Bitcoin casinos are the latest craze in the world of online gambling and have become one of the most popular ways to play casino games online. Using Bitcoin to gamble is much easier than traditional methods. One of the major advantages of Bitcoin casinos is that the game results are provably fair. This means that casino operators cannot cheat. Bitcoin casinos are the way to go for the most secure gameplay.
History of Bitcoin
In 2008, Satoshi Nakamoto released the Bitcoin whitepaper as a response to the global financial crisis of the time. His goal was to provide an alternative to traditional financial and economic institutions, which had failed people – proven by the global recession. The following year, Satoshi officially released Bitcoin by mining the genesis block of the cryptocurrency, which had a reward of 50 Bitcoins. Embedded in the block was the text, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” in reference to a headline that The Times published on the same day. This is seen both as a timestamp and a comment of the fragility of global banking.
When Bitcoin was first released, it was worth only $0,008. 10 years on, and Bitcoin has seen all time highs of over $20,000 per BTC. While prior attempts were made at creating a digital currency in the 1990s, nothing ever stuck. It wasn’t until Bitcoin came along that we saw the birth of an entirely different financial system – the cryptocurrency market.
History of Online Casinos
Online casinos have a relatively short history, having come to the forefront of play in the 1990s. Prior to online casinos, the only chance a punter had to play was with their friends or in a brick and mortar establishment.
Microgaming, which is still one of the top software providers today, was one of the first to launch an online gambling website back in 1994. These websites were a far cry from what we know of online gambling today, but they were certainly exciting and innovative at the time.
The online gambling industry started off with a selection of very small, and basic, casino games. Since then, we’ve seen the introduction of BTC gambling, live dealer gambling, virtual games, and so much more.
How to Start Playing at a Bitcoin Casino
To actually start playing at an online Bitcoin casino, you’ll first need to acquire Bitcoin. Long gone are the days when you’d have to know someone who owned Bitcoin to buy your own. Now, you can simply head to an exchange or marketplace and purchase Bitcoin almost instantly with your credit or debit card.
Top exchanges include Binance, Coinbase, and Kraken. These exchanges sell to you at the price that Bitcoin is currently at. The sites facilitate the transactions entirely, and often have built in crypto wallets for you to store your Bitcoin in.
Alternatively, you can head to a P2P marketplace like LocalBitcoins to buy Bitcoin. A P2P marketplace facilitates transactions between traders. The site will usually take a small fee to cover their costs and make a bit of a profit, since they’re not technically benefiting from the transactions themselves. Traders set their own prices so you may be able to pick up a bargain.
The Advantages & Disadvantages of Bitcoin Casinos
Of course there are many advantages to Bitcoin gambling, but it’s important that we look at this topic with a measured view.
Bitcoin gambling is generally more secure, faster, and more accessible than fiat gambling. However, Bitcoin casinos may be unlicensed simply by virtue of the fact that this allows them to offer unrestricted access to players from all over the world.
Furthermore, Bitcoin casinos that only offer proprietary games (games built in-house for the casino) often have a very limited selection of offerings. Variety is important when it comes to online gambling, so this can’t be overlooked.
Bitcoin Deposit Bonuses
When you first start hunting for a good Bitcoin casino, it’s important to check out what BTC deposits they offer. You’ll find that many casinos offer welcome package deposit bonuses in Bitcoin, as well as other cryptocurrencies and even some fiat currencies. You can choose your preferred currency upon sign up, and then play with it and score deposit bonuses.
For example, a casino like CryptoWild offers a 150% match deposit bonus plus 150 free spins with your first Bitcoin deposit (or deposit in your currency equivalent). This is just one of hundreds (if not thousands) of match deposit bonuses you’ll find online, so it’s best to check out the promotions page of the casino you plan on playing at.
Types of Games:
Virtual Casino Games
Here the outcome of each game is purely dependent on the data produced by a PRNG (Pseudorandom number generator). This concept is utilized in online casino games such as cards, dice throws, roulette wheels or even a spinning slot machine. When properly implemented, it ensures fairness and unpredictability in the game. With the audited results, the player can be assured that the software has not been rigged and concerns of trust will not arise.
Live Dealer Casino Games
Live dealer games are an incredibly popular online gambling offering, and because of their 21st century nature, many Bitcoin casinos choose to offer them. In such online games, a live human dealer runs the game real-time from a casino dealing table. This can be seen via a live stream video feed and players can proceed to place their bets via a console on their computer screen while communicating with the dealer via a chat text function. The beauty with this online gaming platform is definitely the fact that the outcomes of the game are determined by real life actions as compared to automated processes in virtual casino games.
There are numerous games one can choose from and depending on your preference, you are definitely bound to find something that suits you. Games on offer may include; blackjack, craps, roulette, baccarat, slot machines and poker. Slots continue their reign as some of the top Bitcoin games, with most Bitcoin casinos hosting a wide selection to keep their players happy.
The Difference Between Bitcoin Casinos and Other Casinos
The main difference between top Bitcoin casinos and other casinos is, of course, the fact that you can gamble with BTC. However, there are some other key differences, although it will depend on the platform you play on:
Many Bitcoin casinos offer provably fair games and gambling, compared to other (fiat casinos) which do not.
Proprietary games are common at top Bitcoin casinos, while most fiat casinos tend to outsource their games from software providers.
Transactions are made over the Bitcoin blockchain, rather than through third-party payment providers.
How to Get Free Bitcoin
Unfortunately, gambling with Bitcoin usually means spending your money. We’ve covered how to go about buying Bitcoin, but what if you want to come into it for free?
Many casinos and trading platforms offer Bitcoin giveaways. You can compete in competitions or promotions to score free BTC, which you can then use at the best Bitcoin casinos.
Some casinos offer Bitcoin faucets which allows you to play for free, with the chance of winning, totally on the house. These faucets are a perfect way to test out a platform before committing any real money.
Match deposit bonuses are another way to score free Bitcoin. Of course, you still have to put your own cash in, but you could get a good amount back. For example, KingBit casino offers a 110% first deposit bonus up to 1 BTC.
Online Bitcoin Casinos
Even though the Bitcoin casino industry is relatively new, the software is developing very quickly and catching up to the more well known and established online casino companies. We’ve also seen more and more traditional online gambling operations accepting Bitcoin as a payment method.
Because the Blockchain verifies all transactions, making withdrawals at Bitcoin casinos is far easier than at normal casinos. Many of the best Bitcoin casinos we’ve tried have extremely fast withdrawal policies so that winnings are credited back to you almost immediately without the delays experienced at normal online gambling sites. With that being said, the speed of Bitcoin withdrawals are reliant on the number of transactions happening on the blockchain – so some withdrawals might be faster than others.
If you’re worried about the legality of Bitcoin casinos, most get their software either through lease or purchase from companies such as SoftSwiss, it’s a completely legit affair. However, others offer proprietary games (games built by and for the platform they’re hosted on) which will usually be provably fair.
Bitcoin Casinos FAQ
Are Bitcoin Casinos Regulated?
Not all Bitcoin casinos are regulated, however many are. Hybrid casinos in particular (casinos that offer both crypto and fiat gambling), are very likely to be licensed. Some of the most popular licenses obtained by Bitcoin casinos are from the Malta Gaming Authority, the Government of Curacao, and the Swedish Gambling Authority. Some Bitcoin casinos may choose to remain unlicensed, so that they can continue offering their games to players from all over the world without any restrictions.
How do Bitcoin Deposit Bonuses Work?
If you’ve played at any online casino before, you’ve likely encountered a deposit bonus. The kinds of promotional offerings available at Bitcoin casinos will vary from platform to platform, as well the required deposit amount and wagering percentage. Some BTC casinos will put a limit on the minimum amount of Bitcoin you can deposit, sometimes in the form of mBTC. You should always read the terms and conditions of any bonus before you try and claim it.
Is Bitcoin Gambling Legal?
Technically yes. Bitcoin gambling is just as legal as gambling with fiat currencies like USD, GBP and Euros is. It usually isn’t subject to any different legislation, however some countries are attempting to regulate it differently. Obviously, if gambling is outlawed entirely in your country, Bitcoin gambling will also be illegal.
Why You Should Play at a Bitcoin Casino
Since its launch in 2009, Bitcoin has been the catalyst for the creation of an entirely new market – the crypto market. Simply by its nature, Bitcoin is vastly more secure and private than traditional fiat currencies. It offers faster transaction speeds, safer transactions, and a level of anonymity that fiat currencies simply do not. If you’re not playing with Bitcoin, you’re missing out.
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