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Cryptocurrency gambling is one of the fastest growing corners of the online casino industry. New Bitcoin casinos open each month and, thanks to various unique aspects of Bitcoin itself, their popularity continues to grow.
That said, there are plenty of scam casinos around too. Since cryptocurrency gambling is still largely unregulated, it’s a little bit trickier to find a reputable Bitcoin casino than it is a traditional iGaming venue. However, we’ve listed loads for you here to make it that little bit easier.
In this article you’ll learn:
- About the currency – its history and design
- How to use it at an online casino
- How to stay safe using the currency when gambling
Bitcoin is a decentralized, purely digital currency and payments network. Unlike traditional government currencies like the rupee, or payment methods like VISA, this cryptocurrency does not rely on any single entity to issue it or to verify transactions. This makes payments much faster, cheaper, and more final than any bank or payment processor can offer. It also means that no party can block a transaction, like a bank or payment processor might do.
An anonymous developer or group of developers created this cryptocurrency in late 2008. They launched it on an obscure cryptography forum. The launch occurred following the 2008 financial crisis that rocked global markets. Many people believe that the decentralized design of the system was an effort to create a form of money that was free from the manipulation of central bankers.
Perhaps the most striking aspect of the currency’s design is its strictly limited supply. There will only ever be 21 million units of the currency. Enforcing this network rule is the largest and most powerful network of computers the planet has ever known. Thanks to this scarcity, many of the currency’s proponents liken the asset to a commodity – like gold, over a currency – like the dollar or rupee.
The currency system has functioned perfectly with near 100 percent up time since 2009. Whereas other financial networks must perform routine maintenance and update security procedures, the currency needs little support. As a decentralized currency, there is no specific company that maintains the network for the currency. Any upgrades that do occur are the result of open source contributions from a dedicated global network of developers.
Thanks to its speed, low cost, and the fact that transactions require no permission whatsoever, the currency attracted the interest of gambling companies early on. There now exist many dedicated cryptocurrency casinos and even some that accept both traditional payment methods and other cryptocurrencies including this one.
How to Play at Bitcoin Casinos
Unless you’re using a no deposit bonus, you’re going to need some Bitcoin to play at a Bitcoin online casino. There are a few different ways to get hold of some:
- Earn some from an employer – many freelance opportunities pay in the currency these days. It’s great for fast global payments and there is zero risk of charge-back after you receive payment
- Receive some as a gift. If you’re lucky enough to know someone with some Bitcoin, they might be willing to gift you some
- Buy some at a peer-to-peer marketplace like LocalBitcoins
- Buy at a brokerage (like Coinbase) or an exchange (like Gemini)
The exact method you use will depend on your own circumstances and available payment methods. Exchanges or brokerages will usually require you submit a lot of identification documents and it can take some time to set up an account. You’ll also need a bank account to use them. Meanwhile, traders at LocalBitcoins will often be more flexible with regards to payment methods such as eWallets and even cash in person.
With the currency, users can only benefit from some of its revolutionary qualities if they use their own wallet. Although exchanges and brokerages will happily hold your coins for you, such platforms have been hacked before and their users have lost money on occasions.
It’s very important to download a suitable e-wallet to send your coins to after you receive it. You’ll also want to use it when you’re not playing since the currency, when stored by an individual, is much safer than even the money in your bank account. Wallets like Exodus or Electrum are ideal. You want an open source wallet that allows you to see your own private key.
The private key is the single most important detail of your cryptocurrency wallet. You need it to spend funds; and anyone who has access to it can use coins from your wallet. If you hold any large amount of coins, make sure you securely back your private key up and keep it private!
How to Deposit at Online Casinos with Bitcoin
Once you have your coins in a wallet that you know the private key of, you’ll be able to deposit at a Bitcoin casino of your choice. Confusingly, there are different kinds of Bitcoin casinos. Whilst this article isn’t really long enough to discuss them in much detail, it’s important to be aware of them:
- Purely blockchain casinos – Casinos built using a similar database to that of Bitcoin. There are a few examples of successful blockchain casinos but they’re still very new. We expect to see more new casinos using blockchain technology in the future. The exciting thing about blockchain casinos is that the players themselves can test the games
- Centralised crypto-only casinos – Some online casinos use standard casino software run on centralised servers, but only accept cryptocurrencies. These offer a very similar service to regular online casinos but all payments and bets are in cryptocurrencies like Bitcoin
- Centralised multi-currency casinos – Finally, a few traditional online casinos have also started to accept payments in different cryptocurrencies
Whilst it’s important to be aware of the different types of Bitcoin online casinos, depositing at any of them will be largely similar.
- Find one of the trusted and crypto-friendly casinos listed here.
- Click the link on this page to visit the casino.
- If you need to register for an account, do so. But not all casinos actually require registration.
- Click “deposit”. The casino should generate a public key for you to use within your e-wallet.
- Carefully copy and paste the public key into your e-wallet.
- Enter the amount of coins you want to send.
- Check the amount and the address carefully. All payments are absolutely final.
- Click “send” from within your wallet.
Between ten to twenty minutes later, your casino account will receive the Bitcoin. You can check the progress of a transaction using what’s known as a Bitcoin blockchain explorer. Enter the public key from the casino into a website like Blockchain.com and you should see if the casino has received the payment.
How to Withdraw From Online Casinos With Bitcoin
Withdrawing from a Bitcoin casino is also very straightforward. Bitcoin is so much faster than any centralised payment method too. Rather than wait for banks to communicate with each other over days, the network itself processes and confirms the transaction in a matter of minutes.
The low cost and ease of withdrawals using Bitcoin means that players can move money around much more frequently than they might do when using a centralised system like Visa or Mastercard. Rather than leave large bankrolls at an online casino, they can instead withdraw whatever they want after every session. They needn’t trust the casino with their money for any length of time.
To make a withdrawal from a Bitcoin online casino, just complete the following steps:
- On the casino site, visit your account.
- Click “withdraw”.
- Go into your wallet and request a “receive key” or “public address”.
- Copy the string of letters and numbers and paste it when the casino requests an address to send to.
- Enter the amount you wish to withdraw and hit “send”.
Again, you should receive the payment within around ten to twenty minutes.
Which Online Casinos Accept Bitcoin?
Still a novel and misunderstood payment method, most online casinos do not accept Bitcoin. Whereas almost every casino accepts VISA or Neteller payments, very few are Bitcoin friendly.
Of them, a large number are of questionable safety or quality. Most Bitcoin casinos actually operate without a licence, meaning it’s a bit like the wild west out there.
Fortunately, all the casinos listed here on this guide to the best Bitcoin casinos are reputable and trustworthy. Our expert reviewers have played at them all and can confidently recommend a handful of sites.
As one of the fastest growing corners of the casino industry, be sure to check this page regularly for updates. We frequently add new Bitcoin casinos to our listings.
Are Bitcoin casinos safe?
With many different types of Bitcoin casinos – some regulated and some not – you should know that not all Bitcoin casinos are safe. Since the notion of cryptocurrencies is so new, few licensing agencies around the world have started approving of Bitcoin casinos. To our knowledge, only the Malta Gaming Authority has licensed any iGaming venues that accept Bitcoin. Licenses issued are limited to a few casinos during the testing period until 31st of December 2021 to ensure authorities fully understand how to regulate Bitcoin casinos. You can find Bitcoin casinos licensed under Curacao gaming licenses, these are however not as highly regarded on player protection as for example the Malta Gaming Authority is.
Since it’s such a potential minefield out there, we highly recommend only using Bitcoin casinos featured on this website. There are still examples of exit scams or poor security amongst the growing number of online casinos that accept Bitcoin.
Why Use Bitcoin at Online Casinos?
Although our warnings might sound like it’s dangerous, Bitcoin is actually a payment method that is well-suited to only casino use. If you stick with our recommendations and only play at reputable venues, you will likely find several advantages to using the payment method. These include:
- Withdrawal speed – Fast withdrawals mean you don’t need to trust the casino operator to look after your entire bankroll when you’re not playing
- Permissionless transfers – There is no central entity controlling payments on Bitcoin. Although we don’t recommend it, even if you live somewhere where only gambling is considered completely illegal, you can still technically use Bitcoin to play
- Borderless – Players aren’t limited by their geographical location. Some websites accepting traditional payment methods only might exclude Indian players. Bitcoin casinos are universally welcoming