Bitcoin casinos are edging their way into the mainstream, and as the cryptocurrency begins to gain legitimacy, we expect online casinos offering bitcoin as a payment method to pop up everywhere.
So what casinos accept bitcoin? What are the advantages of using bitcoin when playing casino games online? Let’s find out answers to these questions and more.
What is Bitcoin – A Little Background
Bitcoin is a digital cryptocurrency which exists purely in digital form. There has never been a single bitcoin minted either on paper or as a coin, and nobody truly knows who created it, although Australian entrepreneur Craig Wright claims he did.
Bitcoin is unique because it is released by a computer program rather than a central bank, and that program will stop creating Bitcoin after a certain number have been released, meaning Bitcoin has the potential to be worth a lot of money as demand increases and supply stops.
Bitcoin is not controlled by anyone, anywhere, and parties can trade using it without ever revealing who they are. All transactions are recorded in a ledger, meaning nobody can cheat, but it is never revealed who is behind the transactions, meaning total privacy is guaranteed.
That’s Bitcoin in a nutshell. Now, why should casino players use bitcoin?
Bitcoin Casinos – The Advantages
The following is a quick rundown of the reasons to play at casinos accepting bitcoin.
Total Privacy & Anonymity
This is perhaps the best reason to play at bitcoin casinos. You can keep your casino gaming life completely private since literally, nobody knows who is using bitcoin or why.
It’s understandable that you might want to keep your gambling separate from your private or professional life. Casinos accepting bitcoin give you that opportunity.
Bitcoin Price Fluctuations
Bitcoin is known to fluctuate wildly against other currencies. While some fear this, others embrace it as an opportunity. If you win a bitcoin jackpot which is worth $10,000 today, next week it could easily be worth $12,000 or more, thanks to bitcoin volatility.
If you are patient and can wait a while to withdraw and convert your bitcoin wins into other currencies, you just might win extra money for no reason other than currency exchange.
Safety & Security
Many players don’t feel comfortable sharing their banking or financial details with online casinos. Using bitcoin eliminates the need for this since you will just have to buy bitcoin at an exchange and transfer it, or do so directly from your bitcoin wallet.
This eliminates the need to register a debit card or other payment method at a casino online. If a data breach ever did occur, the worst that could happen is you would lose some bitcoins, and the hackers would never know anything else about you.
Little fees eat into jackpots and reduce profit. Currency fees, withdrawal fees, transfers fees, and others can slowly chip away at what lady luck has bestowed upon you.
Lots of bitcoin casinos either have zero fees associated with using it, or the fees are much less than they would be using other currencies and payment methods.
Bitcoin Casinos – The Disadvantages
Nothing is perfect, and bitcoin is no exception. There are some disadvantages to using bitcoin at online casinos.
Fewer Casinos Accept Bitcoin
Bitcoin is still outside the mainstream, and although awareness has skyrocketed in the last several years, many of the big name casinos don’t accept it yet.
There are still plenty of online casinos accepting bitcoin to choose from, but you might have to stray outside the popular brands you are already familiar with.
Price Fluctuation Can Work Both Ways
While bitcoin volatility can work to your advantage and increase the size of your jackpots, the reverse can also happen. You can suddenly see your winnings slashed in half if the price of bitcoin plummets.
You can always wait this out if it happens since the price inevitably rises again, but this will require patience and if you need money quickly, it might not suit you.
The Learning Curve
If you are totally new to this, you may need to learn a little more about it before you feel comfortable using bitcoin as a casino payment method.
The talk of encryption, mathematical formulas, the relative newness of bitcoin, and needing to buy bitcoin at a trustworthy exchange can naturally be off-putting to some. Like all things, if you stick with it, you will soon become familiar with it, but there is definitely a learning curve for bitcoin newbies.
Bitcoin Casino Games
Using bitcoin won’t limit the casino games you can play. You can enjoy:
All the slots you can play in any other currency are available. NetEnt, Microgaming, Playtech, and other slots are available to bitcoin casino players.
Blackjack, baccarat, craps, poker, roulette and other casinos games are available. Remember, bitcoin is simply a payment method. Once you have deposited you can play any games available at that casino.
Bitcoin Video Poker
Aces & Faces, Deuces Wild, Joker Poker, and other popular video poker games are available at approved bitcoin casinos.
Bitcoin Casino Bonuses
Of course, there are bitcoin bonuses just as with any other currency or payment method.
You can claim no deposit bonuses, deposit matches, and free spins on slots at bitcoin casinos online.