Bitcoin Casino

Rating:
(1 players voted)

Bitcoin Casino: How to Play and What to Bear in Mind


We have all heard about Bitcoin, right? Now try to give yourself an honest answer how much you actually know about it. What exactly is that and what can we buy with it? What we all know that this is a cryptocurrency but what exactly does this mean? There must be some benefits it is associated with and that’s probably what started all this cryptocurrency boom. After all, there are many other cryptocurrencies, while Bitcoin is just the best-known one. What do you know about Ethereum, Ripple, Stellar, Litecoin, and so on? Too many questions are left without the answer, yet. Here in our review we are going to highlight them. We will try to explain what exactly stands behind the name of Bitcoin and in what way casino fans can make use of it. In particular, you will find out:



  • How this all started;

  • So what is Bitcoin?

  • Are Bitcoin payments really anonymous?

  • Advantages of using Bitcoin as a payment method;

  • Bitcoin-only casinos;

  • Limitations of using Bitcoin and how to cope with them.


Talking about Bitcoin itself and its role in online gambling in particular is a challenging task. Our team has so much to share that it would take us a huge longread to discuss at least one third of all of this. After all, there is a huge list of books dedicated to Bitcoin and we are sure there are more to be written. We strongly recommend you not to leave Bitcoin without attention and work out a way how to become a part of its community. Believe us, you won’t regret this, no matter whether you will be using this cryptocurrency in your gambling activities or elsewhere.


 

TOP ONLINE CASINOS FOR REAL MONEY IN 2018

# Casino Bonus Games Review Deposit Device Play
1 Jonny Jackpot 100% / £1000 1400+ Jonny Jackpot device Visit site
2 PlayOJO 80 No Wager Spins 2000+ PlayOJO device Visit site
3 Fun Casino £499 + 11 FS 400+ Fun Casino device Visit site
4 Ahti Games 100% up to 50 BS 1500+ Ahti Games device Visit site
5 Kozmo Casino 25 Free Spins 370+ Kozmo Casino device Visit site
6 Spela 100 Free Spins + $1000 1500+ Spela device Visit site
7 TheOnlineCasino £ 5 600+ TheOnlineCasino device Visit site

Historical background


It would be hard to explain what Bitcoin is and why it is a perfect solution for some casino players within two words. In order to do this, let’s go back to the very beginning of the story. The project of Bitcoin started in 2008, with its domain name bitcoin.org registered on August 18. It’s not quite clear who started it. There is a legend that the status of the creator belongs to an unknown person who uses the name Satoshi Nakamoto and allegedly lives in Japan. It’s not quite clear whether this was one person or this is a collective name for a group of people. Anyway, that’s Satoshi Nakamoto who invented Bitcoin, as well as created the very first blockchain database. We will explain what it is a bit later. Also, Satoshi Nakamoto is known for the deployment of the ever first decentralized digital currency, or actually Bitcoin in a sense we understand it today. We cannot say that the idea of Bitcoin was that new. Prior to the moment when it was launched, digital cash technologies already existed. However, we won’t stop on that here. After all, the realization of this idea was excellent and we are happy about this.


In order to understand how drastically things have changed, let’s consider the price chart. You probably want to know how much Bitcoin was worth when launched, right? First of all, an interesting fact was that the very first block of Bitcoins, namely 50 of them, was generated on January 3, 2009. We even know the precise time: 18:15:05. Cool, isn’t it? The value of the first transactions were set during negotiations on a specialized forum, the one established by Satoshi Nakamoto as well. The very first one was made in order to test how the system works: someone whose name remains unknown purchased two pizzas from Papa John’s for 10,000 BTC. Today, this would be an incredible amount of money! Those days back when Bitcoin was finally put up for public sale, its value was 1309,03 BTC per one dollar. This was on October 5, 2009.


On May 1, 2019, the price was $5,350 and increased by almost $2,000 by the end of the month. Indeed, it’s rather volatile! Its maximum price has reached as much as $20,089, namely on Dec 17, 2017. You have probably heard about this boom, right? The whole world have! No one can predict how Bitcoin price will change by the end of the year and what will happen to it in the long run. The only thing we are sure about is that it’s unlikely to fall down which makes Bitcoin a great thing to invest in. Of course, this is just a small part of Bitcoin history. If you are curious to know more, follow the link and enjoy.


So what is Bitcoin, actually?


What we know for now is that Bitcoin is a cryptocurrency, right? What is that, however? According to Investopedia, this is a virtual currency that uses cryptography as one of its security measures. “Crypto”, a part of the name, stands for a set of cryptographic techniques and encryption algorithms applied to ensure the highest possible level of security. This makes things a bit clearer, we hope.


We have also mentioned that this is a decentralized currency, but what exactly does this mean? To put it very simple, this means that there is no central body that renders it. It might take you some time to realize what it means. In very simple words, that’s the crowd that produces Bitcoin, but not some country’s government or bank. That’s the reason why Bitcoin is known to have organic nature and that’s also what makes it so different from traditional currencies we are all used to like dollar or euro. Obviously, this gives Bitcoin a kind of immunity against manipulations and attempts to gain control over it from the part of any particular individuals or even entire governments. At the same time, Bitcoin can be converted to US dollars, which gives its those lucky ones who have it an opportunity to interact with the rest of the world. Of course, that’s what makes it possible for casino players to use it.


One more term you probably associate Bitcoin with is the blockchain. We won’t dig into technical details, however. What it means is that Bitcoin exists thanks to a global network of computers. Yes, that’s closely related to what makes it decentralized. In its core, Bitcoin blockchain is its payments network. If some of its members sends a transaction, all the involved miners, or super-powerful computers, receive a notification and are to verify this transaction. In other words, all the transactions are in some sense public. Records on all the transactions are kept permanently. These processes are quite difficult to explain and to tell the truth, so far there are lots of resources with great explanations of how it all works. We see no sense to retell the story once again and we are sure you will easily find out all the details you want to know if you do a small research. After all, we are here to discuss in what way Bitcoin can be helpful to casino players, so let’s proceed further.


The power of anonymity


One of the main things Bitcoin is praised for is the anonymity it gives. We would like to make things clear in relation to this issue. Many people assume that anonymity is actually a disadvantage rather than a strong side of Bitcoin. The idea is that once an individual has an opportunity to remain anonymous, they could have use it in unlawful activities. Allegedly, it could be used to launder money or avoid paying taxes. Nevertheless, this is just a common misconception. Transactions in some cryptocurrencies are indeed impossible to trace, but Bitcoin isn’t one of them. If an individual is looking for a cryptocurrency for illegal activities on the Internet, they had better choose Dash, Monero, or other options with the highest possible level of privacy. In case with Bitcoin, there were cases when criminals have been caught after a careful analysis of their transactions.


In such a way, we can make a conclusion that Bitcoin allows anonymity, but not the entire one. Now, the right question to ask would be to which extent it is anonymous and traceable. The matter is that each user has their unique public address that allows to find their IP address. One more thing that is possible to trace are private and public keys, as well as transactions themselves. And still, none of this information in no way indicates at the actual person who stands behind the transactions. In such a way, Bitcoin addresses are indeed anonymous but only until someone finds the way to link them to a real-life person. There are not that many techniques allowing doing this. Most of them come from Know Your Customer procedures, the purpose of which is to allow business managers to verify identity of their customers. And still, there is no reason to worry for us, casino players. Among the other cryptocurrencies, Bitcoin is a perfect choice for casino players with its level of privacy and security being high enough to suit all the player’s needs and wants. After all, no one would start an expensive and time-consuming research at a government level just to reveal your $100 or let it be even $1,000 transaction.


How can all of this be useful for casino fans?


We have mentioned quite a lot of things above and some of them might sounds a bit confusing, that’s right. You probably want to know in what way Bitcoin might be helpful to casino players. don’t you? Indeed, there are lots of advantages and even though Bitcoin isn’t perfect as a payment system, the pros definitely outweigh the cons. So let us now sup up what we have explained.


1) No other options


Quite a lot of countries around the world prohibit online gambling, while others are only about to legalize it. When dealing with an online casino, you are to find a payment method so that you could make deposits and receive your winnings. And what shall you do if banks in your country are not allowed to process transactions related to gambling activities? In other words, you won’t be able to simply use your credit or debit card or a bank account. Luckily, there are several alternative solutions. E-wallets like PayPal could be a good option, though some of them might be unavailable where you live. Besides, by far not all casino operators work with them, not to mention high transaction and conversion fees that might eat up a noticeable part of your winnings. In such case, Bitcoin might be the best way out.


2) Fast transactions


How much you will be kept waiting until your transaction is processed depends on the chosen payment method and the inner policies of a particular casino operator. In case with deposits, the transactions are mostly instant, no matter what payment method you are using. Casino operators do their best to make this process as quick as possible. After all, the idea is not to keep players waiting for too long if those are ready to put their money at risk. The situation with withdrawal is a bit different. Casino operators usually need about 24 hours to process your withdrawal request. Depending on their policies, you can actually find your winnings in the “pending” status which means you can cancel your request for withdrawal and keep playing. Of course, this is not the wisest ever decision. The point is that you won’t face any delays with payments in Bitcoin. Both deposits and withdrawals are instant. If you are asked to wait for a few days, this is because of the casino operator’s policies but not because of Bitcoin transaction system.


You could say that some other payment methods allow instant transactions as well. In fact, that’s absolutely right, although there are still several nuances to remember about. Indeed, e-wallets like the above-mentioned PayPal is praised for instant payments. At the same time, the transaction fees they charge are higher than in case with Bitcoin. What is more, some casino operators don’t even deal with it. If to talk about bank transfers, we cannot even compare them. On average, the bank needs 3-5 business days to process the transaction. Now try to figure out for how long you will have to wait until both the casino providers and your bank finish their processing operations and how much you will lose after all the fees are charged. In turn, Bitcoin allows you to avoid dealing with any third parties. This will save you both time and money, which is awesome.


3) No taxes


Being obliged to pay taxes on winnings is rather frustrating. After all, that’s merely your good luck but not your hard job that helped you win, so why should your prize be subject to taxation? This is a the disappointment almost all casino fans face at a certain moment. Nevertheless, we have an awesome news for British players. In the United Kingdom, online game winnings are not subject to taxes as local government considers it to be a matter of luck but not the gain by effort. In other words, you British players will receive your entire prize with no need to give a part of it to the government! This also relates to players from Australia, by the way. Still, remember that you will have to pay the commissions related to the transfer of your winnings and by the way deposits. Before you make a deposit and start playing at a new online casino, always check whether they charge commission for processing your transactions. When choosing the transaction method, try to pick up the one with the lowest transaction fees. In this respect, Bitcoin is a great choice and here below we will explain why.


When it comes to taxes, players from the United States are less lucky, as you already understand. Depending on the state, you winnings will be subject to government and sometimes even state tax. On average, these are about 25% of the prize amount. Even in this case, we have at two least two good news. First of all, taxes are applicable to prizes higher than a particular amount. You probably want to know how much it is so let’s stop on $500. The matter is that this sum might vary depending on a state and its related laws. As a rule, you won’t owe any taxes if you withdraw less than this amount. In fact, the calculation of taxes related to gambling winnings in the United States is rather complicated and confusing process so we won’t dig into details. To explain it in a comprehensive manner, we would need to write a separate guide, actually. For this reason, let’s proceed to the number-two good thing to know.


As mentioned above, the use of Bitcoin provides you with a certain percentage of anonymity. It’s indeed limited, but revealing the connection between Bitcoin transactions and a real person would take incredible efforts, both in terms of time and finance. What it means is that no one would care about a $1,000 transaction taking that this isn’t even a one third of 1 BTC value! In the United States, players are to report their winnings themselves. In many cases, this rule relates to players from other countries where online gambling is legally prohibited although we still recommend to check it. As a rule, casino operators do not care whether you report your winnings or not. If you look through Terms of Use of several random casino operators, you will see that they all write they bear no responsibility in regard to taxes applied to the player’s winnings. In other words, it’s up to you whether to report taxes or not, and that’s exactly what drastically differs Bitcoin from any other payment method.


4) Anonymity


We have already explained that Bitcoin indeed provides you with a great extent of anonymity, which makes it standing out from other payment methods. Even though it is limited in some way, we have already explained why you don’t need to care about this that much. The information on a transaction is indeed stored in a block chain, but no one would actually care about it unless there is some serious reason. As we already mentioned, the process of tracking the wallet back and linking it to a real person is truly difficult. Besides, a good thing is that you won’t need to share your financial information with the casino operator. The only thing you will have to provide is the number of your Bitcoin wallet. Here below we will discuss how set it up and how to actually use Bitcoin for playing online casinos, so don’t worry.


It depends on a casino operator’s policies, what kind of information you will have to provide. In some cases, you will only need a valid email address so that you could confirm your account. Other casino operators ask for your name, address, phone number, and maybe some other details. You will be able to withdraw your winnings only after they confirm your identity. Of course, you might not want to share such information. And still, this is one of the signs of a reliable casino. The matter is that casino operators must comply with a range of laws and regulations, one of the purposes of which is to prevent underage playing and reduce fraud. Those casino operators who are not asking for even the most essential information might be unsafe to play with. This is not always the case but we still recommend to be careful with them. We believe that dealing with a reliable casino operator with good reputation is better than being able to avoid sharing your phone number. After all, there are strict international policies that protect users’ privacy and no operator would dare to break them.


Casinos that accept only Bitcoin


You will come across casino operators that only accept and pay out in Bitcoin and sometimes also other cryptocurrencies. Even though there are not that many of them, just like not that many casino players who have a Bitcoin wallet, their popularity keeps growing. Joining one of them is like becoming a part of a private club. Sounds intriguing, doesn’t it? We will try to explain what is so special about them.


Cost and commission


Bitcoin-only casinos have several advantages over those accepting traditional fiat currencies. The first one is the cost. Think about how traditional casinos work. In order to make their services available to players from all over the world, they are to offer quite a lot of payment methods. The matter is that some payment options might be unavailable to players from a particular country which would make it impossible for them to join the game. Obviously, casino operators don’t want to lose a part of their potential customers and do their best to help them cope with any kind of local limitations. However, setting up and managing such a diverse system of payments is a complicated and costly process. As a result, it is common for casino operators to charge fees from the players’ winnings. On average, this might be about 5% of the prize which seems to be not that much until you think about other commissions you will have to pay until you finally get what you win. After all, the payment provider itself might have a commission too, not to mention the fact that you will have to pay taxes in some countries. Luckily, this won’t become a concern for British players. You already know that the UK government considers winnings coming from online gambling to be the matter of good luck and does not tax them. Still, this is quite a trouble for players from some other countries.


Of course, things aren’t always that bad. In Europe, for instance, it is a comparatively rare thing when casino operators charge winning commission which makes players’ life a bit simpler. And still, it is more expensive for casino operators to manage a system based on fiat currency than the one based on Bitcoin. You might have guessed that those who are covering the costs of transaction processing and sometimes also currency conversion are regular players. Sounds a kind of unfair, doesn’t it? When playing at a Bitcoin casino, you could avoid this.


Transaction speed


Here in our guide we have already explained that Bitcoin transactions are instant and any kind of delays occur because of the casino operator’s policies and in some cases those of the payment provider. At the very minimum, the casino operator needs about 24 hours to process your request. You might thinks that it’s too much but many operators actually need even more time. After they finally send the payment, you might be kept waiting until the payment provider sends it to you. Within this chain, this particular payment provider acts as an intermediary and might have their own rules and commissions, of course.


With e-wallets, transactions are usually instant but you will have to wait for 5-7 business days in case with a bank wire transfer. What is more, something might go wrong during this process. There were cases with PayPal freezing accounts of their customers just because they suspected involvement in online gambling activities. The matter is that PayPal prohibits any gambling-related transactions from the part of a merchant they hadn’t approved. For a regular player this is quite hard to figure out whether a particular casino operator had been approved or not. In this respect, dealing with Bitcoin-only casinos is simpler and of course cheaper. Again, transaction fees PayPal and other instant payment services charge are quite high. Sometimes the commission may reach £25 or even more! With Bitcoin, you could avoid this too.


One of the reasons why a player might be kept waiting for their prize for too long is that the casino operator needs some time to verify their identity. We have already emphasized that this is actually a good thing as this is one of the measures to make sure you aren’t an underage player or a fraudster. Even though they aren’t doing this every time you request the withdrawal, waiting for until the procedure is completed might turn into a frustrating experience. With Bitcoin casinos, this is not always the case. Some of them do not conduct verification at all and this is actually a part of their concept but not a sign they are neglecting online gambling laws and regulations. Here below we will tell why it is so.


Anonymity, once again


Even though Bitcoin wallets aren’t linked to banks or any other institutions, Bitcoin transactions cannot be called completely anonymous. You already know why. And still, the type of casinos that only allow Bitcoin are where betting becomes as anonymous as it might actually be. It is possible thanks to the nature of cryptocurrencies and therefore the policies of casino operators dealing only with them. The matter is that Bitcoin-only casinos require the very minimum of your personal information, unlike their traditional currency counterparts. Even though a reliable casino operator would never transfer your personal or, still more, financial data to a third party, you should not forget about potential gaps in their security. After all, the data is stored on their servers that might be vulnerable to hacker attacks. It would be wrong to think that it might not happen to a reputable and respected casino operator. Even the world’s largest companies aren’t fully protected from data breaches. As an example, you have all heard about Yahoo, right? Not all of us know, however, that this company’s name is infamous for the biggest data breach in history. It impacted 3 billion user accounts, if you want to know. Now you see that security breaches are actually the reality rather than “this won't happen to me” hopes?


With the casino providers dealing with Bitcoin, things are quite different. To start playing at most such websites you will only need to provide the user name and a password. Many of them don’t even require your email and the only case you will need to submit it would be to restore your password. An interesting thing is that you are allowed to have multiple accounts if you wish. What is more, some Bitcoin casino providers don’t ask even for your username. In other words, there is no registration process at all, at least in a sense we are used to. Remember what we have said about the identity verification procedure? This is your chance to avoid it and save quite a lot of time. Instead to the traditional registration process, you simply send a transfer to a particular address which is than is transformed into your bet. In such a way, Bitcoin gives you are chance to enjoy greater freedom in relation to your money.


Disadvantages of dealing with Bitcoin


It would be not right to say that dealing having all transactions made in Bitcoin or dealing with Bitcoin-only casinos isn’t associated with several limitations and is always convenient. Even though Bitcoin advantages definitely outweigh the disadvantages, we believe it would be fair to shortly describe them. Here they are:


Legal status


We always recommend our readers to carefully check if a casino operator has a license and avoid dealing with those that don’t have it. The fact that the casino is licensed shows that it operates according to norms and regulations related to online gambling. In order to receive a license, a casino operator must demonstrate that their games are fair and they are capable of paying prizes to the winners. In other words, dealing with a licensed casino will let you stay a bit more sure about the fact that the game is fair and your finances are secure. In case with Bitcoin, casino operators do not need a license to operate. This is a good news for casino operators as applying for a license is an expensive and time-consuming process, but still a bad news for players.


You probably want to know why it is so. Again, the answer is in the nature of Bitcoin and the way the transactions are made. In order to exchange payments, the player and a traditional online casino that deals with fiat currency need a financial institution, or basically an intermediary between them. In case with Bitcoin, the transactions take place directly between the casino and the player with no third parties involved. In turn, one of the reasons why a casino should obtain a license is to receive a legal permission to process fiat currency transactions. Since no traditional financial institution is involved, a Bitcoin casino simply doesn’t need a license or, more specifically, doesn’t need to present it.


If you anyway believe that dealing with a casino operator that doesn’t have a license is a bad idea, there is an option for you. Several online gambling regulatory bodies already started to issue licenses to casino operators that allow Bitcoin as one of their payment methods. Among such regulators there are the Curacao Gambling Commission, the Isle of Man Gambling Supervision Commission, and several others. Of course, it matters what particular license the operator has. Obtaining a license issued at Curacao is much easier than in case with the United Kingdom. For sure, this is better than nothing at all, but we recommend you British players to find a casino operator licensed by the Isle of Man Gambling Supervision Commission or the UK Gambling Commission. If something goes wrong, you will have much more chances to receive help from these two regulators rather than in case with the Curacao Gambling Commission. In any case, you can use Bitcoin as a payment method and at the same deal with an absolutely licensed casino. Of course, this is a powerful argument in favor of such casino operators. Even though there are not that many of them, you will still have several options to choose from.


When it comes to casinos that only accept Bitcoin, there might be a few venues that do have a license, even though it will be quite a tricky task to find them. Still, you can try dealing with a Bitcoin-only even if it doesn’t have a license. After all, there are other criteria to prove its reliability. In fact, these are the same guidelines you would resort to when choosing a traditional casino: security protocols the operator appliers, website authority and how popular it is among users, other players’ feedback, and so on.


Limited choice of reliable casino operators


If you put aside all doubts and decide try making transactions in Bitcoin, you will probably discover that there are not that many casino operators that offer such options. Don’t worry anyway as there are still quite a lot of them so you will for sure have what to choose from. Still, if you compare the choice available to you with the amount of option that suit players who prefer dealing with traditional fiat currency, you will notice it is quite limited. There are several reasons why it is so and we would like to briefly describe them.


First of all, it is a good question for casino operators whether to actually start dealing with Bitcoin at all. For them, this is in many ways great but the ultimate question is whether the casino will attract enough players. After all, we cannot say that Bitcoin is rather popular when taken globally. Statistics says there are now about 32 million Bitcoin wallets around the world. Just for comparison, PayPal has about 179 million active accounts. What is more, most Bitcoin users set up multiple accounts in order to ensure their privacy. This is a small trick for you, by the way. Even though Bitcoin transactions aren’t entirely anonymous, they become almost impossible to trace and link to a real person if they are made from or sent to different wallets. Coming back to casino operators, many of them simply aren’t sure that the game will be worth the candle.


Meanwhile, there is one thing you should remember about Bitcoin-only casinos. If you keep monitoring the issue, you will notice that such casinos pop up quite often. There is nothing strange about that, however. We have already explained that managing such type of a casino is much less expensive comparing to the costs required to maintain a casino dealing with fiat currencies. Another reason that makes the entire process of running a casino simpler is that Bitcoin-only casino operators are not legally obliged to apply for a license. Obviously, this saves them a great fortune of money, as well as their time and effort. In other words, dealing only with Bitcoin became a kind of a solution for those operators who cannot afford or simply want to avoid applying for a license. Of course, this is quite a bad news for regular players.


As mentioned above, the range of casino operators offering Bitcoin as one of or the only payment methods isn’t that wide. The number of Bitcoin-only casinos keep to raise, though this is not as great as it could seem at the first sight. Unfortunately, quite a lot of them are not quite safe to deal with. Others are scammers, to tell the truth. In other words, not that many casino operators that accept payments in Bitcoin provide safe and high-quality services which is quite a sad situation. In such a way, it’s better to be indeed careful. Choosing Bitcoin as a payment method is an awesome option with a huge list of advantages, but you won’t be able to enjoy them unless you find a casino operator you could trust.


An experienced player would know how to distinguish a reliable casino operator from a dishonest one. They would never dwell on a website that looks bad and is inconvenient to use. None high-quality service provider would have a website that looks as if it was created overnight. Also, carefully read Terms of Use and Privacy Policy. If they seem to be confusing or not quite informative, it is better to find some other option. Pay special attention to the security measures the operator applies to protect data of their users. Even though you won’t need to share any sensitive information, that’s in no way an excuse to ignore this issue. Finally, pay attention to the license. We have already explained that it’s unnecessary for Bitcoin casino operators to present a license, but those of them indeed honest and worthy to deal with do their best to receive the one. For them, this is a kind of an expensive marketing ploy. For players, this is a strong argument in their favor.


Finally, the choice of games is probably one more thing you are probably interested in. In this respect, the situation is the same as with fiat currency casinos. The fact you chose Bitcoin as you primary payment method does not affect what kind of games you can play. What does affect it is the casino operator you decided upon. By the way, this is one more criterion to pay attention to when making your choice. Those casino operators that are worthy to deal with offer a wide collection of games available on multiple platforms including Android and iOS. You could even come across live games, which is a nice thing to try. On the contrary, shady casino providers cannot afford to offer a wide variety of cross-platform games and focus mainly on PC users.


In such a way, searching for a Bitcoin-friendly casino operator that delivers high-quality services and is safe to deal with is a tricky process. We recommend choosing a licensed casino operator that offers Bitcoin as one of its payment method, but not the only available option. Even though this is not a rule of thumb, this could increase your chances of finding a reliable provider. Take your time and make a wise choice!


High volatility


At the very beginning of our guide we have mentioned that the value of Bitcoin drastically changes and it is not that easy to predict when and how much it is going to change next time. Indeed, the value of Bitcoin is highly volatile. It is quite hard to tell whether this is good or bad. If its value goes up, it is obviously a great news for players. If it falls down, this is bad. As you understand, the idea is to catch the moment when Bitcoin value is at its highest point and take appropriate steps. Remember what was the highest ever Bitcoin price? It was almost three times higher than on the day when our guide was being written.


Why it is so is a good question. There are several factors the value of Bitcoin depends on. Probably the most curious one is that the value is affected by the news around the issue. Indeed, official claims and rumors that Bitcoin will finally become regulated scare off investors and the price therefore goes down. After everything calms down, it gets back to its previous level. Another determining factor is that the total amount of Bitcoins that can be produced is limited. As defined by its developers, this is 21 million BTC. In view of this, the price for Bitcoin is likely to keep growing in the course of time. Anyway, the issue of Bitcoin volatility could become a topic for a separate and quite long article. We won’t dig into details and tire you with economic terms. Just bear in mind that the price of Bitcoin might change rather drastically.


Frequently Asked Questions



  • What to begin with?


If you never dealt with Bitcoin at all, you will need to create a wallet first and foremost. There are two ways to do this. The right one is to find an official application and download it on your device. In other words, you will create your own wallet independently from the casino provider. Of course, you will be able to use it for any purposes, not limited to online gambling in general or a specific casino operator in particular. The second option is to create a wallet within the system of a Bitcoin casino operator of your choice. This might suit those players who only want to try playing on a particular website and don’t want to spend their time creating a separate wallet. This is a good option for small bets, but we still recommend to create an account on your own. If you already have an account and don’t want it to be linked to online gambling activities, you can simply create another one.



  • How to acquire Bitcoin?


Once you create a wallet, this is the number-two question you will ask. Luckily, this isn’t that difficult as there are several ways to do this. You can either receive Bitcoins if someone pays you for your services, or exchange with someone near you, or earn them through mining. For obvious reasons, these methods might be not quite convenient to an average person. Luckily, there are Bitcoin exchanges where you can buy Bitcoin via a bank wire, as well as your bank card, or even cash in Bitcoin ATMs. You can also convert PayPal to Bitcoin, if you wish. In other words, there are lots of available options and it’s up to you which one to choose. Go the the official website of Bitcoin and carefully read the instructions.



  • Are Bitcoin transactions instant?


We cannot say that they are instant. Before the recipient gets the payment, the transaction is to be confirmed and recorded in the blockchain. This might take up a few minutes. Besides, the number of transactions waiting for verification is always high. The amount of time you will be kept waiting also depends on the transaction fee. The higher it is, the faster the transaction will be processed. Also, the waiting time depends on how large the transaction is. With small amounts, it will be processed relatively fast, but you will have to wait for a while if the payment is large. Anyway, Bitcoin transactions are fast and for sure faster than most alternative payment methods casino operators offer.



  • So once again, are Bitcoin casinos legal?


When it comes to online gambling, Bitcoin is not a separate branch but rather a payment method. Therefore, you are legally allowed to use it wherever you can play online games. For now, there aren’t any laws and regulations prohibiting to use Bitcoin for online gambling purposes. On the other hand, Bitcoin itself has been declared illegal in some countries. As an example, it is prohibited in Egypt and Morocco, as well as China, Taiwan, Indonesia, and some other countries. The list of countries where Bitcoin cannot be used is publicly available so don’t forget to look through it if you decide to try playing.