Bitcoin and gambling are not the things of past any more. I have seen that Bitcoin is easily available at almost all of the online casinos as a payment mode to fund your casino account. At first I was not sure of its credibility and safety but when I myself tried it at few casinos I have now understood that it is quite easy to make a deposit with Bitcoin (BTC) to enjoy casino games.
You will see that there are many Bitcoin and gambling online casinos and to know which is the best you should see that it offers best of BTC promotions and bonuses as well as are reputed in the casino industry.
In this guide you will learn everything that you wish to know about Bitcoin and gambling as well as how to make a deposit in BTC.
Bitcoin is a crypto currency that is traded or exchanged online, and it does not have any physical form as it only exists electronically. This digital coin utilizes peer-to-peer technology wherein it is directly exchanged from a person to another through the Bitcoin network making the transaction fast and secured. Moreover, Bitcoin is open-source; therefore, no one controls or owns it and every one can sure take part. It is used to pay for products and services like what fiat currency like Dollar does.
Founder of Bitcoin
Satoshi Nakamoto is the name used by the unknown person or persons who designed bitcoin and created its original reference implementation. As part of the implementation, he also devised the first blockchain database. In the process he was the first to solve the double spending problem for digital currency.
Its first software was released in January 2009 under the open source MIT license and since then, bitcoins have easily gained popularity. He was active in the development of bitcoin up until December 2010. Around this time, he handed over control of the source code repository and network alert key to Gavin Andresen, transferred several related domains to various prominent members of the bitcoin community, and stopped his involvement in the project. Until shortly before his absence and handover, Nakamoto made all modifications to the source code himself.
How does Bitcoin work?
Bitcoin Network is actually sharing a ledger called the “block chain”. This ‘ledger’ contains every transaction processed that allows the user’s computer to verify the authenticity of each transaction. Anyone can process the transactions by ‘mining’ wherein a computing power of a specialized hardware is used.
Advantages of Bitcoin
- Bitcoins are anonymous
- Transactions are safe, unalterable, and of course, do not demand personal details.
- Since bitcoins are exchanged via peer-to-peer method, anyone can send and receive bitcoins immediately anytime and anywhere giving you full control of your money.
- Bitcoin payments are processes with either low transaction fees or no fees at all. This is one of the reasons that made bitcoin a perfect payment solution that PayPal, credit card networks, or wire transfers.
- Unlike other payment methods, bitcoin transactions take only few minutes to get completed. It’s as fast as blink of the eye and sure easy as well as hassle-free.
Bitcoin and Casinos
When casinos saw that Bitcoin and gambling has so many advantages for players they also formed it as their perfect solution to online gambling. In fact, it has recently been adopted as the main mode of payment in several betting platforms where you can play casino games, do sports betting, play lottery, poker and other games of interest.
Where to buy cryptos for Bitcoin and Gambling?
This question is most common among casino players as where to get BTC or bitcoins? Actually, there are two ways, either to buy bitcoins for gambling or earn for free. Surely you must opt for earning it for free; however, take note that getting free bitcoins can be as hard as mining for gold in reality because of high competition.
Also if there are easy ways, it offers really small amounts of bitcoins to be earned. Hence, the easiest and the fastest way among the two is buy bitcoins.
However, before you can buy bitcoins you must create first a wallet address. It is a program which you can use to store bitcoins and make transactions. A website named Blockchain offers a free wallet service. After you have created your wallet, the next thing is locate for your bitcoin address. Finally, add amounts of bitcoins in your wallet.
There are several simple steps that you must follow when buying bitcoins. First is of course to choose a bitcoin exchange. Bitcoin Exchanges or Bitcoin Trade Markets are sites where you can buy and sell bitcoins. The popular sites BTC exchange to buy Bitcoins are:
1. Coin Base
Coinbase is probably the fastest and easiest way to buy bitcoins in the USA. If you need bitcoins fast, then buying with a credit card or debit card is a good option. Coinbase charges 3.99% fees for credit/debit card purchases but you can get your coins instantly.
Another payment option for US customers is using a connected bank account. The fees are less for this method–1.49%–but your coins are only delivered after five days.
2. Coin Mama
CoinMama allows players in almost every country to buy bitcoin with a credit or debit card. They charge an 6% fee on each purchase. If buying less than $150 worth of bitcoins, you won’t need to verify your identity. This convenience makes small purchases quick and easy.
Established in 2013 as the first cloud mining provider, CEX.IO has become a multi-functional cryptocurrency exchange, trusted by over half million users. CEX.IO offers cross-platform trading via website, mobile app, WebSocket and REST API, providing access to high liquidity orderbook for top currency pairs on the market. Instant Bitcoin buying and selling is available via simplified bundle interface.
There are many other such online exchanges from where you can get BTC currency. Know about them in my next blog post at winmenot.
Bitcoin Calculator- What does it do?
Bitcoin calculator calculates bitcoin’s current exchange rate conversion among other currencies all over the world. With this, you can easily foresee how much it will cost you to buy bitcoins using your own currency as well as when is the perfect time to acquire this virtual currency that provides nothing but advantages.
Using Bitcoin Calculator is easy. First thing you need to do is look for the bitcoin site that offers this feature. You must also make sure that the site is reliable by checking information about them as well as reviews if there are available ones.
One of the best bitcoin sites that offer this feature is CoinMill which provides a great ‘Bitcoin Currency Exchange Rate Conversion Calculator’. The exchange rate is updated every day; hence, you can make sure of its validity and authenticity.
How to use Bitcoin Calculator?
- Enter the amount of bitcoin you wish to convert.
- Click the ‘convert’ button
- Get the amount of bitcoins you entered converted to over 150 currencies of different countries from all over the world.
It not only converts other currencies but also into ounces the valuable elements like Aluminum, Copper, Gold, Palladium, Platinum, as well as Silver. You are also given the choice if you want to round the results to the smallest currency unit or not.
By using this feature, you can immediately see the value of this crypto-currency; hence, you can easily decide to acquire bitcoins on that certain time or not.
You must make sure that the calculator is reliable as well as updated daily so you can make sure that the results you get are true and valid. Other such BTC calculators can be found at Coindesk and many other such sites.
Through a bitcoin wallet, you are given the privilege to transact with the world using this crypto-currency. You are given a personal bitcoin address or code to hold your ownership with this ‘virtual’ wallet and then you can send bitcoins to other address and receive coins from others. Moreover, great thing about this wallet is just like messages in Email or Facebook, you can receive bitcoins even you are offline. Also, most bitcoin wallets are compatible with each other.
There are three main types of wallets where you can store and keep your bitcoins, the Software wallets, Mobile Wallets, and Web Wallets. It depends upon your preference which one you think will suit your taste and provides you convenience.
1. Software Wallets
– In this wallet you download or install a software on your computer. If you want to have the complete control over your bitcoin wallet, software wallet is definitely for you. The only one accountable in protecting and doing backups for your bitcoins is no other than yourself. The bitcoin brands offering this type of wallet are Bitcoin-Qt, MultiBit, and Armory.
2. Cell phone Wallets
– These are the most convenient type of wallet as aside from the fact that you can bring it wherever you want, you can exchange bitcoins and pay easily in ‘real’ stores by just scanning the QR code or using the “tap to pay.” The most popular site providing this kind of wallet is Blockchain.info and Bitcoin Wallet.
3. Web Wallets
– Web wallets allow you to access your bitcoins through internet with the fact that there will be less effort for you to protect your wallet. Take note that when you store your bitcoins in this type of wallet, you are giving the website the power to protect your bitcoins from theft be it internal or external. Hence, you must choose a web wallet that has already gained reputation and offers both convenience as well as security. Bitcoin sites that offer web wallets are Block Chain, Coinbase, and Electrum.
There are also several things you must learn and understand to keep your bitcoins secure in the virtual wallet. First is you must be careful with online wallets and exchanges as you have less control over your bitcoins’ security there. You must also backup and encrypt your wallet as well as use offline wallet for savings as it provides the highest level of security.
How to make a deposit at casinos for Bitcoin and gambling
To make a deposit for Bitcoin and gambling, simply follow the steps explained below:
- If you are a new player then sign up at the casino or register yourself as a new player, If you already have your account then just Log in and click on the deposit button or visit the cashier.
- Enter the amount you want to deposit and then select Bitcoin as your method of deposit from the dropdown menu.
- In the pop-up message that will appear, a Bitcoin address will be generated. Once you get the Bitcoin address, you can copy it in your
- Bitcoin wallet (if you are on a PC) or scan the QR code with your cell phone wallet app (if you are on a phone).
- In your Bitcoin wallet add the Bitcoin address provided in the pop-up message shown at the previous step and confirm the amount of money you want to deposit.
- Once done simple go to games menu and play games or do bitcoin and gambling. You can also play live dealer games.
To send your Bitcoins to the online casino for bitcoin and gambling, you will need the output and private key. The output is simply the casinos wallet address and are a sequence of randomly generated numbers and letters; as is the private key. However, the private key should always be kept a secret, only to be known to the player and casino. The private key is swapped, and that is when the transaction begins, and the verification process begins in the Bitcoin network. Once it is verified, the Bitcoin amount is then deposited successfully.
Using Bitcoin can be fast, much quicker than using a check or other methods that can take a few days to process. The one aspect is that in order for the transaction to be checked, it takes roughly 10 minutes for each transaction, as the miners are in charge of verifying. For larger sums of money, it will usually take a number of confirmations. This could take anywhere from 10 minutes to a couple of hours to be verified and deposited into your account.
Choosing the right Bitcoin Casino
A good and reliable BTC casino will have wonderful customer service, bonuses, VIP rewards, and the reliability of deposits. If an online or mobile casino does not meet all the requirements you should avoid that online site.
Frequently asked questions by players for Bitcoin and gambling.
Here I have gathered through research the common questions or doubts the players have when using BTC currency at casinos to gamble and play.
Q1. How to Buy Bitcoins?
You can buy from the exchange companies that send you bitcoins for the money you pay them. The exchanges are for example: coinmama, coinbase or Localbitcoins.com. You can also buy bitcoin for gambling from people who have bitcoin and want to sell. You can buy bitcoins against any mode of payment supported by the seller of bitcoins. You can purchase bitcoins from exchange against, hard cash, debit card, credit card or any other supported form of payment.
As the price of Bitcoins is extremely volatile and you should check the development over the last three months at least to determine a good opportunity to buy.
Q2. How does provably fair gambling work?
The provably fair for bitcoin and gambling works on the basis of cryptographic hash function, which is an algorithm for creating encrypted hash value against the server and clients seeds. In general, the procedure of provably fair gambling takes place through following steps:
- A random secret seed is generated and then encrypted into a hash code by the server
- The hashed code of the server seed is sent to player
- The player inputs a random client seed.
- Both seeds are mixed up through an encrypted function to create the result.
- For client verification, the server seed is revealed to the player again to check.
Q3. Is it possible for a provably fair Bitcoin online casino to cheat players?
Technically speaking on the basis of cryptographic hash functions, it is not possible for a casino to cheat a player in Bitcoin and gambling; but, some malicious casino use some other tricks to cheat on the players such as, disconnection of the software, non-payment of money and many other such kinds of activities. So, it is always important to select a reputed online casino and read the reviews and feedback of past players to get more details of that particular casino before you enter to play.
Q4. How long does it take to deposit or cash out with BTC?
The deposit and cash out of bitcoin and gambling do not take much time. For smaller amounts, it is very fast and instant if you have your wallet account ready to use. But, for larger amounts it may take two to ten hours to deposit or cash out bitcoin transaction. Normally, these transactions for bitcoin and gambling appear in pending status for a certain period before they are cleared; and, the status of the transactions changes once they are cleared.
So, it is very easy and fast for small as well as large amounts.
Its important to understand that it’s the security measurements of the bitcoin casino which takes a while with larger winnings to cash them out – transactions with bitcoin are submitted in a few minutes to two hours in median, no matter how much bitcoin you send.
Q5. Do bitcoin casinos offer free bitcoins?
That’s true as many bitcoin casinos offer free bitcoins for bitcoin and gambling to its prospective players or affiliates for different activities such as, your registration with the casino, referring a new player to register on a casino, to play a new game, and many others. These offers are mostly promotional and certain terms and conditions apply. There are some casinos that also offer bonus on bitcoin and gambling and number of other sports too.
Q6. Do I need a credit card or bank account to place real money bet with BTC?
It is not necessary to have credit card or bank account for bitcoin and gambling at online casino. You can gamble through bitcoin transactions, which are not only easy to send/receive but also, it is free of charge or deduction fee. Normally, credit card and bank account payment is subjected to additional processing charges and fees but bitcoin transactions are free of charges, except a 0.0001 Bitcoin transaction fee, which is less than 10 $-Cent at the moment, just like you pay hard currency in a shop without any additional fee.
Q7. Are Bitcoin casinos regulated?
Not all bitcoin and gambling casinos are regulated; but some reputed casinos are regulated and licensed. Like other industries, the bitcoin casinos are also required to have license under the regulatory body of the country from where it operates; but there are many bitcoin casinos that don’t possess licenses. So, it is very important for a player to make sure that the bitcoin casino you play in is regulated and properly licensed.
Another important thing related to licensing of bitcoin and gambling casinos is that the casinos operate from such countries where having license is just the name of paying license fee and having the certificate. So, it is a good idea to research about the casino before investing your money.
Q8. Do I need to download software?
This depends from casino to casino. Also if you want to create your bitcoin wallet on the hard drive of your computer you will need software to download and install on your computer. Meanwhile, if you want to use the service of web based bitcoin wallet service provider companies, you don’t need to download software. You can access your wallet through supported browsers. Meanwhile, some bitcoin casinos require their client software to download and install on your computer for Bitcoin and gambling and also, there are many bitcoin casinos that use software for client to download.
Q9. Are there bitcoin online casinos or apps that work on a cell phone?
There are many bitcoin and gambling online casinos or applications that work well on latest smart phones such as, Android phones, iPhones, and others. You can download those Apps from their stores such as, Google Play Store and Apple Store. Some companies offer their applications to download directly from their own websites too.
Remember to always download apps of those gambling companies that are provably fair in their dealings as well as operations.
Q10. How do the deposit bonuses work in BTC casinos?
A deposit bonus is a kind of promotional offerings in terms of percentage of original money a player deposits. The working principle of that deposit bonus varies from casino to casino. Some online casinos put the limit of number of wagering, some put the limits of minimum amount of bonus to reach before you can use it, and some put limitations of minimum use of amount on games. Therefore, it is highly recommended to read the terms and conditions on how to use the deposit bonus before you choose for those kind of promotional features of bitcoin casino websites.
Q11. Are bitcoin casinos secure?
Generally they are told to be secure and safe but it depends on which bitcoin casino you want to play. There are many bitcoin casinos that are secure and provably fair in their business, on the other hand, there are many fake and unfair casinos that are not secure. So, you should take care of a few important things while deciding for any casino such as, checking license and reputation of that particular casino through review websites and customer feedback.
Q12. Is there a minimum deposit amount?
No generally there is no minimum deposit amount in bitcoin casinos. The most commonly used units in bitcoin casino gambling are Milli-bitcoin (mBTC). For example, if you deposit 1 bitcoin, it will be converted into 1000 mBTC. You can play games via those 1000 units of your bitcoin deposit. You can deposit any amount to play games. There are some casinos that put certain minimum limits on the amounts you deposit. In such special condition, you can check with their customer support before you make a deposit to play.
Q13. What is the difference between BTC, mBTC and uBTC?
BTC is an abbreviation of Bitcoin currency. The thousandth part of a BTC is called milli Bitcoin or mBTC and the millionth part of BTC is called micro Bitcoin or uBTC. This is very important to note that in bitcoin casinos the thousandth part or mBTC is very popular unit to a play wagering. There are other common units of Bitcoin used in the domain of encrypted currency such as, dBTC, which is the tenth part of BTC and cBTC, which is the hundredth part of a Bitcoin.
Q14. Are bitcoin bets and payouts transactions on the blockchain?
The general answer to this question is No. Your bitcoin bets and payouts are recorded on the providers of Bitcoin casino services. Your bitcoin currency is on BlockChain until you deposit it to the platform of your desired Bitcoin casino; after you transferred your Bitcoin currency to bitcoin casino your money is not on Blockchain. It comes back on Blockchain when you withdraw your bitcoins from your casino platform to your Bitcoin wallet.
Q15. Is bitcoin gambling legal?
Yes, bitcoin gambling is legal where flat currency gambling through USD, Euro and other currency gambling is legal. Bitcoin gambling has not been subjected to any kind of separate legislation as yet. At this time, bitcoin in the gambling is considered as a mode of payment. Maybe, in the near future some legislation may come into place in different countries to regulate bitcoin gambling into legal jurisdiction.
Click here to know more about the legal aspects
Q16. If Bitcoin is anonymous, do I still need to provide personal information?
You don’t need to provide your personal information for Bitcoin money. At this point of time, you can deal in bitcoin currency through a single email ID. There are obvious chances that in near future some legal regulations will be implemented to regulate this type of currency to make it acceptable across all domains and stakeholders of the modern world.
Q17. Are there US friendly bitcoin casinos?
Yes there are many US friendly bitcoin casinos offering BTC deposit options and BTC gambling to US citizen through bitcoin digital currency. If you search for US friendly casinos, you will find many to claim as US friendly casinos. You need to check out their features before deciding for any bitcoin casino to gamble. If the features of those casinos are in compliance with the USA rules and regulations, then you can deem them as US friendly bitcoin casinos.