Bitcoin online casinos
Bitcoin is presently the most popular cryptocurrency that is used in many spheres and online purchases including online casinos. Created in 2009, it has rapidly gained a leading position among digital assets, notwithstanding its highly volatile nature and constant ups and downs. Without getting into specifics which may be debatable, Bitcoin is broadly regarded as a comfortable, safe and attractive payment method in online casinos.
Top 5 Bitcoin Online Casinos
|1.||Jackpot City Casino||C$1600 bonus|
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|3.||Playamo Casino||C$300 bonus|
|4.||888 Casino||C$1500 bonus|
|5.||Leo Vegas Casino||C$100 bonus|
The strong points as well as weaknesses of Bitcoin are typical of any digital currency. Its advantages for online casino gamblers are the following:
- Almost complete anonymity of transactions (this property is known as “pseudo anonymity”). Though a person never shares their personal details when buying and selling Bitcoin, details of each transaction are stored in a public ledger and can thus be traced back
- Fast Bitcoin deposit and withdrawal. A normal transaction performs within an hour or so. Each transaction is subject to several blockchain confirmations, each taking about 10 minutes. That said, a transaction stays pending for approximately 40–60 minutes. This is pretty fast in comparison with most online banking options
- No transaction fees. Bitcoin is a peer-to-peer network with no central bank or government managing its distribution. This implies that all transactions go without any fees. Yet if you want to speed up the blockchain confirmation time and get BTC transferred almost instantly, you are advised to pay a so called miner’s fee that varies
- Provably Fair gaming (explained below)
Bitcoin has a handful of cons that you should be aware of before dealing with it for gambling purposes:
- No refund: if bitcoins were sent to a wrong recipient, there is no way you can get them back
- Risk of loss: an increased vulnerability of wallets and exchange accounts to hacker attacks, especially if the assets are stored in hot wallets
- Bitcoin casinos are not so numerous. It may be that an online casino that you like fails to accept the cryptocurrency, so the selection is limited
Best ways to buy Bitcoin
You can buy Bitcoin for cash on online cryptocurrency exchanges, at specialized ATMs, on payment services (PayPal) and P2P exchanges. If you are new to this, the easiest way is to create an account with a trusted crypto exchange and buy BTC there. Today some of the best places to buy Bitcoin in Canada are Coinbase, Binance and Blockchain.com.
Many online casinos that accept Bitcoin provide comprehensible tutorials and illustrated step-by-step guides to buying Bitcoin, mostly through their promoted crypto exchange. If you fail experience in this regard, just follow the instructions carefully.
Bitcoin deposit to online casinos
To transfer the crypto to a casino account, you need to log in, enter the cashier and pick Bitcoin as a payment option. You will see a private depositing address (a public key) in the form of a QR code that you need to scan to initiate the transaction. The payment page also contains a regular 34-character address for inserting it in the address field (without using the QR code). Then enter your wallet, specify the needed BTC amount you want to deposit and complete the transaction by inserting the relevant Bitcoin address of the online casino.
Bitcoin withdrawal from online casinos
You can withdraw money from an online casino at any time, unless the needed amount is lower than the established limit. You have to go to your account, select Bitcoin and enter the required BTC amount. Then, in a designated field, you should enter your public key, to which the amount will be sent. If you want to fast-track the payout, add a small miner’s fee.
Provably Fair games in online casinos that use Bitcoin
Some games (mostly, from BGaming) that accept Bitcoin bets are provably fair and can be verified immediately by the player. There is a cryptographic method that guarantees that the online casino and player cannot know the outcome of each game round until it occurs. Some of the best online casinos with Bitcoin reviewed on Casinoluck.ca do have a Provably Fair feature, which increases player trust and alleviates fears about being cheated.