The online gambling sector is evolving fast as new territories legalize and regulate their betting sectors, and new technology develops to provide ever-better customer experiences.
One of the most fascinating technological developments in recent years has been the way that online casinos and sports betting sites have embraced new forms of banking, particularly cryptocurrency. While the world of crypto is still confusing to some casino players, there are a growing number of online casino sites that accept crypto casino payments.
In fact, you can even find dedicated crypto casinos that are based around cryptocurrencies and that offer a wide variety of crypto casino free spins bonuses and other promotions to support customers who want to use crypto to play their favorite online casino games.
Of course, the best-known cryptocurrency is Bitcoin – the oldest of them all. While some currencies have failed and others have not developed as expected, Bitcoin remains the highest-profile currency and the crypto that is most likely to be accepted as a casino deposit. If you’re considering using Bitcoin to play casino games, here’s what you need to know before you start.
What Is Bitcoin Gambling?
The classic online casino model is based around fiat currencies, such as USD, EUR or GBP. In recent years, casinos have become more flexible in the forms of payment that they accept, but the payment itself is usually in one of these long-established currencies.
Bitcoin, like other cryptocurrencies, however, is not just a different method of payment, it is an entirely different type of currency, decentralized and beyond the reach of the traditional banking system.
A Bitcoin casino can be one that has developed its payment systems to accept Bitcoin deposits and withdrawals, but it can also mean a casino that accepts only Bitcoin or cryptocurrency payments, developed by operators who clearly want to be ahead of the trend on crypto.
Otherwise, a Bitcoin casino is not that different from a traditional online casino. You simply use your Bitcoin wallet to make deposits in Bitcoin on the site, claim any Bitcoin bonuses that might apply, and then play your favorite slots or table games, withdrawing any winnings back into your Bitcoin wallet.
Is Crypto Gambling Legal?
Cryptocurrencies are often in the news and a lot of that news coverage is negative, with good reason in some cases. Even the longest-established currencies like Bitcoin can be extremely volatile and there have been several high-profile cases of crypto collapsing.
This means that regulators and lawmakers in many countries are wary of cryptocurrency, and this adds an extra layer of confusion to a legal landscape that in most cases has not fully adjusted to internet and online casinos, let alone the rise of cryptocurrency.
If you are worried about the legality of crypto gambling, however, the best approach is to focus on licenses and regulators. The gambling regulator in your nation or state will be able to provide clarity on the legality of crypto gambling, and by ensuring that you only play at registered sites that hold a license, you will be doubly assured that you are gambling legally.
Everything You Need to Know About Bitcoin Casinos
So, what else do you need to know about Bitcoin casinos? One of the issues that newcomers to crypto betting experience is a lack of practical knowledge about how the whole thing works. Even those who are used to fiat currency betting with multiple payment methods can sometimes be reluctant to get involved in crypto betting, due to a lack of knowledge. So, we’ve put together a step-by-step guide on what you need to know about getting started with a Bitcoin casino.
- If you don’t have any Bitcoin or other cryptocurrencies, the starting point is to find a popular crypto exchange with a good reputation, and register an account with the exchange.
- Once you’ve done this, you can use your fiat currency to buy Bitcoin at the current price.
- The next stage is to find a good cryptocurrency wallet that you can use to store your Bitcoin. There are many wallets available, so do your research on which is the most reliable and which provides the best service for Bitcoin holders.
- With your Bitcoin stored in a wallet, you can then look for a suitable Bitcoin casino. Choose one that is fully regulated and licensed, offers a high level of security and has good reviews.
- Register an account with the Bitcoin casino and provide any necessary ID verification documents, before making your first Bitcoin deposit. Don’t forget to claim any Bitcoin bonuses that you may be entitled to as a new customer.
- Look through the site to find the best games and then use your Bitcoin deposit to play your favorite games, bearing in mind that you will have to satisfy various terms and conditions to be able to withdraw any bonus funds to your Bitcoin wallet.
There Are Numerous Websites, Therefore Choose Wisely
The rapid development of the Bitcoin casino sector means that there are many Bitcoin casino options out there, both specialized and those that allow both fiat and cryptocurrency deposits. Of course, in the long run, more competition is a good thing for the consumer, but you still have to be careful when you are considering using a particular site, as some operators are unscrupulous.
Avoid sites that don’t hold licenses from a reputable gambling regulator and any that do not have a secure encrypted connection (indicated by a padlock symbol next to the site URL), as insecure sites can leave you vulnerable to data and financial theft. It is also a good idea to check out the quality of a site’s customer service platform and read some customer reviews.
This may seem like a lot of hassle but you will be trusting the casino with your money and you need to be certain that it is safe before you take that step.
It Would Help If You Refrained From Using Meme Coins
If you’re not familiar with the term “meme coin”, this is a virtual currency that is often created primarily to make a joke. It is possible to buy and sell them on some exchanges, but they usually only have value as a speculation vehicle, rather than as a currency that you can use at a casino.
One or two of these meme currencies, such as Dogecoin, have become genuine cryptocurrencies in their own right, but most meme coins remain as props for memes and internet jokes.
The good news is that any reputable Bitcoin or cryptocurrency site will not accept any meme coin as payment because they are essentially worthless. Still, it is important to remain cautious and if you come across a coin that you haven’t heard of, don’t be tempted to rush out and buy it. Established currencies such as Bitcoin have a value outside of their speculative qualities, and those are the coins that you should focus on and steer clear of the world of the meme coin.
Accept the Volatility of Cryptocurrencies
When you’re holding cryptocurrency for any purpose, it is important that you are aware that cryptocurrencies are inherently volatile. This is due to the fact that, unlike fiat currencies, they have no central authority that can regulate them and keep the price stable, and they are used mostly for speculation and trading, which means that stability is not a key factor.
What does this mean for those who want to use Bitcoin for gambling? Well, it could mean that the value of what you wager and win could change between the time that you make your deposit and the time that you withdraw it. This also applies if you hold Bitcoin in your casino account for any length of time. This may not be a huge issue, as no one who plays casino games should expect to make a profit, but it is important to bear in mind as fiat currencies do not have these properties.
Look Out for Crypto-Only Bonus Deals
In the casino sector, it is common to offer a wide variety of promotions, discounts and deals to attract new players, and that also applies to Bitcoin casinos. You may also find, however, that some casinos offer deals and promotions that are explicitly aimed at those who use Bitcoin.
This is sometimes because a site is hoping to emphasize its acceptance of cryptocurrency as a selling point. Therefore, if you are planning to use a Bitcoin casino, it is a good idea to shop around and look for promotions that might be exclusive to Bitcoin or crypto users.
Must Remember the Cardinal Rules of Betting
Whether you are gambling with Bitcoin or fiat currency, there are some basic rules of gambling that always apply. Sticking to these is essential in order to avoid the pitfalls of gambling addiction, problem gambling or unsafe forms of gambling.
1. Only play with money you can afford to lose. Gambling is not a means to profit – it is about fun, and you should never play with money that you need for some other purpose.
2. Never use alcohol or other intoxicants when you gamble, as these can encourage you to engage in reckless or unsafe gambling.
3. Set aside a budget for your casino gambling and stick to it, so that you are always in control.