Bitcoin (Crypto) Online Casinos Review

List of Online Casinos that accept Bitcoin deposits and/or withdrawals

How to use Bitcoin Crypto Currency?

To open an account with Bitcoin, one needs to select a Bitcoin-Crypto wallet that suits your needs and preferences. Then, to download and install the wallet software on your device or access it online. After that, to create a password and backup wallet to ensure its security and recovery. Finally, one needs to obtain some Bitcoins (BTC, mBTC) by buying them from an exchange, receiving them from another user or earning them through mining or other activities.

Even if Bitcoin has not a simple algorithm, anyone can use it, without going into technical details. Using of BTC is very easy, just enter Bitcoin address of recipient, click sent and that's all you must do. All information about confirmed transaction will be included in the shared public ledger also named "Blockchain" that can be seen only by the recipient. Any user have a private key which is used to sign and encrypt a transaction. Time between Sent / Received of the same transaction is called "Minning" and may take a few minutes.

Pros and Cons of using Bitcoin Crypto currency at Online Casinos

One of the advantages when using Bitcoin crypto currency at online casinos is that it provides anonymity and privacy. Unlike regular payment methods that require personal and financial information, Bitcoin transactions do not expose the identity of the sender or the receiver. This can protect users from identity theft, fraud and censorship. In contrast, traditional methods of payment such as credit cards or bank transfers can reveal sensitive information about account holders and their transactions to third parties.

Another benefit of using Bitcoin currency at online casinos is that it offers fast and low cost transactions. BTC transactions are checked and recorded by a network of computers called nodes on a public ledger called the blockchain. This means that there is no need for intermediaries or third parties that can delay or charge fees for the transactions. BTC transactions can be done with minimal fees and within minutes. On the other hand, traditional methods of payment such as wire transfers or card payments can take several days to process and may include high fees charged by banks or payment processors.

However, using Bitcoin at online casino sites also has some drawbacks. One of them is the Bitcoin volatility and unpredictability. The value of Bitcoin can change drastically depending on supply and demand, market sentiment, news events and other factors. This can affect the profitability and risk of gambling with BTC. For example, if the value of bitcoin has significantly dropped after a user deposits it at an online casino, they may lose money even before they start playing. Similarly, if the value of bitcoin rises significantly after a player wins at an online casino, they may miss out on potential profits if they withdraw it too late.

Another drawback of using Bitcoins at online casinos is the lack or absence of regulation and consumer protection. Bitcoin crypto-currency is not controlled or supported by any government or central authority. This means that there is no legal recourse or guarantee in case of disputes, frauds, hacks or losses. Users are responsible for their own security and backup of their funds. In comparison, traditional methods of payment such as credit cards or bank accounts are regulated by laws and agencies that protect consumers rights and interests. For instance, if a user's credit card is stolen or used fraudulently, they can dispute the charges and get their money back.

Bitcoin funding and withdrawal methods

To gamble with BTC at online casinos, one needs to deposit and withdraw money using Bitcoin/Crypto wallets. A Bitcoin wallet is a software program that holds the private and public keys that allow Bitcoin/Crypto transactions. There are various kinds of Bitcoin wallets, such as web wallets (e.g., Coinbase), mobile wallets (e.g., Mycelium), desktop wallets (e.g., Electrum), hardware wallets (e.g., Trezor), and paper wallets (e.g., Bitaddress). Each kind has its own pros and cons in terms of security, convenience and accessibility.

Bitcoin transaction fees

Bitcoin transaction fees are the costs that users pay to send and receive BTC. Transaction fee can vary depending on the time and priority of the transaction. For example, if a user wants to send a large amount of Bitcoins quickly, they may have to pay a higher fee than if they send a small amount slowly.

Bitcoin (BTC) Gambling FAQ