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.