Bitcoin casino gaming is on the rise, and many adventurous players are starting to take the plunge. Of course, many of the players who decide to try their hand at bitcoin casinos are doing so because they cannot play online in their own country. Various national gambling laws and geo-restrictions may inhibit their ability to gamble online. Bitcoin casinos, with the anonymity that they provide, offer a way around that.
It isn’t just players in restricted gambling countries who play at bitcoin casinos, though. Anybody who fancies a different way to play, an arguably freer and more private way to play, can get involved in bitcoin online casino gambling. There are things you need to know before investing in bitcoin casinos, though. Let’s look at some of the more important ones.
How to Get Hold of Bitcoins
One of the most common questions bitcoin newbies will ask is, where do I find bitcoins? Since bitcoin gambling has become more mainstream, the number of places you can snap up bitcoins have increased. Initially, you had to mine to bag bitcoins – and that was a challenging process in and of itself – but no more.
One of the more straightforward ways to obtain bitcoins is to use a marketplace. Websites such as Coinbase allow you to snap up bitcoins from sellers using a digital wallet. You can buy and sell most major cryptocurrencies there, so it isn’t just limited to bitcoins. Getting a free digital wallet with them may be the way to go, mainly since over 8.5 million people use this option to trade bitcoins. Other exchanges and marketplaces exist, too, if Coinbase doesn’t tickle your fancy.
Exchanges also exist at select bitcoin casinos. Although they are not found at all bitcoin casinos, some sites allow players to purchase bitcoins directly through them, and players can then use those bitcoins to play at the casino in question. All you need is your bank card, a bitcoin wallet and an account with the said casino.
Alternatively, some ATMs also sell bitcoin. That is a lot rarer since many countries have actively banned bitcoins. However, you can always check if your state has ATMs which offer bitcoin. If they do, they can be bought using your bank card and then transferred to your bitcoin e-wallet.
There are ample ways you can sort yourself out with bitcoins. Once you’ve got your bitcoins, you’re almost ready to start playing. Before that, though, you need to learn a bit of the lingo.
The last thing you want is to start betting at a bitcoin casino and have no idea what people are talking about, especially when it comes to terms and conditions. There are a few little things you need to know when it comes to bitcoin jargon and terminology.
Bitcoin glossaries exist across the net, but most go far too in-depth for your average bitcoin casino user. You don’t need to know the ins and outs of bitcoin terminology to start playing at casinos, just the basics will do, such as:
- Bit: The denomination of bitcoins equal to 100 satoshis (one-millionth of a bitcoin)
- BTC: This stands for bitcoin. When you see something such as 3BTC, it means three bitcoins. One bitcoin equals 100,000,000 satoshis.
- Blockchain: The public ledger containing all bitcoin transactions.
- Miners: Individuals who process bitcoin transactions and add them to the blockchain, often in exchange for a small predetermined cut of the total transaction.
- Mining: The process by which a miner “obtains” bitcoins by processing transactions and adding them to the blockchain.
- Satoshi: The smallest bitcoin unit, with each bitcoin being worth 1 million satoshis.
- Satoshi Nakamoto: The founder of bitcoin, or at least a pseudonym, but nobody knows for sure whom (or how many people) was involved in its creation.
- Transaction Fee: Miners will typically require a “fee” for processing your transaction and adding it to the blockchain. Most bitcoin users will usually add a little extra to their transaction, as miners are more likely to handle transactions faster if there is something in it for them.
Of course, it isn’t going to hurt to get a little more in-depth with bitcoin terminology if you want to learn about cryptocurrencies in detail, but you shouldn’t need anything more than the above to go about gambling at a bitcoin casino.
Cryptocurrency Markets Are Volatile
Of course, it is worth noting that cryptocurrency markets are incredibly volatile. That is mostly because (like the stock exchange) the market is speculative. The more places and merchants which accept bitcoin, the more stable it will become. However, for now, being a risky investment, bitcoin markets are likely to rise and fall with uncertainty. Casino players need to be aware of this before they get involved in bitcoin casino gambling.
There is beauty in the idea of a free currency which is not beholden to any bank or government, and that makes many people interested in the concept. However, you always take the risk that the bottom will fall out eventually. We got a taste of this in late 2017, when the value of bitcoin rose dramatically, only before sharply falling. It has since levelled out again, bringing relief to bitcoin casino gamblers across the net.
Bitcoin Casino Legality, Safety and Security
Bitcoin casinos fit into all sorts of grey zones when it comes to legality, safety and security. On the one hand, most are open to accepting everyone and anyone, on the basis that they are not tied down by licensing jurisdictions and that they offer relatively anonymous gameplay. The downside to this is that if they are not licensed, they probably aren’t properly regulated, either.
If you are going to play at a bitcoin casino which doesn’t showcase properly licensing information, you should look for another mark of certification. One such way to go about this is to look for the Provably Fair accreditation. This organization has taken it upon themselves to establish a set of ground rules that all bitcoin casinos bearing its mark must adhere to. That essentially means that they must showcase that they are audited, that they offer fair play gaming, and that they are committed to paying out winnings to players.
In lieu of other safety and security hallmarks, such as valid gambling licenses and certifications from other guarantors of secure and safe gaming, we would always advise all players to play at a Provably Fair bitcoin casino. Fortunately, it is relatively easy to check out if your chosen bitcoin casino bears this hallmark. Look at their lobby/homepage. Any bitcoin casino which is certified by Provably Fair will display their certificate as a way of easing any players’ qualms about security and safety at the site.
Judging Worthy Bitcoin Casino Sites
Even if you can identify the Provably Fair mark at a bitcoin casino, you may wish to check out alternative sources to ensure that you are playing at a top-notch bitcoin casino. Knowing a little bit about where you are playing before you decide to invest in bitcoin casinos is essential to avoid any nasty surprises.
One of your first ports of call should be to casino review sites, particularly unbiased ones that review bitcoin casinos fairly. A good bitcoin casino review will not only highlight the positive features of a casino, but they will also detail the negative aspects of it, too. They will go into detail about what kinds of features the gambling site carries, the games they offer, the promos they can deliver, and their reputation as compared to other places.
A number of these sites will also offer free play bitcoin games, allowing you to get a taste of the selection of games a site carries before you invest your bitcoins there. They will also offer you “seals of approval” which is a review site’s way of ensuring players that they have done their homework and their due diligence to ensure that a casino they are promoting is safe and secure.
There are countless sites out there which allow players to provide feedback (in the form of complaints) against bitcoin casinos, too. It is worth checking to make sure that any casino you may decide to play at doesn’t have a lengthy selection of bad reports, negative complaints or issues of mistrust. That is mostly the same procedure we would advise players to do before they signed up at any casino site, although since most bitcoin casinos are unlicensed, this goes double for these domains.
Some Casinos are “Bitcoin Also” Instead of “Bitcoin-Only”
There are two types of bitcoin casino sites out there. There are ones which we can call “bitcoin only”, and those which we prefer to call “bitcoin also”. As you can imagine, the former only accepts bitcoin or other cryptocurrencies as their currency and banking options. You cannot use any other form of currency at these sites.
It may be easier for you to start out with bitcoin casino gambling by joining the latter, though. What we call “bitcoin also” sites. These offer bitcoin as one of several accepted currency options and banking options. By choosing these sites, you can make the change to bitcoin casino gaming gradually, allowing yourself an acclimatization period, if you will.
Bitcoin Casinos Can Still See You Play with US Dollars
A good number of bitcoin casinos don’t just accept bitcoin, as we’ve said. Some, although advertised as bitcoin casinos, don’t allow players to use bitcoins to make their bets. Sure, players will deposit using bitcoins, but those bitcoins are then converted into a more conventional gaming currency, such as US dollars, when you want to play the games. When it comes time to withdraw, the casino will convert the US dollar currency back into bitcoins for you. That is a very common practice amongst many bitcoin casinos. So, if you were concerned about how betting on slots with satoshis works, there is an extreme likelihood that you’ll still be betting in US dollars or other more straightforward currencies if this makes things easier for you.
There Are Other Cryptocurrencies You Can Play With
Bitcoins may not be for you; perchance you favour another cryptocurrency? Just because a casino advertises itself as a bitcoin casino, doesn’t mean that they don’t carry other cryptocurrency methods. In fact, most of the more prominent bitcoin casinos will also permit players to deposit using Ethereum, Bitcoin Cash, Litecoin, Dogecoins and others. If you are more comfortable using another cryptocurrency, there are ample bitcoin casinos out there that will let you do that.
Bitcoin Casino Gaming Is Not Perfect…Yet
Bitcoin gaming is on the rise, but it is not, however, perfect. There are still a few things that the industry needs to work on. Although the Provably Fair system has done a lot of groundwork in ensuring that bitcoin casinos are somewhat audited and certified, there are still kinks there. Until bitcoin casinos become fully licensed (and they may do), there is still that air of insecurity surrounding them. Moreover, until the market becomes more stable (it will if more merchants and shops allow users to pay in bitcoins), there is a degree of volatility which you may find troubling.
Bitcoin casinos are an investment which can pay off, but only if you pay attention to how cryptocurrencies work, and you understand what you’re getting yourself in for. Provided you do your homework, though, and pay attention to what you’ve learned; you can find bitcoin casinos one of the most exciting and accessible online casino gambling experiences you can have.