Table of Contents
- The Popularity of Bitcoin Casinos
- The Pros and Cons of Bitcoin Casinos
- Bitcoin Payment Method Comparison Table
- Making Withdrawals from Bitcoin Casinos
- Playing at Bitcoin Casinos in Regulated Markets
- Playing at Bitcoin Casinos in Unregulated Markets
- Staying Safe When Depositing at a Bitcoin Casino
The Popularity of Bitcoin Casinos
Bitcoin is interchangeable with cryptocurrencies to describe virtual payments that can be mined, stored, and spent at arm’s length from the traditional banking sector. But how did this weirdest of all payment options come into existence?
Well, Bitcoin uses cryptography technologies to create and store economic value. As Bitcoin holdings are kept away from regular banks, the trade in these assets leaves little or no electronic imprint. So, as long as a transaction is documented on the blockchain, new owners can utilise their newfound wealth with little oversight.
Even the “mining” operation is abstract. To get your hands on Bitcoin, you must own a computer system with enough processing capacity to solve the most complex of mathematical equations, a state many miners have pursued since the creation of the first coin in January 2009.
If the idea of Bitcoin is completely wacky, the values that lie behind its founding have historical influences. The human race has often turned to rebellion when a section of society has felt that their freedoms are being threatened, and Bitcoin is just a by-product of this movement.
Bitcoin owners, not the world’s governments or bankers, are the custodians of crypto coins. Giving crypto users a level of economic autonomy that has rarely been seen since the invention of the banking system around 2000 BC.
Although mining Bitcoin is technically possible, you are much more likely to attain your crypto via a specialist trading platform. By funding your wallet with any major currency, you can quickly build up a pot of Bitcoin, Ethereum, Ripple, or Litecoin, among many.
The acceptance of Bitcoin at casinos throughout the iGaming world is still patchy and reflects local legislation concerning the crypto payments sector.
You will not currently find Bitcoin Casino examples in highly regulated markets like in the U.K, where the UKGC has issued guidance against crypto-asset operations, making trade in these countries less attractive to the operators of Bitcoin Casinos. However, thousands of examples have now flooded the markets in the unregulated sector.
The Pros and Cons of Bitcoin Casinos
There are several reasons why you would wish to pay for slots, roulette, and baccarat content by Bitcoin, but also a few pointers as to why more traditional payment options might be personally favourable.
Looking at the positives first, it is easy to understand why many casino fans view Bitcoin Casinos so favourably.
- Transparency – there has never been a payment system that works quite like crypto, and Bitcoin is the go-to currency for fans of online slots and table games who prefer to bypass the traditional banking sector. Blockchain technology keeps account of your holding so that you know exactly how much you can wager when you play your favourite games.
- Privacy – there are many reasons why casino fans might wish to keep information about their gambling exploits obscured from their bank. If you ever need to apply for a personal loan or you want to take out a mortgage for a house purchase, your financial ins and outs are scrutinised. Your chances of being offered credit can be negatively impacted if multiple gambling transactions are flagged. And, of course, cultural sensitivities often mean that gamblers can be viewed in an unflattering light, making privacy an important aspect of any casino deposit that you make. Therefore, an anonymous funding option is vital for some roulette and blackjack fans so that these individuals are not discriminated against for indulging in their hobbies, and Bitcoin is a great alternative.
- Universal – because Bitcoin is traded outside the usual financial channels, you can buy and sell Bitcoin wherever you are. There are only a few truly universal payment options, including Visa and MasterCard, but Bitcoin rivals these iconic industry names.
- Low Cost – if you are intent on mining a Bitcoin, you will incur some costs, with electricity and computing power having a price tag. However, associated fees remain minimal if you are happy to buy and sell crypto coins through mainstream trading sites. Keeping deposit fees low is necessary when considering the natural profitability advantages that your Bitcoin Casino builds into its products.
Given the complexity of Bitcoin, it stands to reason that there are some important downsides to consider before making a concrete decision to make Bitcoin Casinos your number one.
- Volatility – the independence of Bitcoin from the international financial markets has several benefits, but it also allows the currency’s value to fluctuate wildly. One of the reasons that fiat currencies tend to trade within narrow parameters is that central banks can buy and sell quantities of cash to manipulate the price that consumers will pay artificially. However, we have already pointed out that Bitcoin is entirely independent of normal banking processes, so no central bank can buy Bitcoin when prices drop or sell Bitcoin when values rise. This volatility can be a problem for casino aficionados, who could find the value of their investments reduced dramatically if an economic shock hits the crypto industry at an inopportune point.
- Weak Protections – if you make a mistake by spending your money on a fraudulent site when you use your credit or your debit card, there is an excellent chance that you will see this money returned. Unfortunately, this is unlikely to happen if you fund your online spending with Bitcoin. Once again, this scenario turns one of the strengths of Bitcoin Casinos into one of its weaknesses. Yes, you can keep your financial transactions anonymous by funding them with Bitcoin, but anonymity also means that usual safety nets are removed. With these restrictions in mind, you need to be 100% confident that your Bitcoin Casino is a bonafide operator before sanctioning any form of deposit.
- Irreversible – whenever you use Bitcoin to make a virtual payment, you need to be sure that your asset is going where you want it to. There is no way to reverse a crypto payment once you have set one in motion, so if you have inserted a typo or a wrong digit in your instructions, there is a risk that your Bitcoin could end up in unsuspecting hands while you will have little or nothing to show for this.
- Weak Protections
Bitcoin Payment Method Comparison Table
|Payment Method||Min Deposit (CAD)||Max Deposit (CAD)||Deposit Fees (CAD)||Withdrawal Fees (CAD)||Deposit Speed|
|Bitcoin||0.0001 BCH||0.5 BCH||Free||Free||Instant|
|Instadebit||1||50000||Free||2.00||2 – 5 Days|
|Bank Transfer||5||100000||Free||Free||1 – 5 Days|
|Ethereum||0.01 ETH||0.5 ETH||Free||Free||Instant|
|Litecoin||0.01 LTC||0.5 LTC||Free||Free||Instant|
|MasterCard (Credit & Debit)||5||100000||Free||Free||Instant|
|Ripple||5 XRP||500 XRP||Free||Free||Instant|
Making Withdrawals from Bitcoin Casinos
Bitcoin gets a big tick regarding its versatility, with Bitcoin Casinos supporting deposits and withdrawals via the premier crypto method. If you follow five simple steps, you will find your winnings paid to you in a matter of minutes.
- Find the banking tab at your Bitcoin Casino – finding the ‘cashier’ page at any Bitcoin Casino tends to be straightforward. You will likely find a link to your site’s banking operations to the left or at the top of the main menu.
- Select Bitcoin – once you have located your casino ‘cashier,’ you will likely be faced with a list of options you can use to complete ‘deposits’ or ‘withdrawals’. Navigate towards the ‘withdrawals’ function and select the Bitcoin option.
- Create a Bitcoin Wallet Address – to make sure your Bitcoin finds its way safely to your crypto wallet, you need to generate a destination address. Copy and paste this from your e-wallet to your casino’s bank to provide a route for your winnings to be transferred.
- Check your details – it is vitally important that you double-check all the details you provide before pressing the go button on your payout claim. If your crypto address is wrong, you may end up funding another user’s account by mistake, with few options available to rectify any errors.
- Complete your payout – once you are completely happy with the details of your withdrawal, confirm and wait. Your Bitcoin should be in your crypto wallet within a couple of hours.
Playing at Bitcoin Casinos in Regulated Markets
The relationship between Bitcoin Casinos and market regulators is a complex one. Unlike almost every other type of casino, you are more likely to see a Bitcoin-accepting casino in an unregulated market than a regulated one. But, in our opinion, you are much better served if you can play craps or baccarat in a jurisdiction that has sought to place the iGaming market within.
The United Kingdom (UKGC), Malta (MGA), Gibraltar (GBGA), and Alderney (AGCC), have all developed a series of rules that casino owners must adhere to so that they can continue to trade. These conditions mean that players can be assured that their deposits are ring-fenced, that there will be simple terms and conditions to follow, and that dubious practices, including withdrawal reversals, will be prevented.
- Welcome Bonuses – the loss leader of the iGaming industry gives new players to Bitcoin Casinos a chance to profit from a brief spell of house generosity. Welcome promotions come in one to four lumps of bonus credit, with the size of these being based on your casino’s opinion on risk and the size of your deposits. Players can turn all bonus cash into withdrawable Bitcoin by wagering these sums multiple times. You may come across a no-wagering site where these conditions are waived, but this is rare. Still, you should be able to locate several low-wagering alternatives where you will be required to gamble bonuses thirty-five times to turn them into withdrawable assets. The only fly in the ointment is the contribution rate of individual games. All of your stakes on slot games generally count towards your quest. However, this falls to around 10% for bets on table games.
- Software – you can find games from the world’s top software firms at almost every regulated casino. So, if you love the in-depth stats provided in Evolution Gaming’s suite of table games or the in-game features on slots from NetEnt, Quickspin, and Gameburger Studios, you are in luck.
Playing at Bitcoin Casinos in Unregulated Markets
If you live in a country where the local government is yet to draw up rules and restrictions for iGaming stakeholders to follow, your protections are severely curtailed.
You will still come across hundreds of licensed venues. However, these documents will most likely be drawn up in Curacao, the Netherlands Antilles, or the Kahnawake Reservation. None of these entities is known for their robust approach to rule-breaking casinos, so they can only be viewed as having limited value.
Because of these regulatory limitations, we advise you to only play at Bitcoin Casinos, which can evidence longevity and an excellent reputation.
Staying Safe When Depositing at a Bitcoin Casino
Whether your preference is for welcome bonuses or VIP schemes, and whether you prefer to play slots or on the tables, we can all agree that safety needs to be the priority of all online casinos.
So, what steps can you take to keep your money and details safe whenever you visit the tables?
- Look for a licensed venue – if a UKGC platform is unavailable, MGA or AGCO-approved venues are great alternatives.
- Only use well-regarded crypto exchanges – with Bitcoin exchanges being unregulated, you must complete all financial transfers throughout reputable trading sites. Coinbase and Kraken are highly regarded in this field.
- Keep your software up to date – you have little recourse if your Bitcoin account is hacked. Therefore, your security software must constantly be refreshed to protect your assets.
- Offline Storage – if you have Bitcoin going spare, it is prudent to store this offline as a further protection measure. A USB hard drive can keep your crypto safe until you want to deposit.