One of the biggest problem areas for players at online casinos has been the time taken for withdrawals to reach them. The arrival of the Bitcoin changed all that. Bitcoin, unlike regular fiat currencies, is a cryptocurrency. It is a virtual currency, which means you can only use it online. It is not regulated by any government or financial institution. And the biggest advantage: because it isn’t regulated payments – deposits and withdrawals – are instant.
The numerous advantages that Bitcoin provides over traditional fiat currencies has resulted in online casinos readily accepting it as a currency for payment.
What is a Bitcoin Casino?
A Bitcoin casino is an online or mobile casino that supports payments using Bitcoin. Bitcoin has been around for a while now and has been used for making online payments. Online casinos were initially skeptical and also wary of allowing its use because it was to them an unknown. Another cause for concern was the fact that Bitcoin transactions guaranteed total anonymity.
However, the popularity that Bitcoin has enjoyed as a currency for online shopping changed that perception. What changed things around completely for them was the speed with which transactions were completed. And it has yielded them rich dividends as more and more players have started using Bitcoin as their preferred currency.
Kinds of Bitcoin Casinos
There are 2 major kinds of Bitcoin casinos. There are some Bitcoin casinos that support all fiat currencies along with Bitcoin: you can choose to pay in currencies like the Euro, US Dollars, GBPs, Rands and any of the other currencies you find online casinos commonly supporting, or you can choose to pay in Bitcoins.
The second type of Bitcoin casinos are the ones that accept payments only in Bitcoins. At these casinos you make deposits and withdrawals only using Bitcoins. In every other respect, however, both these types of casinos are the same. They look and feel just like other online and mobile casinos, use software from the same standard providers, and also offer exciting bonuses and promotions to their players.
The differences compared to standard online and mobile casinos, if any, are minor, except one:transactions are instant, especially withdrawals. This is a big difference compared to regular casinos.
The following are some of the other areas where a Bitcoin casino may differ from a regular online casino.
- All games at Bitcoin casinos are provably fair. We will discuss the concept of provably fair in a little more detail later.
- The game range may include a few special games that are offered to promote the casino. These are usually games you may not find at a regular casino.
- There may be a special bonus, e.g. a no deposit bonus or a welcome bonus, at a Bitcoin casino. These kinds of bonuses are offered by operators to promote the Bitcoin casino.
- Bitcoin casinos usually have very low transaction fees. This is because Bitcoin is a non-regulated and decentralized cryptocurrency. Any transaction fees are tagged on only as a form of incentive for the Bitcoin miners – the people who mine Bitcoins – to keep the blockchain intact. The casino itself will not charge any fee for using Bitcoins.
- Because Bitcoin is decentralized and deregulated, there is no mandatory requirement for licensing.
- Bitcoin casinos, unlike regular online casinos, offer players a completely anonymous environment. This is a huge advantage because it allows them to make bets of their choice – small or large – without having to worry about any financial or government authority keeping tabs on their spend.
While knowing about Bitcoin casinos is a big help, it is also equally important to know how Bitcoins actually work. That will enable you to use it better and more effectively. Not sure how Bitcoin works? Click here to learn more about Bitcoin
Now that you know what Bitcoin is and also what a Bitcoin casino is, let us take a look at online and mobile casino gambling using Bitcoins.
Bitcoin Online & Mobile Gambling
Bitcoin gambling is rapidly becoming popular. More and more players are nowadays using Bitcoin to make deposits and withdrawals at online casinos that accept it, and the reasons are not very hard to fathom. The advantages that Bitcoin offers are too good to ignore.
- The biggest, as we said earlier, is the speed with which transactions happen. This is one of the most common reasons for people switching from making payments with fiat currency using any of the regular payment methods to making payments with Bitcoin.
- The second major factor is the anonymity that Bitcoin transactions offer. You do not mandatorily need to reveal your identity to play online casino games for real money at Bitcoin casinos.
- The third major factor is the fact that each game is provably fair; i.e. players can determine that each spin of the wheel or roll of the dice is fair.
- The fourth major factor is the fact that Bitcoin is a decentralized form of currency, which means it is not subject to the regulation and monitoring by financial institutions and government bodies that regular currencies and by extension the payment methods that are used to process them go through.
- In many Bitcoin casinos the house edge is lower compared to what you get at standard online casinos, and that is a big draw among players too.
The best thing about Bitcoin online and mobile casino gambling is that you do not miss out on any of the fun and excitement that you experience at a standard online casino. You get an entire range of games to choose from including slots, table games, card games, video poker, specialty games and even live dealer games. At some casinos you will find progressive jackpot games as well. The game range you get depends on the casino you are at and the software provider or providers it is powered by.
Most of the leading online casino software providers offer their games at Bitcoin casinos. All games are conducted fairly, as mentioned earlier. However, just to be doubly sure you can read up on the reputation of the Bitcoin casinos online before signing up with any of them. Here at OnlineCasinosOnline.co.za, we have trusted, thorough and detailed reviews of all the major Bitcoin casinos around. All you have to do is read the reviews and pick the one that suits your needs best.
Our Selection of The Top Bitcoin Casinos for South African Players
Bonuses at Bitcoin Casinos
One of the things that make Bitcoin casinos so popular among players is that you get the same promotions as at any other online casino. The added advantage is a super-fast payout timeframe. All the usual bonuses are there, and some casinos even offer special bonuses for opting to pay in Bitcoins.
The following are some of the bonuses you get at Bitcoin casinos.
No deposit bonuses:
At quite a few Bitcoin casinos you get cool no deposit bonuses. All the standard no deposit bonuses are there at these casinos:
Standard no deposit bonuses:
You get a nominal amount of money, usually up to R300, as a bonus on signing up. You do not have to even deposit funds to claim this bonus.
Free spins no deposit bonus:
You get a specific number of free spins that you can use to play a specific slot or range of slots. The slot(s) covered by the bonus are mentioned usually in the promotional information.
Deposit Match Bonuses:
All players at Bitcoin casinos get deposit bonuses. New players get them as part of the welcome bonus package. The casino matches your deposit with one of its own. The match deposit is offered usually on the first deposit. An example of this kind of bonus can be seen at mBitCasino, which offers a welcome match bonus of 110% up to 250mBTC/1.5BCH/3ETH/15 LTC/450,000 DOGE/€2500.
However, nowadays a number of Bitcoin casinos are offering it across multiple deposits, usually up to the first 3 or even 5 deposits. A good example of this is Yebo casino, which offers a welcome bonus of up to R12000 on the first 3 deposits.
Some Bitcoin casinos go one step further by offering the match deposit bonus in combination with the free spins bonus. The casino matches your deposit and also gives you a specific number of free spins on a specific slot or range of slots. You see this kind of bonus at 24VIP casino: the welcome bonus is a 100% match up to R10,000 and 240 free spins – 24 free spins a day for 10 days post the completion of the match bonus.
These are deposit bonuses that are offered to a player once he has run through his welcome bonus package. They are ideally match bonuses of anywhere between 25% and 100% or even higher. Sometimes a free spins component is attached along with the deposit bonus.
They are offered as appreciation of a player’s loyalty to the casino. A cashback bonus allows a player to recover some of the losses incurred through wagering for real money over a specific period. A casino can offer it once a month, weekly or even daily.
Casinos offer referral bonuses to players for referring their friends. The bonus is available once the friend the player has referred signs up for real money play and makes his first deposit.
Payments and Withdrawals @ Bitcoin Casinos
Bitcoin casinos are great because they offer one of the quickest ways of depositing and also withdrawing funds – by using Bitcoins as currency. Bitcoin transactions are fast and anonymous. Since Bitcoins are not regulated by government authority or financial institutions, it is all yours to use as you want. There are no transaction fees involved, except a minimum fee. That is one of the main reasons why, in a country like South Africa where gambling laws are still vague in many areas, Bitcoin is rapidly becoming a very viable solution for players.
Making payments with Bitcoins is easy: you sign up with the casino and choose Bitcoin as the currency for payment. You are then provided a Bitcoin address. Once you make a payment you are required to confirm it, which takes a maximum of an hour. Once the payment is confirmed the money reaches your account; it is that quick.
Basically there are two things you need to make a Bitcoin payment: Bitcoins and a Bitcoin wallet. The Bitcoin wallet is where you can store your Bitcoins. There are a number of different Bitcoin wallets available online; you can download one of them to your computer, laptop or mobile device. There are also online wallets that you can use by opening them directly from your computer or smartphone.
One of the most reliable is Blockchain; it cannot see your balance or even transactions regardless of the number of transactions you make. Another kind of Bitcoin wallets are the hardware wallets; these are highly secure.
A Step-by-Step Guide to Bitcoin Payments
To make payments with Bitcoins just follow the steps listed below.
- Log in to a Bitcoin casino. If you don’t have an account yet you can sign up by clicking the Sign Up or Register Now button at a Bitcoin casino of your choice.
- Once you have signed up/logged in, click the Banking or Cashier tab.
- Select Bitcoin as the preferred currency for payment from the list of payment methods provided.
- On the resulting screen, enter the amount of Bitcoins you want to deposit.
- Follow the instructions on the subsequent screens and finally click Submit to confirm the payment.
The Bitcoins get transferred to your casino account instantly.
The process for withdrawing using Bitcoins is more or less the same as it is for depositing. There is just one additional step: once you have filled in the details required and clicked Withdraw, you have to enter the public key address of the Bitcoin wallet to which you are withdrawing the Bitcoins. You can do this by one of the following steps:
- Type in the alphanumeric string of the address in the given field. You can also copy and paste the address.
- Scan the address as a QR code. This is possible only in those Bitcoin casinos that have this option.
Once you have entered the public key address, confirm the transaction. The Bitcoins are transferred to your Bitcoin wallet instantly.