There was a time when everyone wanted to gamble with PayPal and when that was the most sought-after and the most talked about payment method. These days PayPal is common. It’s old news. Bitcoin is the next big thing.
New Bitcoin casinos, sports books, poker sites and other gambling sites are cropping up all of the time. They offer something new, something different for Bitcoin owners and indeed for online gamblers.
In this article we’ll answer questions relating to Bitcoin and to Bitcoin gambling sites, telling you all you need to know about this currency and those sites.
What is Bitcoin?
Bitcoin is a cryptocurrency. This means that it can be used anonymously and securely, and it is not tied to any central bank like other money is. All Bitcoins are “mined” into existence by expensive computers, and once in existence they can be used to send and receive money securely and anonymously.
All Bitcoin owners are given a Bitcoin wallet, which has a unique code. To send money to a wallet, this code is all you need. The code can not be used to take money from a wallet, which is where the security comes into play, and it does not contain any details of the user, which is where the anonymity comes it.
You keep your Bitcoin wallet just like you keep your normal wallet. It actually exists, as does the money within it. This has the benefit of meaning that only people with the physical wallet can actually have access your money (as opposed to credit cards, where the number is all they need). On the flip side, however, it means that if you lose your wallet, whether because your hard drive is erased or physically lost, then you lose your money.
It sounds bizarre in a world of virtual money, cloud computers and remote servers. But it’s true and it has happened to some users.
How Can I Get Bitcoins?
To get Bitcoins you first need to download your Bitcoin wallet. This wallet is free and can be downloaded from official sources.
Once you have your wallet you will also be given your unique Bitcoin ID. With this you can then purchase Bitcoins and have them sent to your wallet. Most Bitcoins are purchased from exchanges, where they are essentially swapped for real money in a number of currencies.
Just like any other currency, the value of Bitcoin is always fluctuating against the market. But unlike other commonly used currencies, the value of Bitcoin can drop and rise drastically and has been known to double and half in single days before.
Why Use Bitcoin for Gambling?
The main reason to use Bitcoin for gambling is if you have them already and are looking for a good way to use them. Bitcoin owners want this currency to grow, to become more common and more popular, because when that happens then the Bitcoins they own will increase in value.
But the only way that’s going to happen is if you use them more. So, Bitcoin owners need to be the ones to make the change. They need to use their Bitcoins to shop and to send money to friends. And they also need to use those Bitcoins to gamble. Only then will the change begin to happen.
From the standpoint of someone who doesn’t own Bitcoins yet, the best reason to get involved is because this really could be the currency of the future. If you get involved, not only will you have something that is easy, quick and safe, but you’ll have something that could be worth 10x more than it is now in a very short period of time.
Bitcoin Gambling Pros and Cons
To clarify the upsides and downsides of Bitcoin casinos and Bitcoin gambling on the whole, here are some pros and cons:
- Anonymity: There is a long paper trail behind every other payment method out there. They are all attached to your name, your credit and your address. That’s not true for Bitcoin though, which could be just what some players need.
- Safety: Bitcoins are completely safe. There is no fear of giving your details to many different sites, because unlike card numbers and bank account numbers, those details can’t be used to rob you blind.
- Speed: Bitcoins are processed very quickly. There is no need to wait several days like there is with cards and bank transfers and Bitcoins are often just as fast as methods like PayPal and Skrill.
- Bonuses: As discussed in more detail a little later on, there is a lot of competition between Bitcoin casinos. They are all vying for your business and one of the ways they try to get it is by offering bigger and bigger bonuses. This is something that you can take advantage of as a player, moving from one big bonus to the next.
- Value: The value of Bitcoins is constantly increasing. This can be a good thing, as it can go up. But it can also be a bad thing, leaving you down before you even play your first game.
- Intimidating: Let’s be honest, Bitcoins can be a little intimidating for people new to this industry. The news stories about them don’t help, nor does the fact that they are commonly used for nefarious purchases. Bitcoins are safe and perfectly acceptable, but those stories and that reputation can put some people off.
- Loss: Another issue that users face is the fear that a virus will wipe their wallet out and they will lose everything. That’s why many users prefer to keep it on a removable hard drive, and one that doesn’t contain anything else (thus preventing potential viruses and spyware) and why they even choose to keep it on a cloud.
Do All Casinos Accept Bitcoin?
Not all casinos accept this payment method. In fact, the majority of them do not. It’s not a payment method you will find alongside other methods and listed on the biggest casinos. It’s one that is specialized, and therefore one that tends to be available on its own.
Bitcoin casinos are created exclusively with the idea of providing a platform through which players can gamble with Bitcoin. But overall, they are much smaller in number than the casinos that do not accept Bitcoin.
Can I Still Get Bonuses with Bitcoin?
Of course! In fact, there are actually many bigger bonuses available on Bitcoin casinos than there are on other casinos.
There are many reasons for this, but the main reason is that Bitcoin casinos are competing against a saturated market. They are new, they are different, and they are not as popular as a result. In order to convince players to give them a go and to put their trust in them, Bitcoin casinos are offering bigger and better bonuses than their rivals.
That may not last for long and will probably stop when the player numbers grow. But for now, this is a perfect time to signup and take advantage of some very generous bonuses.
Is Bitcoin Better Than Other Methods?
It’s all about preference really and it wouldn’t be fair or honest for us to say that Bitcoin was “better” than any other method. It can certainly be quicker and safer than many others and it’s also anonymous, which other methods are not.
However, it’s also not as easy to acquire and many users will consider it too much of a risk. So, again, it’s all about preference. The only thing we can recommend tis that you get out there and try it for yourself, because that’s the only way you’ll ever find out if it’s for you.
The Best Bitcoin Casinos
So, where can you find the best Bitcoin casinos? Well, you need to look in unusual places, because this is a new trend and one that the big casinos and the most well known names just haven’t gotten involved with.
We have some info on this site that can help you out. But you should always be prepared to do your research and to venture away from the big names that you’re used to.
You probably have a lot of questions about Bitcoins and Bitcoin casinos, especially if you’re new to this trend. Don’t worry though, as we have the answers to all of those questions. There are many more articles on this site that can help you with Bitcoin gambling, online casino gambling and more. For now, take a look at our Bitcoin casino FAQ and see if we can answer your questions.
Are Bitcoin Casinos Safe?
Bitcoin are just as safe as any other online casino or sports book. They follow the same rules, they use the same regulators and they acquire the same licenses. As a result, you need to be just as meticulous in studying them.
Is My Money Safe?
Your money is completely safe on most Bitcoin casinos, providing they abide by the rules and are regulated. So, this is something that you should check in advance, making sure that they are official and that your money is safe as a result.
Another plus side is that Bitcoin is very safe as a currency. If you give your credit card details to a site that you’re not sure about then they may end up taking your money and there will be very little that you can do about it.
However, because there is no way to steal money from someone just because you have their Bitcoin wallet ID, this is not something your will need to worry about with a Bitcoin casino. We would still recommend that you play it safe and do your research in advance, but if anything does happen then you will always have the guarantee provided by this safe, secure and anonymous currency.
Can I Use my Mobile Device?
You shouldn’t have an issue using your mobile device on a Bitcoin casino. This industry has taken to the mobile market just like any other, and all major Bitcoin casinos have mobile versions of their software available.
As with all mobile casinos, you may be better off just visiting through your mobile browser than trying to download the mobile version of your software. However, not all Bitcoin casinos can be played through browsers, so you may need to download anyway.
Are Bitcoin Casinos Fair?
Bitcoin casinos are as fair as any other online casino. However, they don’t always use the same software and tend to offer their own games and their own way of doing things.
So, this means that you can’t always rely on a big name developer keeping you safe. Most of the time if you see Net Ent, Playtech, Microgaming or other big brand software you know you’re playing safe and fair right off the bat. But if those brands aren’t being used then that won’t be the case.
So, make sure that the site’s software is audited and make sure that you read the audit report. This will tell you if that Bitcoin casino is fair, and it will also show you what sort of payouts their games have and how safe the rest of the site is.
What Should I Look Out For?
Just like any other casino, you need to make sure that the Bitcoin casino you plan on joining is fully licensed and regulated. All casinos, whether they accept Bitcoin or not, need to be regulated and they will all display the regulator information at the bottom of their main page.
They should also use the latest in encryption technology. Just because the payments are more secure doesn’t mean they can relax in this department. So, make sure that their servers are safe and that your connection to the site is secure at all times.
Bitcoin is one of the most exciting currencies and investments right now. It’s one that is changing the way we shop and send money, and one that could change the way we gamble as well.
Bitcoin is the future, and if you like to gamble and want to be a part of that future, then you should signup for a Bitcoin casino today and start playing. Who knows, this currency may just take off overnight, leaving you with a huge profit even before you play your first hand of blackjack or take your first spin on a slot machine.