Betting with Bitcoins at online casinos has come a long way since we first started dabbling with cryptocurrencies. In the early years, betting with cryptocurrencies meant that you were limited to a handful of in-house, proprietary games at sketchy sites with virtually no support or protection. Nowadays, some of the best casinos in the business accept Bitcoin and other digital currencies. Moreover, they offer around-the-clock support, are licensed and secure, and carry titles from all the best and most trusted software providers in the business. If you are new to Bitcoin casino gaming, though, what do you need to know? Allow GambleHero to walk you through it all…
Can I Gamble with Bitcoin Online?
The legality of betting at Bitcoin casinos and using cryptocurrencies to gamble depends on where you happen to live. For instance, in some countries where cryptocurrencies are outlawed, you are not going to be able to gamble with them. In others, Bitcoin and its counterparts fall into a grey zone, so as long as your choice of casino has a reputable and recognised license, you’re fine. Of course, some countries have legalised cryptocurrencies, and in these countries, you can gamble with them to your heart’s content.
Not all casinos deal solely with Bitcoin, either. Some of the biggest known cryptocurrencies you can also use to gamble online include Ethereum, Litecoin, Dogecoin, Bitcoin Cash, and Tether (USDT).
Understanding Bitcoin and Cryptocurrencies
Before you wager with Bitcoin and other cryptocurrencies at online casinos, you must make sure that you fully understand what they are and how they work. Bitcoin and its counterparts are highly volatile, decentralised digital currencies. Their value can skyrocket one minute and plummet the next. This adds an extra dimension to gambling.
On top of that, they can be very tricky to wrap your head around if you are inexperienced. It is vital that you read up on Bitcoin, what it is and how it works before deciding to invest, wager and gamble with it.
Once you are knowledgeable about Bitcoin, you might feel ready to sign up at a casino. However, there are two types of Bitcoin casinos out there, and we need to look at them both…
Casinos That “Convert” Your Deposits
One type of Bitcoin casino will readily accept your Bitcoin deposits. Indeed, you can even withdraw your winnings using cryptocurrency. The problem is that they may not necessarily allow you to wager with BTC. This means that when you deposit into your casino account using Bitcoin, the site will “convert” your deposit into a FIAT currency, most commonly US dollars. You will then bet in USD. Once you are ready to withdraw, the casino will “convert” it back into BTC. You will not always get the best exchange rate, and you may be charged a fee for this service.
Casinos That Accept Cryptocurrency Wagers
The second type of Bitcoin casino is far better for most players. This type of cryptocurrency casino not only accepts deposits (and withdrawals) made using BTC, but it will also allow you to bet on games using the digital currency, too. In most cases, the casino will set aside a section of games that are Bitcoin-friendly for you to play. The playability of casino games with Bitcoin depends on the software provider behind the game. Not all developers have made their games Bitcoin-friendly, but most of them have. By choosing to play at these Bitcoin casinos, you can avoid lots of nonsense with currency conversion rates and potential fees.
A Word on Bitcoin Bonuses
Bitcoin casinos have come a long way since they first sprung up. In the past, you may only have been able to access a “faucet-style” bonus. Nowadays, you can claim the same manner of promos and hot deals you would expect to see at a conventional casino, albeit in Bitcoin.
Bitcoin casinos will typically allow you to claim a casino welcome bonus with your first or first several deposits. You can also usually join a VIP scheme, claim reload bonuses, participate in tournaments, and enjoy free spins. Monthly specials are a common sight at Bitcoin casinos, too. Just remember to always read the terms and conditions of any bonus before you decide to claim it – Bitcoin-friendly or otherwise.
Why Bet with Bitcoins at Online Casinos?
Betting with Bitcoins at online casinos is advantageous. They can provide an added layer of anonymity which you do not get with too many casino payment methods, perhaps save for prepaid vouchers. Bitcoin transactions are also amongst the fastest and lowest costing options around. Many can be used freely, and even withdrawals may be processed in a matter of hours. On top of this, Bitcoin transactions usually have higher limits than other payment methods, as rival providers tend to put a cap on the amount you can deposit or withdraw per transaction. This is less likely to occur with BTC deposits and withdrawals.
Get Started with Bitcoin Casinos Today
Before you begin betting with Bitcoin, we have one key piece of advice. There are plenty of top Bitcoin casinos out there which also accept FIAT currencies and payment methods. We would urge you to join these sites – at least to begin with. There is an excellent reason for doing this – it ensures that making the switch is comfortable and convenient for all players.
If you opt to play at a Bitcoin Casino site that also accepts FIAT currencies, you can start off with the latter. This will allow you to chop and change between FIAT and cryptocurrencies, giving you a feel for this new way of gambling before you become committed. It makes the transition much easier for casino players. If you find that betting with Bitcoins is a doddle, you can stick with it. However, if you suddenly realise that it is not for you, you can go back to betting with US dollars, euros, British pounds sterling or whatever currency you prefer without having to sign up at a new betting site.
