Bitcoin is considered a decentralized digital currency that was established in 2009 and works primarily on a P2P network. This cryptocurrency is kept in a digital wallet and can be useful in the purchase of goods and services in the online market, as well as sent to other users.
The system is built to serve as funds that enable users to perform these functions immediately, with reduced fees, and with secrecy. Considering the exponential growth of bitcoin and other cryptocurrencies, the iGaming industry has drifted towards blockchain-based solutions, as various online gambling sites now make use of it as their payment option.
Therefore, the use of bitcoin for online gambling has become quite popular in recent times. Thanks to the benefits associated with the use of bitcoin, setting up an exchange account for crypto is quite worth it. In this guide, we will be discussing how to make use of bitcoin for gambling, the benefits associated with it, the top crypto gambling casino sites to consider and their pros and cons.
Using Bitcoin for Online Gambling
A lot of punters are not aware of the way and manner in which bitcoin can be used at casino sites. This is why we have put together this step-by-step guide to getting a hang of the whole process. Highlighted below are the steps to get started in using bitcoin for your gambling activities.
- Step 1: Sign Up for an Exchange
Generally, crypto exchanges are known to be online platforms where individuals can visit at any point to buy cryptocurrencies such as BTC, ETH, LTC, and various others with the use of any fiat of their choice. Among the popular crypto exchanges that provide users with an amazing rate for the buying and selling of BTC are Binance, Coinbase, and Stake. Opening an account on these platforms is relatively simple and convenient.
The information needed to create an account includes your name, ID, and DOB. The process of verification for each exchange tends to vary. Comparing Coinbase and Binance, the verification process takes longer for the latter. Most of these exchanges provide their services for both mobile and desktop users, and they provide two-factor authentication for a safe and secure account.
- Step 2: Buy Bitcoin on Exchange
In order to successfully make a purchase, it is important to note that there are certain fees that must be paid. Since these exchange platforms would want to make a profit too, they tend to collect a small commission on each transaction carried out. For instance, Coinbase demands a transaction fee of 1%, and this is quite similar to various other exchanges.
Although the transaction can be quite high, you are provided with various other means of making payment, such as the ability to link PayPal to your account. Making a purchase is quite easy, as you just have to make a deposit using your bank account or credit card. It is essential to be conversant with the rise and fall of the price of BTC in order to purchase at a low rate.
- Step 3: Deposit Money Into wallet
Upon purchasing your BTC, the next step is to make a deposit, and this requires you to have a BTC wallet. A crypto wallet refers to the place in which your BTC is kept until the need to transfer them to your preferred gambling site arises. Basically, there are two major types of crypto wallets: hardware and software. For the purpose of online gambling, software wallets will be used, as they enable you to properly monitor your funds from your mobile device. When it comes to making use of a crypto wallet, note that you will be provided with a seed phrase that contains a series of words, as this will give you access to your fund. Ensure you do not disclose these phrases to any third party, as this might put your funds at risk.
Once you have successfully created a wallet, you can now proceed to make a deposit by sending your BTC from your crypto exchange. To perform this action, you will be provided with particular instructions on the way and manner in which the deposit will be made, but basically, all that you need is your wallet address and the deposit amount.
Your wallet has a series of numbers and letters, which are known as your wallet address. With this wallet address, you can paste it into your crypto exchange, and the BTC will be deposited into your wallet. To complete your transaction, you will need to pay a small amount of money known as the transaction fee. The entire process should only take a couple of minutes, and your deposit will be approved for you to begin gambling at your selected site.
- Step 4: Choose a Gambling Site
The final step to take after completing the deposit process is to select the preferred online gambling site you want to play at. A larger percentage of bitcoin gambling sites make use of provably fair technology, as it enables punters to confirm the fairness of the results of the games played. It was developed to ensure that nobody has the chance to tamper with the outcome of the games.
In the iGaming industry today, there are thousands of online gambling sites available for you to try out, but only a couple of them offer the use of BTC to gamble. Therefore, it is important to select only those that offer an amazing customer support system, top-notch security, and wonderful bonuses. In this regard, the section below will be discussing the top crypto casinos to use for your gambling activities.
Top 3 Crypto Gambling Sites
To provide you with the best casino to play at, we have highlighted the top gambling sites to consider. Each site listed below has been fully reviewed, as they provide the best bonuses, lots of casino games, and a great user interface.
- Bovada Casino – Read Review
- Ignition Casino – Read Review
- BetOnline Casino – Read Review
1. Bovada
Bovada Casino was established in 2011 and has been recognized as one of the most reliable and reputable online gambling platforms in the US. Since its founding, there has not been any case of them being involved in any illegal business dealings. Taking a look at their bonuses and promotional offers, Bovada offers both new and existing users amazing bonuses to increase their chances of winning while gambling.
Depending on which type of player you are, whether a poker, casino, or sports bettor, you can only select one of the offers available. New users who sign up to this platform and make a deposit using BTC get to claim a welcome bonus of up to 125% of up to $1250, and it comes with a 25-times wagering requirement. By selecting the option to use the casino bonus, it is only eligible to be used on casino games.
Furthermore, there are lots of banking options available to be used when making deposits on the platform, but only a couple of withdrawal methods. Among the most preferred means of making withdrawals is through the use of Bitcoin, as it is quite fast and secure.
Another amazing fact about this gambling site is the availability of various casino games, such as slots, jackpots, poker, table games, and lots more, from reliable and reputable software developers in the industry. Some of the software providers used on this platform include Rival Gaming Software, Proprietary, and many more.
The thrilling betting features offered by Bovada enhance your betting experience, regardless of the sport you choose to wager on. For those who enjoy placing bets on certain specifics, the bet builder is among the greatest possibilities, and the on-page data can assist you in identifying the wagers that have the highest potential return. You can get started on Bovada here.
Pros
- Series of bonuses to select from, such as poker, casino, and sports
- Over 250 slot machines
- Zero withdrawal fee
- Amazing slot software
- Lots of daily betting markets
Cons
- Unavailability of multiple BTC withdrawal methods
- Relatively late betting lines
2. Ignition
Ignition was founded in 2016 and is licensed by the Curacao gaming authority. So, you can be assured that you will get the best gambling experience when you make use of this platform. The website has its own anti-HUD program and forbids the use of dubious third-party monitoring software. This helps to ensure a reliable playing environment where everyone is free to indulge in their passion for casino games.
Just like other BTC casinos, they provide new and exciting users with great bonus offers such as referral bonuses, welcome bonuses, and lots more. For the welcome bonus, you have the opportunity to select your preferred option between making a deposit with a credit card or with cryptocurrency.
Upon depositing with BTC, you get to claim a welcome bonus of up to $3,000, which is divided into two different offers. Here, you get to receive up to a 150% bonus of up to $1500 to gamble on casino games, and another 150% bonus of up to $1500 to gamble on poker games. And both offers come with a 25x wagering requirement, making it quite convenient for punters to complete.
Also, users get to choose from a series of banking methods on the site, such as cryptocurrency, credit cards, and many more. However, punters are advised to make use of the cryptocurrency option, as it offers them more bonus rewards. Some of the cryptocurrencies available on the platform include BTC, LTC, ETH, and various others. Moreover, there are about 250 games at this gambling site, ranging from table games and slots to live dealers. You can get started on Ignition Casino here.
Pros
- Accepts various cryptocurrencies
- Reliable and reputable software providers
- Low wagering requirement
- Over 150 plus slot games
- Amazing bonus offers
Cons
- Credit card payment requires payment of a certain fee
- Slow customer service
3. BetOnline
BetOnline has been in the iGaming industry for a very long time now, as they were established in 1991. This gaming platform is known to be among the top poker rooms, sports books, and online casinos in the iGaming sector. BetOnline has grown rapidly and earned itself a spot as one of the best gambling sites to visit. If you eventually decide to wager on this platform, you can be sure to enjoy a pleasant user interface, lots of bonuses, and many more benefits.
Users are granted unlimited access to more than 350 casino games, such as live dealers, jackpots, and slot games. As a new user, you are offered a huge welcome that is split between the poker room, sports book, and casino. The user interface of this platform is really easy to navigate and comes with a nice and sleek design.
Thanks to this, users can easily switch between the sports book and the casino page. Tracking your stake is also very easy, as the betting slip is visible on the homepage. Another thing that makes this site stand out is their top-notch security, as they are fully licensed by the Panama Gaming Commission, and they also make use of SSL encryption software. You can get started on BetOnline here.
Pros
- Offer more than 350 games
- Over 25 live dealer games
- Provides sports betting, poker, and casino
- Instant play and software download
Cons
- Fees on check by courier payouts
- Credit card payments require a payment fee of 6%
Added Benefits of Gambling with Bitcoin
Reliable and reputable virtual casinos are not at all prohibited. In the real sense of it, they strictly conform to local legislation. In most scenarios, online gambling sites genuinely stop providing services to specific areas because of legal constraints. Given that Bitcoin is an encrypted currency focused on privacy, it is important to understand why you should consider using it at supported casino sites.
Beyond quick transfers, excellent security, and anonymous gaming, there is more to Bitcoin gambling. Decentralized casino apps are the first major technological innovation in the iGaming industry made possible by BTC. They stand for a novel approach to internet gaming. These online websites use blockchain technology, as opposed to conventional casinos run by centralized organizations, to provide transparency, demonstrable fairness, and direct player ownership over their money. Listed below are the top benefits associated with making use of bitcoin for your gambling activities.
Privacy and Security
Although gambling cannot be considered illegal in certain regions of the globe, there is a certain stigma that comes with it socially. Once people realize that you are into any form of gambling activity, you will be seen as someone who might have an addiction issue. While it might be related to gambling, a larger percentage of punters do it for fun. But with the pseudonymity of bitcoin, punters can now gamble for fun without worrying about judgment from others.
Furthermore, in the world of online gambling, utmost security is of major importance and should not be treated lightly. To complete the registration process at a brick-and-mortar casino, certain personal and banking details are required, and this might cause concern regarding a breach of the user’s data and other security details. However, with the use of cryptocurrency at a casino site, there is no need to provide your personal details, as all transactions are absolutely safe and secure.
As long as you properly secure your seed phrase and do not compromise your crypto wallet, you can be sure that all your money is safe and secure. In comparison with other means of payment, such as PayPal or a credit card, even when a casino site is hacked, the funds in your wallet are safe.
Needless to mention, there are different forms of fraudulent behavior and phishing that fool even the most intelligent people into providing credit card details to cyber criminals. When using Bitcoin, you can be sure that anyone requesting your wallet password or private key is attempting to steal your funds. You should be safe as long as you keep your private keys confidential.
Decentralization and Transparency
Crypto casinos work on decentralized networks, which means that they are not in the hands of one person. In simple terms, the process of moving authority and decision-making from a centralized entity, such as a person, an organization, or a collection of people, to a distributed network is known as decentralization.
Decentralized networks aim to minimize the degree of confidence that users have to have in one another and prevent users from abusing their power or control over one another in ways that impair the network’s performance.
With this, there is a lower chance of manipulation and an increased level of transparency, as this makes sure punters can have full reliance on the platform and the games offered. What this implies is that gamblers have the opportunity to enjoy their gambling session without worrying about the interference of any government authority.
Also, it is important to be watchful, as some websites can be scams considering that they don’t run on blockchain. Gambling using cryptocurrency is considered to be a lot more secure than the use of fiat at platforms where you will be required to input your personal and banking details to make a deposit. In this scenario, all that the scam site can gain access to is a small amount of your assets, rather than full access to your personal account.
Lower Costs of Transaction
To make a deposit or withdrawal at any bitcoin casino, there are no unnecessary fees being charged. Although you will be charged a processing fee for every single transaction you perform, It is absolutely dependent on the volume of the transaction carried out as well as the rate at which you want it to be performed. The regular price of making payments with bitcoin is presently about $1, but it can rise up to $5, which is way lower when compared to fiat payments.
Bitcoin online casinos can use the money they would otherwise have to pay for payments to provide higher bonuses. Casinos are typically forced to set high minimum withdrawal restrictions due to fiat transaction fees. Punters can now pay out nearly all of their earnings, regardless of how little they are, thanks to BTC. They also won’t have to stress about exorbitant withdrawal costs.
Final Thoughts
In summary, there are several benefits associated with wagering with BTC at cryptocurrency gambling sites, which make it a desirable choice for punters. Online gaming platforms are undergoing a transformation due to Bitcoin gambling, which offers benefits including improved privacy and security, reduced transaction costs, speedy and easy transactions, and worldwide accessibility.
It’s not surprising that these platforms are growing in popularity, given the extra advantages of provably fair gameplay, anonymity, and possible investment opportunities. These casinos provide gamers all over the world with a distinctive and thrilling gambling experience.
