Bitcoin Casino Guide
Today, more and more casinos are inviting players to use Bitcoin in order to place bets and play games. So what is Bitcoin and how safe is it to use in online casinos? Let's find out more about Bitcoin gambling and making a Bitcoin casino deposit.
What is Bitcoin?
Bitcoin is a currency created in 2009 by a man who assumed the name Satoshi Nakamoto, and is the most valuable and famous of the cryptocurrency family. Bitcoin can be used to purchase goods, pay for services and play casino games online. With no middlemen and regulations, Bitcoin initially became popular as a means of payment for those who wished to stay anonymous and has enjoyed massive publicity as of late due to its potentially lucrative worth in trading it.
In 2017, Bitcoin’s value skyrocketed, taking it to an eye-watering $19,783.21 in December 2017. With increased interest in this mercurial cryptocurrency, more and more investors have been speculating on just how far it can go. With modern advancements still trying to catch up with Bitcoin’s explosion, and frequent calls for the cryptocurrency to be regulated and monitored just like traditional currencies, there is still uncertainty as to what role it will play in our future.
With governments across the planet discussing measures to bring Bitcoin in line with stricter measures and taxation procedures, it may not be long before it goes completely mainstream and is adopted by society. For now, many enjoy the freedom and flexibility owning the alternative currency brings them.
Bitcoin price evolution
To say the rise of Bitcoin has been unique would be an understatement of epic proportions. Since the inception of the alt-currency in 2009, the price of a coin has risen spectacularly. In October 2009, New Liberty Standard published what was to be the first exchange rate following their launch of a service to trade Bitcoin. The opening exchange rate was 1,309.03 BTC to a US Dollar. This works out at eight-hundredths of a US cent to a Bitcoin, which makes today’s figures simply jaw-dropping.
The following year, Bitcoin version 0.3 was covered on Slashdot.org, and this exposure raises more interest, raising the price from circa $0.008 to $0.08 in five days. Four years later and the price of a Bitcoin is now at $662.67 as of March 2014. Following hacks and speculation which lowered the price to just over $200 in 2015, Bitcoin hits $1,000 for the first time in 2017 and eventually goes on to hit its highest ever price of $19,498.63, stopping short of $20,000.
Bitcoin fell dramatically not long after, where it sits at $8,887.12 as of February 2018. With such volatility and its unpredictable nature, it is anyone’s guess as to how Bitcoin will progress or digress in the immediate future.
Do online casinos accept Bitcoin?
Those who wish to play online casino games with Bitcoin will be happy to learn that there are many casinos happy to take Bitcoin. Regardless to where you are in the world, the chances are that, if gambling is legal in your country and does not carry regulations which forbid the use of Bitcoin, you will find a Bitcoin casino to play. As the world’s foremost peer-to-peer digital currency, more and more Bitcoin casinos are being launched.
In fact, many online casinos are beginning to offer the means to deposit or withdraw from and into your account in Bitcoin as a standard. Better yet, there are casinos which are designed for and cater explicitly to players who want to play with Bitcoin only. Many of the games contained in these casinos are unique and Bitcoin-themed and sit next to the traditional 3-reel, 5-reel, and video slots, roulette games, blackjack, poker, baccarat and everything else you would expect to find anywhere else.
There are advantages to using Bitcoin for many novices and seasoned casino players, and as such, it is certainly growing in popularity in 2018. We take a look at things such as the ease of depositing and safety of using the alt-currency, below.
How to get Bitcoins & how to make a Bitcoin casino deposit
There are many ways you can obtain Bitcoin, with the most common method generally using a Bitcoin Exchange. Bitcoin exchanges are outlets which help you purchase Bitcoin by using traditional means such as bank accounts and credit cards. Exchanges are operated regionally, from Europe, USA, Canada, China, Australia etc. There are no agreed principals between these exchanges, as many are not linked beyond the purpose of exchanging Bitcoin.
Alternatively, you are free to accept Bitcoin as a means of payment or use a Bitcoin ATM, which works similar to regular ATMs, only that their purpose is to provide you with a means to deposit and withdraw money to buy BTC. There are many communities and platforms which you can also use to obtain Bitcoin and these are readily available and easy to find online.
You will need a Bitcoin Wallet in order to keep your currency safe, and there are many you can choose from. Once you have your wallet, you can deposit to a Bitcoin online casino by depositing via a general payment method like a debit card or bank transfer. Once you are ready to deposit, you can select the option to add funds to your balance via Bitcoin. Once you have deposited, you will notice that your balance is (generally) immediately updated. It is also likely that Bitcoin casino withdrawals are processed instantly, but do check to ensure that the casino you are playing with has this option.
Is Bitcoin gambling safe?
As with any online transactions or gaming, there are always ways you can ensure that you are protecting yourself. If you wouldn’t play or gamble online with your credit or debit card, there is no reason to do so with Bitcoin. Check the online casino or site’s security procedure and Google their name in order to paint a picture via reviews. If things look legitimate and there is nothing glaringly strange, then your mind should be put at ease.
Another thing to consider is how long you leave your funds on the site. When you have amassed your winnings and are done with playing, withdraw your balance to your wallet. Most casinos which deal in Bitcoin will allow you to withdraw instantly, so ensure you read the terms and conditions in full relating to banking.