Complete Bitcoin Casino Guide for Beginners
Many players have been puzzled by the spread of Bitcoin gambling lately. This is understandable since many of these Bitcoin casinos offer lucrative bonuses, quick withdrawals, and numerous other benefits. At the same time, Bitcoin differs from traditional payment methods and fiat currencies, so an unprepared player may face certain difficulties when using it.
From our Bitcoin gambling guide, you will learn not only how to play with crypto but also how to buy and store it easily. In addition, you will get to know the basic security measures that will help you to protect your winnings. After all, you will see that Bitcoin gambling is much simpler than it might seem.
What Is Bitcoin Gambling?
Bitcoin casinos are different from traditional online casinos, but concurrently very similar to them. As you might guess, the main difference is in the payment method used to deposit and withdraw funds. Nevertheless, the game process remains virtually the same. But first things first.
Bitcoin is the original cryptocurrency created by Satoshi Nakamoto in 2009. As of today, Bitcoin is the most trusted and popular cryptocurrency in the world. Bitcoin is different from traditional payment methods as it uses a decentralized computer network powered by thousands of individuals. There is no central authority that would control the network.
Bitcoin’s decentralized organization defines its key advantages, due to which more and more casino sites are abandoning fiat currencies in favor of digital ones. Bitcoin gambling has become a natural extension of traditional real money games and has only grown in popularity over time.
In simple terms, a Bitcoin casino is an online casino that allows players to deposit and withdraw money in Bitcoin. These casinos can use Bitcoin as both a payment method and in-game currency. Most Bitcoin gambling sites use standardized rules and a set of games while empowering players from a financial standpoint.
Most importantly, when playing with Bitcoin, you don’t even have to give up casino bonuses. Moreover, the quality and size of bonuses at Bitcoin casinos often exceed those of regular casino sites.
Is It Legal to Gamble with Bitcoin?
If you are interested in how to gamble with Bitcoin, chances are first you would like to know whether is bitcoin gambling legal or not in your country.
Today, there is no specific regulation that would determine the legality of Bitcoin gambling in the world. However, various countries may apply different laws governing cryptocurrency transactions and gambling.
In addition, most Bitcoin casinos operate under licenses that ban players from certain jurisdictions. At the same time, some Bitcoin casinos do not request any player identification, so they can accept those who would otherwise be prohibited from playing.
To sum up: Yes, Bitcoin gambling is perfectly legal in most jurisdictions, but there are a few exceptions. To find out more, check with your local legislation and casino terms.
Why Did People Start to Use Bitcoin for Gambling?
Long transaction processing times, high fees, stuck payments — these things are all very well familiar to casino players who use bank accounts and debit cards. Bitcoin was invented as a response to the modern financial system’s shortcomings that are also evident when playing at online casinos.
By using Bitcoin for deposits and withdrawals, you can eliminate the possibility of your transaction being frozen by the bank. The problem is that the payment system is flooded with various intermediaries, which increases the likelihood of an error or delay. When transferring money via Bitcoin, there is only a transparent network between your wallet and the casino.
In addition, the presence of intermediaries entails severe financial costs. Banks are in the habit of increasing the cost of their services after exceeding a specific transaction amount. The Bitcoin network doesn’t care whether you send in $1 or $1,000,000 — the processing fees will be the same.
Fortunately, more and more people are coming to realize why it is crucial to control their money and not rely on banks. This leads to Bitcoin becoming more widespread over the years, and the online casino industry is no exception.
Types of Bitcoin Gambling
Probably, the best way to illustrate Bitcoin adoption is by the variety of games available with crypto. A few years ago, Bitcoin gambling was quite an exotic thing, and players had to go through the trouble of searching for a place to play. Nowadays, even well-known casino brands are forced to add Bitcoin support, realizing how large this market segment has become.
Rest assured, almost all known types of online gambling are available with Bitcoin. First of all, these are all kinds of slots. Their number is estimated at over 10,000 now! Furthermore, all hot table games, including their live dealer versions, have been adapted for playing with crypto. The most popular Bitcoin table games include Blackjack, Baccarat, Poker, and Roulette, to name a few, but this is far from all.
Live game shows such as Crazy Time, Dream Catcher, and Monopoly Live make up a separate category. They have become a genuine breakthrough of the gambling industry over the past years and are also available with Bitcoin.
Moreover, Bitcoin games are often superior to their traditional counterparts. For example, thanks to the money saved on fees, Bitcoin casinos can offer a higher RTP in slots, which directly affects the gambling experience. In addition, you will find that sports betting also comes with better odds when playing with Bitcoin. By the way, sportsbooks are integrated into many Bitcoin casinos as well. That’s how BTC casinos look now, see Bitcoin casinos history and how they come to their current look.
Why Should You Consider Bitcoin When Playing at a Casino?
If you still doubt whether it is worth choosing Bitcoin for gambling, we suggest that you familiarize yourself with the main advantages of this approach. After all, there are very distinct reasons why Bitcoin casinos have become so common lately.
Free money network
Bitcoin enables users to transfer money in a peer-to-peer fashion over the blockchain network without intermediaries. These qualities make it suitable for many purposes, including casino games. Bitcoin can be compared to cash as virtually no one in the world can prevent you from using it. When sending a deposit from your bank account to a casino, there may be delays caused by the payment institution’s procedures. This can be even more problematic for withdrawals.
Such delays are impossible with Bitcoin since there is no central authority that would oversee and approve transactions. However, please keep in mind that Bitcoin has its own processing time, which normally takes up to 30 minutes. And on top of that, with Bitcoin, your funds can’t be frozen, as it sometimes happens with traditional banks. Furthermore, Bitcoin is accepted globally, which means you can transfer it to any recipient, even if they don’t support your local payment methods.
Bitcoin is a pseudonymous cryptocurrency, so its coins are tied not to real-world entities but rather digital addresses. All Bitcoin transactions are visible in its public blockchain, but these don’t include your personal data. Such pseudonymity attracts players who value their financial privacy and don’t want to disclose their casino deposits to banks. Despite this, you can’t have multiple accounts in BTC casino.
Bitcoin is also a volatile asset. In other words, its value can fluctuate significantly in a short period of time. This fact can be a blessing or a curse for a casino player. For example, you can make a transaction only to see how your assets rise in value. On the other hand, you can lose your deposit but recoup it thanks to the appreciation of the remaining assets. This is another factor worth keeping in mind when playing with a cryptocurrency.
How to Deposit into a Casino With Bitcoin?
As a reader of the beginner’s guide to Bitcoin, you may have no crypto yet. That’s not a problem at all, as you can quickly get some. Importantly, you don’t have to buy a whole coin. Just buy a fraction of Bitcoin and deposit any desired amount. For example, by depositing only 0.005 BTC you will be playing with an equivalent of more than $100. The next question you’ll have is how to choose a BTC casino to gamble with your Bitcoins. Don’t forget, that before depositing you may consider reading casinos’ rules, whether you need to verify your identity in the casino or not.
How to Buy Bitcoin?
Buying Bitcoin can seem like a daunting process, but only until you try it for the first time yourself. There are many trusted platforms where buying Bitcoin is no different from using traditional payment services. Just link your debit card, bank account, or PayPal account and in a few minutes, you will have Bitcoin in your account.
Even so, we recommend that you pay attention to the reputation of the trading platform because, along with proper exchanges, there are many fraudulent offers. Some of the most trusted services for buying Bitcoin online with fiat currencies include Coinbase, Binance, Gemini, and FTX.
For more detailed instructions, see our guide on how to buy crypto for beginners here.
How to Make a Deposit into Bitcoin Casino?
To make a deposit to casino using Bitcoin navigate to the «Deposit» tab and choose «Bitcoin» in the list of available cryptocurrencies. The casino will create an address for you to send the deposits to. Copy and paste it to the service provider where you store your Bitcoins. Most providers will automatically calculate optimal fees depending on the current network conditions. After you approve the transaction, wait for the confirmation on the blockchain and you are ready to play!
It normally takes about 10 minutes to deposit Bitcoin into a casino. This is the average confirmation time for a transaction on the network, so it can vary both up and down.
One of the main advantages of LTC Casino is instant withdrawals. Thus, after filling your request, you will have to wait the same 10 minutes before the money is displayed in your Bitcoin wallet. We covered this in more detail on how long to wait for a deposit/withdrawal when gambling for BTC.
Where and How to Store Bitcoin?
After buying Bitcoin you may want to save some as an investment. You may also want to keep your casino winnings before converting them to a traditional currency. There are two main types of storage solutions: Hot wallets and Cold wallets. Depending on your needs, you may prefer one to another. Those needs may include something like exchanging BCH to BTC, or a wallet for depositing only with no longer crypto storing.
Safety Level: Average
A Hot wallet is software for everyday use which allows you to spend Bitcoins instantly. A Hot wallet is typically a desktop or mobile application that stores keys and enables you to interact with the blockchain. The best-known Hot wallets are Exodus, Electrum, Mycelium, and Trust Wallet. When using a Hot wallet, the most important thing is to write down your private key and keep it safely because you may need it to regain access to the funds later.
Safety Level: High
A Cold wallet is a device that you can connect to your computer when needed. A Cold wallet can be somewhat cumbersome to use, that’s why such devices are better suited for long-term investors. The most popular Cold wallets are Ledger and Trezor. Cold wallets come with a 24-word seed phrase, which you should never disclose to anyone, as intruders can use it to unlock the wallet and steal your funds. You may consider choosing cold wallets when you won some bitcoins, as you won’t be able to exchange and withdraw your BTC to EUR or USD directly from the casino.
Safety Level: Average, better for new users
Alternatively, you can keep your Bitcoins on an exchange that will manage the private keys for you. You have to trust the exchange as you don’t control the private keys, but it makes Bitcoin much easier to use. Moreover, you can easily convert your Bitcoins to a fiat currency with an exchange without sending them to any other address. When storing Bitcoin on an exchange, don’t forget to enable 2-factor authentication, as it greatly increases the security of your account.
Playing with Bitcoin at BTC Casino: Pros and Cons
To sum up, in our Bitcoin gambling guide, let’s cover the main advantages and disadvantages of using crypto when playing at a casino. Whether you are playing at LTC Casino or anywhere else, it’s important to make an informed decision when choosing a cryptocurrency. It is impossible to single out one cryptocurrency that would be better suited for gambling than others. We recommend that you take a closer look at various options and bear in mind their specifics.
- Play with the most widespread cryptocurrency: easy to buy, convert and store;
- Transfer your money hassle-free: no more lost transactions because of banks;
- Thousands of games are available, including slots and live games, just like with traditional currencies.
As you can see, Bitcoin makes a decent gambling option with a number of advantages. However, it has its own drawbacks, so it may be inferior to other available payment methods. When you playing don’t be scared of mBtc, mLtc or mEth, it’s pretty easy to calculate if you’ll understand its meanings.
- Higher fees and longer processing time compared to some other cryptocurrencies.
We understand why players may be hesitant when picking Bitcoin as their casino deposit method. Indeed, nobody wants to pay more and wait longer when you can pay and wait for less. That’s why here, at LTC Casino, we have added support of multiple cryptocurrencies, so each player can choose something for themselves. If you still have questions about BTC, and can’t find them below, we created full bitcoin casinos FAQ so you could get more info.
Why is Bitcoin good for online gambling?
Bitcoin offers enhanced anonymity, faster transaction processing, and reduced fees. In addition, the Bitcoin network is protected from interference, which means no one can freeze your transaction. These advantages make it a worthy alternative to traditional payment methods for real money gambling, as we have previously shown in our Bitcoin gambling guide.
Do casinos accept Bitcoin?
Yes, many casinos accept Bitcoin. In addition to focused crypto casinos, more and more traditional casinos are starting to support Bitcoin. These casinos use Bitcoin as a deposit and withdrawal method and may offer BTC-denominated games. Most often, players can also play with dollars or euros, even if they make a deposit with Bitcoin.
Are there any limits for deposits and withdrawals with Bitcoin?
By itself, Bitcoin has no restrictions on the transaction amount. However, such limitations may be imposed by the casino. Usually, casinos limit the minimum deposit and the maximum withdrawal amounts. Check the corresponding information in the casino’s terms.
Can I cash out winnings via Bitcoin?
Yes, you can freely cash out your winnings via Bitcoin. To do this, first, you need to withdraw your winnings from the Bitcoin casino to an exchange that supports traditional money conversion. Most often, the exchange where you originally purchased your Bitcoins will work.
You will need to sell Bitcoin for fiat currency and then link a payment method to your account on the exchange. Many exchanges process withdrawals to bank accounts, credit cards, and third-party payment systems, including PayPal.