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
Top 10 Cryptocurrencies
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 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 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:
#1. Crypto Thrills
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.
#4. 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 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.
#6. 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.
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.
Top 10 Cryptocurrencies – Bitcoin Casinos
Below is a list of the Top 10 crypto currencies as per coinmarketcap. 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.
How are the Top 10 Cryptocurrencies Ranked?
The below Top 10 cryptocurrencies are ranked as per market cap and the current value they hold.
Cryptocurrency based online casinos or bitcoin casinos won’t necessarily always accept the top 10. It could be a mixture between Bitcoin only, or Bitcoin along with some of the top 10.
Alternatively Bitcoin Casinos could be using a specific token based on a project.
An example of this would be FunFair (FUN), which ranks at 162 but was designed for online gambling and is used by some bitcoin casinos.
Bitcoin (BTC) – Accepted by Bitcoin Casinos
Market cap: $198,801,144,246
Bitcoin Casinos Rating: 10/10
What Is Bitcoin?
Bitcoin is a completely decentralized digital cryptocurrency. Unlike the US dollar that you can hold in your hand (or in your bank account), there is no central authority or centralized payment system controlling Bitcoin.
Instead, Bitcoin operates on a peer-to-peer network that allows anyone in the world to send and receive Bitcoin without any middleman (like a bank, central bank or payment processor).
Although there are thousands of cryptocurrencies, Bitcoin was the very first cryptocurrency ever created. On the 31st of October 2008 a person (or group of people) under the pseudonym “Satoshi Nakamoto” published the now-world famous Bitcoin white paper.
The first line reads: “A purely peer-to-peer version of electronic cash, which would allow online payments to be sent directly from one party to another without going through a financial institution.”
The Bitcoin network then launched on the 3rd of January 2009. Marking the start of the cryptocurrency revolution.
Bitcoin is accepted with 99% of all bitcoin casinos. Unless the bitcoin casino has launched their gambling site based on a particular token.
Ethereum (ETH) – Mostly Accepted by Bitcoin Casinos
Market cap: $39,905,511,406
Bitcoin Casinos Rating: 8/10
What Is Ethereum?
Ethereum is a smart contract platform that enables developers to build decentralized applications (DApps) on its blockchain. Also known as Ether (ETH) is the native digital currency of the Ethereum platform founded by Vitalik Buterin in 2013.
How Does Ethereum Work?
Vitalik Buterin first created Ethereum in 2013. With the idea of developing an open-source blockchain platform different from Bitcoin (BTC), thus pioneering smart contracts.
On the Ethereum blockchain, a smart contract behaves like a self-operating computer program. It automatically executes when specific conditions are met. The Ethereum network went live on the 30th of July 2015, with 73 million Ether pre-mined
What Is Ethereum Used For?
The Ethereum platform is used by developers to build new kinds of DApps. The DApps which can have a variety of uses ranging from the creation of new digital assets to building decentralized autonomous organizations and more.
Anyone around the world is able to freely connect to the Ethereum network.
Ether, the native currency of the Ethereum blockchain, is also used as digital money. It can be sent to anyone in the world instantly. Ether can be used as a form of payment or a store of value.
Similar to Bitcoin in terms of acceptance. Ethereum being the 2nd largest cryptocurrency means it’s widely accepted by Bitcoin Casinos or other Cryptocurrencies.
Tether (USDT) – Accepted by Few Bitcoin Casinos
Bitcoin Casinos Rating: 4/10
Tether (USDT), is a cryptocurrency with a value meant to mirror the value of the U.S. dollar.
The idea was to create a stable cryptocurrency that can be used like digital dollars.
Coins that serve this purpose of being a stable dollar substitute are called “stable coins.”
According to their site, Tether converts cash into digital currency, to anchor or “tether” the value of the coin to the price of national currencies like the US dollar.
Despite Tether being a stable coin linked to the US Dollar. It’s yet to be widely accepted by Bitcoin Casinos or other Cryptocurrency Gambling platforms. This could be because it works similar to standard currency/fiat.
XRP – Not Widely Accepted by Bitcoin Casinos
Bitcoin Casinos Rating: 2/10
XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger.
While RippleNet is run by a company called Ripple. The XRP Ledger is open-source and is not based on the blockchain, but rather the ledger database.
The RippleNet payment platform is a real-time gross settlement (RTGS) system that aims to enable instant cash transactions globally. While XRP is the cryptocurrency native to the XRP Ledger, you can actually use any currency to transact on the platform.
The idea behind the Ripple payment platform was first voiced in 2004 by Ryan Fugger. It wasn’t until Jed McCaleb and Chris Larson took over the project in 2012 that Ripple began to be built.
Although XRP has been trying to implement itself into financial institutions, it’s hardly recognised by Bitcoin Casinos.
Bitcoin Cash (BCH) – Accepted by Most Bitcoin Casinos
Bitcoin Casinos Rating: 8/10
Sitting in the top 5, Bitcoin Cash (BCH) also known as Bitcoin ABC, is a hard fork of the original Bitcoin blockchain. The fork of Bitcoin took place on the 1st of August 2017, with the purpose of updating the block size to 8MB.
On the 16th of November 2018, BCH was hard forked for a second time and split into Bitcoin SV (Satoshi’s Vision) and Bitcoin ABC. Bitcoin ABC became the dominant chain and took over the BCH ticker, as it had more hashpower and the majority of nodes in the network.
BCH had its most recent halving on April 8, 2020, when its block reward was reduced to 6.25, instead of 12.5, which means less Bitcoin Cash availability.
The Difference Between Bitcoin and Bitcoin Cash
Aiming to make the block size bigger, Bitcoin Cash’s technology is more scalable and processes more transactions per second. Enabling the use of the cryptocurrency as a means of payment, rather than a store of value.
As a rule, Bitcoin Cash transaction fees are generally lower than those of Bitcoin.
This argument is based on the Bitcoin’s transaction processing time is too slow to ever allow for the scaling needed to replace traditional payment systems like Visa and Mastercard.
While Bitcoin blocks are 1MB and can process between 2-7 transactions per second, Visa can process around 1,700 transactions per second.
The 2017 hard fork over block size was contentious, and came about following the introduction of the idea of SegWit2x, a second-layer scaling solution.
Bitcoin Cash is widely accepted by Bitcoin Casinos due to it’s structure of being faster to transact than Bitcoin.
Bitcoin SV (BSV) – Not Widely Accepted by Bitcoin Casinos
Bitcoin Casinos Rating: 1/10
Know to others as Satoshi’s Vision, Bitcoin SV stems from a hard fork that split Bitcoin Cash into two different digital currencies on the 15th of November 2018.
The hard fork resulted in a hash war that determined how the chains would be split, resulting in Bitcoin SV and Bitcoin ABC.
In the end Bitcoin ABC became the dominant chain and took over the BCH ticker, while Bitcoin SV has its own ticker. According to their website, the Bitcoin SV project is primarily backed by CoinGeek Mining with development work by nChain.
However, Bitcoin SV claims a strict adherence to Satoshi Nakamoto’s vision for the original Bitcoin. With the original Bitcoin white paper serving as a core document for the project.
Bitcoin SV is hardly accepted by Bitcoin Casinos. Unlike Bitcoin Cash, this is down to preference with more people preferring to work with Bitcoin Cash.
Litecoin (LTC) – Widely Accepted by Bitcoin Casinos
Bitcoin Casinos Rating: 7/10
Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee, a former Google employee, in 2011.
The cryptocurrency was created based on the Bitcoin protocol. But it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin was released via an open-source client on GitHub in October 2011. The Litecoin Network went live five days later.
Lee’s intention behind Litecoin was to create a “lite version of Bitcoin”. Its developers have always stated that Litecoin can be seen as the “silver” to Bitcoin’s “gold.”
Litecoin differs from Bitcoin in its prioritization of transaction confirmation speed, which is about 2.5 minutes per block. However, Litecoin users may have to wait up to around 30 minutes for their transaction to be processed due to network congestion.
Litecoin is accepted at a variety of merchants, such as Microsoft, Newegg, Lolli (who you can use for Hilton Hotels, GoDaddy, Gap, Macy’s etc).
As with Bitcoin, Litecoin is widely accepted by Bitcoin Casinos for it’s ability to fulfill financial transactions faster than Bitcoin. It has also managed to get implemented by a variety of recognised retail institutions.
Binance Coin (BNB) – Not Widely Accepted by Bitcoin Casinos
Bitcoin Casinos Rating: 2/10
Also known as BNB was launched through an initial coin offering in 2017, 11 days before the Binance cryptocurrency exchange went online.
The Binance exchange is the largest of the cryptocurrency exchanges founded by Changpeng Zhao.
BNB can be used as a payment method, a utility token to pay for fees on the Binance exchange and for participation in token sales on the Binance launchpad.
The Binance coin although being one of the most successful projects in the cryptocurrency industry, has yet to be implemented and accepted by Bitcoin Casinos. There’s a high chance we’ll witness more Crypto Gambling sites accepting BNB.
EOS – Not Widely Accepted by Bitcoin Casinos
Bitcoin Casinos Rating: 6/10
EOSIO blockchain is a decentralized system that is powered by its native cryptocurrency, EOS, and supports DApps on its platform. Its native EOS tokens are often used for business purposes and can be used as a “stake” for funding DApps in the EOS ecosystem.
Introduced in May 2017 by block.one, EOS does not stand for anything specific. This is because its creators have never formally defined it. Dan Larimer, who founded Bitshares and Steem, is the CTO of block.one.
The EOS protocol acts like Google’s Play Store and Apple’s App store. Emulating most of the attributes of a real computer, including hardware (CPU(s) & GPU(s) for processing, local/RAM memory and hard-disk storage.
The direction EOS is taking in terms of development will see this token more widely accepted by by Bitcoin Casinos. However at the moment only a few Bitcoin Casinos or cryptocurrency gambling sites accept it.
Cardano (ADA) – Not Widely Accepted by Bitcoin Casinos
Bitcoin Casinos Rating: 3/10
Also known as ADA, Cardano is a decentralized platform that will allow complex programmable transfers of value in a secure and scalable fashion.
Founded by Charles Hoskinson, its development started in 2015, and it then raised around $60 million in an ICO in 2017 before its release.
The Genius Behind Cardano
Hoskinson was also one of the founders of Ethereum. Cardano is reportedly the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.
The objective for Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed.
The project will use a democratic governance system that allows the project to evolve over time, and fund itself sustainably through a treasury system.
This project aims to combine users’ need for privacy with regulation, so that Cardano’s style of regulated computing will foster greater financial inclusion.
Perhaps one of the most favoured cryptocurrency projects. Cardano is likely to be more widely accepted by Bitcoin Casinos once it goes mainstream. However at the moment the vast majority of Bitcoin Casinos don’t accept it.