Bitcoin is, perhaps, the most popular cryptocurrency. It started all the way back in 2009, when the Bitcoin network was established through the mining of the genesis block (the first block of the chain). The cryptocurrency is electronic and independent from any bank, being transferred directly from user to user. When it comes to online gambling, it is a payment method to be taken into consideration, as it allows players to perform transactions without sharing their personal information.
For a more in-depth description of Bitcoin, check out the video below:
TheBigFreeChipList Guide to Bitcoin Casinos
ADVANTAGES OF CHOOSING BITCOIN
It Can Be Transferred Directly From Individual to Individual
As Bitcoin does not depend on any central bank, it does not require an intermediary to perform transactions. It can simply be transferred between Bitcoin owners and used to purchase from online retails. As a result, the whole process is quicker and you have more control over it.
There Are No Chargebacks or Fees
Receiving Bitcoin does not involve any fees. When it comes to spending them, many wallets allow you to choose the size of the fee you’d be willing to pay while spending. Furthermore, fees are not related to the amount you’re transferring, making it possible to pay the same amount for the transfer of one or 1,000 Bitcoins.
Bitcoin wallets aim to be as secure as possible, but the amount of safety they provide varies depending on the wallet type: for example, there are wallets that work independently from third parties, which will be more reliable than the ones that have to rely on external servers. There are also hardware wallets which stock your credentials without requiring a computer at all, thus removing the possibility of being hacked.
It Facilitates Worldwide Payments
Given the independent nature of Bitcoin, it can be owned by people from all over the world. This means that it can also be traded everywhere.
Bitcoin funds are not connected to real-world entities, but to Bitcoin addresses. This means that, while not entirely anonymous, the transactions will not carry the owner’s personal information. However, keep in mind that all transactions are public and can be linked - although not easily - to their owners.
Bitcoin Casinos FAQ
HOW DO I PICK THE BEST BITCOIN CASINO?
To pick the best Bitcoin casino, use the sorting tool and organize the list by Top Rated. You will be able to see the online casinos ranked by real players such as yourself, as well as read their feedback and find out for yourself how casinos treat their customers. This way, you won’t have to venture into the unknown and risk your hard-earned money.
If you want to check the casinos with the highest player ratings, check out our Best Online Casinos page.
HOW CAN I OBTAIN BITCOIN?
Bitcoins can be obtained in two ways: one of them is by buying them, a quick and easy solution. The other one is via mining, an operation which generates Bitcoins by performing and solving complex mathematical equations. The second option is more time and resources consuming as it requires a powerful computing system, mining is usually done by dedicated companies.
WHAT IS A BITCOIN WALLET?
Bitcoin wallets do not hold the Bitcoins themselves, but rather the information needed in order to be able to manage your funds and perform transactions. There are multiple types of Bitcoin wallets:
CAN US PLAYERS USE BITCOIN AT ONLINE CASINOS?
Yes. As Bitcoins are an independent form of cryptocurrency, you’ll meet none of the usual issues if you want to use it for gambling purposes. That being said, Bitcoin gambling is allowed at any online casino which accepts US players.
HOW CAN I WITHDRAW MONEY FROM MY BITCOIN ACCOUNT?
There are numerous methods of exchanging Bitcoin for cash, such as wire transfer and PayPal. Turning Bitcoin into fiat money (currency with a certain value which has been established as money by the relevant authorities) requires a broker exchange. You’ll have to deposit your Bitcoins into the exchange and request a withdrawal in the currency of your choice. This is commonly done via bank/wire transfer.
Keep in mind that it might take a few days for the money to reach your bank account and be careful when choosing a broker!