3 Things You Should Think About When Gambling with Bitcoin
Bitcoin was the first cryptocurrency produced and remains one of the most popular available online today. It was created by Satoshi Nakamoto who developed bitcoin in 2008 as an electronic payment system. The idea was to be able to exchange bitcoin electronically without the need for a bank or payment gateway.
In some respects, bitcoin is similar to other currencies that are used to purchase products or play at casinos online. For example, it is possible to play a game of poker online using Euros or Dollars and the same applies to bitcoin. However, before we begin looking at the three things you should think about when gambling with bitcoin, it is worth noting the differences between regular currency such as Euros or Dollars and bitcoin.
Perhaps the main difference, as highlighted above, is that bitcoin is decentralized. That means there is not one single institution that controls bitcoin. It is run by an open network of computers which is maintained by a group of coders, all of whom are volunteers. These people are not making any profit by maintaining bitcoin, which makes it different from other currencies that are held by a bank or other financial institution. The distribution network of bitcoin is not owned by anyone and is therefore not controlled by a single person or company.
Another difference between regular currency such as Euros or Dollars and bitcoin is the supply. A bank or mint can, at any time, produce more of a regular currency and in doing so manipulate the value of that currency relative to others. That is not the case with bitcoin, which is controlled under strict circumstances by an algorithm. That’s not to say that new bitcoin is never released into the market because there are new bitcoins every hour but this is done in a small, controlled manner and will eventually stop.
When creating an account at an online casino, you are usually asked to provide your personal details. This includes full name and address plus any type of payment method you wish to use to play the games. When using bitcoin, it is possible to make transactions whilst maintaining a degree of anonymity. When making a transaction using bitcoin, the receiver does not need to know many details about who is sending the currency. All they need to know is that they have the amount available and this is completed by protocol checks of previous transactions.
So, these are the three main differences between traditional currencies and bitcoin, which is a cryptocurrency. Now let’s take a closer look at the use of bitcoin for online gambling and the three things you should think about when gambling with bitcoin.
Some online casinos and sportsbooks have been created only for the use of bitcoin and cryptocurrencies, nothing else. Others will offer bitcoin as a payment method but in addition to all of the other regular payment methods found at most online casinos. As mentioned above, when making a transaction using bitcoin it is possible to remain anonymous and this applies to online gambling. Many online casinos that accept bitcoin allow users to gamble without having to provide any details about themselves. In some cases, this can be as little as an email address and a login name, nothing more. So, one of the first things you should be aware of when gambling with bitcoin is fairness and regulation.
When making payments at a gambling website using traditional currencies, it allows for tracking and identifying of individual players. However, perhaps, more importantly, it also helps to track and regulate dealers and casino operators. This helps to ensure all the games are fair. For example, when the dealer during a live poker game is shuffling the cards, it has to be done fairly and most of the time that is the case. Nonetheless, by using bitcoin it makes it a lot more difficult to track anyone should something untoward happen during a game.
So, one of the things you should consider when using bitcoin for online gambling is fairness and safety when playing games. Thankfully, choosing a suitable bitcoin wallet can help. There are several safe, secure, and accessible bitcoin wallets available online today and while some are very accessible you will also find others that are based on security. It is even possible to have an offline hardware wallet as well as an online wallet to store your bitcoin safely. You should also only ever play at bitcoin casinos which have an official gambling license. This can usually be found at the bottom of the homepage or in the ‘about us’ section of the website. If you cannot find it easily, perhaps it is worth trying a different online casino.
Moving on and the second thing you should think about when gambling with bitcoin is the bonus. As using bitcoin has become more popular over the years, online casinos have started to offer promotions based on cryptocurrency. Many of the major online casinos now offer excellent promotions for those who would like to gamble using bitcoin. A bitcoin casino bonus should always be taken advantage of when joining a new online casino, just as you would when signing up for a casino using regular currency. That means doing your homework and using websites such as the one in the link above to find the best bitcoin casino bonuses available today.
It is worth remembering that bitcoin casino bonuses can be split into two different categories. The first of those is a cashable bonus. A cashable bonus can be withdrawn once you have met the necessary wagering requirements. These will be different for each online casino so always check them before you begin. If you have met the minimum wage requirements and have collected a win using your bitcoin bonus, the initial deposit, the win amount plus the bonus amount are cashable.
A non-cashable bitcoin bonus means you can only withdraw the winnings when using the bonus. Again, you must ensure you have met the minimum wagering requirements and although you can only withdraw the winnings it is possible to continue using the bonus funds to play at the online casino.
Some bitcoin bonuses will be a deposit match on the first deposit. For example, the bonus could be listed as 100% up to 1000 BTC. This means the online casino will match 100% of your first deposit up to a maximum of 1000 mBTC (the ‘m’ stands for a millibitcoin). In some cases, it will also be possible to have a bonus which includes free spins on a specified slots game. You may also find bitcoin promotions that will give you a deposit match on your second, third, and even fourth bitcoin deposit, so keep a lookout for those as they can prove very lucrative.
Occasionally, an online casino will offer a no deposit bitcoin promotion. This means you are not required to make any deposit of your own to receive the bonus but in most cases, it will be a small amount. Still, it is a good opportunity to try out the casino and as a way to try bitcoin for gambling.
The third and final thing you should think about when gambling with bitcoin is the speed and cost of the transactions. There is no doubt that bitcoin deposits and withdrawals are much faster than traditional methods such as credit/debit cards and bank transfers. While the speed of transactions using bank cards or transfers has improved over the years it still does not come close to the speed offered by using bitcoin. In some cases, you are required to wait a few days before any funds from an online casino will appear in your bank account when using a debit card or bank transfer. That’s not the case when using bitcoin and the transfer, both in terms of deposit and withdrawal is almost instant.
Then we come to the transaction fees and these are practically non-existent when it comes to using bitcoin for online gambling. Even if there is a small fee for using bitcoin, you will find many online casinos are willing to cover this themselves as it is minimal. Therefore, you do not need to factor in any type of transaction fee when using bitcoin to gamble and you can focus on enjoying the experience rather than counting the cost of your deposit or withdrawal.
For many people, the thought of using bitcoin to gamble online is new. However, there are many reasons to give it a try but you must be aware of exactly what it is and how to use it effectively. We have highlighted the three things you should think about when gambling with bitcoin. Keep these in mind when using the cryptocurrency and you will have a great time gambling online.
Featured image: Bitcoinist