Gambling with Bitcoin
Online gambling with Bitcoin is more popular than ever. Many online casinos are now accepting Bitcoin as a form of deposit. There are even casinos which will accept US players and allow them to play casino games with cryptocurrency. This may sound exciting to you. If you want to use digital tokens for gaming, here are some gambling with Bitcoin basics.
A Little About Bitcoin
If you’ve spent any time at all online during the past few years then you should already be familiar with Bitcoin. It is the world’s most popular cryptocurrency, or digital asset. Cryptocurrencies are exchanged just like the US Dollar or Euro for goods and services, but they have no physical existence. These are digital tokens.
If the concept of Bitcoin sounds confusing, don’t worry too much. You don’t need to know all the specifics of cryptocurrencies to buy some Bitcoin and use it in your favorite online casino. What you do need to know is this:
Bitcoin offers strong security
Some anonymity can be had when using Bitcoin
Buying Bitcoin is fairly simple
Bitcoin for online gambling is legal
If you want to learn more about cryptocurrencies and how they are literally changing the way the world completes financial transactions, Cryptoswede is a great online resource. Otherwise, just keep reading to get started.
Buying Bitcoin for Gambling
Before you can start gambling online with Bitcoin, you’ll need to obtain some of these digital tokens. It wasn’t so long ago that this could be a daunting process. Today it is much easier to exchange fiat currency for Bitcoin.
There are still two primary ways to purchase Bitcoin:
From a cryptocurrency exchange
From an individual
In either case you are going to need a Bitcoin wallet which will allow you to receive and send tokens. There are many wallets to choose from, but you can easily create a Bitcoin wallet for free by visiting one of the oldest Bitcoin websites. It only takes a few minutes to create your wallet and set up the private keys you will need to make transactions.
Once you have a place to receive coins, you can proceed with a purchase. The first step is to decide whether you will purchase from an exchange or an individual. In both cases, it is extremely important that you perform due diligence. Because cryptocurrencies only exist in the virtual world, they can be a target of hackers. Never give out your private wallet keys, and only deal with people or exchanges you trust.
Buying from an individual is a good choice, provided that you know someone trustworthy. The best option is a friend or a family member that will sell you some tokens. In that case, all you need to do is give them money and they will then send the appropriate number of Bitcoins to your wallet. This is a fast way to get tokens, and it involves a trustworthy source.
Using an exchange can also be safe, as long as you research the reputation of the exchange before you transfer. Many exchanges today are allowing a simple purchase with a credit card that does not require signing up for an account. You just visit the exchange site, enter the amount of Bitcoin you require, and provide your debit or credit card information. The purchase will be completed in a short period of time, although some exchanges may take a few hours to deliver the Bitcoin to your wallet.
That’s all there really is to it. Once you have Bitcoin available in your wallet, you are ready to take the next step and deposit at the online casino of your choice.
About Bitcoin Casinos
There are a few questions that always seem to pop up when individuals ask about gambling with Bitcoin. Many of these questions involve online casinos. Here are some of the most popular:
Are There Bitcoin Casinos For US Players?
Is it legal to gamble with Bitcoin?
What is the minimum deposit for Bitcoin gambling?
How long does it take to cash out my winnings?
Let’s begin by saying that there are quite a few online casinos that welcome players who want to gamble with Bitcoin. With that being said, players should always be aware of the legalities of their jurisdiction. It is your responsibility to know whether gambling is permitted for residents of your home country.
The truth is that Bitcoin can actually be a better way to gamble for US players. No credit card statements are created which would validate a deposit. The only record that exists is on the blockchain. Of course, players should realize that linking personal information to an online gaming account and then using Bitcoin to fund the account could create a link which would identify the holder of the account.
Gambling with Bitcoin is 100% legal in almost all jurisdictions that permit online casinos. There is no special legislation for Bitcoin gambling. If you can gamble with real money, you can gamble with cryptocurrency.
On many sites the minimum amount for a Bitcoin deposit will average about $50 in USD value. This figure can vary from casino to casino. One thing you will notice at most online casinos that accept Bitcoin is that the fees for making a withdrawal are often nothing. Those that do charge a fee only charge a very small amount. The fees for withdrawing cash can be much higher, and it can take much longer to process transactions.
When you cash out winnings with Bitcoin, you could receive the withdrawal in a few hours. At the most it might take a couple of days. Withdrawal by check or bank deposit can take 5-7 business days or longer.
The Regulation of Bitcoin Casinos
The next thing people often ask in regards to gambling online with Bitcoin regards the regulation of online casinos. Are these casinos subject to oversight by gaming authorities? How does one know that the games offered at these casinos are fair?
There have always been online casinos which have operated outside the realm of regulation. We do not recommend that anyone risk their Bitcoin at a gaming venue that is not licensed. There are plenty of online casinos which submit themselves to the gaming regulations of the country in which they are located, and these are the places where you should play.
Typically, an online casino must answer to a regulatory body. Some casinos evade this important step of licensing. It is also possible that some casinos which claim to be licensed and regulated are not. So, how can you tell the difference? The best way to do so is by relying on online casino reviews that are published by a reputable website. Many review sites have affiliate arrangements with online casinos, but this does not mean they haven’t published a fair review. Do your homework and select a gaming venue that has a good reputation and good reviews.
On the Fairness of Bitcoin Gambling Games
The games you can find at a Bitcoin casino include blackjack, craps, and slots. There is also roulette and video poker. Unlike a physical casino where you can observe the dealing of cards and spinning of a roulette wheel, everything in an online casino is conducted in a virtual environment. This means that a random number generator is used to determine cards, symbols, and numbers that appear in gambling games.
It would seem that such a system is ripe for abuses. The truth is that many online casinos have adopted something known as a provably fair model of gaming. This model, like Bitcoin, revolves around the use of a cryptographic hash which allows the gaming algorithms to be verified by players and regulators.
The provably fair model was created so that a record of the random results of games could be observed. By making the results of games transparent, the online casino holds itself accountable for the fairness of its gaming software. You can find out if a casino is provably fair by simply asking. Many online casinos will also post a notice about their gaming policies on their website.
Do You Need to Download Software to Gamble with Bitcoin?
A great thing about playing at online casinos is that the process is very easy. In most cases, you do not have to download any software in order to play the games. You can access them right from the browser. All you have to do is log into your account and choose which games you want to play.
Many Bitcoin casinos are also offering mobile apps that will let you gamble with your phone or tablet. All you need to do is download the app for instant gaming action. In all cases, the security of the apps and browser-based platforms is strong. When you choose a reputable casino you can do so with the confidence that your personal information is protected.
These are some of the most important things you need to know about gambling with Bitcoin. We would advise you to check out some of the online casinos we recommend. It only takes a moment or two to sign up, and you will receive a nice welcome bonus when you make your first deposit.