With Bitcoin fast becoming one of the most popular payment methods on the internet, it’s no surprise that online casinos have started accepting this cryptocurrency as a form of payment, which will become more and more popular in 2022. While not every casino has embraced this new type of currency, you’ll find many top online casinos that prefer Bitcoin over more traditional methods.
Bitcoin casinos offer advantages that conventional online casinos can’t match. The more mainstream this cryptocurrency is becoming, the more casinos are starting to see the value in accepting Bitcoin as a payment method.
If you’ve ever considered investing in Bitcoin or using it as a payment method at casinos, you’ll find some valuable information in this article.
Bitcoin is a cryptocurrency, which means that it’s virtual or digital and secured through cryptography. Bitcoin was the first of the cryptocurrencies to hit the market, launched in 2009. It’s still unclear who the person or group started Bitcoin, as we only know the pseudonym Satoshi Nakamoto.
There are now millions of Bitcoin on the market, used for various purposes. Hundreds of different cryptocurrencies made their appearance on the market after Bitcoin became successful, which we refer to as an altcoin. Bitcoin is still the most robust cryptocurrency available at the moment.
Cryptocurrencies are safer than regular currencies because of blockchain technology, which means that it’s practically impossible to counterfeit or double-spend. Blockchains are set to disrupt many industries, including finance and banking.
Unfortunately, many cryptocurrencies have gotten a bad reputation due to their use in illegal activities on the dark web. People sometimes still see it as a way to pay for illicit services. However, it’s a transparent currency resistant to inflation, and while it’s volatile, Bitcoin especially has seen exponential growth in value and popularity over the past few years.
It’s no surprise that online casinos have seen the need to accept Bitcoin as a payment method.
What is a Bitcoin Casino?
A Bitcoin casino, simply put, is a casino that accepts Bitcoin as a form of payment. You can refer to any casino that supports Bitcoin as a form of payment, as a Bitcoin casino. Due to the volatility of cryptocurrencies and a period of uncertainty surrounding it, some casinos are tentative about accepting this form of payment.
Many top online casinos have embraced Bitcoin due to the ease of payments, the high value that the currency holds, and the use of blockchain technology. There are even casinos dedicated to Bitcoin, where they only accept Bitcoin as a payment method.
Bitcoin casinos usually offer all the best casino games, which includes slots, table and card games. Many casinos also provide the opportunity for sports betting, often including fantasy leagues and e-sports. You’ll find these games at regular casinos, but many Bitcoin casinos change the games to make them unique for players who only choose to play with Bitcoin.
Why Should You Play at a Bitcoin Casino?
Bitcoin is one of the safest payment methods due to blockchain technology. Once you’ve made a payment, the blockchain records it, and it can’t be changed. It’s also a suitable payment method to use if you want some anonymity while playing online.
If you’re worried about your country’s laws and monitoring your online activity, Bitcoin offers relative safety from authorities. When you sign up with a Bitcoin casino, you don’t have to verify personal information, allowing you the anonymity for which Bitcoin is known.
Cryptocurrency’s use of blockchain technology doesn’t need personal details to verify transactions, and the lack of this information doesn’t affect the integrity of transactions. Because of the decentralised nature of cryptocurrency, governments can’t interfere or manipulate the currency.
Bitcoin payments are usually faster than traditional methods, with minimal expenses incurred when making transactions. Cryptocurrencies have no middle-man when it comes to transactions, so there’s no need to pay anyone.
Many traditional payment methods charge hefty fees for transactions, often up to 10% or 15% of the amount. These intermediaries have often been accused of overcharging players for transactions because there are no alternatives.
This is one way the cryptocurrency disrupts the market, offering an alternative form of payment that traditional banks do not regulate. Anyone can make transactions using Bitcoin without any charges accrued.
Banks often freeze accounts or charge high fees when you make a payment to a casino. These types of transactions are often frowned upon. When you use Bitcoin, neither your bank nor other authorities have records regarding the transaction.
Transactions times are much faster with Bitcoin payments than traditional methods. If you make a withdrawal using your credit card, you can wait seven days, if not longer, for the amount to reflect in your account Bitcoin, however, can be as fast as 15 minutes.
Furthermore, many Bitcoin casino sites offer free transactions when making use of this payment method. Some casinos provide bigger jackpots for Bitcoin players, and many traditional games are getting a face-lift to appeal to players who play using cryptocurrency.
Pros and Cons of a Bitcoin Casino
As with any casino, there are pros and cons to playing at a Bitcoin casino.
Easy deposits and withdrawals
Excellent bonuses and promotions
High conversion rates
Casinos dedicated to Bitcoin
Bitcoin wallets are available on mobile
The currency is volatile
Some casinos may not be legal
Bitcoin Casino Bonuses
Many Bitcoin casinos create special bonuses and promotions for players who use Bitcoin. These are often much more lucrative than those for other players. While not all casinos offer bonuses and promotions, the majority of licensed casinos do. Here are some of the Bitcoin bonuses you can look out for.
A welcome bonus is a promotion that casinos offer new players signing up for the first time. It’s often in the form of a match bonus, where the casino will match the amount you deposit with a specific percentage up to a certain amount. The most popular match bonuses are 50%, 100%, or 150% matches. Many casinos also offer free spins with the welcome bonus, which you can use on various slots.
You’ll often see welcome bonuses broken up into two or three parts, where the casino rewards you for the first couple of transactions you make instead of just the initial payment.
The purpose of a welcome bonus is for you to play different games risk-free and, in doing so, get to know the casino. It allows you to play slots and other games that you wouldn’t usually play, expanding your knowledge of the games and adding to your list of favourites.
A reload bonus is one you activate when you make a deposit as a regular player. These are similar to welcome bonuses but incentivises regular players to keep making transactions with the casino.
A reload bonus can take the form of a match percentage or as a cashback. Reload bonuses also sometimes include free spins.
Cashback bonuses are promotions where the casino gives you money back in your casino account or credits to play. You’ll usually find this kind of bonus as part of a reload or casino promotion for existing players.
No Deposit Bonuses
A no deposit bonus is a promotion where the casino offers a bonus without a player needing to make a deposit first. These can be in the form of cashback bonuses, free spins or credits to play certain games.
Most online casinos will give regular players loyalty rewards. Depending on the casino, you can access exclusive events, personal account managers, specialised promotions, and many others.
Many Bitcoin casinos offer free spins on slots. Free spins often go hand-in-hand with a welcome bonus, but it’s also popular for regular players. Casinos often use free spins for mid-week promotions.
Many of these free spins promotions are limited to specified slots, usually to promote them. You can find exciting and fun slots when you use free spins promotions.
New Bitcoin Casinos
List of recently launched and reviewed casinos that accept BTC and other cryptos.
One of the advantages of playing at a Bitcoin casino is the ease of making transactions. If you’re not familiar with Bitcoin, you may not be sure how transactions with a casino will work. When making transactions with Bitcoin, there are marginal costs involved.
The fees are payable to the people who hold the virtual ledgers. Most casinos don’t charge for Bitcoin transactions at all.
Go to your favourite online casino and choose to open an account if you haven’t done so already. You’ll be able to follow the prompts to make the process easier. Once your account has been approved, you can click on the ‘banking’ link and choose Bitcoin as your preferred payment method. You’ll receive a unique web address which is your casino account.
From here, you’re going to go to your Bitcoin wallet, enter the address for your casino account in the tab for making Bitcoin payments. Choose the amount you’d like to pay over to the casino and confirm the transaction. You’ll see the funds in your casino account within minutes.
Withdrawals using Bitcoin are much faster than regular currency, as there is no waiting period between the casino and your account. You need to choose the ‘banking’ tab and go to the cashier to start the process. Select Bitcoin as your preferred method and indicate the amount you’d like to withdraw. Keep in mind that every casino has individual limits for withdrawals.
Once you’ve selected the amount, you have to go to your Bitcoin wallet and get the address for the withdrawal. Provide this address to the casino, ensure that your withdrawal meets all the casino requirements, and wait for the casino to process the transaction.
Bitcoin Exchange Rates in Online Casinos
Since Bitcoin is a volatile currency, most casinos don’t exchange the currency for the value of regular money. Instead, the casinos will use Bitcoin in its pure form, breaking it down into bits. Most Bitcoin casinos will allow you to make deposits in Bitcoin bits and cap the transactions before transferring a whole coin.
Your winnings will also be affected by the volatility of the currency. This is part of the reason why casinos trade in Bitcoin and don’t exchange it for regular money.
Bitcoin Wallet Types
Before we tell you which Bitcoin wallets are the most popular, you first need to understand what a Bitcoin wallet is and what it does.
A digital wallet is similar to a physical wallet because it keeps your currency in one place. Keep in mind that Bitcoin only exists in a network where digital ledgers track and manage your coins.
It’s crucial that your chosen digital wallet can interact with this network. The word ‘wallet’ may create an inaccurate image. A digital wallet is a highly secure address where your coins are accounted for. The instruction in the Bitcoin distribution ledger states that any coins directed to the address of your wallet belong to you.
If you don’t have a digital wallet, you can’t own or transact with cryptocurrency. There would be nowhere to direct transactions to and from. There are also different wallets to look at, spending on the purpose for which you need it.
Hardware BTC Wallet
This kind of wallet uses hardware to keep your cryptocurrency safe. A hardware wallet looks similar to a USB, and you can store all your keys on it. Since a hardware device is only connected to the internet when making transactions, it’s a safe way to keep your coins. Its purpose is mainly for safekeeping and is often referred to as a cold wallet.
Virtual BTC Wallet
Generally less secure than hardware wallets, a software wallet requires software to keep your Bitcoin safe. A software wallet is meant to be used, rather than for security, however. A good rule of thumb is only to carry what you intend to spend in your software wallet.
A software wallet is also called a hot wallet. Some variations include:
Desktop wallets— downloadable software that you can use to manage and interface your currency. A desktop wallet is a good combination of security and convenience.
Web wallets— browser plug-ins to connect to blockchain and complete any transactions. You can connect and disconnect at will.
Mobile wallets— when you’re using mobile devices.
Factors to Consider Before Choosing a Wallet
Before choosing which wallet will be best for you, there are a few factors that you should consider:
Your needs— you want to use a wallet to make transactions easier for deposits and withdrawals with an online casino.
Cost— software wallets have transaction fees, while hardware wallets will have an upfront fee and transaction fees.
Convenience— the wallet should be easy and convenient to use.
Features— ensure that the wallet you’re interested in has all the features that you’ll need.
Bitcoin support— ensure that the wallet you’re interested in supports Bitcoin.
The Most Popular Wallets
The most popular wallets for you to investigate includes:
Ledger Nano X
Exodus Bitcoin and Crypto Wallet
Mycelium Bitcoin Wallet
Bitcoin Casino Games You Can Play with Crypto
If you choose to play with Bitcoin, you have the option of playing virtually any casino game that the Bitcoin casino offers. Many casinos tweak their games to make it more interesting for Bitcoin players.
Major game developers have signed contracts with Bitcoin casinos, which is a definite sign that Bitcoin casinos are becoming more acceptable among mainstream players. Some of the top names in the igaming industry have started recognising that more and more people want to use cryptocurrency when gambling online.
Entering into contracts with Bitcoin casinos offers these companies the opportunity to showcase their portfolios to Bitcoin players, often with exclusive content explicitly aimed at cryptocurrency.
You can play slots, card games and often make bets in sportsbooks using Bitcoin. You’ll find that most Bitcoin casinos offer the exact titles of your favourite games that you would find at traditional casinos. While many games are different, you don’t have to worry about the gameplay of your favourite games being changed.
The Bitcoin casinos and game developers are also serious about making player’s gaming experience unforgettable. For this purpose, most of the casino games are optimised for mobile, and you’ll be able to access Bitcoin casinos from your mobile device.
The History of Bitcoin Rates
One thing that people constantly repeat when they talk about Bitcoin is how volatile the currency is. That means that the value of a Bitcoin fluctuates wildly. In fact, in trading classes, it had one of the most volatile histories.
Some experts compare Bitcoin to the Beanie Babies craze in the ’90s, while others likened it to the Dutch tulipmania in the 17th century. Initially, finance experts didn’t have much faith in cryptocurrency and dismissed it as a short-lived fad. After a decade of crashes and growth, Bitcoin has shown that it’s here to stay.
The original purpose of cryptocurrency was to cut out the middle-man and make daily transactions with minor risks, specifically after the 2008 financial crisis. Initially, the currency was mainly accepted as payment for online transactions, specifically illegal transactions on the dark web.
This caused scepticism in the mainstream, but Bitcoin is slowly becoming a more accepted mainstream payment method. Many investors see its value as a hedge against inflation and a store of value.
2009 – $0.0008
When the currency first came out in 2009, it had no value at all. In a year, it grew to be worth $0.0008, and then suddenly, in the same year of 2010, it jumped to $0.08. From here, there were still fluctuations, until it reached $1 in April 2011. In three short months, the value increased to $32. The crypto market then hit a recession, and Bitcoin fell to $2 by November.
2012 – $220
During 2012 there was a slight increase, hitting $4.80 and then peaking at $13.20 in August of that year. 2013 started with a $13.40 value, and by the beginning of April, it had shot up to $220.
Unfortunately, a quick decline followed, and by mid-April, the currency was worth $70. By October, Bitcoin was trading at $123.20, with a massive leap towards the end of the year to $1,1560.10. Three days later, it fell to $760. These fluctuations triggered a slump, and Bitcoin was changing hands at $315 at the beginning of 2015.
2017 – $1K to $20K
2017 saw another massive increase, seeing trade at around $1,000 at the beginning of the year, and then flew off the charts to $20,089 at the end. This increase placed Bitcoin firmly in the spotlight of mainstream media, and people started paying attention.
More cryptocurrencies entered the market, and Bitcoin saw little action until 2019, where the value shot up to $10,000 but then fell again to $7,112.73.
2020 – $40K
With the start of the 2020 pandemic, investors became worried about the global economy, and Bitcoin became more valuable again, at $7,200. Towards the end of the year, it was trading at $18,353, closing the year at just under $24,000. It grew to $40,000 at the beginning of 2021, spiked up to $64,000 towards the middle of the year, and then slowly reduced to $40,000.
Experts predict that by 2030, Bitcoin will be trading at $400,000 per coin. The system will only allow 21 million Bitcoin to be made, and this number should be reached by around 2140. After the cap has been reached, the value of Bitcoin should even out.
What Makes Bitcoin Valuable?
The traditional factors that influence the value of a currency don’t apply to Bitcoin. It’s not issued through a central bank and isn’t impacted by monetary policies or inflation rates. If it’s not regulated and simply entered the market from nowhere, why is it valuable?
Essentially, an asset has value because we attach worth to it. Bitcoin is valuable because we’ve decided that we can use it as a form of payment. A few other factors are influencing this evolving entirely currency.
Money has value because of its scarcity. Bitcoin is difficult to mine, and that makes it scarce. There is only a certain amount in circulation, and production is capped.
The fact that other cryptocurrencies are entering the market pushes the prices of cryptocurrency down. Bitcoin is the best-known cryptocurrency, so its value is higher than others entering the arena.
Supply and Demand
With only a certain amount of coins in circulation, the next factor influencing the value is the market demand. Demand is impacted by the legality and useability of the currency, along with its popularity.
Cost of Production
Even though Bitcoin is a virtual currency, there are actual costs to mining coins. These costs include the computational strength and electricity you’ll need to run the servers.
Legality and Regulation
The more places you can spend Bitcoin, the more popular it will become, increasing its value. The more mainstream Bitcoin becomes, the more people will want to invest in the currency.
Opens new markets
While most of gambling regulators force payment providers not to accept players from specific GEOs, Bitcoin is accessible world-wide and gives new opportunities to player and casinos.
Bitcoin Casinos VS Traditional Online Casinos
There are a few differences between traditional casinos and Bitcoin casinos. Cryptocurrencies have changed how casinos function, and often, Bitcoin casinos are more attractive than conventional casinos. As with any casino, you should understand what it’s all about before you commit to playing.
These differences completely change the user experience of the casino. Considering you can play the same high-quality games at Bitcoin casinos, it doesn’t seem like traditional online casinos can compete with crypto casinos.
The primary and most obvious difference between a Bitcoin casino and traditional online casinos is the currency and accepted payment methods. Conventional online casinos accept international currencies like the U.S. dollar, British pound and euros.
Bitcoin casinos may take some of these currencies, but it also accepts Bitcoin. Some Bitcoin casinos exclusively accept Bitcoin or cryptocurrency.
One of the most important aspects of online casinos is security. Crypto wallets are more secure than traditional bank cards or e-wallets. Bitcoin casinos also don’t need to store your personal information, which means hackers can’t intercept transactions or use your data.
Generally, Bitcoin casinos have a lower house edge than conventional casinos. The games they offer are at least as fair as traditional online casinos, if not more due to the low house edge and algorithms that the casinos use.
Future of Bitcoin
Since cryptocurrency is in its infancy and constantly evolving, most experts find it difficult to predict where it will go in the future. Considering the massive fluctuations that Bitcoin has seen since its inception, it’s generally agreed that anything could happen. Some sceptics believe that Bitcoin will eventually crash entirely and never return to its total value.
On the other hand, many people believe that Bitcoin will become even more mainstream, and its value will continue to climb, even over $1 million or $2 million. It’s entirely possible that this could happen, as more people trade and use the currency. The more optimistic finance experts agree to expect short-term volatility but long-term growth, as has been the trend since its inception.
All experts agree that we’ll never see Bitcoin, or any cryptocurrency, become a global currency since this is a nearly impossible concept. Money doesn’t have a global reach; even traditional currencies won’t fulfil a role like global currency. Bitcoin will also never be a global currency anchor.
More companies adopt Bitcoin as a payment method, likely increasing the value further while also triggering more interest. Mainstream interest will, in turn, create higher value, and so on.
There should be continued conversations about stricter regulation of cryptocurrency, precisely guidelines and legislation to make the use of cryptocurrency safer. There are also plans on the table to create ETFs, which will make investing in crypto easier.
Blockchain technology is disrupting various industries, not only the financial sector. Governments are starting to use blockchain to replace pen-and-paper recordkeeping. Blockchain can improve identity systems by using a single source for both identity and assets, leading to self-sovereignty. It can also cause greater transparency between various industries.
Privacy at Bitcoin casinos
If you’re worried about the information you share with online casinos, Bitcoin casinos are a great option. Essentially, you don’t have to share any personal information with the casino. They don’t need to verify your details for financial transactions.
This increases the casinos’ security, as hackers don’t have anything to access. This lack of personal information also increases your privacy with a Bitcoin casino.
Your transactions are anonymous, and banks have no record of payments. This removes the risk that your bank or credit card company can identify you as a gambler.
All-in-all, Bitcoin casinos offer a lot more privacy than conventional online casinos, which have to ask for all your personal details and verify them for transactions to take place. If your information isn’t available online, third parties can’t access it. This also implies that you won’t get any unwanted marketing sent to your phone or email address.
You must ensure the casino you’re interested in is licensed and legitimate. If not, your transactions aren’t secure, and there’s no guarantee that you’ll receive any winnings. If a licensing body doesn’t regulate the casino, you also can’t make any complaints if the casino is unresponsive.
What Should You Look Out For in A Bitcoin Casino?
When you’re ready to start playing your favourite casino games at a Bitcoin casino, there are a few factors you need to look out for before making a deposit.
Authority Firstly, which regulatory authority issued the license to the casino? If the casino hasn’t published the licensing number and the name of the body on the website, you should steer clear. Furthermore, the casino should have a good reputation among players. You can easily find out how good a casino is by reading the reviews of other players.
Bonuses The casino should offer reasonable bonuses and promotions. Remember that Bitcoin casino bonuses are usually higher than conventional online casinos due to the low transaction cost.
Games You should also look at the game providers. The top gaming developers should have games in the casino portfolio. If you don’t see any games you recognise, it may be a red flag.
Deposit/Withdrawal speed Similarly, the time that the casino takes to process withdrawals will indicate how legitimate it is. Generally, it shouldn’t take more than one workday to process the transaction, and with Bitcoin offering quick transactions, the amount should reflect in your wallet within 15 minutes.
Possible Issues with Bitcoin Casinos
Bitcoin casinos may not be as anonymous as it wants to claim. Each casino has a regulatory responsibility to account for where their money comes from and where it goes. For this reason, most Bitcoin casinos still trace transactions to prove that there is nothing illegal going on, like money laundering.
The volatility of the currency can also impact your profit on winnings, especially over the short term. What you paid to play the game may be much more than what you get when you withdraw your winnings.
You should be vigilant before opening an account with a Bitcoin casino, as there have been scams in the past.
Bitcoin mining consumes two times more energy then Switzerland
As shown in the infographic bellow, Bitcoin miners use more electricity than some small countries.
Bitcoin electricity usage infographic 2022
Other Cryptocurrencies to Keep an Eye On
Bitcoin is the largest and most popular cryptocurrency on the market, but it’s not the only one to watch. Here are some other cryptocurrencies that may follow the Bitcoin example and become equally popular.
You’ll find that many online casinos that accept Bitcoin also accepts a variety of altcoin. The most popular of these are Litecoin, Bitcoin Cash, Ethereum and Dogecoin. All of these cryptocurrencies have been successful in some way over the past years, even if it hasn’t been as big as Bitcoin.
Bitcoin paves the way for these altcoins and is indicative of what the market will do with the smaller cryptocurrencies.
Ethereum entered the market in 2014. Ethereum’s popularity is primarily linked to its ability to enable smart contracts. In fact, most decentralised finance projects are built on Ethereum.
Stellar also came on the market in 2014. It uses open-source blockchain with Lumen as its native currency. The idea behind Stellar is to make inexpensive transactions available in underdeveloped markets.
Binance Coin is an exchange for trading cryptocurrency. The coin allows you to pay transaction fees and access other services, like the decentralised exchange.
Cardano was founded in 2015 by the co-creator of Ethereum. Cardano is based on a proof-of-stake protocol on both permission and permissionless blockchains. It’s run by a non-profit in Switzerland, which oversees the development of cryptocurrency.
Litecoin was designed to be a faster version of Bitcoin. It’s currently four times faster than the current transaction rate of Bitcoin. Litecoin’s supply is also four times larger than Bitcoin.
Bitcoin casinos offer a variety of advantages you won’t find at conventional online casinos. It’s a faster payment method that offers more privacy than regular currency. The low transaction fees also mean that you can get bigger bonuses and more lucrative promotions.
Bitcoin is generally safe to use to play at online casinos and allows you a level of anonymity. Most Bitcoin casinos are safe, but you should ensure that the one you’re interested in is fully licensed and has a good portfolio of games.
Game developers often change some of their games to be more appealing to Bitcoin players. The changes can be anything from gameplay to bigger prizes.
Before you start playing with Bitcoin, you should get the correct wallet that’s safe and allows you to make transactions quickly and easily. A software wallet is usually a better choice for commerce, but ensure that you download one to meet all your needs.