Bitcoin in online casino and gambling

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Bitcoin in online casino and gambling

The development of cryptocurrencies itself was closely related to the gambling industry. So in 2010, one of the main developers of Bitcoin Gavin Andersen created a site called The Bitcoin Faucet. It was the first ever bitcoin faucet. On these resources, visitors could earn a certain amount of coins every minute by simply entering a captcha. It also had a traditional game, an equiprobable game with numbers: hi-low.

It is characteristic that in the initial stages, the visitors of The Bitcoin Faucet were given out whole bitcoins. It was for nothing that they were worth a hundredth cent at that time. Therefore, people tried to somehow increase their winnings and calmly bet tens and hundreds of bitcoins in a simple gambling game Hi / Lo, in which it was necessary to choose a number. It is also called dice.

There were and are many different taps with dice as gambling. But the appearance of a bitcoin casino with free bitcoins had to wait. Massively, they began to appear in 2013-14. It was then that the Bitcoin exchange rate first reached 100, and then $ 1,000.

The key influence on the development of the Bitcoin casino niche was provided by SoftSwiss. She added BTC as a payment option in 2013, and a year later launched BitStarz Casino – possibly the most successful Bitcoin casino in the world. By that time, cryptocurrency gambling sites existed, but there were no mass numbers. But the new SoftSwiss platform “broke through” the dam. And over the course of five years, the number of bitcoin casinos has grown hundreds of times.

Further expansion depends on the perception of cryptocurrencies in the world. Some countries prohibit Bitcoin. Therefore, this makes life difficult for regulators. Although already now the large jurisdictions of Curacao and the Isle of Man issue a Bitcoin casino license with a tap and standard games. Almost the entire Softswiss net, including BitStarz, BetChan, Fastpay, is licensed by the Curacao Gaming Commission.

Malta is actively working on the legalization of Bitcoin – the main European gaming jurisdiction. And by 2020, it will also issue licenses for sites that work with cryptocurrencies. There was even a developer who is producing provably fair games – BGAMING. There is every reason to believe that the Provably Fair principle, which allows a player to verify the accuracy of each spin in a slot or the distribution in an online card game, may become the standard for the entire industry in the future. And after all, it exists due to the hash functions of the SHA-256 algorithm. The same algorithm is used in Bitcoin.

Bitcoin casinos themselves in terms of functionality, assortment are almost no different from standard clubs. They are even licensed in the same jurisdictions. Their chip is the use of digital currency on a cryptographic basis. It makes such gambling establishments attractive to a number of players.

How to fund your Bitcoin account in a casino + withdrawal in bitcoins

  • The number of people actively using digital currencies for payments is constantly growing. But there are those who still have not really met with Bitcoin. If you relate to them, or just want to find out how payments are made on sites with BTC support, then the instruction will be useful to you.
  • Choose a no deposit online casino or standard club on BTC and open an account there. To do this, use our list of trusted institutions on this page.
  • During the registration process, select BTC as the currency. Or one of the other cryptocurrencies. Usually gambling sites also offer Dogecoin, Litecoin, Ethereum, Bitcoin Cash.
  • Next, go to the ‘Cashier’ (‘Deposit’, ‘Wallet’) section. There you will see the wallet address (bitcoin address). It costs about 30 characters and starts with a one (1) or three (3). It is to this address that Bitcoins will need to be transferred. Copy it. A QR code is also added next to the address. With it, it is easy to make payments from a smartphone.
  • Enter the copied address into a bitcoin-wallet, exchanger, cryptocurrency exchange or other Bitcoin source. You do not need to create a separate wallet and install special software. Replenishing your account in bitcoins in a casino without the bitcoins themselves is very simple. To do this, use BestChange, or even a terminal in your city. In the appropriate field, specify the address to which the transfer should be made. The system automatically converts the funds you deposit (rubles, dollars, WMZ) into BTC.

Please note that transactions in the crypt are not always instantaneous. Your transfer must receive confirmation online (occurs without your direct participation) and only after that it will be credited to the specified address. Another point – replenishment / withdrawal in BTC occurs with a commission. Its size is determined by the network. Usually this is not more than 5% of the transfer amount.

With the transition of SoftSwiss casino to the CoinsPaid system, the speed of payments in bitcoins increased, and the commission fell. It is unlikely that you will wait for funds longer than half an hour.

As for the withdrawal of money, in order to conduct it you need to get your own bitcoin address. How to get it? There are several options:

  1. Install a software wallet like Electrum, JAXX (smartphone), Bitcoin-Core on the device, generate an address and then specify it when outputting;
  2. Use online wallets (Cryptonator, Blockchain.info) and create an address there;
  3. Transfer to the cryptocurrency exchange, if you have an account on it;
  4. Exchange for BestChange, LocalBitcoins.

The main tasks in transfers are to accurately copy the Bitcoin address and use a reliable tool for conducting the operation. Doubtful and little-known services bypass. If you are not sure about any site or program, then be sure to read reviews about it.

The benefits of Bitcoin for online casinos

Players open an account in a Bitcoin casino with a bonus for many reasons. The main ones are:

  • Anonymity of translations. Transactions in Bitcoin, Litecoin and other digital currencies occur without the participation of a ‘big brother’. Payments are not controlled by any financial institution or government agency. Such anonymity allows you to circumvent bans in a number of countries, to avoid the payment of predatory taxes on winning.
  • Simplicity and accessibility. A person who knows nothing about the crypt will easily be able to make the payment three minutes later. To do this, he will not have to open a bank account, pass complex verification. It is enough to use special software for a PC or mobile device, resort to the services of an exchanger, or go to the nearest terminal in your city.
  • Reliability. It is unrealistic to intercept a payment on the Bitcoin network. You have the opportunity to track it in the blockchain by specifying the transaction id. All operations are encrypted and protected.
    Speed. Even with a peak network load, the transfer will take no more than a day. And with the advent of tools like CoinsPaid, everything will take a few minutes.
  • Investment. Having replenished a casino account in BTC, you become an investor. Who knows, maybe even within a week the exchange rate against the dollar will increase several times, and you will increase the deposit in such a tricky way.

Although the last point can be attributed to disadvantages. You never know when the volatility of the course will play into your hands, and when for the future. Another minus is the commission. They are always present. And their exact size cannot be predicted.

The best online bitcoin casinos

Demand begets supply. More and more lovers of excitement, all other things being equal, choose a site that supports Bitcoin. Our task is to facilitate this choice and tell you. Therefore, we have created a list of Bitcoin casinos with registration bonuses. Only reliable and trusted brands got into it.

In the top you will find a Bitcoin casino with no deposit bonuses. They give out rewards just for registering. The list was formed on the basis of many criteria: the number of games, reliability, quality of the site, the competence of the support service, the speed of payments. Our top bitcoin casino 2019 is constantly updated. Indeed, new sites regularly appear on the market. We analyze them, set grades and then add them to the casino rating. Therefore, it never loses relevance.

 

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