Best Bitcoin Casinos – Bitcoin Gambling Guide
In the last year the number of online casinos called bitcoin casinos has increased. What is bitcoin? In this article I will explain what the bitcoin casino means. Ok, well, in two words it’s the same online casino as always, with a few differences. The most relevant of these differences is the payment method which is the virtual currency bitcoin and which is completely anonymous, there are no restrictions, and it does not matter in which country of the world you live.
In bitcoin theory, it is the ideal online payment method to be used in online casinos. Bitcoin has many unique features that no other payment system has. And of course, for many players in the United States, Latin America and other countries, bitcoin is a huge advantage, as it allows you to make deposits almost without limits and withdraw profits almost immediately.
What is Bitcoin?
It was then the year 2008 when a software developer (or a group of developers, no one knows for sure) called “Satoshi Nakamoto” proposed an electronic payment system based on a mathematical algorithm. This was the moment of Bitcoin’s birth. The idea, which is quite revolutionary, was to produce a new currency independent of any governmental authority, electronically transferable at the time, with very low transaction costs.
Just like you, it also cost me a bit to understand the term “virtual currency”. But with two words we can say that it is a result of mathematical calculations that later call it “bitcoin”. This currency is not backed by any country or asset and no government has it controlled, the transitions are completely anonymous and this allows people to move their money on the Internet.
One thing that is very important, the bitcoin is distributed under the open source license ie the currency is available to the public for use or modification. No one owns or controls Bitcoin. I leave the link for you to take a look and if you want you can also participate.
For whatever currency it is, I need a place to keep it. In everyday life we keep physical money in a wallet. With bitcoins the same thing happens, but with only one difference, coins are stored in the virtual wallet, known as a “Bitcoin Wallet”. Players who use payment methods such as Skrill or PayPal know what it’s all about. The portfolio of bitcoins is very similar. With this wallet you can securely store your bitcoins on your computer or mobile device.
Creating a wallet is not so difficult, there are many websites that allow you to register and create the wallet in minutes. Once you have your own wallet, you can start sending or receiving bitcoins. Here I leave you a link with more information.
Okay, let’s move on, let’s suppose you already have it, but the wallet is empty. Well, by logic, at first you have to buy some bitcoins. You will have to visit some exchange sites, known as “bitcoin exchange houses”, where they sell them for the equivalent of your local currency. Currently there are many sites that sell bitcoins, getting a little for you won’t be difficult. For example, we recommend Coinbase.com, Kraken.com and Bitstamp.com.
Next point of this review is also very important. Do it with your bitcoins, all movements are registered. For example; when you send the bitcoins from one virtual wallet to another. I already deduced your question, why are they registered? Well this is done to guarantee the validity and security of the currency.
The process is not registered with your name, but with the portfolio since the bitcoins are sent or received. This is done to prevent people from creating and putting into circulation the bitcoins. And it is a strong argument in favor of bitcoin.
The price of Bitcoin
The value of bitcoins is unstable, it can increase or decrease in a matter of hours, for which there are many people who also do their “business” of buying and selling this currency, others use them as an investment to obtain long-term profits. And there are also those who use this system simply to “hide” their money from third parties. One thing that certain, from the moment of appearance of bitcoin, its price only keeps increasing more and more and more.
Management of Bitcoins
Next the point to review is the management. I imagine that you have realized that there is no bank that will manage your bitcoins, you will have to do it yourself. And that’s why you have to pay special attention to how you manage this virtual money. I do not know how you do, but I usually do not carry a wad of bills in my wallet every day (because I do not have it!: Cry:) and if I had, I would not take it anyway, because the same thing must be done with bitcoins. There are two main practices for this, which I use myself and other people. They are usually referred to as “hot” purses and “cold” purses.
The virtual wallet “hot” is called the cryptocurrency wallet, the funds of which you can spend at any time. This wallet is constantly connected to the Internet, since it maintains an active connection with the Bitcoin network. The “cold” purse acts quite opposite. It is not intended for regular sending of cryptographic currency.
However, you can obtain funds at any time. A “cold” wallet does not have a direct connection to the Internet, because it is used to store bitcoins in offline mode. If the wallet does not have an Internet connection, hackers can not steal money, it is only possible with direct physical access to the information operator with a wallet.
Despite the fact that you can use both purses to receive the bitcoins, it is recommended to trust a hot wallet. After confirming the transaction, the money from a hot wallet can be immediately transferred to a cold wallet. Often, users leave in a hot portfolio a small amount of bitcoins from each transaction for daily expenses.
Everything else is stored in a cold wallet, whose access is only carried out if necessary. In short, a hot wallet is more like a checking account, and a cold one: a savings account. The ideal option is to store most of the bitcoins in a safe and offline wallet and spend them with a hot wallet.
For online players, wallets are, first of all, the means to store bitcoins, and for this purpose they are designed. Therefore, a cold wallet is the best solution to store large sums of money, and protects to the maximum the risk of theft or loss. Although for some it may seem quite extreme, transactions in the Bitcoin network can not be returned or canceled. If your coins are stolen or lost, it means that you must say goodbye to your funds forever.
Very logical here is the question: why with Bitcoin do you need to take such security measures? Since most consumers are not particularly familiar with the security of their computers and smartphones, the use of alternative solutions is more than justified. In our case, this means using two virtual wallets separately.
I want to remind you that a cold wallet can have almost any device and even a sheet of paper (or any other material).
If you are going to store the bitcoins in a computer you can use Electrum light Bitcoin purses.
For mobile devices I would recommend Xapo is the most popular and most trusted online wallet of all. The most outstanding point of Xapo is that you can request a debit card associated with your Bitcoin virtual wallet. This card gives you the possibility to pay with the cryptocurrency in any store that accepts these cards.
Bitcoin Online Casinos
I guess, more or less it has become clear to you that it is the virtual currency Bitcoin, we are now going to review a bit the Bitcoin Casinos that are fashionable lately.
The same as in a traditional online casino, those of bitcoin have almost the same aspects and characteristics in the design of website, software, games, bonus and promotions and in customer service. Therefore you will feel comfortable playing in bitcoin casino in your favorite games such as roulette, blackjack, video poker or 3D slots and also you will not have delays neither in the deposit nor in the payments since it is instantaneous.
Most of these online casinos offer a fair game, it’s called Provably Fair. In other words, all players can check if the game was fair and legal. This means that bitcoin online casinos can not cheat and / or cheat you.
Bonuses and promotions
Bitcoin casinos also offer welcome bonuses and other promotions in the same way as “traditional” online casinos. Although it is clear that all bonuses, just like online casinos, have the specific requirement. It means that you must wager a certain number of times before using the bonus. This is done because some “smarties” want to change the bonus for money without playing.
Slots in Bitcoin Casino
The range of games in bitcoin casinos is quite limited. Some bitcoin casinos use up their own software with their games, and the truth is, the quality of these games is quite deficient.
But it’s not all color gray, bitcoin casinos go to great lengths to offer the best modern and attractive 3D slots. In fact you can check yourself, visit 1xBit Casino one of the best bitcoin casinos.
You can also try FortuneJack Games , they are the classic casino games with Bitcoin (BCH). FortuneJack Casino is a refreshing comeback to the comforting video games of the past. Classic fun for serious players! Start playing immediately!
Is it legal to play in bitcoin casino?
This matter is very complicated and confusing. In general, we can say yes. But we must clarify some details. The bitcoin is not the physical currency is virtual, and therefore in the laws of gambling in many countries there is a legal “void”. It all depends on the country in which you live.
For example; In China, the policy of gambling is very strict, there is only the only form of gambling that is the lottery. The rest, they are all illegal.
Another example; In India, on the contrary, there is no law that regulates gambling.
In the United Kingdom although the law does not include bitcoin as the currency, but allows UK online casinos to operate with this cryptocurrency, offering its players a form of payments and withdrawals without complications.
In the United States, the situation remains very confusing in the matter of gambling. It is forbidden to make transactions between online casinos and banking entities.
But you can not be arrested and charged for gambling at an online casino. The only way for US players is to gamble at foreign online casinos. The fiscal headquarters of these casinos in the majority are in the Caribbean islands. Online casinos for US players usually accept almost all forms of payment and obviously with bitcoin as well. In summary: currently there is no law that indicates that betting in an online casino with the bitcoin virtual currency is an illegal activity.
Advantages and disadvantages of using Bitcoin in online casinos
Well, we have more or less the idea of Bitcoin cryptocurrency. Now we will talk about the pros and cons when choosing an online casino that accepts payments with Bitcoin:
Bitcoin casinos do not ask you to provide personal information, you can sign up for any online bitcoin casino in the world. You can transfer the money without revealing your identity.
Bitcoin is a very safe payment system, we will always have peace of mind, knowing that when making deposits or withdrawals of our money, transitions are protected and backed up.
By having the decentralized model, bitcoin transfer fees are very low, which means a big advantage for online casino players.
One of the disadvantages of using bitcoin, is that currently there are few online casinos that accept this form of payment. Maybe later things change, some sources indicate that Malta could very soon legalize the use of bitcoin in online games. Another disadvantage of Bitcoin is its complexity. It is not such a simple payment method. There is a “roll” to install specialized software to create the Bitcoin wallet, then go to online exchange houses to buy them, and all this can be a bit “heavy” for some players.
And the third big disadvantages of Bitcoin is its decentralized currency model. It is an advantage, but at the same time it is against it. Of course, the currency is not regulated and officially supported by any government, so, forget about claiming by judicial or administrative means in case an online casino closes its “door” and carries your bitcoins with you. Do not forget that bitcoin transfers are irreversible.
After such an extensive narrative about bitcoin casinos, I imagine that you will have only one question: Playing, or not playing, in the bitcoin casino is the question! Well … you decide, use common sense, analyze all the information, read our reviews and opinions, visit one of them and you will get the conclusion.