results and fair payouts. Many track every roll of the dice and every card dealt so an audit trail is available.
Remember to limit your gambling money and time. Whether you’re playing at a classic site or exploring Bitcoin games, remember that luck is the most important factor governing wins and losses. Gambling can be an exciting hobby, but it can never be a sustainable source of income.
Frequently Asked Questions (FAQ)
Can you gamble with Bitcoin?
The online betting industry has embraced Bitcoin, and it seems like every day more online casinos offer to accept digital currencies for deposits and withdrawals. These casinos offer many options for players who want to bet their Bitcoins on various games, including traditional casino games, sports betting, lottery, bingo, and poker.
Are Bitcoin casinos legit?
Few countries regulate crypto casino websites the way they regulate traditional casinos. For now, Bitcoin casinos are neither officially legit nor prohibited. Government authorities are changing their attitudes toward Bitcoin rapidly. More and more countries are seeking to regulate cryptocurrencies and blockchain services.
Bitcoin gambling is not a legal way to launder money or hide big wins from tax agencies. National governments do not hesitate to pore through exchange website records to locate suspicious transactions. Fast, low-cost financial transactions justify the use of cryptocurrencies in gambling. Using anonymity to skirt the law does not. The industry is working hard to keep Bitcoin gambling legal.
How does Bitcoin gambling work?
Bitcoin casinos come in two flavors.
The first are pure cryptocurrency sites in which blockchain technology is employed not just in financial transfers, but also in building games of chance and guaranteeing their fairness. Blockchain technology helps casino operators guarantee the fairness of their websites and the games they provide.
Hybrid casinos allow you to deposit and withdraw Bitcoin and other digital currencies, but they convert the funds to traditional dollars or euros for internal bookkeeping. They have all the same real-money games as casinos that don’t accept Bitcoins. Hybrid casinos provide the best of both worlds by letting you enjoy a full suite of exciting games whilst you are gambling with Bitcoin and taking advantage of the speed and low cost of cryptocurrency transactions.