Bitcoin Casinos - The Ultimate Cryptocurrency Gambling Guide

Bitcoin Casinos are an exciting opportunity for those who want to play casino games in a new and different way. Bitcoin casinos offer players the ability to deposit, withdraw, and gamble without any interference from banks or governments on where they can do so.

However, bitcoin casinos also have their disadvantages that may make some players think twice about using them. This bitcoin casino guide will explain how cryptocurrency casinos work, their pros and cons, the different coins used and much more. Read on to discover the exciting world of Crypto Casinos.

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Cryptocurrency Casinos for Beginners

If you are a complete newbie to online casinos, bitcoin gambling sites and sports betting in general, this section will give you a basic introduction to both.

What are Online Casinos?

Online casinos provide gamblers with a virtual space where they can play games of chance from any location, as long as there is access to the Internet. Many of these online gambling websites have been around for over 20 years and offer an exciting experience with a wide variety of casino games, including bitcoin slots, blackjack, roulette, poker games and more.

In addition to being more convenient than their physical counterparts, casinos online offer players additional benefits, including higher payouts and better odds. The best online gambling sites provide players with an excellent range of games from popular providers such as NetEnt, Microgaming, and Playtech. These game providers offer casino games with different features, including 3D graphics and live dealer casinos for immersive play.

Online casinos also offer other services such as live chat support if you need help or want to ask questions. Additionally, there are usually welcome bonuses and promotions available where new players get extra cash to add to their bankroll or depository bonuses.

What are Bitcoin and Cryptocurrency?

A cryptocurrency is a form of digital currency with no physical manifestation but can be stored in an electronic wallet and exchanged for goods or services. It uses cryptography to secure and verify transactions, preventing them from being forged.

Cryptocurrencies are also unique because they can make transactions without going through a bank or another institution. They also allow users to hide their identities more readily due to the inability to track them easily, like other forms of payment methods.

Bitcoin was the first and remains the most popular virtual currency and is what most people think of when they hear the word cryptocurrency. Bitcoin is created by “mining,” whereby miners solve mathematical puzzles, verify transactions, and are rewarded in bitcoins. This process produces new coins added into circulation when mined while also preventing counterfeit coins from entering into public usage by verifying each transaction with cryptography before adding it to a blockchain, a shared ledger. The blockchain consists of blocks that store all previous transactions made using this currency and the information about every coin’s existence and history.

There will only be 21 million bitcoins available to be mined, so the value of each bitcoin increases over time due to scarcity.

Since Bitcoin became the first decentralised cryptocurrency in 2009, numerous other cryptocurrencies have been created. These are frequently called altcoins because they provide alternatives to bitcoin’s blockchain model. Popular cryptocurrencies include Bitcoin Cash, Ethereum, Litecoin, Monero, Dash, Ripple etc., which work similarly but have different uses and features such as faster transaction times.

What is a Crypto Casino?

Now that we have ascertained what an online casino is and what cryptocurrency is, let’s discuss crypto casinos.

Traditional online casinos use fiat currency as their payment method. What is fiat currency? Every country has its own fiat currency, which is defined by the government as money that’s legal in all transactions. In contrast to commodity-backed currencies like gold or silver, fiat money derives its value from the government decree of its value in relation to other currencies.
Whether you use UK sterling, US dollars, or Euros to fund an online casino account, be it using Paypal or a debit card, you are using fiat currency. Crypto casino sites work by using cryptocurrencies as their in-game currency, which means they don’t have to worry about any third parties stealing sensitive data like credit card numbers and bank account information.

This is also what has made crypto casino sites so popular with people who live under oppressive governments with strict regulations on gambling. With crypto gambling, there’s no way for government officials to see what they are gambling because it’s all handled through smart contracts and blockchain technology.

All of this makes crypto casinos one of the safest ways to gamble online and gives them an edge over traditional fiat casinos, which require players to share their personal financial information.

On the other hand, some drawbacks of crypto gambling sites include not being able to deposit with fiat currency and the risk associated with digital currencies.

What are Hybrid Bitcoin Casinos?

The chances are that if you have ever played at an online casino, it might have been a hybrid Bitcoin casino. Essentially a hybrid is an online casino that offers Bitcoin or other cryptocurrencies as a payment option in addition to the typical banking methods. This type of online casino will usually have the standard methods of depositing and withdrawing such as credit card, debit card, prepaid cards, Neteller, Paypal Skrill etc., as well as Bitcoin.

Benefits of Hybrid Bitcoin Casinos

The benefits of a hybrid crypto casino are that you have a more comprehensive range of payment options to choose from and that the online casino is likely to be an established platform licensed by one of the reputable licensing jurisdictions.

Disadvantages of Hybrid Bitcoin Casinos

However, hybrid crypto casinos will lack the anonymity of a dedicated crypto or Bitcoin casino. You will be required to add your personal information and go through the KYC requirements. KYC is an acronym for Know Your Customer, and it refers to a process that organisations undertake to verify the identity of their customers.

KYC is now used extensively by all types of businesses, including online casinos, as part of their compliance obligations. Online casino sites will typically require potential customers to provide evidence that they are who they say they are, e.g., copies of passports or driving licenses, proof of address, utility bills etc.

Which option you choose, hybrid or Bitcoin casino, will depend on your personal circumstances and requirements.

What to Consider Before Choosing to Play at a Bitcoin Casino

With hundreds of options available to play casino games using cryptocurrency, there are different factors that you will want to take into consideration before settling on one specific Bitcoin casino. Here’s what you should consider before choosing a trustworthy Bitcoin casino site.

Is it a Provably Fair Bitcoin Casino?

Provable fairness is an important feature to look for when choosing where to play crypto casino games.
Provably fair means that the game outcome can be verified independently, ensuring fairness. Operators can’t cheat, as all bets are made on the blockchain, which anyone can view at any time. Provably fair bitcoin casinos offer a trustless gambling experience. At the heart of this technology is the use of cryptographic hashing algorithms to generate random numbers, which in turn dictate outcomes for online casino games such as jackpot slots and blackjack.
The player can verify that these numbers have been generated randomly. This means that players don't need to rely on external verification services because it is impossible to cheat the system without being detected.
The implications for provably fair gaming are significant - not just for gamblers who want a trustworthy and fraud-free experience but also operators looking to protect their business interests with complete transparency.

What Cryptocurrency Payment Options are available?

If you plan to fund your crypto account with Bitcoin, the payment options available to you shouldn’t be an issue, as virtually all the best Bitcoin casinos will have it included as a payment method. Most casinos will allow you to deposit in the other well-known bitcoin alternatives such as Ethereum, Litecoin and Bitcoin Cash.
If you wish to pay using some of the lesser-known altcoins, for instance, TRON (TRX), Tether (USDT), Cardano (ADA) or Ripple (XRP), you might be limited in your options of crypto casinos that you can play at.

Is the Bitcoin Casino Licensed?

Licensing is a process in which both traditional online casinos and bitcoin casinos are verified by an independent body; usually the government of the jurisdiction it operates in. Bitcoin gambling sites with licenses from a reputable regulatory authority will adhere to strict guidelines and codes of conduct that ensure a fair and safe online gaming environment.
However, even the best bitcoin casino sites usually have a Curacao gambling license. While this is better than no licence at all, it is a weak option compared to the more respected licenses such as those issued by the Malta Gaming Authority or the UK Gambling Commission who operate under much higher standards.

Do They Have a Wide Selection of Casino Games from the Best Providers?

The range of games available to you is important for many reasons, the most prominent being that it can make or break your experience. It’s also worth considering that the more casino games available, the higher your chance of finding your favourite one.
The best Bitcoin casinos will have thousands of the most popular casino games to choose from, whether you love to play slot games, live table games, card games, live dealer games, or video poker.
You should also look out for Bitcoin casino games from the best software providers such as Betsoft, Microgaming and Playtech. This will guarantee high-quality, innovative gameplay with first-class graphics.

How is Their Customer Service?

It is important for players not only to look at the quality of games but also the quality of customer support when deciding where they want to play. Ideally, a Bitcoin casino will have several channels available for customer support staff to answer your questions and deal with any issues you experience, including email, social media and live chat.
The best online casinos will offer 24/7 live chat. You can always test their customer support system by asking a question to determine how quickly they get back to you and if your question was answered to your satisfaction.

How is Their Online Reputation?

A quick Google search should bring up enough information to give you an insight into the reputation of a bitcoin casino. You’ll find information about the casino on reviews sites, forums, and in discussion groups such as Reddit. It shouldn’t take you long to ascertain if it’s a site you want to trust with your Bitcoin.

What are their Terms and Conditions?

Bitcoin casino bonuses are a great way to get extra money when playing at an online gambling site. They come in the form of free spins, cashback and other rewards. When deciding on which bonus to go with (i.e. some casinos also offer a welcome bonus), it's essential to read the terms and conditions carefully before signing up for them.
There are many different types of bonuses that each have specific requirements to redeem them, such as wagering requirements or playthroughs. Wagering requirements are the amount of money that must be wagered on games before withdrawing funds from their account. As an example, if the welcome bonus was 1 BTC and the wagering requirement was 35x, you would need to wager 35 Bitcoin in total.

Bitcoin Casino Bonuses

Online casinos, both fiat and Bitcoin, offer generous welcome bonuses to entice new players and incentivise them to play. Online bitcoin casinos use these incentives because it’s not always easy getting people into their sites, especially when there are so many other competing casinos vying for business. To keep players coming back, they also offer additional ongoing bonuses and promotions, including Loyalty points and cashback bonuses.

A typical welcome bonus package will include a matched deposit bonus and free spins. With a matched deposit bonus, the bitcoin casino will match your deposit with a fixed amount which could be as much as 200%; the amount will also be capped. Free spins will allow you to play a predetermined number of free spins on certain slot games. A typical example of a welcome bonus would be a first deposit bonus of 150% up to 2 BTC and 200 free spins. Many Bitcoin casinos offer further deposit bonuses after the first one.

How to Get Started at a Bitcoin Casino

  • If you don’t already hold any Bitcoin or other cryptocurrencies commonly used at crypto casinos, sign up to an exchange where you can purchase your preferred coin.
  • Once you have exchanged your fiat for Bitcoin, the best practice to keep it secure is to store it in a wallet. We’ll discuss your different wallet options later in this article.
  • Find a Bitcoin casino that is reputable and safe; considerations include is it licenced, does it have secure SSL encryption, is the casino well established with positive online reviews and does it include provably fair games.
  • Create an account at the Bitcoin casino.
  • Deposit Bitcoins into your account and claim any deposit bonuses that you have been awarded.
  • Explore the game lobby to find the crypto games you like to play and have fun playing your favourite games.
  • Cash out your winnings when you are ready.

How to Deposit and Withdraw at Bitcoin Casinos

To deposit and withdraw at a Bitcoin Casino is fast and effortless.

  • Once you’ve opened your Bitcoin casino account, find the cashier section.
  • Select the cryptocurrency you wish to use as your deposit method and how much you want to send.
  • You will be provided with a unique address which you will paste into your wallet.
  • Enter how much you want to send and confirm your transaction.
  • You should see your deposit available in your Bitcoin casino account in a few minutes.

Withdrawing your winnings is even simpler.

  • Go to the cashier section of the casino site and request a withdrawal entering the amount you wish to withdraw.
  • Provide the casino with the new address from your bitcoin wallet and confirm, you’ll see the Bitcoin in your wallet shortly.
Benefits of Bitcoin Gambling - Infographic

The Benefits of Bitcoin Gambling

Bitcoin gambling is fast, fun, and secure. Unlike traditional online betting sites, crypto coins offer the lowest transaction fees available on the market today. Many people are turning to bitcoin gambling sites because they are more convenient than traditional online casinos that use credit or debit cards. On top of this, your identity remains anonymous as there are no personal details needed when making bets in this format. You can also use bitcoins from any country worldwide – it doesn’t matter where you live.

Fast Transactions

Bitcoin casinos allow for faster transactions than other forms of sending money because there is no middle man involved in the process. Bitcoin transactions are almost instantaneous from start to finish but can take a few minutes for confirmation by bitcoin miners as they add them to the blockchain. Once confirmed, it takes just seconds for payments to process and show up in your bitcoin wallet.
However, the speed of transactions can vary and can become slower during times of high volume. Other cryptocurrencies such as Litecoin and Ethereum can be even faster than Bitcoin, but they're less secure in comparison.

Anonymity

The most significant advantage of Bitcoin gambling is anonymity. You can bet without fear of being tracked or monitored by authorities because no records are kept on virtual currency transactions like with credit cards or PayPal accounts.
Bitcoin is not 100% anonymous, but it does offer more privacy than traditional forms of payment. The way Bitcoin works makes it impossible to know who owns a given bitcoin unless they voluntarily disclose their address. The transaction can only be tracked by following the public record of all transactions made on that blockchain.

Security

When using your Bitcoin at an online casino, it’s one of the most secure payment methods for gambling as there are no third parties involved, and the transactions are peer to peer. This means that the casino never has access to your credit card or bank account number. Bitcoin users are in total control of their funds, and the blockchain makes it near-impossible for hackers or malware to steal bitcoins from people by making purchases without consent. All bitcoin transactions are encrypted and cannot be altered.
Bitcoin has never been hacked, and its blockchain has an unblemished security record.

Low Fees

Bitcoin has low transaction fees mainly because no middlemen are taking a cut of the action, so to speak. By removing the middleman, bitcoin can be directly transferred from one person to another without paying high processing fees that come with most traditional banking systems.
With bitcoin casinos, there is never an additional fee for making payments in bitcoin, unlike credit cards, where there are often hidden charges and higher interest rates associated with using them.

The Disadvantages of Bitcoin Gambling

The disadvantages to Bitcoin casinos include lack of regulation, volatility in value so your winnings could change dramatically after winning big on a bet and the technical complexity of getting to grips with this new kind of money.

Volatility

There's a famous Bitcoin joke which perfectly sums up Bitcoin's volatility. A boy asked his dad for 1 Bitcoin on his Birthday. Dad: What? £15,096! You Know £14,211 is a lot of money! What do you need £16,150 for anyway?
The currency's value fluctuates due to market forces; in some cases, this volatility can be extreme. The price of one bitcoin can rise or fall as much as 30% in a single day. A tweet from one influencer, such as Elon Musk, can impact how it performs, depending on if he made a positive or negative statement regarding the cryptocurrency.
This volatility can make using your crypto at a Bitcoin casino more of a risk. For instance, you could come away from a bitcoin casino, elated that you've made some great winnings but wake up to see that the BTC you won is worth 30% less in the morning. Of course, the reverse could also happen, and the price could have gained. Essentially you are adding another element of risk to your online casino gambling by using cryptocurrency.

Unregulated

The decentralised nature of Bitcoin is why it appeals to many, but it is also one of the biggest cons to this form of sports betting and gambling. As it is not regulated by any central authority, it leaves users with no way to get their money back if they suspect a bitcoin gambling site is operating under false pretences.
Bitcoin transactions are irreversible once they're sent; there’s no way to recall them. This means you need to make sure every transaction is intentional before sending it; otherwise, you could end up losing money.

Technically Challenging

Bitcoin might be challenging for some users. Its technology can be complicated for those who are not tech-savvy to understand and use. The bitcoin world is full of new concepts that can seem too difficult for many users. Understanding bitcoin wallets, public and private keys work, blockchain technology; all this jargon can confuse or intimidate beginners. For many online gamblers sticking to the tried and tested payment methods makes for a lot less stressful and simpler gaming experience.

The Most Popular Games To Play at a Bitcoin Online Casino

You are spoilt for choice when playing at bitcoin casino sites with thousands of crypto games at your fingertips, including live dealer games, slot games, poker games, dice games and more. Here are some of the most popular casino games available:

Bitcoin Blackjack

If you are looking for one of the best live table games to play at a Bitcoin casino, then blackjack will be the clear leader. When you play blackjack at Bitcoin gambling sites, you’ll win more often because it has the lowest house edge of all the online casino games. You’ll also find it has the perfect combination of luck and skill. It’s an easy game to learn, but by utilising ‘perfect strategy’, you can lower the odds further in your favour.

The rules are simple. The player places his bet before he’s dealt two cards face down by the dealer, who then deals a face-up card to himself or herself. The Player must decide whether they want more cards by hitting (taking another card) or standing (not taking another card). The object of blackjack is to beat the dealer by getting as close to 21 without going over that number.

Bitcoin Roulette

Bitcoin Roulette is one of the most popular online casino games where bitcoin gamblers can bet their cryptocurrencies against the house. Bitcoin Roulette offers players an opportunity to enjoy some fast-paced action while also trying their luck at winning big.

Roulette is an entertaining game where players place bets on what number will come up next on a spinning roulette wheel. It’s a game of pure luck, and it’s easy to start playing; just click on the play button and select your bets. There are two kinds of bets in roulette: outside bet or inside bet. The outside bet has higher odds but lower payouts, while the inside bet has lower odds but higher payouts.

Bitcoin Poker

Bitcoin poker games are a popular option for many bitcoin casino players who want to sit down and play cards without leaving the comfort of their own home. A wide variety of game providers offer different types of tables, such as Texas Hold’em Poker, Omaha Poker, Seven Card Stud Poker, and Five Card Draw Poker, among others. Using Bitcoin as their currency allows players to buy in anonymously from anywhere in the world. If you’re looking for live casino games, you can’t go wrong with poker!

Bitcoin Slots

Bitcoin slot games, aka bitcoin pokies, slot machines or just slots, are all about chance. The only thing you need to get started with slot games is some crypto and the bitcoin gambling site of your choice. There are many different types of slot games to choose from, so you’re sure to find one that suits your tastes. Many bitcoin slots have amazing graphics and sound effects; some are based on popular movies or TV shows, others on popular themes such as ancient Egypt or horror.

There are also video slot machines with bonus rounds where players can win extra money by completing specific tasks. These games allow for more interaction than other casino games because there are often minigames and puzzles within the gameplay itself.

Live Dealer Bitcoin Casino

Live dealer casino games share similarities to typical online gambling games except that a real-life human dealer will shuffle and deal cards or spin the roulette wheel instead of an algorithm. The live dealers make the whole experience more interactive, which means that players get to watch the action unfold right before their eyes. With live dealer games, players can enjoy playing in a live casino setting and feel as if they are more connected to the game.

The dealers are there to help answer any questions that players may have and, in many cases, will keep them entertained. Live casino games have an energy level and degree of social interaction that is only rivalled by the brick and mortar casinos. Table and card games such as blackjack, baccarat and roulette, as well as poker, are the most popular gambling choices available at Live Bitcoin Casinos. The best bitcoin casinos even offer a live chat option that allows you to interact with other players.

Unlike a traditional casino, using a bitcoin casino makes this immersive experience hassle-free when you want to withdraw your winnings fast.

Sports Betting

Sports betting is a form of online gambling which involves predicting sports outcomes. The odds for each outcome are set by bookmakers and can vary from match to match. A bet can be as simple as picking the winner or loser for one team in a game or wagering on the total number of points scored by both teams combined. Sportsbooks offer odds on all sorts of different games so that you can bet on virtually any sport or sporting event, from premiership football games to rugby and tennis.

Many sportsbooks have begun accepting bitcoin deposits. If you want to stake some Bitcoin on your favourite footy team, you’ll have plenty of crypto sports betting sites to choose from.

The Most Popular Coins to Use at Crypto Casinos - Infographic

The Most Popular Coins to Use at Crypto Casinos

In the online gambling world, there are many coins that people can use to play slot games and other crypto casino games online. Bitcoin is by far the most popular coin used for crypto gambling. It has a low transaction fee, and it’s easy to buy or sell bitcoin with fiat currency on an exchange like Coinbase.
Ethereum is another popular cryptocurrency because it’s cheaper than bitcoin and more scalable, meaning you can process transactions faster. Litecoin is also a good alternative because of its lower transaction fees.

The altcoin market is constantly changing, with new cryptocurrencies appearing all the time and others going in and out of fashion. The five we have listed below have a good track record, and you’ll find them at many online bitcoin casinos.

bitcoin

Bitcoin

Bitcoin is the most popular cryptocurrency you’ll find at an online crypto casino. In fact, you would struggle to find any crypto casino that doesn’t accept bitcasino. It was created by an anonymous person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. As opposed to fiat currency (which is backed by governments), Bitcoin has no central authority. Instead, it relies on a peer-to-peer network to process transactions and create new Bitcoins.

It’s been called “digital gold”, and while many people are using it as an investment and trading tool, others are using it to play and win real money casino games at crypto casino sites.

bitcoin

Bitcoin Cash

Bitcoin Cash was created in August 2017 after a hard fork from the original bitcoin protocol. It was created due to an ideological disagreement among members of the Bitcoin community about how best to scale bitcoin. At first, it was called Bitcoin ABC; the name was later shortened to just Bitcoin Cash.

Bitcoin Cash shares many similarities with Bitcoin Core (BTC), but Bitcoin Cash focuses on bigger block sizes and quicker transactions. Bitcoin cash is also still decentralised because it’s not owned by any company but instead governed by its users. This means that no one person or group can control it.

Bitcoin Cash lacks the more pronounced widespread adoption that Bitcoin has, but it is found in most of the best bitcoin gambling sites and casinos. Punters love it because of its low fees and fast transaction speed.

Ethereum

Ethereum

Ethereum is a platform that runs on blockchain technology. It allows for the creation of smart contracts, as well as decentralised applications (DApps). It was designed by Vitalik Buterin and launched in July 2015. Ethereum has gone on to become the second most popular cryptocurrency behind Bitcoin.

The popularity of this new type of digital currency is due to its goal as an all-purpose blockchain solution for any programmable agreement or contract – it’s not just limited to financial transactions like Bitcoin is.

The Ether (ETH) currency is used as the primary token for transactions on the Ethereum network. As the second most popular cryptocurrency after Bitcoin, it is widely available to buy and trade and, of course, use at Crypto Casinos. As it runs on blockchain technology, it is also highly secure and offers fast transactions compared to Bitcoin.

Litecoin

Litecoin

Litecoin is a peer-to-peer cryptocurrency that was created in 2011 by former Google engineer Charlie Lee. Litecoin has been described as silver to bitcoin’s gold. It’s called Litecoin because it uses an algorithm that makes mining quicker and more efficient than Bitcoin. Litecoin has been designed to produce four times as many coins as Bitcoin, with 84 million to be mined in total.

Litecoins are one of the most common currencies used at a Bitcoin casino due to their fast transaction speeds and low fees.

dogecoin

Dogecoin

Dogecoin (DOGE) is a cryptocurrency created in December 2013 by Billy Markus and Jackson Palmer, who never expected it to become so in demand. It has since exploded in popularity with its Doge memes and joke value, but it also offers a more serious side to the cryptocurrency world.

One of the significant differences between Dogecoin and Bitcoin is that it has billions of coins in circulation with no cap. With its low transaction fees, high-speed transactions, and other features, it has outlasted many other altcoins that have fallen by the wayside over the years.

Dogecoin has become one of the favourite ways of tipping on the internet; you can find it at most casinos. With its low fee, fast transactions and fun vibe, it’s great for crypto gambling.

Understanding and Staying Safe with Cryptocurrencies

Regardless of which bitcoin casino or crypto casino sites you visit, there’s no denying that cryptocurrency can be a complex topic to learn about. But if you understand the essentials, such as where to buy and store your Bitcoin safely, you can get involved with this exciting new currency. You’ll find the more time you spend with it, the more you’ll get to know.

The Blockchain

The blockchain is a distributed ledger that provides a way to create and share registries of ownership and transactions. Blockchain technology can be used for anything where there’s a need for verification or validation without relying on trust between parties. A single user cannot change any data on the blockchain without having access to every computer in the network, so it’s very secure.

A block consists of three components-data, a timestamp and the hash from the previous block. The data stored in each block can be anything such as transactions or contracts. Once computers on the network have verified a transaction, it will be added to the next available space on this chain, creating an unbroken sequence until you reach the genesis block; the first ever created. This means that any change to one record would require changes across all other records and cannot happen without detection.

The blockchain was initially developed for Bitcoin, but now there are many potential applications outside of currency, including recording voting ballots, tracking medical records, copyright protection, tracking property rights and more. This revolutionary technology is changing how we do business forever with peer-to-peer networks and smart contracts.

Where to Buy and Sell Bitcoin

The most popular methods for purchasing bitcoin involve exchanges like Coinbase, Cex.io, Binance and Coinmama. These exchanges allow you to trade your local currency for Bitcoin and other cryptocurrencies. Users have access to various payment methods such as bank transfers, credit card and debit card payments. These sites also offer more security because they use two-factor authentication (2FA).

Coinbase is among the most popular due to its ease of use and security measures. Cex.io, which has been in business since 2013, is another secure option and offers an advanced trading platform for those interested in more than just basic cryptocurrency transactions.

Private and Public Keys

A private and public key is created when you first start using Bitcoin. The private key allows someone to spend Bitcoins from that address, while the public key identifies where they come from. You can think of the public key as your account number, and it’s what you give people so they can send you Bitcoin. The private key is like the password: it’s something only you know, and it lets you spend the coins from your account. It also protects against fraud – when somebody sends Bitcoin to your account, they’re not able to take them back out without knowing this number.

Your Bitcoin private key is one of the most important things you need to protect. It’s like your PIN for a bank account. You can lose physical wallets and get new credit cards, but there’s no getting it back if you lose your Bitcoin private key. Steps can be taken before this happens, though. For example, make sure that you backup your wallet recovery phrase and store it somewhere safe, like an encrypted flash drive.

Cryptocurrency Wallets

A cryptocurrency wallet is a digital wallet used to store, send and receive cryptocurrencies. There are two different types of bitcoin wallets: hot wallets and cold storage. Hot wallets are used when connected to the internet, while cold storage requires some form of hardware or paper wallet device to function offline.

Hot Wallets

A hot wallet is a type of digital currency wallet that stores your private key on an internet-connected device. The term hot refers to the fact that these wallets are typically kept online and not stored offline to make it more convenient for you to access your digital currency.

Hot wallets often offer features like two-factor authentication, which can provide additional protection from would-be hackers. As hot wallets are connected to the Internet, they are best used for day-to-day spending as opposed to long term storage because they could be hacked or compromised in some way.

Cold Storage

One of the most popular types of cold storage wallets is hardware wallets; they resemble a USB device with an electronic chip inside. They are often considered more secure than traditional hot storage wallets as they provide an extra layer of security by storing private keys offline. Hardware wallets are designed to be immune to computer viruses that target software wallets and keep funds safe even if the computer is compromised with malware or spyware. There are many different kinds of hardware wallets on the market today from companies like Trezor and Ledger Nano S that go through rigorous testing from third-party labs and independent cybersecurity experts to ensure the devices have a high level of security.

The other cold storage option is a paper wallet. Paper wallets work by printing out your public and private keys onto paper. Many people use paper wallets because they offer security and convenience, as well as being cost-effective. Paper wallets can be generated at various sites on the internet, and they don’t require any special knowledge to use them properly. The main drawback is that a paper wallet could be susceptible to physical damage such as fire, water damage etc.

So the main takeaway is to keep a little cryptocurrency for everyday use, such as crypto gambling online, for easy access and store the rest safely offline on a device such as the Ledger Nano S.

A Brief History of Crypto Casinos

We really should start at the very beginning when in 2009, Bitcoin was introduced to the world by the anonymous and elusive person or persons called Satoshi Nakamoto. The first-ever bitcoin was mined on January 3rd, 2009.

The first bitcoin poker site was BitcoinPoker.com which was launched in 2011 by a company called SealsWithClubs. The site’s founder, Bryan Micon, wanted to create an online poker platform that players themselves could regulate. He wanted to harness the power of cryptography and peer-to-peer networking to provide “a competitive game for people with similar interests.” The site didn’t last long, but it set a precedent for every bitcoin poker site and bitcoin casino in general that is now flourishing on the internet today.

A year later, in 2012, Satoshi Dice was founded by Erik Voorhees. The site made history when it became the first Bitcoin company to be acquired for 126,315 BTC, which equated to roughly $11 million at that time (2013). Satoshi Dice is still going strong and is a provably fair Bitcoin dice game.

The first Bitcoin casino to actually be licensed was Bitcasino.io, approved by the Curacao Gambling Licensing Authority in 2014. Since then, hundreds of other bitcoin casinos have joined its ranks, and many major online casinos have begun to accept bitcoin alongside mainstream payment methods.

BetSquare is a trusted source of information on all things related to online gambling. We provide bitcoin casino reviews, news and insights into the world of sports betting, poker, casinos and more.

We know you want a safe and secure experience when it comes to betting on your favourite casino games or sports teams. That’s why we provide unbiased information so that you can make an informed decision before placing any bets.

Whether you are new to crypto gambling and are looking for the best bitcoin casinos around or looking for a new site with better odds, we have done all of the research for you. Our team of experts has reviewed hundreds of different bitcoin casino sites to bring only the best ones right here to our website.

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FAQ

Is Bitcoin safe to use at online casinos?

The answer to this question is not a simple yes or no. Yes, it can be used safely at bitcoin casinos. But there are some risks associated with using cryptocurrency as well. Bitcoin may make payments more secure than other methods because it uses encryption that protects your personal information.

However, if you lose your private key, which lets you access your bitcoins, they will be lost forever. It should also be taken into account that Bitcoin transactions have no buyer protection. You don’t get any assistance as you would with a consumer credit agency such as Visa or MasterCard if anything goes wrong with your transaction.

Is it legal to gamble at Bitcoin casino sites?

Gambling at Bitcoin casino sites is legal in most countries. However, a few have outlawed it, and some even go as far as to prosecute people who gamble with this type of currency. The best bitcoin casinos will list in their terms and conditions any restricted countries, or in many cases, the site will restrict your access if you can’t play at that specific casino.

What Casino games can I play at BTC gambling sites?

There are a lot of casino games to play on a BTC gambling site. The most popular are poker, roulette, slots and blackjack. You can also find a range of games like baccarat or craps if you look for them specifically. Some gamers prefer video poker, while others enjoy slot machines because they offer quick payouts without much effort needed on the player’s end. What casino games you prefer, there are plenty to choose from at Bitcoin casinos.

Can I deposit with a different payment method but still cash out with Bitcoin?

Unfortunately no. If you are playing at bitcoin casinos that accept fiat payment methods and bitcoin, and if you use, for instance, a debit card to deposit, you will not be able to withdraw your winning in Bitcoin.

Where can I buy Bitcoin and other Cryptocurrencies?

The most popular option for buying Bitcoin or other cryptocurrencies is Coinbase, which is one of the easiest online exchanges to use. Other options include Local Bitcoins, Coinmama and Binance. Once you have signed up to an exchange, you can easily purchase your crypto using your bank account, debit or credit card.

How does Bitcoin compare to other payment options?

There are many advantages of using this form of payment, including security as there is no third party involved, efficiency as transactions take place much faster than with traditional forms and cost savings there are lower transaction fees. However, it does have drawbacks, including volatility as bitcoin prices fluctuate constantly, and lack of regulation means there is no recourse should anything go wrong with your transactions at crypto casinos.

Lisa Cheban Author Betsquare

Lisa Cheban

Author

Lisa works as a content writer and specializes in delivering top tier i-gaming content which is why her articles and blog posts are always very engaging and informative. Well spoken, and does her research very well in an industry where transparency, honesty and constant follow up is a rarity.