Bitcoin Gambling and Casinos
Bitcoin is seen by many as a bit of a gamble, and if you’re into taking chances with the possibility of big returns, it’s likely that you are a fan of both cryptocurrencies and online casinos. Now you can combine the two, as more and more casino sites accept Bitcoin as a payment option. Just in case you aren’t familiar with how Bitcoin works, here’s a brief rundown and history of the digital currency phenomenon.
What is Bitcoin, Anyway?
Bitcoins are a form of cyber or cryptocurrency that first emerged in 2009. They were created with the intent of giving the power of managing one’s finances back to the public, making digital transactions quick, seamless, and without the intrusion of any governing agencies like banks or the taxman. Not only that; without any institutional interference, this digital currency could be transferred across borders from one Bitcoin wallet to another, without costly international exchange fees. There are transaction fees, but they are minimal and usually only add up to a few cents.
Bitcoins had somewhat of a turbulent start, but in 2011 they became accepted as a legitimate currency, and their popularity and value began to increase rapidly and have continued to grow since. Because of the day-to-day fluctuating values of Bitcoin, investing in the currency is considered by some to be somewhat risky or volatile – much like gambling.
Why Use Bitcoin?
In addition to its simple decentralized peer-to-peer trading process, the popularity of Bitcoin has increased in the world of online gambling due to its level of security, speediness of withdrawals of winnings, and virtual anonymity. As we know with credit cards and other forms of traditional currencies, your identity is not always safe, transactions could be blocked or declined, and if you’re playing in a different jurisdiction, these companies can take hefty cuts for processing and other fees. Also, there are some gamblers who may not own bank accounts or credit cards, or wish to keep their financial information confidential, making the use of Bitcoins even more attractive.
How it Works
If you don’t already have a digital wallet, you’ll need to navigate to the Bitcoin website and create an account, much like you would with an e-wallet such as Skrill. This will act as your digital money bag, and all you need to get started is an email address and password. Once that’s taken care of, you can begin to deposit coins into your digital wallet. The individual casino will have certain rules about how you can deposit and withdraw, and if you deposit with Bitcoin, then this will typically be the method of withdrawal also. Converting Bitcoin into regular currency will usually happen beyond the casino platform.
Already, many online casinos have started to accept Bitcoin as payment, with more and more jumping on the train. Here is a small selection:
- TonyBet Casino. This casino has a huge market – in fact, the only legal online gaming jurisdictions it doesn’t operate in are France, Spain and the USA. With a huge range of options for players, including slots, table games, sportsbook and live casino, TonyBet is a real all-rounder.
- Cloudbet Casino. One of the new breed of casinos accepting only Bitcoin payment. This casino is receiving mixed reviews from players, with one drawback being that there is no live chat option for customer support. Positive points include the quality of the games, which include a lot of 3D slots from Betsoft.
- 7bit Casino. Primarily a Bitcoin casino, but it also accepts other forms of payment. 7bit has garnered rave reviews from users for its security and ease of use, with the only downside being that it does not have as many slot options as some other casinos.
- Gunsbet Casino. This casino offers games from some of the top providers, although it lacks a live casino. The UK and the USA are among the restricted countries.