Have you been interested in Bitcoin Casinos lately? If your answer is yes and you happen to be looking for a comprehensive Bitcoin Casinos Review to find out if these types of casinos are well suited to your iGambling needs, then you need not worry about having to search the web to find a fantastic one to play at when our experts at CasinoSite have managed to write a full review about the payment option.
The best online casinos that accept Bitcoin
With Bitcoin’s growing popularity in the online realm, several online casinos have chosen to offer the digital cryptocurrency as a payment option. If you love the idea of using Btcoin as a currency and want to find an online casino to play with, then you are in luck because we have managed to narrow the list to a couple of fully-reviewed casinos that you can find below in our supported Bitcoin casinos list.
|What do we look for at Bitcoin casinos?|
|1. That the games offered are of a high standard.|
|2. Licenses, security and fair games at the casinos.|
|3. Casino Bonus at bitcoin casinos.|
Bitcoins Reputation When Used by Online Casinos
The first Bitcoin network was originally seen in 2009. But Bitcoin itself as a new, modern currency, hit the mainstream market in 2011. This specific currency is different from traditional currencies like US Dollar, Euro, and Sterling as it is a digital cryptocurrency. Unlike other currencies, it has no central bank and operates only through the peer-to-peer market. Over the years, its popularity as well as its reputation has gone from strength to strength, and since 2014, thousands of online businesses have begun to offer Bitcoin as a payment option. As a result, Bitcoin has also begun to be accepted at many Online Casinos.
Why Choose Bitcoin Casinos?
As a new-age currency, Bitcoin offers the opportunity for users to be in complete control of their bank balance, as well as many other benefits that some payment options do not have. Essentially, it turns out that Bitcoin’s lack of connection to any government is very beneficial for online casinos as well as gamblers who choose to use Bitcoin Casinos. This is because funds cannot be deprived or frozen by an organization, like a traditional flat currency. Since running an online casino is expensive due to payment processing fees, many of them have opted to offer Bitcoin as a payment option as the transfer is usually processed free of charge or for such and nothing (as opposed to using PayPal, Neteller and Skrill to insert / withdraw funds). So, if you use one of the many Bitcoin Casinos out there, you will rarely be hit with annoying fees. The truth of this is that even if the online casino site had to include the processing fees, it would still not be enough to cover the casino’s losses if they allowed the fees to be transferred through other payment options. Because of this, they would have to compensate for their losses in the form of reduced odds, bonuses or promotions for players. Either way, we actually recommend that you read about the terms and conditions of the specific site you have chosen as someone will impose costs on their users. This is especially true in markets like the US market, where customers often have to pay withdrawal fees that can even cost the player up to 10 percent of their winnings.
Things to keep in mind when using Bitcoin at a casino:
|1. Secure your walletAs an e-wallet, Bitcoin makes transferring funds incredibly easy. Given that done correctly, you will see that this payment method offers its users great security features. However, you should always remember that you need to implant certain practices to protect your information.|
|2. Bitcoin value tends to vary:Due to the fact that Bitcoin is a relatively new currency, the value will tend to increase as well as decrease over a short period of time. That is why the company itself recommends that you do not keep your savings in Bitcoin. That’s why when you withdraw your money, you should try to convert your winnings to a more stable currency instead.|
|3. When you submit a payment with Bitcoin, it is irreversible:You should keep in mind that if you choose to transfer funds with Bitcoin, you will not be able to cancel the payment. Essentially, Bitcoins can only be reimbursed by the online casinos you have paid. Therefore, you should always do business with companies that are both credible as well as secure.|
|4. Bitcoin is almost, but not completely anonymous:To ensure your privacy, make sure you do not share your Bitcoin address and identification details with others at the same time. This is because all Bitcoin transfers are permanently stored on a public network.|
|5. Bitcoin is still in its experimental phase:Since Bitcoin is still relatively new, you may find it a few problems when transferring funds to your online casino account. These include slower confirmations, increased fees, etc.|
|6. Gamblers may have to pay taxes on their winnings:When you withdraw your winnings, you may be required to pay tax on the amount even though the government may not consider Bitcoin to be an official currency. This is because there is value attached to each Bitcoin.|
How Bitcoin Casinos Work
Bitcoin Casinos offer their users almost complete anonymity when gambling online. The information Bitcoin casinos will usually regularly ask for is the player’s email address. This is because if they do not, the casino will literally have no way to recover the password should a player forget it.
Deposit your funds to Bitcoin Casinos
If you choose to use Bitcoin as a payment option, you may be confused about how the currency is used and how to make a deposit. But you will be glad to know that very easy. After setting up your own Bitcoin account and selecting the e-wallet type you want to have through their official site, you will be required to purchase a few Bitcoins you can use. Once you have made your choice as to which of the Bitcoin Casinos you want to use, you must navigate to the payment page and fill in your details. Usually, all you need to do is fill in the box where you can specify how much you can transfer and what is asking for your Bitcoin address. You do not need to enter any card details as Bitcoin does not use credit / debit cards. Instead, funds in a user’s Bitcoin account are transferred between users through Bitcoin addresses. These are characterized as a series of letters and numbers usually ranging from 27 to 38 characters. Therefore, if you have chosen to use Bitcoin, you must know what your Bitcoin address is as well as the Online Casino address when making either a deposit or withdrawal.
Withdraw your funds from Bitcoin Casinos
When it comes to withdrawing your funds if you have managed to win a large sum of money, you will be able to withdraw your winnings effortlessly. To do this, you must of course go to the payment page and fill in the box marked Bitcoin address. Your funds will then be transferred from your chosen Bitcoin casino to your Bitcoin account.
Choose one of CasinoSites Bitcoin Casinos today!
Bitcoin’s introduction to the global market has certainly left a deep mark in the online casino industry. This has not only allowed players to easily deposit and withdraw their winnings, but has also allowed players to do so anonymously. So what are you waiting for? Take a look at our list of Supported Bitcoin Casinos today to find a fantastic one for you to play on and possibly win a handsome fortune!