Bitcoin is a crypto-currency used by consumer for the online purchase of goods and services. Many online gamblers used Bitcoin to gamble on the desktop and mobile devices. In fact, crypto gambling sites exist that cater specifically to BTC gamblers.
At most online casinos, gambling with Bitcoin exists alongside other deposit options, such as credit cards, web wallets, and bank wire transfers. The best Bitcoin gambling sites offers special Bitcoin bonus offers for players who use BTC or other crypto-currencies. These almost always provide more bonus cash than other payment methods. The reason: Bitcoin is safer, faster, and easier to use for players and casino staff alike.
Reasons to Use Bitcoin Deposits
Why is bitcoin better? When reading about bitcoin casino sites, you’ll often have that bitcoin payments are fast, secure, private, and yet transparent. All of that’s true. It might seem counter-intuitive to hear something is both private and transparent, so we explain the reasons for bitcoin payments below.
Secure Bitcoin Deposits
Bitcoin users don’t have standard usernames and passwords. Instead, they use the a one-time code that unlocks their bitcoin account. Once a new payment is made, you receive a new code. Thus, identity thieves cannot steal your password.
For some, storing passwords on their computer or the cloud is an added risk. As an added level of security, some players use “hard wallets”. Your codes and encryptions are stored in hard copies instead of online, which adds an extra level of security. Identity thieves would have to enter your home to steal your bitcoin information.
These safety protocols mean that Bitcoin is more private than other payment methods. It’s often said that bitcoin payments are anonymous. That’s not entirely true, because the FBI tracked bitcoin payments in the Silk Road and other investigations. Despite that fact, Bitcoin provides world class privacy for its users.
Fast Bitcoin Payouts
Online casinos’ cashier departments use a verification process when players make payout requests. It’s needed, because the site doesn’t want to send your winnings to someone else. At the same time, this slows down the time it takes to receive deposits.
Because bitcoin withdrawals don’t have the same limitations, cashiers can send payment much faster. Verification doens’t need to be as stringent.
At the same time, every online transaction using Bitcoin appears on the blockchain. This ads a level of transparency to Bitcoin payments that you won’t get from credit card or web wallets. You can always point to the transaction on the blockchain.
How to Make Bitcoin Casino Deposits
Players new to bitcoin casinos need a handy guide to depositing with bitcoin. Follow the step-by-step guide below and you’ll be playing at a bitcoin casino in no time. Though setup takes time, once you’re plugged in, bitcoin becomes the fastest and safest way to play at real money online casinos. If you don’t know what bitcoin wallets and bitcoin exchanges are, read our introduction sections below.
- Create a Bitcoin Wallet Account: First, choose a bitcoin wallet like Coinbase, Kraken, or Binance.
- Join a Bitcoin Exchange: Next, choose a bitcoin exchange like Mycelium, Electron, or Ledger Nano X.
- Pick a Bitcoin Casino: Step three is to choose an online casino that supports bitcoin. Read our reviews section for the best online casinos in your region.
- Create a Player Account: Click on the welcome bonus banner ad or the “Join Now” link on the homepage. Fill out the registration form.
- Collect a Bitcoin Bonus: Make a deposit in the cashier. Use coupon codes to receive a welcome bonus on your first deposit. Many casinos (Slots.LV, Cafe, Ignition) offer bitcoin bonuses for higher amounts.
- Play for Real Money: Click on the game icon of an online slot, table game, video poker game, specialty game, or live dealer game. Start playing for real money.
- Request a Payout: Once you’ve cleared the wagering requirement and have winnings, request a withdrawal from the casino using Bitcoin. Bitcoin payouts are the fastest, safest way to gamble online.
Those new to BTC gambling might be confused by a few of the terms. Here’s a handy crypto glossary to get you started.
- Bitcoin: The original crypto-currency. Still the most popular and widespread crypto.
- Bitcoin Wallet: Stores your bitcoin or altcoins online, like a virtual bank.
- Bitcoin Exchange: Where consumers can buy and sell crypto-currencies. Like a virtual stock exchange.
- Crypto-Currency: A blockchain that records online transactions using a virtual currency.
- Crypto: Short for crypto-currency.
- Altcoin: An alternative to bitcoin. Examples include Ripple, Dash, Ethereum, Bitcoin Cash, and Bitcoin SV.
- Hardware Wallet: A specific type of bitcoin wallet that stores your private keys in a secure hardware device for maximum security and privacy.
Best Bitcoin Wallets of 2020
A bitcoin wallet is like the bank that holds your money. Before you make BTC deposits at Bitcoin online casinos, you’ll need to choose a wallet.
- Electrum: Electrum is synced with the Bitcoin blockchain, making it fast. It allow multisig services to spread coins around severalwallets.
- Mycelium: Mycelium is optimized for mobile bitcoin transactions. The wallet send USD coins, HobiToken, Tether, and Binance USD. If you deposit using Android or iOS, use Mycelium.
- Exodus: Exodus is an easy-to-use crypto app for new desktop or mobile users. It supports payments for Bitcoin, Ethereum, Ripple, and 58 other crypto-currencies.
- Ledger Nano X: This app is one of the most popular hardware wallets, which provides the highest security level for your crypto assets. Ledger Nano X supports 27 coins and 1500 tokens.
- Trezor Model T: Trezor Model T is an alternative hardware wallet. Retrieve all your information with a 12-24 word recovery seed. It provides access to the maximum number of cryptos.
Best Bitcoin Exchanges of 2020
Online exchanges let you buy and sell Bitcoin. Though they’re often called Bitcoin exchanges, most digital exchanges let you trade dozens of different crypto-currenies. These also act as a kind of stock exchange for those who invest in Bitcoin and other altcoins.
- Coinbase: Coinbase is the best all-around bitcoin exchange, with many altcoins, high liquidity, and a simple interface. The downside: high fees when you don’t use Coinbase Pro.
- Binance: Binance is the best for altcoins, while offering the lowest fees and more advanced charting. It’s designed for advanced users, though, and isn’t supported in 13 US states.
- Cash App: Cash App is great for beginners, especially those using a debit card. It’s a peer-to-peer money transfer services that allow Bitcoin purchases and investments. It has a $2000 bitcoin withdrawal limit per 24 hours, though.
- Bisq: Bisq is a mobile app for Android and iOS that supports Zelle payments. To link it to a checking or savings account, though, you’ll need a legally proveable government-issued ID. It’s also got low trading volume.
- Kraken: Kraken is an intuitive for those new to deposits and withdrawals. It’s also got great security with excellenet global customer support services.
Best Altcoins for Bitcoin Online Gambling
Altcoins are alternative crypto-currencies that people can use instead of Bitcoin. Each uses blockchain technology for virtual payments. Each came after Bitcoin, so each claims to improve on the original crypto. Here’s a short list of the altcoins you’ll find in online casinos.
- Litecoin: Created in October 2011 by Charlie Lee, Litecoin was one of the first bitcoin spinoffs. Litecoin generates coins 4x faster and has 4x the coins of Bitcoin. It’s a faster payment method.
- Ethereum: Created in July 215 by Vitalik Buterin and Gavin Wood, Ethereum is the second-largest crypto platform by market capitalization. Its blockchain features smart contracts, thus giving Ethereum advantages beyond virtual currency. Some believe the smart contracts one day could underpin and improve online sports betting.
- Dash: Evan Duffield launched Dash January 2014 as Xcoin (and later Darkcoin), as a fork of the Bitcoin protocol. Dash is designed to have swift governance (Instasend) and untraceable payments (PrivateSend).
- Bitcoin Cash: The Bitcoin Cash altcoin began with a hard fork of Bitcoin in August 2017. Bcash processes more transactions per second, making it a faster payment method. The downside it takes the resources of universities and private companies to run its nodes.
- Bitcoin SV: Bitcoin SV began in November 2018 with a hard fork of Bitcoin Cash. Bitcoin Satoshi Vision (or BSV) delivers the kind of stability that allows designers and businesses to plan years in advance. Also, Bitcoin SV’s developers designed it to be scalable.
Many Bitcoin online casinos support payment with one or more of these altcoins. Most provide faster payments than the original Bitcoin, though all are safe and secure. In many cases, Bitcoin bonuses apply to all crypto payment methods. Even in those that don’t, the standard Bitcoin bonus applies to Bitcoin Cash and Bitcoin SV.