The explosive growth in popularity and demand for cryptocurrencies has not escaped the notice of ordinary users and gambling operators. Shortly before 10 years ago, cryptocurrency casinos started to appear actively. Nowadays, numerous players are opting for crypto betting sites as a new and innovative format for online gambling.
A Bitcoin casino is an internet casino that processes deposits and withdrawals in Bitcoins, as well as other virtual currencies. Some casinos accept cryptocurrencies as just one of their available payment options, while others exist only to deal in digital coins. Some Bitcoin casinos employ blockchain technology to ensure fairness. The results of games in these BTC casinos are recorded in the blockchain record and traceable by anyone.
Pitting an old-school online casino against a crypto one, some basic differences are evident. To begin with, BTC casinos are much more dynamic and less dependent on third-party gambling platforms. To offer customers with whom they're placing bets in crypto, there's typically no need to obtain a license at all.
The players of crypto casinos, thus, do not need to worry about the legality of gambling and withdrawal of winnings despite the fact that gambling is completely banned in their nation. Crypto currency exchange on a global platform is not regulated by anyone.
Advantages of Playing at Crypto Casinos
The record interest in Bitcoin and cryptocurrencies as a whole is largely explained by their technical characteristics. Bitcoin casinos can offer players so much more than other gambling businesses.
Main advantages of BTC casinos:
- You can play at a Bitcoin casino anonymously. You don't have to provide your banking information. A crypto wallet is sufficient for financial operations.
- You bet small and very large sums of money on a Bitcoin-accepting online casino. Cryptocurrencies can be separated into fractions, some less than a cent. The bet can reach hundreds of thousands of dollars because the value of a coin.
- Cryptocurrency casinos are not dependent on banking institutions or government regulatory bodies.
- Cryptocasinos can provide round-the-clock access to its players since playing in a Bitcoin casino is not prohibited.
The main advantage for players who like playing in Bitcoin casinos is a full exemption from tax reporting. On a legislative level, financial transactions made with Bitcoin and other cryptocurrencies are not followed up by tax inspectors in most countries.
How to Play at a Bitcoin Casino
Externally, Bitcoin casinos are no different from regular ones, although there remain some abnormalities in the game. The registration, payment, and gambling system of such online casinos slightly differ.
Registration and Verification
To play at a Bitcoin casino, you'll need to first create a crypto wallet and fund it with money, if you have not yet done so. Some BTC casinos allow registration by simply providing the public key of your wallet. If the casino is not a cryptocurrency-only casino, then you'll be doing the following:
Go to the Bitcoin casino website and choose the registration section.
Fill in the form using your existing email address or phone number, account currency, and password. Some casinos require your full name, but others permit the use of a nickname alone.
The account activation code will be sent to the email address or phone number. Enter the code in the relevant field on the casino site.
Most crypto casinos do not require users to go through verification. However, if the online casino accepts both crypto and fiat currencies, verification may be necessary. To complete it, you’ll need to submit documents verifying your identity to the casino’s security service. BTC casinos may have several verification stages; to pass the initial one, it’s usually enough to provide your name, country, and date of birth.
Depositing Funds
All the Bitcoin casinos allow you to play in several cryptocurrencies. The most widely distributed accepted coins are Bitcoin, Dash, Dogecoin, Ethereum, Litecoin, and Bitcoin Cash. A few hundred altcoins are accepted by some web casinos.
To deposit using Bitcoin or another altcoin:
- Log in to your own casino account and go to the "Cashier - Deposit" section.
- In the list of available payment methods, select the altcoin for deposit.
- The Bitcoin casino will generate a wallet address for your account for this currency, indicated to the side of the selected payment method.
- Pay the deposit transaction to this wallet. Copy the wallet address and paste it as the receiver in your own wallet. Enter the amount and send the transfer.
Once the transaction is verified by miners, the funds will be deposited into your account and you can start playing on the Bitcoin casino. Warning: crediting rate is dependent on the load of the cryptocurrency network. Due to its huge popularity, it can take more time to deposit via Bitcoin. Other currency deposits are usually faster.
Playing Online and Withdrawing Money
When you have money in your pocket, you can start playing online with real money. Bitcoin casinos offer the same games as regular casinos. The only difference is that you place and win virtual coins.
How to start playing at a Bitcoin casino:
- Choose a slot machine you like and open it.
- The game will indicate bets in cryptocurrency. Choose your bet amount you like and click on the spin button to start playing.
- A win from online games at crypto casinos is also credited in digital money.
When your online gaming session at a BTC casino is over and you have to withdraw your money:
- Go to the "Cashier - Withdraw Funds" page.
- From the list of withdrawable options, select the cryptocurrency that you already hold in your account.
- Deposit the amount to withdraw and your crypto wallet address.
- Funds are transferred to your wallet.