Before we get into Bitcoin Casinos, let’s define what Bitcoin is. Bitcoin is a controversial digital currency that’s been seen as one of the greatest financial technological advancements ever seen. Bitcoins idea to exist, come from the 2008 financial crash that showed the inequality and financial imbalance between the Governments, Banks vs the general public.
Foundations of Bitcoin
Bitcoin Casinos Explained
Increasing Cryptocurrency Holdings
Provably Fair Gambling
What is Blockchain Technology
Top Online Bitcoin Casinos
Advantages & Disadvantages of Using Crypto Casinos
Foundations of Bitcoin
Its founder(s) with the pseudonym ‘Satoshi Nakamoto’, created Bitcoin with one objective in mind, to replace the intermediate and trust vested on centralised financial institutions.
Being a digital currency, it operates in the same way as a credit or debit card or pay by phone works.
Bitcoin is simply another form of currency. However, unlike cash, there is a limited supply available, it also isn’t controlled by a central entity such as a bank.
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Bitcoin Casinos Explained
Simply put, Bitcoin Casinos are online Casinos accepting Bitcoin or any other form of cryptocurrency as a form of deposit and payout. Other top accepted cryptocurrencies include names such as, Ethereum, Bitcoin Cash and Litecoin.
In summary Bitcoin as well as all other cryptocurrencies are online digital currencies.
Uniqueness of Cryptocurrency Casinos
Majority of cryptocurrency casinos operate using ‘blockchain technology’, this technology is the same technology responsible for the birth of bitcoin and all other cryptocurrencies. To that, most cryptocurrency casinos use Provably Fair software, eliminating the outcome of a game being fraudulent, as it allows you to confirm the outcome. More on both topics below.
One other unique aspect Bitcoin Casinos have, is their incredibly lightening fast withdrawals, generally ranging from 3-10 seconds.
How do I increase my Bitcoin or cryptocurrency holdings?
Should you be a Bitcoin holder or Hodler as they’re known, then you’re likely to want your bitcoin holdings, or other cryptocurrency stash, to increase. However there are only very few strategies to see this come true, mainly;
- Hodling – Keeping your Bitcoin or other crypto locked up in an interest earning account such as BlockFi which pays 8% APY, while waiting for the value to increase dramatically.
- Trading – Using an exchange to trade Bitcoin during its volatile stages, buying when low and selling when high then repeating
- Gambling – Holding on to Bitcoin is a form of gambling as you’re staking Bitcoin in hope its value increases far more than when you bought it. However should you love slots and feel lucky, you can stake it in an Online Bitcoin Casino. The added advantage of receiving a bonus that increases what you play with.
Understanding Bitcoin Casinos
In many ways when you’re ready to use Bitcoin as a form of currency when depositing into an online bitcoin casino or gambling site, would mean you already have an understanding of the blockchain technology in which it sits on.
It’s also important to understand that most Bitcoin or Cryptocurrency Casinos operate on Provably Fair Gambling, let’s look into what that is.
Provably Fair Gambling – Bitcoin Casinos
Provably fair gambling removes the thought of any game being rigged. When playing at any online bitcoin or cryptocurrency casino, whether you’re new or have visited the casino website many times. You are placing your trust in that casino and expect the outcomes of their games to be fair.
It’s an age-old concern from players if indeed the online casino is being fair on the outcome of the result. Therefore, the Bitcoin community came up with a process using the blockchain of which players can check that games and outcome were fair. This is known as ‘provably fair gambling’, therefore with every roll of the dice or turn of a card, players can verify in real time that the results haven’t been tampered with.
What is Blockchain Technology?
Perhaps the easiest and most important way of describing blockchain as a public ledger that stores each transaction without being able to be edited or deleted. Blockchain is built via a chain of blocks, not in the sense as you know it, but as in the block is the digital storage area while the chain is the public database to which it’s stored on.
Using Blockchain Tech for Bitcoin Casinos
- Blocks store information about transactions like the date, time, and dollar amount of your most recent
- Blocks store information about who is participating in transactions. A block created for the purchase you’ve made will record all the transaction information. However instead of using your actual name, your purchase is recorded without any identifying information using a unique “digital signature”.
- Blocks store information that distinguishes them from other blocks. Much like cars have different number plates or serial codes, each block stores a unique code called a “hash” that allows us to tell it apart from every other block, even if you decided to create a new transaction of the exact product, it will have a new unique hash designated to it.
Bitcoin and Digital Currencies
As the ideas of what would go into the blockchain were going around within computer science communities, it was the pseudonymous founder and developer of bitcoin (BTC), Satoshi Nakamoto, who outlined the blockchain as we know it in the white paper for BTC. In this way, blockchain technology began with bitcoin and then other cryptocurrencies were born such as Bitcoin cash, Ethereum, Litecoin and thousands of many others.
Value through demand
One thing that might be slightly tricky to get your head around is that cyptocurrencies like Bitcoin don’t come out of a central bank, instead the actual monetary value is stored solely online in the blockchain. Rather like stocks and shares, the value in Bitcoin relies upon the demand for it, meaning the higher the demand, the higher the value of Bitcoin.
The fact that it is solely affected by market forces means that the value can be quite volatile. This coupled with the relative anonymity with which you can acquire and spend Bitcoin mean that it can be a little tricky to spend on gambling should you wish to use this method of deposit.
Importantly to note online casinos that deal exclusively in Bitcoin, where you deposit and play using the cryptocurrency are very much few and far between at the minute thanks to the volatility we explained earlier. This is also a factor as given the fact you play in cash, it is more than likely you will have to withdraw into cash rather than convert your winnings back into Bitcoin.
Online Casino Accepting Bitcoin
Although it may have taken you a while to get your head around Bitcoin, don’t worry, as it has taken online casinos a little while to catch up with the technology. Only a select few online casinos actively accept Bitcoin or other cryptocurrencies as a means of deposit. That said, the number of online casinos accepting this form of deposit is likely to increase over the coming years
All in all, it’s possible to play at certain online casinos using Bitcoin as well as other cryptocurrencies. Although there are certainly better options out there, such as playing at a full on bitcoin casino.
If you want the best chicken, you don’t go to a pizzeria, you find yourself a chicken shop, the same applies to choosing online casinos vs bitcoins casinos.
Our Top Online Bitcoin Casinos Include:
Owned by AffDynasty Group and licensed through SSC Entertainment N.V., Da Vinci’s Gold Casino is a mobile-friendly and Curacao-licensed casino that’s been operating since 2005.
DaVinci’s Gold Casino proudly proclaims it is the ‘Number one bitcoin casino in the world’ on its landing page, and it is certainly one of the most cryptocurrency-friendly casino sites we have come across. Join the casino today and get either 5 free daily spins for a whole year or up to 300% Bitcoin Welcome offer.
Founded in 2019 by Genesys N.V., Crypto thrills casino is a new Provably Fair, online cryptocurrency casino. Unlike most online crypto casinos, Crypto thrills casino accepts a variety of countries. Including the United States of America. Offering a 300% up to 1BTC Exclusive Bonus Offer and over 323 games to choose from.
Established in 2013,Cloudbet is the world’s leading cryptocurrency sportsbook and casino platform, fully licensed and regulated with satisfied customers in over 100 countries, accepting Bitcoin, Ethereum and Bitcoin Cash for deposits, withdrawals and betting.
Launched way back in 2014, BitStarz Casino began life as a “just another Bitcoin casino.” Shortly after, BitStarz also started to accept fiat currencies, striking out in a major way, becoming the first fully regulated online casino in the world to accept both fiat and cryptocurrencies. Since the early then, BitStarz has gone from strength to strength, becoming one of the most prestigious online casinos in the gambling world.
Founded in 2018, by software giant, Provably Fair, Trust Dice Casino has been designed with the Bitcoin gambler in mind from design concept, bonuses, jackpots, free bonuses as well as multi-coin faucet. Most importantly, Trust Dice Casino is also one of the first casinos to accept EOS payments, opening a market that has a lot of potential.
Established in the early stage of 2014, Fortunejack Casino team foresaw the emergence of the blockchain technologies and capitalized on the opportunities presented at the time. Since the date of establishment, Fortunejack has been growing exponentially, increasing its user quantities daily. The casino offers an extremely wide variety of games, slots and sportsbook options.
Launched in 2016 after a successful crowdfunding campaign. Since that time the platform has grown into a multi-provider casino offering its users a wide number of various games, convenient payment options, generous bonuses and ever-growing community of players. The website is powered by the world known providers in the field: Yggdrasil, NetEnt, Quickspin, Play’n GO, BGaming, Amatic, Edict and others. The website navigation is user friendly and intuitive for players’ convenience.
Visitors to mBit Casino will come across hundreds of different slot machine themes, all of which provide different gameplay styles. There are lots of popular slot titles such as Greedy Goblins, Mr. Vegas and At the Copa – all of which include a progressive jackpot prize to be won. Players will also be able to enjoy a good assortment of less popular slot machine titles with some quite unique and interesting themes.
Established back in 2014, 7BitCasino are a fiat and cryptocurrency online casino. They have more than 2000 games with new games being added to the list constantly. 7bit casino works with a variety of crypto and fiat currencies through offering multiple payment methods. The casino is continuously rewarding its loyal players with bonuses, free spins and tournaments.
JoyCasino is styled against a metal backdrop, with rivets, cogs, and chain imagery. The theme allows for a clean layout for what could otherwise be a cluttered format, with lots of elements. As a modern online casino, JoyCasino is linked through social media, with icons allowing you to sign in through Google, LinkedIn, Yahoo, Twitter, and Facebook displayed in the top menu bar.
Players from Norway, Canada and Finland are accepted at this cryptocurrrency casino.
GunsBet Casino is an Australian online casino with an old-time ‘Wild West’ theme, more than 1000 slots and other games, and multiple payment options, including BitCoin.
Established in 2017 by Direx N.V. a group of self-proclaimed casino ‘veterans’ Gunsbet is widely regarded as the best online casino in Australia, and is also popular in European countries, despite its restrictions. It is not available to UK players
Accepted countries include, Australia, Canada, New Zealand to name a few.
Advantages of Using Cryptocurrency Casinos
Deciding to play at crypto casinos does have its advantages, although this user base still has a long way to go, before it is mass adopted by online casino players:
Big bonuses matched with ongoing reward programs
Top of the range visuals not seen in standard online casinos
Crypto or Bitcoin casinos have become more recognisable than standard online casinos
Super-fast withdrawals, the fastest being around 5 seconds
Most cryptocurrency casinos now accept debit cards to purchase tokens or cryptocurrencies directly without the need of an exchange
Some payment providers such as Skrill, offer all the popular cryptocurrencies within your account which can be credited to your Skrill account
Highly secure and safe, online wallets use 2 AF authentication as well as secret questions for verification. Hardware wallets are also available, these are like a usb drive to which users can move their cryptocurrency from an online exchange to their wallet to avoid being hacked.
Disadvantages of Using Cryptocurrency Casinos
Despite the evolutionary positive’s cryptocurrencies hold, there are still a number of concerns to address:
Cryptocurrencies are incredibly volatile and high risk, therefore a purchase of £100 today could be worth £500 or £0.00 tomorrow.
Getting hold of cryptocurrency for a first-time user is not straight forward and entails dreadful process that is likely to put off many new users.
Depositing cryptocurrency into your chosen casino account can take a while and is not as instant as other payment methods
Bitcoin is the preferred cryptocurrency of use across most online casino platforms, but is not cheap to purchase
This technology is currently only enjoyed by cryptocurrency enthusiasts as it takes some time to learn and get your head around how it works, how and where to purchase.
The use of long addresses used to transfer funds opens problems to mistakes of missing a digit, should this happen your cryptocurrency could be lost and cannot be retrieved.
There’s more institutional adoption from large organisations, such as Tesla, PayPal, Visa, Amazon which should see others follow and accept bitcoin.
Cryptocurrencies Summarised – Bitcoin Casinos
Although the name everyone’s familiar with is Bitcoin, there are a number of other cryptocurrencies, that are also accepted at bitcoin casinos.
To date there’s thousands of cryptocurrencies available. Each project being born with added value for its reason of existence, in terms of how we work, purchase, or monitor everything in our everyday life. Using the blockchain means it’s more reliable and cannot be manipulated or hacked.
Purchasing cryptocurrencies isn’t the same as buying shares of a business. Purchasing token gives you voting power to be able to have more of a say with development and direction, should you decide to get involved.
Alternatively, you could be a ‘Hodler’ someone who holds on to a token(s) in hope they make you some good profits in future. Or you could be a trader, which is someone who buys the tokens on their way down and sells them on their way up, taking the profits in between.
A Cryptocurrency project will normally launch a ‘whitepaper’, which describes and sets out the project roadmap. Which cover, the why, how, when to its creation and what it intends to achieve.
The cryptocurrency owners will have details of the availability tokens for pre-purchase. Any interested parties would have to fill in a ‘form of interest’ together with submitting KYC info.
A lottery is then carried out. If selected, you can purchase the token at an agreed price. Although this captures many interested people’s attention.
Given the volatility of cryptocurrencies, others tend to wait up to a year after the token is on an exchange. As there’s a high chance of a market drop resulting in purchasing the token at much lower prices than pre-stage.
The funds generated during token sells are what’s used to fund the project.
Majority of cryptocurrency projects tend to fail. The early years witnessed most being setup as scams. However since the securities commission (SEC) stepped in, many of these have disappeared. However, scams are still very much in play.