Your Ultimate Guide to Gambling Online with Bitcoin

In this Bitcoin online gambling guide, we cover everything you need to know about playing online with Bitcoin. The guide also includes a list of the best, top-ranked Bitcoin-friendly online casinos. We also cover the biggest benefits of gambling online with Bitcoin and much more.

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Overview

The team working behind the scene here at OnlineCasinoReports understand that new technologies used in the iGaming community are very exciting but can also be very intimidating to new players, especially those technologies that relate to making payments. The most advanced blockchain technology and Bitcoin have made the entire crypto-gambling scene way more exciting.

Many players want to start playing with Bitcoin but they are not sure how and where to get started, this is the guide that covers everything. Once you are done with our guide, you are ready to start playing with Bitcoin at your chosen crypto casino and you will be playing like a pro.

How Blockchain Technology and Bitcoin Work?

We start with advanced blockchain technology. In order to understand how Bitcoin and crypto casinos work, you need to understand how this technology works. In the simplest terms, this technology is one of the newest innovations of this kind that basically divides data into thousands of new data structures, sometimes even millions, and these are called data blocks.

Blockchain technology relies on a network of servers and the main goal of these servers is to make that that your information provided to play online is located in one single location but spread across different servers.

Every data block is independently encrypted and this unique encryption technology stores your data in small vaults. With this technology in place, hackers or anyone else cannot get ahold of your data. This is also what ensures that blockchain remains the safest technology of this kind and when gambling online, your safety should be your priority.

When it comes to Bitcoin, Bitcoin is a digital currency that is only accessible on secure networks. No government or some other authority has control over Bitcoin or any other cryptocurrency. It is also worth noting that the supply of Bitcoin is limited. Bitcoin and all Bitcoin-associated payment services cannot be hacked into and this is what makes Bitcoin casinos one of the safest iGaming options out there.

Quick Note: In the following sections, we will refer to Bitcoin as a single currency unit. However, Bitcoin and other cryptocurrencies in circulation today have their smaller increments. When gaming online with Bitcoin, you decide how much you want to invest in your native currency. Once you have completed your deposit in your native currency, the deposited amount is exchanged for its equivalent in Bitcoin at the current currency exchange rate.

Enjoying Online Gambling Sessions with Bitcoin

The introduction of Bitcoin into the world of online gambling is one of the most important things that happened in the iGaming community. Bitcoin is not governed by any authority or bank, so players who enjoy Bitcoin gambling have limitless opportunities without any common restrictions.

Gambling online with Bitcoin also allows instant withdrawals and deposits and, in most cases, commission fees are not involved. Commission fees are common when you use standard payment services.

When it comes to playing Bitcoin games, gaming sessions are extremely profitable and exciting thanks to amazing new crypto technologies online casinos employ. When you make deposits with Bitcoin, you have hundreds of different games to enjoy, just like when you make payments using traditional banking options.

Making Bitcoin Deposits and Withdrawals

Making Bitcoin deposits and withdrawals at crypto-friendly online casinos is usually a very simple process. 

To make a Bitcoin deposit, follow the steps featured down below:

  • Head to your Cashier after logging into your casino account
  • Copy the link displayed on your screen
  • Head to your Bitcoin wallet and use the copied blockchain address to transfer your funds
  • Once done, your online casino account has been funded. You have used your Bitcoin wallet to send funds. Bitcoin deposits are instantaneous, so you can start playing for real money right away. 

The following steps cover everything you need to know about making Bitcoin withdrawals:

  • Go to your Bitcoin wallet and in the designated area paste the blockchain address you used to make a deposit
  • Head to your online casino Cashier section and click on the Withdrawal tab
  • Choose Bitcoin as your withdrawal option and enter the amount you want to withdraw

Thanks to the amazing blockchain technology, Bitcoin withdrawals are usually processed within a couple of minutes. Casinos tend to approve Bitcoin withdrawal requests instantly. Essentially, Bitcoin withdrawals are processed at lightning speeds, especially when compared to withdrawals via bank transfer and credit/debit cards which usually take a couple of business days to be approved and processed. 

 

Pros & Cons

Pros
Greater privacy and anonymity
Instant payments
Advanced safety measures
Lower commission fees
Cons
Volatile nature of Bitcoin
Not legal everywhere

Tips

Now, we take a look at different factors you want to take into consideration when looking for the best Bitcoin online casino. Follow the steps featured down below and you can rest assured that you have made the right decision.

How to Get Started Playing with Bitcoin?

In order to start your Bitcoin online gambling sessions, you need to set up your Bitcoin wallet and the process of setting up a Bitcoin wallet goes as follows:

1 Register for an Account

To get started, you need to register for an account at a crypto exchange platform. During the process of registering, make sure you choose a strong password and keep all of your login info to yourself. Follow the instructions to verify your account.

2 Choose Bitcoin

As your preferred currency, pick Bitcoin. Once done, you choose your preferred option to get Bitcoin.

3 Authorize Your Transaction

The next step is to authorize your transaction. Once done, the rest is done by your chosen crypto exchange platform.

4 Fund Your Bitcoin Account

Finally, you get to fund your Bitcoin account if this has not been done automatically.

Standard Casinos Compared with Bitcoin Casinos

Now, we go over some differences between enjoying online gambling sessions at standard casinos vs Bitcoin or crypto casinos.

Standard Casinos Bitcoin Casinos
Not all casinos are transparent Casinos are transparent and guarantee fairness
Fiat currency deposits Bitcoin and crypto payments
Standard safety measures Advanced safety measures
Top-Ranked Bitcoin Online Casinos

We have a handy guide for you on the best, top-ranked Bitcoin online casinos and all casinos featured here have been reviewed and ranked by our expert team.

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Crypto Wallets

When it comes to finding the best crypto wallet to store your Bitcoin, you have a variety of options to choose from, and storing funds here is the same as using popular e-wallets, such as Neteller or PayPal. Crypto wallets are easy to download and use on a whole range of devices, including mobile devices. When discussing crypto wallets, there are two main features, wallets with hot and cold storage. The safest option is to use cold storage as these wallets are not connected to the Internet.

Mycelium Crypto Wallet

Mycelium Crypto Wallet is one of the best options for those who prefer using mobile over desktop devices.

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Exodus Crypto Wallet

This free crypto wallet supports all popular cryptocurrencies, including Bitcoin. If you get this wallet, you also have a reliable customer care team at your disposal.

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Coinbase Wallet

Coinbase is also free to get. What makes Coinbase so popular among crypto users is the fact that Coinbase has very low fees.

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Trezor Crypto Wallet

Trezor Crypto Wallet is not free but this is one of the best options if you are prioritizing safety.

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Ledger Nano X Wallet

Just like Trezor, Ledger Nano X Wallet is not free but it has some unique features, such as the option to use it as cold storage.

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Bitcoin Exchange Platforms

Now, we take a look at different Bitcoin exchange platforms. In order to fund your Bitcoin wallet, you first need to purchase some Bitcoin and the best way to do so is to register for an account at one of the many popular crypto exchange platforms.

Binance

This is one of the most renowned names in the crypto world. If you register for an account here, you can use a variety of different options to purchase Bitcoin, including credit cards. Simplex and other similar payment services are also supported.

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Kraken

Kraken is based in the USA. Unlike Binance, Kraken does not support credit card transactions and this is a smaller downside.

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Coinbase

Coinbase has a variety of crypto-related products including its crypto wallet, as mentioned in the previous section. With this being said, Coinbase is probably the best option for beginners.

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FAQ

Bitcoin wallets are digital wallets designed specifically to store Bitcoin. When you want to play online casino games with Bitcoin, you make deposits using your Bitcoin wallet.

Yes, you can easily convert cryptocurrencies, including Bitcoin, into fiat currencies and vice versa.

Bitcoin empowered by blockchain technology is a currency that only exists online. Bitcoin relies on different advanced encryption technologies and it is completely independent of any banking or governmental institution.

As you probably know, standard online casino games including their payouts and other critical factors are under the control of gambling operators. At the same time, Provably Fair games are not under the control of gambling operators. When you play Provably Fair Games, you can check the games’ fairness and verify their payouts on your own.

Yes, many online casinos offer Bitcoin bonuses and promotions that get you bonus rewards in Bitcoin and you can use these funds to play eligible games. Most Bitcoin bonuses of this kind are reserved for players who register for the first time.

No, nobody has control over the Bitcoin network. Bitcoin owners are in charge, including you if you decide to play with Bitcoin. When it comes to Bitcoin transactions, transactions are always approved and processed according to already-established algorithms.

In order to get Bitcoin and start gambling online, you need a Bitcoin as this is where you store your Bitcoin funds. To get a Bitcoin wallet, you can use a wide range of traditional payment services, such as standard bank transfers of credit/debit cards. You can also get Bitcoin from other Bitcoin users.

When it comes to the legality of Bitcoin, in some countries Bitcoin is illegal. However, Bitcoin is legal in the vast majority of countries. Also, most experts agree that Bitcoin and similar currencies are the future.

No, gambling with Bitcoin is tax-free and this is one of the biggest benefits of using this cryptocurrency to gamble online. Since Bitcoin is completely decentralized, Bitcoin transactions are untraceable.

Yes, all Bitcoin transactions are always made anonymously so you never have to reveal your personal information. At the same time, you need to prove your identity to be able to exchange and trade Bitcoin.

Yes, most online casinos that accept Bitcoin and other cryptocurrencies are licensed by the Curacao iGaming Authority. If an online casino is licensed, you will be able to find its licensing certificate somewhere on the homepage.

Yes, if you have an account at one of the many different crypto trading exchange platforms, you can easily exchange Bitcoin for some other altcoins or fiat currency.

No, as we discussed in the previous sections, Bitcoin only exists in a digital form. At the same time, you can store Bitcoins physically in physical crypto ledgers.

Today, you can remain anonymous when gambling online with Bitcoin due to the nature of Bitcoin regulations. However, this may change soon as certain governments are planning to implement new laws and regulations in regard to making crypto transactions.

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