Bitcoin Online Casinos

There are so many options for bitcoin casinos that it can be overwhelming to choose one. Thankfully, along with all of those options, there are guides like this to help lead the way!

Bitcoin is a digital currency that you can use to purchase many things online all around the world. It’s a decentralized currency, meaning there isn’t a bank or country backing the funds. Bitcoins are mined on the internet through specialized programs or exchanged from currencies.

The blockchain is the peer-to-peer network system that holds the records of bitcoins. Every ten minutes, a new block in the blockchain confirms the transactions in that block. It can be a complicated process to mine bitcoin, which is why some prefer to exchange their fiat currency for bitcoin.

If you’re looking for more information about using bitcoin to fund your online casino account, you’re in the right place! This guide will give you a heads up about what to expect when you’re gambling at bitcoin casinos.

A Brief Overview

The first logged use of a bitcoin casino was in January 2014, at bitcasino.io. A few years later, sportsbet.io launched, becoming the first sportsbook to accept bitcoin. Since then, the number of casinos accepting bitcoin has expanded to include other gambler favorites.

Over time, bitcoin casinos have grown in popularity. The reviews from gamblers about them have been positive. Many players are impressed with the anonymity provided by using bitcoin to fund their online casino accounts.

Advantages of Playing at Bitcoin Casino

The most significant advantage is the security and efficiency of the transactions. The funds don’t have to go in and out of multiple accounts on the way to its destination. You can also use bitcoin from your mobile device.

Another advantage is that the fees for the transactions are lower than in other payment methods like debit and credit. There generally aren’t any fees to deposit or withdraw from the bitcoin casino.

Transactions at bitcoin casinos also use two-factor authentication. This authentication can come in many forms, from an SMS code to a QR code. All of these authentications make it easy for you to make transactions and make it difficult for others to use your account.

Is It Safe to Use Bitcoin?

Gamblers looking to play on bitcoin casinos can rest assured that it is safe to use bitcoins to gamble online. Many encryption processes occur during the transaction. These steps ensure that the transaction remains anonymous and untraceable to you.

Bitcoin uses other means to ensure anonymity as well, including a new address for your wallet for each transaction. You don’t need to link your e-wallet to your debit or credit accounts, so your personal information is never recorded.

That said, you should make sure you are using a legal and secure bitcoin casino as well. Check the reviews on the casino before you deposit and make sure they are up to snuff with other gamblers.

Deposit and Withdrawal Times

The beauty of bitcoin casinos is that you can deposit and withdraw with bitcoins. The process of using bitcoin is different compared to other payment methods. It’s different because of the two-factor authentication it requires.

It’s crucial to note that you must ensure whichever e-wallet you use allows transactions with online casinos. There are a few that don’t, and going against the terms and conditions of that e-wallet may result in losing your account with that provider.

Deposit

To deposit at a bitcoin casino, you need to have an e-wallet that is compatible with the casino, and bitcoins in that wallet ready to spend. Once the bitcoins deposit into your casino account, they will convert to the relevant currency.

Bitcoin casinos typically approve your bitcoin deposit after one confirmation from the blockchain. After that confirmation, the funds will be available in your account for play immediately.

Withdrawal

The process for withdrawing from your bitcoin casino to your e-wallet is straightforward. Select bitcoin at the cashier window of your online casino, and enter the address of your e-wallet. Then enter the amount you wish to withdraw.

The length of time it takes to withdraw from bitcoin casinos depends on the rules of the bitcoin casino. The withdrawal transaction may take up to 48 hours.

Bitcoin Casino Disadvantages

The most significant disadvantage of using bitcoin to fund your online casino account is that the bitcoin price fluctuates. So the amount you may have exchanged from fiat currency initially may not be the same amount you receive if or when you transfer it back.

Another slight disadvantage is that there is no customer service or live help desk to contact if you have a dispute. There is no bank involved, so that means there is no customer service. Once a transaction starts, it’s irreversible. You must make sure you have all your information correct before hitting send as there is no means to recover lost bitcoins.

Fees at Bitcoin Casinos

Typically casinos don’t charge for depositing or withdrawing using bitcoin. The lack of fees can be attributed to the fact that the casinos don’t incur any merchant charges as it would with other payment methods.

The bitcoin wallet that you use will charge you a transaction fee. This fee will pay the miner that creates the block in the blockchain that confirms your transaction. The miner has the opportunity to pick which transactions they include in the block they complete. Higher fees entice the miner to pick your transactions over others.

The longer it takes for your transaction to log in a block, the longer it will take to be confirmed at your bitcoin casino. The good news is that new blocks are created every ten minutes on average, so there are plenty of opportunities in a day for confirmation.

Overall Conclusion

Using bitcoin to fund your online casino can be a valuable option if you wish. There are quite a few advantages, such as encrypted transactions and low fees. Mobile accessibility is also a significant advantage. If you’re looking to play at bitcoin casinos, then make sure to check out our top casinos list!