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All You Need To Know About Cryptocurrency Gambling
Cryptocurrencies are digital currencies that entirely exist on the Internet. Bitcoin was the first crypto coin ever, and it appeared back in 2009. Since then, many other cryptocurrencies have joined this revolutionary concept.
Due to the many advantages digital currencies provide to users, they have become a popular iGaming payment method. The concept of cryptocurrency gambling was unveiled in 2013, while in 2014, the first licensed Bitcoin casino was opened.
These days, gambling with crypto is widely accepted by operators and appreciated by consumers. Would you like to join the iGaming revolution of gaming with Bitcoin, Litecoin, and other cryptocurrencies? If so, scroll down to learn all about this concept.
What is Gambling with Cryptocurrency?
Online gambling has become a widespread hobby that’s loved all around the world. One of the most essential parts of it is payment methods. These enable users to top up their casino accounts and cash out their winnings.
Lots of punters still practice using debit/credit cards, or bank transfers. What if we told you there is something cheaper, faster, and anonymous? That’s Bitcoin online gambling for you! By definition, using any type of cryptocurrency to gamble is considered cryptocurrency iGaming.
Today, many online gambling operators support crypto coins deposit methods. Some of these online casinos work exclusively with cryptocurrencies, while others offer Bitcoin alongside the standard banking options.
Using cryptocurrency when gambling provides you with guaranteed anonymity, along with total protection. Plus, operators, by default, won’t charge any fees on such transactions. The processing time is instant, for both deposits and withdrawals.
What Types of Cryptocurrency Gambling Casinos Offer?
With crypto gambling becoming so popular in today’s market, there are tons of options to choose from. Still, our handpicked cryptocurrency iGaming operators stick to the most reliable ones.
- Bitcoin – the first peer-to-peer cryptocurrency created. Since its launch in 2009, it’s become the most popular and highest-valued cryptocurrency ever.
- Litecoin – it went live back in 2011 and was modelled after the Bitcoin. What makes Litecoin different from its predecessor is the size and speed of block generation.
- Ethereum – Ethereum has managed to become a dominant choice amongst cryptocurrencies. When playing at the best Ethereum casinos, you’ll notice the quick-as-lightning processing of transactions. For example, Bitcoin payments might take around 15 minutes. Ethereum processes them in 10 seconds.
- Bitcoin cash – following a split in the Bitcoin blockchain in 2017, Bitcoin Cash launched as a separate cryptocurrency. In its short run, it’s become a strong contender to its main competitors.
How to Deposit and Withdraw At Bitcoin Casinos?
When using BTC as a method to top off your funds, you’re guaranteed a fast and comfortable experience. Transactions get processed almost instantly. Most operators don’t have payment fees. However, the ones that do only request a negligible amount.
Depositing at bitcoin gambling sites is very easy. Choose BTC, ETC, or LTC as your preferred deposit method at the cashier and receive the operator’s e-wallet address. Copy and paste said information into your own e-wallet. Of course, don’t forget to enter the amount you’ll be transferring. The transaction will be processed in a matter of seconds, and your gambling funds will reach your account.
The withdrawing process has the same complexity level as depositing. Simply request a withdrawal at the cashier. Enter the cryptocurrency and the amount you want to cash out, alongside your e-wallet address and voila! Cashouts at the best bitcoin gambling destinations are mostly processed within minutes. However, some operators have a 24-48 hour pending period for security reasons.
As for banking limits, these depend on the operator. Some casinos don’t have any limits, and others have min and max restrictions. For depositing, the minimum payment is between 0.0001 and 0.0003 BTC. The minimum withdrawal moves around similar thresholds, while max cash out goes from 20 BTC to 100 BTC.
Are Bitcoin Gambling Sites Safe?
Are you secure and safe when gambling with bitcoin? Well, you’ll find that there isn’t a better way to manage your finances online. Plus, all crypto online casino operators listed here are regulated by reputable authorities.
These banking options guarantee your anonymity and keep your banking details outside casino servers. When you sign up, you only submit your e-mail. This policy eases your life in many ways. As a decentralized platform, you can play in any casino you choose – no matter the regional restrictions.
Another advantage that comes along is the non-existent link between your bank and your gambling account. Since some banks scrutinize gambling as a problematic trait, you might find yourself having trouble getting a loan.
With this system, players can authenticate every transaction, spin or outcome that occurs during the game. Hence, you have the power to check if your chosen bitcoin or Ethereum gambling site is interfering with your game. Provably Fair is a concept that places cryptocurrency iGaming operators in a superior position over regular casinos. Any provably fair online casino has 100% honest and untampered with outcomes on its games.
Casino Games and Software Providers at Bitcoin Online Casinos
Software providers breathe life into online casinos. They are responsible for the variety and the quality of games offered at gambling sites. Some bitcoin games are exclusive for the site, while others are supplied by well-known brands. For example, NetEnt, Playtech, Betsoft, SoftSwiss, and Microgaming are some of the most popular BTC providers. These companies stand behind fan-favourite picks like Starburst, Mega Moolah, Under the Bed, and White King.
As for the game variety, players can expect all the favoured options. These include online slots, table games, instant wins, video poker, and even live dealer tables. The selection of online slot machines is especially rich with video slots, classic slots, and progressive jackpots. Table and card game enthusiasts can expect variants of roulette, blackjack, poker, and baccarat.
Needless to say, all cryptocurrency casino games supplied by these providers run smoothly and glitch-free. They come with amazing graphics and realistic animations. Plus, some of the picks boast with exclusive special features too.
Bonuses at Gambling Operators with Bitcoin
Juicy Bonuses and promos are the first sign of playing with the best bitcoin, Litecoin, and Ethereum casinos. These improve your gaming experience by boosting your playing fund.
- Welcome Offer – when first signing up at a bitcoin supported casino, you could get a welcome bonus. This bonus can be in the form of free spins, match deposit bonuses, etc.
- No Deposit Bonus – these are common curtesy amongst bitcoin, Ethereum, and Litecoin gambling operators too. A no deposit bonus can come as free spins or even real cash. Depending on the operator, you might need to insert a promo code to get it.
- Free Spins – on various occasions (registration, birthday, holiday), casinos may award you with a specified amount of free spins. Their number usually ranges anywhere from 20 to 100.
- Promotions – some of the other promotions you can take advantage of including high roller bonuses, reloads, seasonal offers, and VIP rewards.
Benefits and Drawbacks of Gambling with Cryptocurrency
We’ve already established why using cryptocurrency as a form of payment when gambling makes for a superior experience. However, that isn’t to say that it doesn’t have any drawbacks that come along with it.
Let’s go over the main pros and cons that tag along when paying with crypto coins.
Pros of Playing at Bitcoin Casinos
- Fair Play – thanks to the provably fair system that ensures all outcomes are 100% random.
- Guaranteed anonymity – this is done by executing all the transactions through your digital wallet. When you’re playing at bitcoin casinos, none of your financial information is disclosed to the operator.
- Quick transactions – when using crypto, most payments are processed within an hour. Plus, you can cash out your winnings any time you want.
- Exclusive promotions and bonuses. – If you’re playing at the best bitcoin gambling sites, you’re sure to find special promos for cryptocurrency users.
Cons of Bitcoin Casino Gambling
- Volatility – exchange rates can change tremendously fast. Sure, if the value goes up – it’s in your favour. However, things can always go south, too.
- Possible slow withdrawals – there are bitcoin gambling casinos that process the cashouts manually. This is for safety reasons and can drastically prolong the process.
- Legal restrictions – cryptocurrencies aren’t legal in some countries. So, before you use them, make sure your country allows them. In most European countries, the US, Australia, and New Zealand cryptocurrencies aren’t illegal.
Where to Get and Store Crypto Coins?
Crypto coins are stored in special e-wallets. The most popular e-wallet in the game is Blockchain’s product. It’s available on iOS, Android, Mac, Windows, and Linux devices. After installing your e-wallet, the next step is obtaining crypto coins.
The most popular and cheapest way to get them is through cryptocurrency exchanges. You have tons of marketplaces to choose from. Some of the common choices for UK and EU users include Kraken, Coinbase Pro and Bitstamp. Skrill users can get a range of cryptocurrencies directly from their e-wallet, for example.
Other ways to come by cryptocurrencies for online bitcoin gambling include P2P exchanges and Bitcoin ATMs.