Bitcoin casinos share many resemblances to the traditional online casino, but they differ on one key point. At these casinos, they accept bitcoin for deposits, withdrawals, and wagers. As soon as the funds reach your account, you can start wagering at the pokies, the blackjack tables, and the other casino games. All the games stay the same — the key difference comes down to the payment method of how you start playing.
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Getting started at a bitcoin casino would mean that you need a digital wallet to support the cryptocurrency that you plan to hold. Nowadays, many banks and companies like PayPal, Venmo, and Cash App all offer a digital wallet. After you set up your digital wallet, you can transfer the desired amount of bitcoin over to the casino wallet. You can start a wager as soon as the funds reach your wallet.
Compared to traditional payment methods, bitcoin operates faster and more securely because no banks or financial intermediaries slow the process. To give you an idea of how fast payout times can be, the average sits at around 10 minutes. Putting that into perspective, traditional online casinos normally require at least 24 hours for withdrawal using PayPal, Skrill, or Neteller. Deposits for bitcoin operate even faster because it requires no need for approval from the casino — practically instant.
Many bitcoin casinos give you better welcome bonuses than traditional online casinos with the reason being that bitcoin has a lower fee on withdrawals and deposits.
What is Bitcoin?
Launched in 2009 as a peer-to-peer technology designed to allow instant payments, bitcoin is a form of digital or virtual currency. The technology operates without oversight from government institutions and free from central control. Bitcoin belongs to a category of digital assets known as cryptocurrencies. This, however, would rank as your most famous and used cryptocurrency adding some stability to the use of it compared to others.
Bitcoin belongs to a blockchain, which powers the cryptocurrency. Whenever you make a transaction, such as at the casino, information from the previous block gets copied to the new block with the new data. With all of that in mind, bitcoin casinos will exclusively use bitcoin for their payment transactions. When you win a payout, they will pay out in bitcoin.
Benefits of Bitcoin Casinos
- Fast transactions
- More secure
- Better welcome bonuses
- Anonymous gambling activities
- Lower transaction fees
- Community and social benefits
- No third-party interference
Drawbacks of Bitcoin Casinos
- Volatile digital asset
- Not accepted at all casinos
Why Bitcoin Gambling is Gaining Popularity
Cryptocurrency casinos continue to gain steam around the world with an estimated 420 million users. Many of the traditional hurdles with online casinos get eliminated with the switch to bitcoin casinos. Crypto gamblers are already estimated to bet $3 million worth of cryptocurrencies daily. Along with that, an estimated 60% of all bitcoin transactions come from gambling, which shows the role that this technology will play in the future.
You can’t deny the influence that bitcoin has had on the gambling industry. Using blockchain technology at the casinos ensures transparent and fair gaming. One of the most common complaints that people have had about online gambling has been the potential to rig the system for unfair outcomes. The blockchain eliminates this risk. Now, you still need to exercise caution because not all bitcoin casinos will use blockchain technology, but it helps to make the online gambling industry more secure than in the past.
Creating a Diverse and Vibrant Community
One of the benefits that was mentioned earlier was that bitcoin helps to create a fun community with many social benefits. Many players at the bitcoin casino forums will share tips and strategies that you can use for gambling. The social element adds to the fun of the gaming, and many times, you don’t see this type of community with the more traditional online casinos.
What are the Different Types of Bitcoin Casinos?
When it comes to bitcoin casinos, you could separate them into two major categories. Let’s take a look:
Bitcoin-Only Casinos
At a bitcoin-only casino, you can only use bitcoin to place wagers. Many gamblers like this casino because it gives you a totally decentralised approach to online gambling, and you can trust the process more. This type of casino will give you the most benefits from bitcoin, such as faster withdrawals, quicker deposits, and lower transaction fees. The downside is that if you want to use another payment method for any reason, you can’t use this casino.
Hybrid Bitcoin Casinos
Second, you can use a type of hybrid casino where they will let you use bitcoin for payments if you’d like. They don’t have it as their only payment method, however. You can use other payment options, such as PayPal, Skrill, Neteller, Mastercard, and Visa. This option caters to a broader range of players, but you may not experience the same level of community as in a bitcoin-only casino. Other people at the hybrid bitcoin casino may not even be using bitcoin.
Things to Consider When Choosing a Bitcoin Casino
There are at least 2,000 bitcoin casinos, which could make deciding more difficult. You need to weigh a few different things when you decide on where you will wager your money.
Game Variety
Do you like to play the pokies? Look for a bitcoin casino that offers you a good collection of games. Look at the pokie developers for the games as well. Good bitcoin casinos should use games from well-known and trusted developers like:
If you like poker, choose a platform that has multiple varieties of it or at least choose one with your favorite poker version.
Reputation
Before you ever deposit money at a bitcoin casino check the reputation of the casino. Examine the user reviews from multiple platforms to understand how that casino operates. Good bitcoin casinos will display positive feedback, and they will have a reputation for fair gaming practices. Don’t deposit bitcoin into a casino until you know the reputation of the brand.
Customer Support
If something bad happens, what process does the casino use for assistance? Every reputable casino should offer more than a FAQs page. At the bare minimum, they should offer email assistance along with a FAQs page, but phone and LiveChat support are an ideal assistance platform. When you look at the reviews, check what kind of customer support people received. This clue will tell you a lot about the kind of service that the casino offers.
Withdrawal Time and Withdrawal Limits
You should experience little to no withdrawal time when it comes to bitcoin casinos. Bitcoin needs no intermediaries, so it makes no sense for a long withdrawal time, and it would ruin the advantage of using bitcoin. Second, always check the withdrawal limits of the casino before you start using it. Unfortunately, some casinos will set an unreasonably low withdrawal limit, which will make it hard to withdraw a lot of money if you happen to win a jackpot at pokies. For example, imagine that you won $1,000,000 and can only withdraw $10,000 per week.
Bonuses and Promotions
In general, bitcoin casinos tend to offer better bonuses and promotions because of fewer transaction fees. Check around to see what each one offers, but don’t let yourself be drawn in solely based on a high bonus. You must always pay attention to the terms and conditions of the bonuses and promotions to ensure that you receive them at the end. One bonus might be high, but they make it impossibly hard to actually claim the bonus. Meanwhile, another bonus may be lower, but they put fewer restrictions on how to get it making it easier to claim.
Check for Licensing and Regulation
Whatever bitcoin casino that you choose, it must be able to demonstrate a legitimate license and show regulation from a reputable authority. You want regulation and licensing with your bitcoin casino because it ensures that they follow the fairest practices for online gambling.
Security and Privacy
When it comes to bitcoin casinos, the blockchain should make up a part of the security. By far, this will beat the traditional online casino safety. Because of it being decentralized, it becomes more transparent. Bitcoin will offer several layers of encryption and verification throughout the process. Now, it isn’t a perfect system like anything, but it does usually offer better security. One of the cool things about playing the games at the bitcoin casino is that you shouldn’t need to provide personal information like your address and name. You receive a level of anonymity. It can still be traced if required by the proper authorities through the blockchain, but it gives better privacy than the traditional online casino.
Will You Use the Mobile?
An estimated 55% of all online gamblers prefer the mobile device. Not all bitcoin casinos will provide you with a good gambling app for mobile devices, however. Some won’t require you to download an app, which some people would prefer. Check to see how the casino plays on the mobile because it may differ from the desktop or tablet. Unfortunately, in many cases, people will see a drop in quality when they switch to the mobile. For example, the colours will appear less vibrant, and the gaming may freeze up periodically leading to a less exhilarating experience—it depends on the casino. Some developed a better app for the mobile than others, and if you plan to wager from a mobile device, it may make sense to prioritize a casino that will emphasize that as well.
The Future of Bitcoin Casinos
The first bitcoin casino launched in 2012 with SatoshiDice. People loved it because it gave you transparency about the odds, and you could prove the fairness of the gameplay. At the time, this ranked as the biggest bitcoin casino, but today, it looks more like a relic from the past. You could only play one dice game at the site.
Nowadays, bitcoin casinos offer many tournaments, pokies, table games, and sports betting opportunities. Whatever you can do at a regular online casino, you can do the same at a bitcoin casino. In 2018, they started to include other cryptocurrencies besides bitcoin like Ethereum, Bitcoin Cash, and Litecoin.
The future looks bright because since 2019, bitcoin casinos have become increasingly sophisticated. For example, reputable ones will offer a demonstrably fair gaming experience. In 2021, they received more industry recognition than ever before with a more diverse audience and community. Most believe that in the future, even regular online gambling will be built on the blockchain because it offers better transparency.
Unfortunately, one of the downsides of this growing popularity could mean that you see increased regulation. Governments will take notice as it grows in popularity, which will mean that they introduce more regulations around bitcoin gambling. This isn’t always necessarily a bad thing because in many cases, regulation will lead to a better experience for everyone, and believe it or not, it can improve innovation.
The house edge may become smaller as a result as well because of the lower fees. At the best casinos, the lowest house edge might sit at 0.5%, but at some of the other ones, it can be as high as 2%. This would depend on the game you play as well. For example, American roulette is known to have a house edge of 5.26%.
Challenges and Setbacks to Bitcoin Casinos
We want to give you the full picture of bitcoin casinos, so while the industry does have its positives, you should also understand the hurdles. For example, one issue relates to scalability. As the industry keeps growing in popularity, an increase in orders could interfere with timely processing. Along with timely processing, the expanding ledger will demand more storage capacity. All of this will add to the pressure placed on the infrastructural resources. In addition to that, the legal landscape can be limiting depending on where you go.
Tips for Playing at Bitcoin Casinos
You can do a few things to increase your odds when you sit down to play at a bitcoin casino. Let’s take a look at some of the things you can do to increase your odds of winning.
Tip #1: Take Advantage of Bonuses and Promotions
Many bitcoin casinos will reward their regular players by offering a loyalty program. Take every advantage of this to make your cash go further when you start playing. Whenever you take advantage of a bonus or promotion, pay close attention to the terms and conditions. For example, in some cases, they will set a requirement that you wager a specific amount to receive the bonus. Always follow the terms and conditions to receive the bonus.
Tip #2: Look at the RTP of Pokies
To ensure that you receive the best house edge for your pokies, look for games with an RTP (Return-to-Player) of at least 95%. This means that the house edge sits at 5%. The house edge for pokies will range anywhere from 5% to 10%. Best advice for a pokie with over a 20% house edge? Don’t play it. While a house edge in the beginning may not look like much, the edge becomes much greater the longer you play. A greater house edge means that you’ll lose your money much sooner than a game with a smaller edge.
Tip #3: House Edge Depends on the Game You Play
While the pokies may have a house edge that ranges from 5% to 10%, the house edge on blackjack is set at 2%. Many professional gamblers have said that you can turn a profit more easily on blackjack because the house edge is lower than other games. There’s nothing wrong with playing the pokies if you like them, but with whatever game you choose, always keep the house edge in mind. The craps house edge is usually between 1.36% and 1.41%. Baccarat is another one where the house edge is between 1.06% and 1.24%.
Tip #4: Set a Budget and Stick to It
Before you start gambling, set a budget and stick to it. After you create the budget, beware of spending the whole budget on a single game. Distribute your wagers wisely. To begin, look at your total gambling budget overall. You can set this as a weekly or monthly budget. Divide your total budget into smaller portions if you will go back to the bitcoin casino later. Let’s take an example. If you set an overall $200 monthly budget, you could wager $50 a week for each session. You may want to create a separate digital wallet from your usual one to keep from going over on budget.
Tip #5: Don’t Chase Losses
Chasing losses can lead to you losing more than you intended. Whenever you gamble, you should always keep it under control, and this is one of the ways that people lose big money. Many struggling with gambling addiction admit that they chase losses. When you chase a loss, you often worsen the result for yourself. This can add more losses to the result as well to where you feel desperate to win back the money lost. Always stop at your intended budget.
Tip #6: Know When to Walk Away
While a loss limit matters, too, many forget about the importance of a win limit. As any gambler can tell you, they have experienced times where they were $15,000 ahead only to lose it all. This is why setting a win limit is so important. What many people don’t realize is that while the house edge is small in the beginning, it keeps getting larger the longer you play. Once you have decent winnings, it can be wise to simply walk away from the table or pokie. This ensures that you will keep your winnings. Consider the amount that you’d be happy to leave with.
Tip #7: Don’t Drink Excessively
That may sound obvious, but way too many gamblers drink too much and take risks that they would never try while sober. People have lost over $500,000 while playing drunk. At a physical establishment, the casino has a duty to stop you from gambling when too drunk. The problem with gambling at a bitcoin casino is that no one will stop you from continuing to gamble if you get too drunk. Drinking and gambling often go together like macaroni and cheese, but you must always stay in control, and you’ll play better without it.
Tip #8: Play Around
You might play at the pokies for a while, then go over and play some baccarat and then try out the blackjack tables. The point is, you don’t need to feel stuck in one place for the whole time. See what you like to play and stick with it. The point is to have fun at the bitcoin casino and keep it fun. Don’t wager money that you can’t lose.
Conclusion
One of the most fascinating things about bitcoin casinos comes from how it acts in a decentralized manner. No one can freeze your crypto account or take your money away from you like with a traditional online casino. The funds in your account stay in your control. It does have a few hurdles that it will need to overcome in the future, but bitcoin casinos appear well positioned to continue to influence the online gambling industry overall.
