Online Bitcoin Casinos
Before we get into Online 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. Being a digital currency, it operates in the same way as a credit card, debit card or pay by phone works, Bitcoin is simply another form of currency. However unlike cash, there’s a limited amount of bitcoin readily available.
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Bitcoin Casinos Explained
Bitcoin Casinos are therefore Casinos accepting Bitcoin or any other form of cryptocurrency as a form of deposit and payout. In summary Bitcoin is an online digital currrency. Should you be a Bitcoin holder or Hodler as they’re known, then you’re likely to want your bitcoin holdings to increase. However there are only very few strategies to see this come true, mainly;
- Hodling – Keeping your Bitcoin locked up and 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 you can stake it in an Online Bitcoin Casino and hope it’s your lucky moment to hit a big win.
If however you’re still unsure about what Bitcoin is, nevertheless feel as though it’s a currency you’d like to have specifically for gambling, then here at which casinos, we have compiled a brief summary of what bitcoin is and how it works, and if you’re confident in using online bitcoin casinos, pick out from the charts we’ve laid out for you above.
Online Casinos Accepting Bitcoin
In many ways when you’re ready to use Bitcoin as a form of currency when depositing onto an online bitcoin casino or gambling sites, would mean you already have an understanding of the blockchain technology in which it sits on. It’s also important to understand that all Bitcoin Casinos operate on Provably Fair Gambling, let’s look into what that is.
Provably Fair Gambling
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.
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 a place called 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.
Gamble with Bitcoin Casinos
Although it has taken you a while to get your head around Bitcoin, then don’t worry as it has taken the online casinos a little while to catch up with everything as well, with only a select few now ‘Online Bitcoin Casinos’ accepting Bitcoin 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 is possible to play at certain online casinos using Bitcoin as well as other cryptocurrencies, although there are certainly better options out there. If you do fancy using this method of deposit and withdrawal though, be sure to check our list of casinos to find the one with the welcome offer of your choice.
Our Top Online Bitcoin Casinos Include:
#1. Trust Dice
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 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.
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.
#5. True Flip
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.