What are Bitcoin casino and Bitcoins?
Bitcoins are an online payment system and digital currency. Bitcoin uses unique software called „Wallet“, which is stored on the owner’s computer, and allows them to use Bitcoins to pay for goods and services all across the world. The software is completely open source, which means that it is not owned by a single entity and can be used by all people around the world.
Bitcoins can be exchanged for any currency. However, it is possible to obtain Bitcoins by a process called „mining,“ which involves using your own computer to perform complex calculations and thus create new Bitcoins. This option is, however, too intensive and is not worthwhile for most people nowadays, so the easier option is to go to an online Bitcoin exchange website to buy Bitcoins with your own money.
A person can use Bitcoins to make payments to both individuals and businesses. This virtual currency appeals to many people because of the extremely low transaction fees, compared to credit cards or payment systems such as PayPal. Bitcoins can also be sent directly from a computer, tablet or smartphone. Advocates of Bitcoins argue that the system uses the highest standards to ensure maximum security for users.
Are Bitcoin Casinos legal?
Most Bitcoin casinos operate in a very unregulated area of the law, which means that many of these casinos generally do not have a compulsive gambling licence. However, most governments and legal systems view Bitcoins as a commercial commodity rather than a currency. So whilst it is legal today to play with Bitcoins in online Bitcoin casinos, the law could change in the future.
Can I use Bitcoins?
Yes but you must have some Bitcoins in your e-wallet before you can start playing in online Bitcoins casinos. If you have not already done so, you must purchase some Bitcoins from a swap or other vendors. Once you have some Bitcoins, the process is no different than a deposit using any other payment method. Just log in with your casino account, click Deposit (or the relevant section in your casino), and choose Bitcoins as the payment method. You can then follow the instructions on the screen to complete the transaction.
Payouts via Bitcoins are just as simple a process as paying with any other payment method. You only need to select Bitcoin’s payment method from the list of options to apply for a withdrawal. More importantly, when paying via Bitcoins, the transaction is completed faster than almost all other payment methods in the network. For this reason, many players actually prefer to pay out their Bitcoins after each game session, because there is no reason not to do so. You can quickly add additional Bitcoins to your account if you decide to continue playing. It should also be mentioned that there are no fees for deposit and withdrawal with Bitcoins and that these payment methods allow instant transactions.
Do you have to verify with Bitcoin casinos?
While regular online casinos require their customers to go through an identity check to register or withdrawal, you only have to provide Bitcoin Casinos with your unique Bitcoin ID. This will prevent anyone from ever getting hold of your name, address or credit card details and minimizes the risk of a hacker stealing or cloning your identity.
What should you look out for at Bitcoin casinos?
This should be an important factor, whether you use Bitcoins or any other payment method for your casino account. While Bitcoins offer a very secure method of payment, you should also consider whether the casino is safe from other risks, such as identity theft. Legitimate websites will also clearly display a relevant gambling code or other regulations on their website. Every Bitcoin casino should meet modern standards to ensure the security of your data.
Software refers to the technologies that are used to provide an online casino experience on your PC or a mobile device, and how they work in use. The software used will affect the range of games that are available, and how much fun you will have while playing. All casinos should offer a basic selection such as Roulette, Blackjack and Poker, while additional games and options are often dictated by what platform the casino uses, (this is especially the case with slot game games). There are also various software providers, but the most important thing is to find a game you will enjoy playing.
Bonuses and promotions:
You can also search for a Bitcoin Casino using any search engine, and compare to see which one offers you the best welcome bonuses. However, bonuses should never be the only essential criteria. Your first priority when you choose a Bitcoin casino should be a choosing well-known, trustworthy provider who has a good selection of your favourite games and secure features. Bonuses are just a pleasant way to get an extra treat. Also, remember that most bonuses include both constraints and conditions and are not really „free money“. However, it is always nice to have a bit more money to play around with.
You will obviously be looking for a casino site that offers a good user experience. The only safe way is to review all available reviews for a Bitcoin casino and ensure that they have positive feedback. However, do not be fooled by 100% satisfaction ratings, as these can often be a sign of manipulation or false advertising . Look for overall positive opinions, but do not be distracted by individual negative reviews.
Although you will use Bitcoins as your primary payment method, it is always a good idea to know the other methods of deposit and withdrawal that are available to you. Keep an eye out for special restrictions and rules, so you are certain that you can always have access to your money. Also pay attention to excessive fees for withdrawals and other factors that could become a problem over time.
What are the advantages of Bitcoin casinos compared to online casinos with the usual payment methods?
Let’s take a quick look at some good reasons for selecting a casino that accepts Bitcoins:
- Bitcoins allow you to make payments on the Internet without revealing who you are, enabling you to play in casinos without revealing your true identity.
- Bitcoins are an extremely secure payment system, regardless of the security measures taken by the casino. It is also a very safe way of paying funds in and withdrawing funds out.
- Transaction costs are more or less non-existent with Bitcoins: they are largely voluntary. Possible charges are generally low and substantially lower than other payment systems; your transactions process faster.
- If you do not mind waiting for Bitcoin to process, you can avoid transaction costs altogether.
What are the disadvantages of Bitcoin casinos compared to online casinos with the usual payment methods?
The biggest problem with using Bitcoins as your payment method is the fact that there are a relatively small number of casinos that accept Bitcoins. This could narrow your selection somewhat and you will occasionally find that casinos that do accept Bitcoins may not offer your favorite games.
Bitcoin is not necessarily a simple payment method because you will need to install special software on your device to use this virtual currency. You also need to use an exchange or other Bitcoin providers to buy Bitcoins, which takes up time before you can play with these Bitcoins in a casino.
One of the biggest problems with Bitcoins is also one of their main advantages, because governments do not regulate this currency. This brings many advantages but also some disadvantages, because if a casino suddenly closes and take your Bitcoins with it, you only have a few possibilities for compensation as a customer. Furthermore, all Bitcoin payments are irreversible and final once the transaction has been completed.
Are Bitcoin Casinos Serious?
Bitcoin casinos differ from regular online casinos, because they have only a house advantage of 0.5 to 2%, which can be between 3 to 15% in other types of casinos (depending on game and software provider). With a much lower house advantage in a Bitcoin casino, players have a higher chance of winning. There are also some Bitcoin casinos that use a regular house advantage but these are mostly an exception. It is worth knowing that all legitimate Bitcoin casinos list their house advantage along with proof on their home page.