Ever since the world’s favourite cryptocurrency was released back in 2008, people have been speculating about its potential use cases and how it will change the nature of money. Bitcoin casinos were one of the first use cases for BTC. Aside from the darknet black markets like The Silk Road which fueled its dramatic rise, gambling was one of the first activities to make use of cryptocurrencies. That’s not really surprising if you study the history of the industry – online gambling is almost always the first industry to see the potential in new technologies and make use of them. It was the same for mobile phones, and it’s the same for virtual reality, too.
There are several different types of Bitcoin casinos, and in this article, we’ll show you how to make a deposit at any of them. We’ll also answer some common questions about gambling with Bitcoin.
The Different Types of Bitcoin Casino Sites
Bitcoin casinos fall into two broad categories: regular online casinos which accept Bitcoin as a form of payment, and specific Bitcoin casinos built on the blockchain.
While these are two distinct types of casino, making a deposit at them works the same way. But before we get to that, what are the differences between regular casinos which accept Bitcoin and those built on the blockchain?
Regular casinos almost always have to abide by KYC laws. That means you will be required to send copies of your ID and proof of address at some point. This is usually once you’ve gambled a few grand.
However, most Bitcoin casinos built on the blockchain won’t ask for your personal details. This means you can play Bitcoin casino games in complete and total privacy.
As Bitcoin enthusiasts know, it’s not totally anonymous, and transactions can always be traced on the blockchain. However, the NSA probably have better things to do than verify your gambling activities, so we think it’s safe to safe that for players who aren’t internationally wanted criminals, Bitcoin is good enough for playing anonymously.
Lots of online casinos will have what’s called a ‘pending’ time, which can often be 24-48 hours before they release your winnings. This is done to manage cash flow and to be sure all requested withdrawals are valid, but it pisses casino players off, and so it should.
When you play at Bitcoin casinos on the blockchain, there’s no pending period. Your funds will be cleared for release immediately. You’ll still have to wait for them to arrive in your wallet, but vast improvements in transaction speeds have made this process of waiting virtually painless.
When it comes to deposits, all casinos take them quickly. When it comes to withdrawals, Bitcoin casinos built on the blockchain are far superior. This is not to lump all online casinos in together, of course. There are some which clear withdrawals extremely quickly. In the majority of cases, though, playing at blockchain casinos will always mean faster withdrawals.
This is the one area where the traditional casinos still win. There are lots of great Bitcoin slots, and most casinos offer blackjack, roulette, and dice games. However, for game variety, there’s no contest – regular casinos which accept Bitcoin as a payment method win hands down.
You can learn about the game selections at different online sites by reading our online casino reviews. There are plenty of great online casinos which accept Bitcoin as a payment method.
So, that’s the two different types of Bitcoin casinos covered. Now, let’s look at making your first deposit with Bitcoin.
Making a Deposit at a Bitcoin Casino
When you use Bitcoin for the first time, it can be a little bit intimidating. If you follow the steps outlined below, you will be fine. You’ve got to give these things a go if you want to move with the times, after all.
- First, acquire some Bitcoin. We recommend Coinbase if you need to buy it with fiat currency. It doesn’t have the lowest fees, but it is by far the easiest way to get some Bitcoin if you’re new to cryptocurrencies
- After you’ve set up a new player account at a safe Bitcoin casino, take a note of your wallet address. If you look at the picture above our wallet address is clearly visible. Yours will be different. DO NOT make any mistakes here. Copy and paste the address carefully to avoid errors.
- Transfer the exact amount of Bitcoin you want from your exchange address (assuming you bought it on an exchange), and wait for it to arrive. It could take a while if the transaction volume is high, but that’s just the way Bitcoin is and this is constantly improving.
- Once your Bitcoins land in your casino wallet address, it’s time to play your favourite Bitcoin casino games. If you win a jackpot, be aware that Gamblerspro.com is partial to a BTC tip. Our wallet address is…we jest!
Making a Withdrawals at a Bitcoin Casino
Making withdrawals from Bitcoin casinos is the exact reverse of what you just read above. This time, your coins will start in your casino wallet, and you’ll need to move them to another wallet.
You can do one of several things at this point, and it’s worth thinking about what you want to do. You can either move your Bitcoin onto an exchange and trade them for fiat or other altcoins, can shop with them online, or can send them to cold storage for safekeeping.
If we won a significant amount of Bitcoin, we’d keep them in cold storage in an offline wallet such as the Nano Ledger S. That’s because we believe Bitcoin will be worth significantly more in the future. This is not a guarantee, though, and this is certainly not financial advice. You’ll have to make your own decision about what to do with your Bitcoin jackpots.
It’s nowhere near as difficult to use Bitcoin casinos as many people believe. The main hurdles are getting the Bitcoin initially and making sure you send it to the correct wallet address. As long as you can do those two things, the rest is the same – you fund your account and play casino games just as you would at any other casino site.
Before we sign off, we’ll say one last thing. If you do want to play casino games with Bitcoin, be sure to pick a safe, reliable casino. Our reviews can help you there. We wish you good luck and do let us know how you get on.
Frequently Asked Questions About Bitcoin Casinos
Q. Can I play at Bitcoin casinos from the USA?
Yes. Bitcoin is a permissionless system, and it doesn’t matter where you’re from – you can use it the same way everyone else can. However, some of the regular casinos which accept Bitcoin as a payment method might not accept US players. If you’re based in the states, we advise you either play at Ignition Casino or one of the blockchain-based casinos mentioned above.
Q. What’s the safest way to store my Bitcoins when not actively playing with them?
We’d never advise leaving your precious BTC on an exchange or in a Bitcoin casino. Always move them to private wallets to which only you have to keys. These can be hardware wallets such as Trezors, or software wallets on your mobile phone or computer. Hardware wallets are always safer, so do consider investing in one if you’re going to gamble with Bitcoin regularly.
Q. Are there any decent Bitcoin sports betting sites?
Yes, there most definitely are. We’ve reviewed several of them here on Gamblerspro.com. Click the ‘Sports’ button on our menu at the top of this page and flick through some reviews to find out which sports betting sites accept Bitcoin. If you’re in the USA, we recommend checking out Bovada. It’s the top-rated US sports betting site right now, and it accepts multiple cryptocurrencies including Bitcoin.
Q. Do I have to pay tax if I win when playing at Bitcoin casinos?
We don’t know where you live, so we can’t say for sure. However, we can say that many Bitcoin enthusiasts would take exception to the notion of paying tax in the first place. We would never recommend breaking the law, though, so it’s best to study the crypto tax laws in your country and find out if they apply to gambling wins.