The Ultimate Guide to Bitcoin Gambling, Deposits and Withdrawals

Bitcoin gambling didn’t exist a decade ago. Bitcoin was first released in 2009, and it came to the forefront in 2011. Although Bitcoin casinos and games were practically non-existent, cryptocurrency itself was only a vague term. Bitcoin is seen today as a rapidly growing currency. More and more casinos are opening their (online!) doors to it.

We will be discussing important aspects of Bitcoin and Bitcoin online gaming, key tips to help you use Bitcoin, and other pertinent instances of cryptocurrency usage.

What is Bitcoin?

Bitcoin, also known simply as cryptocurrency or virtual currency is a peer to-peer payment system that uses electronic money for online transactions. The currency allows transactions between two parties, without the need of a third-party. Bitcoin is free from government intervention making it a popular and more widely accepted crypto payment option.

Bitcoin Wallet explained

A Bitcoin wallet can be described as a program that is used to store Bitcoins. However, Bitcoins, which are virtual currencies and not coins, can’t technically be stored anywhere. But they can be safely stored.

  • Every Bitcoin wallet is assigned a secret key (private number) that corresponds with the Bitcoin address.
  • Bitcoin wallets make it possible to send and receive Bitcoins.
  • Bitcoin wallets grant the user ownership of the Bitcoin balance
  • They are also known by the name “Digital Wallet”

A digital wallet is essential for anyone who plans to trade Bitcoins. There are four main types e-wallets.

  • Desktop Wallets

The desktop wallet allows users to send and receive bitcoins by using a unique user address. They can be installed on a desktop computer and give the user complete control over the wallet as well as the ability to store a private keys. Bitcoin Core and MultiBit are the most well-known desktop wallets.

  • Mobile Wallets

Mobile wallets work in the same way that desktop wallets. These wallets are compatible with both the iOS and Android systems. Mobile wallets allow for payments to be made in physical stores using NFC (near field communications) scanning QR codes and “touch-topay”. Before you choose an ewallet, it is important to do your research. There are many malwares that can disguise themselves as Bitcoin wallets.

Some examples of mobile wallets include Bitcoin Wallet (Mycelium Bitcoin Wallet), Hive Android (Hive Android), and Mycelium Bitcoin Wallet (Mycelium Bitcoin Wallet).

  • Web Wallets

As they make it easy to access Bitcoins from any location, web wallets can be a very useful option for Bitcoin users. Web wallets are available for anyone, no matter if you are using a mobile device. Your web wallet will store your private keys online so you need to be careful when choosing it.

Blockchain and Coinbase are two of the most well-known web wallet providers at this moment.

  • Hardware wallets

Hardware wallets are the best type of Bitcoin wallet. They are physically protected from viruses and store Bitcoins. The only Bitcoin wallets that aren’t free are the hardware wallets. You will have to pay $100-200 for one.

There are many types of Bitcoin Casinos

Two types of Bitcoin casino allow gambling.

  • Bitcoin casinos

Bitcoin casinos are only available to those who have Bitcoin. These casinos accept Bitcoin deposits and withdrawals. Bitcoin credit can be expressed in fractions (e.g. For instance, it is 0.0002 BTC. Bitcoin casinos provide anonymity for players.

  • Hybrid casinos

Hybrid casino are generally standard casinos that accept Bitcoin withdrawals or deposits. This type of Bitcoin casino allows players to deposit Bitcoins. However, they are converted into fiat currency when they play. Online casinos rarely permit players to withdraw their Bitcoin winnings to an electronic wallet.

Bitcoin gambling is currently not regulated by any laws. Bitcoin gambling is legal as players can legally withdraw and deposit.

But, there are some things to keep in mind when it comes down to Bitcoin online gambling regulation.

  • Overseas regulations for cryptocurrency or blockchain-based service regulation are being discussed.
  • A few trusted gambling jurisdictions, including Curacao and Britain, already issue licenses to Bitcoin casinos
  • Most governments don’t consider Bitcoin to be real currency.
  • Bitcoin gambling websites do not need to follow the same regulations as traditional online casinos regarding fiat currency.
  • Even though there is no regulation in grey areas, countries that prohibit gambling could take severe measures against Bitcoin gambling.
  • Bitcoin is quickly losing its initial semi-negative image and becoming accepted by more countries

How to Use Bitcoin to Deposit Online Casino Cash

These are the steps that you should follow if you want to make a Bitcoin deposit.

  • Register at your Bitcoins-accepted casino to open an account
  • Locate the “cashiers” section of the casino
  • Select “Bitcoin” as your deposit method.
  • Instantly you will receive a unique URL for your account
  • In your Bitcoin wallet, insert this address. The tab to send Bitcoin is the one you have chosen.
  • Enter the amount you desire
  • Confirm transaction

Most casinos allow you to withdraw funds in a matter of minutes.

NOTE: Before making a decision on a Bitcoin Casino, be sure to review our list of Bitcoin casinos. Then, choose the one that best suits your preferences.

The advantages of Bitcoin gambling at online casinos

Bitcoin has been a popular currency both for online gambling and for buying bitcoins. You can use Bitcoin to gamble online, and there are several benefits.

  • Safe payment method

Bitcoin is protected by encryption and blockchain.

  • Transparent transactions

Bitcoin transactions are almost impossible to scam, hack or cheat. The Bitcoin system is not vulnerable to fraud.

  • Transaction fees are very low

Bitcoin is almost cost-free because it involves no transaction fees over the blockchain.

  • Instant transfer

Bitcoin transactions are quick and easy. Unlike traditional deposits or withdrawals which can take days, they take only a few minutes to complete. 24 hours is the longest Bitcoin transaction.

  • Anonymous play

Blockchain transactions are anonymous and non-attributable. No paper trail is required on bank statements to confirm transactions. This type is an extremely beneficial option for players who want to keep their online gambling secret.

The disadvantages of using Bitcoin in Online Casinos

Bitcoin, like all currencies, has its downsides. These are the main disadvantages to Bitcoin use in online casinos

  • There are only a few Bitcoin casinos

Even though Bitcoin is becoming more popular, there are only a handful of Bitcoin casinos available. Bitcoin games are not offered by every software provider and casino.

  • Uncertain legal status

Bitcoin’s legal status remains uncertain. This is why many countries haven’t yet approved it.

  • Potentially slow transactions

Contrary to the claims of Bitcoin instant transfers and withdrawals using Bitcoin can take even longer than withdrawals made to credit/debit cards. Due to security reasons, this is often the case for websites that manually process Bitcoin withdrawals.

  • High volatility

Bitcoin is more volatile than traditional currencies, which can make it more expensive.

There are no chargebacks and refunds

Bitcoin does not have a chargeback or refund policy, unlike fiat currency. This could discourage some players from using Bitcoin. This guide will provide more information on all casino payment methods.

You can also listen our podcast on cryptocurrency and casinos for more information about the crypto world.

Bitcoin Gambling Promotions, Bonuses

Bitcoin casinos offer lucrative bonuses, promotions, and well-recognized Bitcoin games and benefits.

Traditional online casinos offer double-digit bonuses up to a few hundred dollars. However, Bitcoin casinos offer rewards of up to 5 BTC.

The best Bitcoin casinos have attractive promotions to draw non-Bitcoin enthusiasts to their gambling sites.

Final Thoughts about Bitcoin Gambling

Bitcoin’s future looks bright, to put it mildly. Bitcoin is rapidly becoming the preferred currency for many thanks to its popularity in crypto and fiat money worlds. We don’t know when the Bitcoin regulatory framework will be finalized, but we are certain that all cryptocurrencies (and their equivalents) won’t lose their place at online casinos in the years to come.

FAQ: Bitcoin Gambling

Do casinos accept Bitcoin?

Most online casinos accept Bitcoin. However, there are still some that don’t. It is up to the casino and the general laws and regulations in each country that the online casino is located to determine whether they will accept Bitcoin or encourage Bitcoin gambling.

Is Bitcoin payment safe?

Bitcoin is one the most secure currencies on the market today because of its blockchain structure.

The legality of Bitcoin gambling is not known. Recent years have witnessed a lot of discussions on a global scale to officially regulate bitcoin.

Can I also withdraw my Bitcoin winnings

If the Bitcoin casino where you were gambling is located, then you can withdraw your winnings in Bitcoin. You can withdraw your winnings in Bitcoin only if the casino you are playing at has Bitcoin gambling policies.

Can I deposit/withdraw less Bitcoin than a full Bitcoin?

You can withdraw and deposit amounts that depend on the Bitcoin casino where you play. Make sure to check with the casino. Usually, you can deposit/withdraw less then one Bitcoin.

Why does Bitcoin use by gambling sites?

Bitcoin is gaining popularity. This is why various gambling platforms are offering Bitcoin gambling. This is an example supply-and demand occurrence that we see almost every day in trade, including gambling.

You can find out more about the advantages of using Bitcoin in online casinos by visiting this section.

What is the best way to gamble with Bitcoins?

Like fiat currency gambling for bitcoin gambling, there are some steps that players must follow. To deposit Bitcoins, you will need to follow these steps: You can gamble with Bitcoin by reading the How To Use Bitcoin to Deposit Online Casino Funds section of this blog.

Are there fees when you deposit Bitcoins?

Bitcoin depositing fees can be very low, and they depend on the amount of money that is being gambled. Check with the casino before you start playing.

What are some games I can play with Bitcoins?

You can play all Bitcoin games that are allowed by the casino where you are playing. You can play video games, classic slot machines, roulette and blackjack as well as video poker.

Satoshi’s Secret and Book of Dead are two of the most loved 2020 titles. Lara Croft Temples and Tombs, Battle Royale and Space Wars, Casino Hold’em and many other titles are also popular.

It is important to note that different casinos may offer different types of Bitcoin-related games.

Will I be playing with Bitcoins, or will they be converted to Bitcoins?

This depends on the casino. Hybrid casinos convert Bitcoin to fiat currency. However, they should mention this section in their Terms & Conditions. Bitcoin casinos are only available in Bitcoin.

Does Bitcoin exchange rate fluctuate a lot?

Bitcoin exchange rate fluctuates quite a bit, so you should always monitor it on the day that you play.

Which ewallet is best?

You have the option to choose between desktop wallets (mobile wallets), web wallets, hardware wallets, and web wallets. The most popular type is the hardware wallet. You can learn more about the different types of ewallets in this blog’s Bitcoin Wallet Explained.