A few years ago, Bitcoin was treated rather skeptical, and few people seriously thought about investing their money in cryptocurrencies. But times are changing and every day there are more people who are confident that Bitcoin is the future of Finance, as well as an outstanding revolutionary technology in the financial services sector. In fact, it can be said that no invention in recent years has had such a strong impact on the global financial system as Bitcoin. The principle of operation of this crypto currency is based on a unique blockchain technology, thanks to which it can exist without the influence of state bodies or banking institutions, and anyone who has access to the world wide web can use it.
Around the end of 2012 began a rapid growth not only the popularity of this virtual currency, but also its rate. It is noteworthy that Bitcoin was one of the most profitable investments of funds in the period from 2014 to 2019 inclusive.
The rapid growth of popularity and demand for Bitcoin, of course, could not go unnoticed neither by ordinary users nor by reputable media. Soon, representatives of the online gambling industry also caught up: online casinos, poker rooms and bookmakers began to appear, which added the ability to replenish the account with Bitcoins on a par with traditional currencies (us dollars, Euros, Pounds, etc.). And some of them began to work exclusively with cryptocurrencies. These virtual gambling establishments have received the name a Bitcoin casino.
Bitcoin casinos are virtual gambling establishments that accept deposits and withdraw winnings in Bitcoin and other popular cryptocurrencies.
It is about this kind of institutions and will be discussed in this section, from which you will also learn:
-What is a digital cryptocurrency Bitcoin;
-General information on Bitcoin gambling;
-How to start playing casino for real money using Bitcoin or other cryptocurrencies (Ethereum, Litecoin, Ripple, etc.).);
-Answers to the most frequently asked questions regarding the operation of virtual gambling establishments that accept Bitcoin and other cryptocurrencies as Deposit and withdrawal methods.
What is Bitcoin?
So, what kind of animal is it and what is it eaten with? Let’s start with the definition. The well-known Wikipedia gives a fairly long and complex definition, which will contain a bunch of terms incomprehensible to most ordinary users. Therefore, in simple terms,:
Bitcoin (Bitcoin, BTC, BTC, Bitcoin) is a decentralized anonymous payment system (digital virtual currency or simply cryptocurrency), in which all operations are irrevocable (neither banks nor tax authorities are able to block, cancel or track the transaction) and pass without intermediaries.
This digital currency is also protected against forgery, because it is encrypted information that can not be copied (the use of cryptography and defined the prefix “crypto” in the name). But perhaps one of the most pleasant features for ordinary users is that, unlike the usual payment systems such as PayPal, Skrill, Neteller, payments in Bitcoin are fast and, as a rule, with a very low Commission or without it.
The name Bitcoin comes by combining two words: bit-the minimum unit of computer memory, and coin – means “coin”. Thus, Bitcoin is a virtual coin.
Decentralization implies that there is no control center, and the emission is due to the work of a huge number of computers. Each of them uses a program that is designed to solve complex mathematical problems. The result of solving these problems is a reward in the form of a certain amount of Bitcoins. The process of obtaining Bitcoin in this way is called the extraction or mining.
The maximum possible amount of Bitcoins that can be mined by mining is 21,000,000 BTC. The minimum unit of bitcoin is called Satoshi. It got its name in honor of one of the creators of this cryptocurrency. In addition to Satoshi, the following symbols are used when using Bitcoins: BTC, mBTC, dBTC, cBTC and uBTC. Their transcript you can see below.
1 Satoshi = 0.00000001 BTC
10 Satoshi = 0.00000010 BTC
100 Satoshi = 0.00000100 BTC = 1 µbtc = 1 microbitcoin (you-bit)
1,000 Satoshi = 0.00001000 BTC
10,000 Satoshi = 0.00010000 BTC
100,000 Satoshi = 0.00100000 BTC = 1 mBTC = 1 millibitcoin (em-bit)
1,000,000 Satoshi = 0.01000000 BTC = 1 cBTC = 1 centibitcoin (bitcent)
10,000,000 Satoshi = 0.10000000 BTC
100,000,000 Satoshi = 1.00000000 BTC = 1 Bitcoin
A brief history of Bitcoin gambling
The history of Bitcoin dates back to 2008. It was then on the website www.bitcoin.org an anonymous user under the pseudonym Satoshi Nakamoto (Satoshi Nakamoto) published a document describing a fundamentally new electronic currency.
Already in 2009, the same Satoshi Nakamoto created the first Bitcoin wallet and extracted the first block of virtual coins. By the end of 2009, from 700 to 1600 digital coins could be purchased for $1.
2010, we can say, was a turning point. In February, the official exchange Bitcoin Market was opened, where anyone could exchange virtual coins for quite tangible paper bills. On may 22, the first fact of payment by Bitcoins for the goods was recorded: one user of the system bought two pizzas from another for 10,000 coins ($25 at the exchange rate on the date of payment).
In 2013, began the massive spread of the cryptocurrency. It was then that the effects of the financial crisis prompted many people to invest in the digital currency. As a result, in April of that year, the price for one Bitcoin reached about $100, and by the end of the year it approached the mark of $1,200. It is expected that such a sharp increase in the rate was widely covered in all media.
In the period from 2013 to 2014, online poker rooms, bookmakers, as well as online casinos that accept Bitcoin as a method of Deposit/withdrawal of funds begin to appear. One of the first such institutions became Betcoin.ag and Seals with Clubs. However, due to insufficient demand among users, most operators were forced to close within the first year of opening.
Since then, the situation has changed radically: users are actively using Bitcoin and a number of other cryptocurrencies in the field of online gambling for transactions, as well as bets. Some online casinos begin to work only with cryptocurrencies, sweeping away other currencies as unnecessary, because more and more players prefer to be anonymous.
The current situation in the online gambling market looks quite positive: there is a large number of popular, reliable and respectable Bitcoin online casinos that work professionally and show an example to others; new casinos, like games, appear with enviable regularity, because demand gives rise to supply. Everyone who wants to try to gamble on Bitcoins, can do it in a few clicks.
Play in the best and new Bitcoin casinos
The world of online gambling is changing very rapidly. And this is manifested not only in the emergence of new games created using modern 3D technologies or virtual reality technologies, but also in the widespread use of cryptocurrencies. For residents of many countries (especially those where gambling is in the so-called “gray zone”) the ability to make deposits and withdrawals of funds through cryptocurrencies (Bitcoin, Ethereum, Ripple, Dash, Litecoin, Zcash, etc.) greatly simplifies life.
Like users of traditional casinos, clients of cryptocurrency online casinos can enjoy various kinds of promotions and bonus offers (mostly free spins and Deposit bonuses). Some of them launch VIP loyalty programs, as well as provide no Deposit bonuses, which are issued immediately after registration.
This section will be useful for those who are not familiar with real money gambling with the help of Bitcoin, but would like to try them out. Immediately it is worth noting that in General, there is no big difference between gambling on conventional currencies (us Dollars, Euros, Pounds, etc.) and cryptocurrencies. The main difference, in fact, is the method of money input/output, commissions for these operations, as well as the speed of transactions. The majority of entertainments are presented by the same slots, roulette, blackjack from the same developers.
Advantages of playing online casino with Bitcoin
Let’s describe all the advantages of gambling on cryptocurrencies. Just note that a number of features, which will be discussed below, are currently not available to those who use traditional methods of payment and currency, so you should definitely know about them.
- One of the main advantages of Bitcoins (saying Bitcoin we also mean all other cryptocurrencies that work on similar principles) is the lack of Central management. As a result, no one can affect any payment (block or cancel it). This feature makes it profitable to use digital currencies in a number of spheres of life. This is especially true for online gambling in those countries where payments to online casinos/poker rooms/bookmakers are prohibited, but gambling itself is not regulated by the state. The fact is that even if the regulators or authorities of any country will restrain the activities of online casinos, Bitcoin casino users will be able to continue to enjoy playing video slots, blackjack, roulette and other gambling activities.
- A snapshot of the transaction. Using Bitcoin to Deposit and withdraw money from online casino, you can forget about expensive data withdrawals as a nightmare: the findings of the money in the cryptocurrency takes a few minutes.
- The minimum fee for transfers or lack of them. In addition to the great freedom and speed of payments, you will also be surprised by the size of the commissions: most often they are either absent, or their size will be negligible. This not only saves you money, but also allows you to use cryptocurrencies more often for deposits and bets. While other players get confused between multiple payment wallets and Bank cards, and wait for funds to arrive within hours or days, you can use Bitcoins and forget about these problems.
- Anonymity. Bitcoin is ideal for gambling on the Internet, because most users prefer to remain anonymous, and with the use of cryptocurrencies it is finally possible. Thanks to blockchain technology, you can make any money transfers, remaining completely anonymous. The fact is that all transactions in the system are made without personal data. At the same time, when using a Bank card or electronic payment systems, such operations will be easy to track in the history of the Bank’s transactions.
- No limits. Servicing deposits in regular currency is quite expensive, so operators have to limit the minimum and maximum amount of Deposit. At the same time, when making a Deposit in Bitcoins, you can not think about its size: the minimum Deposit will always be 1 Satoshi, and the maximum will be determined only by you.
Thus, it becomes obvious why more and more operators, as well as online gambling fans, prefer Bitcoin and other cryptocurrencies. Starting to play in the casino for Bitcoins, you can make sure that this is the currency of the future, and use it for deposits/cashouts in online casinos is much more convenient than, for example, VISA cards or payment systems such as QIWI (see casino via Kiwi), Webmoney, Yandex.Money, etc.
List of casinos to play on Bitcoin
As we mentioned earlier, the opportunity to gamble in online casinos using Bitcoins appeared in the beginning of 2013. Since then, interest in them only increases, so it is not surprising that more and more online gambling operators add cryptocurrencies to the list of methods of Deposit/withdrawal of funds.
We have done a really great job in order to make a list of the most popular, reliable and secure online casinos where you can play on Bitcoins and a number of other cryptocurrencies. The reputation of many of them is confirmed by numerous real reviews of players on thematic sites and forums. You just have to choose the one that you personally liked, make a Deposit and start the gameplay in a wide variety of video slots, roulette, blackjack, video poker, etc.
Casino on other cryptocurrencies
Bitcoin is a kind of “founder” of blockchain technology and cryptocurrencies in principle. It is the most popular, but not the only digital currency.
Recently, more and more online casinos are beginning to connect the so-called altcoins. The word “altcoin “is an abbreviation for”alternatives to digital coins”. This term is used to collectively refer to all cryptocurrencies except Bitcoin Itself. Most online casinos accept altcoins such as Litecoin, and Ethereum.
The most striking example of a casino accepting altcoins is Fortunejack Casino. It is possible to make a Deposit or withdraw winnings using Ethereum, Litecoin, Zcash, Dash, Ripple, Bitcoin Cash, Darkcoin, Dogecoin, Peercoin, Namecoin, Reddcoin and Novacoin. Moreover, the administration of the resource monitors trends in the crypto sphere and as quickly as possible adds the ability to make deposits/cashouts/bets in altcoins, which are popular with miners.
Varieties of Bitcoin casino
Currently, all online casinos that accept Bitcoins can be divided into several types:
Working only with Bitcoin. Are the preferred choice for those who play BTC regularly. Some of them do not even require registration and/or proof of identity to be able to make a Deposit/cashout.
Hybrid. The most common variety. Many hybrid casinos allow not only to make deposits using cryptocurrencies (Ethereum, Litecoin, Dash, Ripple, Monero, etc.), but also to withdraw winnings to them. Their distinctive feature is that when you Deposit in them, most often your cryptocurrencies will be converted into Fiat currencies (us dollars, Euros, etc.). This is done to ensure that customers can freely play the vast majority of games (a number of software providers prohibit playing their games on cryptocurrencies). Winnings withdrawal is paid in the same currency in which the Deposit was made.
How to start playing in Bitcoin casino?
Users who have not had the experience of using bitcoins, often have questions with regards to where to get Them, as well as how to cash them. Below we will describe in steps what you need to do to start playing Bitcoin casino for money.
Step 1. Register your Bitcoin wallet. The most popular are Bitcoin Core, Electrum (for PC and Android devices), Copay (for computers, Android and iOS devices), Bither (for iPhone, iPad, Android), etc.
Step 2. To Buy Bitcoins. For these purposes, you can use one of the exchanges such as Bitstamp, Kraken, Bittrex, Poloniex and the like. To do this, you will have to replenish its balance with a VISA/MasterCard card or Bank transfer. Alternatively, you can purchase them “from hand” on sites like LocalBitcoins. It will take you a little time, but later you will forget about the large commissions and long withdrawals of traditional casino winnings.
Step 3. Find a suitable place to play. To do this, we recommend that you refer to the list above.
Step 4. Make a Deposit to the casino from your Bitcoin wallet. After registration on the official website of the casino you can go to the cashier and you will be assigned a specific Bitcoin address. If you want to replenish the balance, it will be enough just to transfer the necessary amount from your wallet to this address. Depositing money to your casino account is instant and almost free. Once the money will be on the balance, you can start the gameplay.
Step 5. To withdraw the winnings. Once you’re done playing, you can go to the cashier and make a request for withdrawal. In most cases, it will be processed in a matter of seconds.
Varieties of Bitcoin casino games
Users register and make deposits to online casinos for one simple reason – they want to try their luck and also try to win money in gambling. The variety of gambling entertainment is one of the factors determining the choice of a casino. Like traditional casinos, Bitcoin casinos are ready to provide their customers with a wide variety of slot machines, varieties of roulette, blackjack, etc.from the same leading software providers with only one difference: bets in Satoshi (Bitcoins) and altcoins.
Moreover, most of the entertainment you can test for free, using their special demo versions.
Bitcoin slot machines
The most common type of casino games are video slots (slot machines). Today, on the Internet you can easily find a couple of dozen slot machines for Bitcoins, among which there are games with jackpots. Bitcoin slot machines with honesty control (provably fair) have a small variance and higher payout percentages (RTP), which can reach 99%.
Blackjack, roulette and table games with a live dealer with Bitcoins.
Blackjack is one of the most popular card games in gambling establishments, so it is not surprising that in the vast majority of Bitcoin casinos this game is presented in a wide range.
Roulette is probably one of the most simple games of chance, because the player only needs to choose a number or color, and then bet and hope for good luck. The Most popular bitcoin casinos offer their clients several types of roulette, such as American, European, French and many others.
Live Casino (games with live dealers) appeared at about the same time with Bitcoin, but already managed to gain huge popularity. And coupled with the ability to play on Bitcoins, they do make a breakthrough. Many casinos that accept Bitcoin deposits are ready to offer their customers games with live dealers (roulette, blackjack, baccarat and a number of others), and bets can be made in cryptocurrencies.
Many institutions also offer to play Bitcoin poker, video poker, dice, keno, various lotteries, bet on virtual races and have fun in dozens of ways.
Provably Fair games
A number of games in Bitcoin casinos have a “distinctive feature” in the form of an additional opportunity to check the integrity of the results of the issue. These games are called provably fair games (provably fair games). Provably fair game is a kind of a breakthrough for not only BTC gambling but also for the entire industry. With its help, the user can make sure that as a result of the gameplay used a fair chance/probability of winning. Thanks to hash (hash) encryption technologies, skeptics can make sure that the casino has no control over the random number generator.
Such games are not very much, but they are. Most often it is provably fair blackjack, provably fair roulette and provably fair video slots.
Thus, playing on Bitcoins, you can instantly check the honesty of each of the outcomes and be sure that you are not deceived. In normal establishments, you can rely on the random number generator and trust the laboratory that tested it. Here you have the opportunity to check everything yourself. Moreover, this function is available to everyone and is completely free.
Legality of Bitcoin gambling
The vast majority of countries do not regulate cryptocurrencies yet, but already now the States are divided into two conditional groups that treat Bitcoins differently.
Countries that decided not to prohibit the circulation of cryptocurrency and to create a certain legal framework: Austria, Australia, Belgium, Brazil, Canada, Colombia, Croatia, Czech Republic, Cyprus, Denmark, France, Germany, Israel, Italy, Japan, Ukraine, New Zealand, Norway, Poland, Singapore, Slovenia, South Korea, Spain, Switzerland, Sweden, Turkey, United Kingdom, United States and several other countries as well as Hong Kong.
A group of countries in which bitcoins are an illegal currency, and its use, if not prohibited, is very strictly limited: Bangladesh, Bolivia, China, Ecuador, Iceland, Indonesia, Kyrgyzstan, Lebanon, Russia, Thailand, Vietnam and others.
According to the above data, most developed countries have decided to meet the cryptocurrency, but no single definition in the law of any country yet. Therefore, the legal status and regulations of each state are different.
For example, in the United States, any digital currency activity is defined as a cash and settlement business. Moreover, the Bitcoins themselves are considered as valuable property, so they are taxed.
In Canada, cryptocurrency is considered as income that can be derived from commercial activities. In Finland, on the contrary, transactions in electronic money will be considered as financial transactions, which means that value added tax cannot be applied to them.
As well as countries that are moving towards the adoption of cryptocurrencies, countries that prohibit them, also can not agree on a common opinion. In Russia, for example, Bitcoin is perceived as a surrogate money, and therefore its use is formally prohibited.
Icelandic authorities are trying to control the outflow of the state currency, so Bitcoins are a direct threat to the financial policy of the country.
FAQ about the game in the online casino for Bitcoins
Where to get Bitcoins to play casino?
Today there are several ways to get Bitcoins. The easiest way is to exchange real money for them: us dollars, euros, pounds sterling). This can be done on various online exchanges. You can also purchase cryptocurrencies from individuals – people who sell them on various websites, such as LocalBitcoins.
How does a provably fair casino work?
The activity of a provably fair casino is based on a cryptographic hash function, which is an algorithm that is used to create a hash function value for the server’s and the client’s SIDS. It is quite difficult, but if you go deep and study the process, the understanding will come quite quickly. If we talk about the stages of this action, it looks like this:
-To generate a random sid and his subsequent encryption of the hash code
-Sending a hash code to a player
-Enter player a random client seed
-Combining LEDs through encryption, and then the formation of the result
-The opening of the sid of the server to check the player.
Are Bitcoin casinos legal?
Bitcoin casinos are legal. Moreover, they are not considered as a separate structure, since Bitcoin is a currency, and online casinos are also no different from ordinary ones. Probably, in the future, the government of some countries will form a certain opinion about Bitcoin casinos and they will take some measures in their direction, but today such cases have not been noticed. Moreover, in most countries, Bitcoins today are not treated as a currency, but as a commodity that can be bought for ordinary currency, and then exchanged.
Can I use Bitcoin in mobile casinos?
Sure you can. The vast majority of this kind of institutions do not just have friendly sites with intuitive navigation, but also their special versions adapted for mobile devices, which fully preserved the functionality of the full desktop versions. With their help, you can not only spin the reels, make bets in roulette, blackjack, etc., but also make deposits, withdraw winnings.