Online gambling and Bitcoin are actually a perfect pair, because crypto transactions can be processed anonymously and quickly. In addition, there are no chargebacks and there is no need to worry about taxes on profits (although this is changing rapidly in many countries), because Bitcoin is not an official currency. A disadvantage is that gambling is therefore not illegal in any country, which makes it difficult to regulate Bitcoin casinos. So anyone could open a Bitcoin Casino without an official gambling license.
When buying Bitcoins and making a deposit in a Bitcoin Casino, you should pay attention to some important points that we explain here.
What are Top 3 CryptoCurrency Casinos in 2021?
As mentioned before, there are already a lot of Bitcoin Casinos on the market. Three of these casinos have proven to be trustworthy according to the experts, which are briefly listed below.
Bitstarz is a quite new Bitcoin Casino, which grew rapidly within the shortest time thanks to its various slot machine offers which make it stand out against the competition. It is particularly positive that Bitstarz has a data processing license. New customers at Bitstarz are greeted with a welcome bitcoin casino bonus and other special campaigns.
BetChain is likewise a relatively new provider, which works with a Softwiss platform. The available plays resemble those in a real money casino and you only need an email address for the registration. There is also a welcome bonus and constantly running special promotions. It is especially popular among LTC holders and is widely regarded as one of the best litecoin casinos 2021.
BitCasino.io has been one of the popular Bitcoin casinos for some time and works together with the trusted provider CoinGaming.io. Players benefit from a large selection of different games and receive both bonuses and loyalty points.
How do you buy Bitcoins?
If you want to try a Bitcoin Casino, you will of course need Bitcoins to be able to deposit them in the Casino. First, you need to set up a so-called Bitcoin Wallet (purse). This “wallet” is comparable to an account at a bank. This is where you store the electronic currency until it is spent. There are now many options for a Bitcoin Wallet, which are divided into the following main categories:
Web Wallet: This is a Bitcoin bank (e.g. Coinbase) that can be used to store the Bitcoins. It is a so-called custodial wallet since a third party owns your private keys.
Software Wallet: With special software (e.g. Argent, Trust wallet or Atomic Wallet) Bitcoins can be stored and managed on your desktop PC. These are non-custodial wallets which means that you own your private keys and are solely responsible for your coins.
Mobile Wallet: As you would assume, with this type of wallet, the Bitcoins are stored on a smartphone or tablet. Purchases can also be made while on the move, with the payment process taking place using a special device or by scanning a QR code.
The following functions are the same for all wallets:
- Buy/Send Bitcoins
- address as QR code or string to get bitcoins
- Signing messages as proof that you are the owner
- Backup of private keys
- Saving addresses
When purchasing Bitcoins, the software will download the ledger of all Bitcoin payments, which may take a long time depending on your Internet connection. However, the database ensures that no counterfeit money can be transferred, because each Bitcoin is assigned to a specific Bitcoin address. Users receive a Bitcoin address in the form of a cryptic letter code automatically when the software is installed. In addition, the file wallet.de is stored on the PC, which contains a cryptographic key and confirms to the Bitcoin network that the Bitcoin address belongs to the user. As soon as a wallet has been selected, it must be filled with Bitcoins, which can only be purchased via a swap meet. Basically, Bitcoins can therefore be considered as foreign currency. It is important to compare the different exchanges in order to obtain a favorable price, because the price for Bitcoins also fluctuates considerably. One of the leading exchange markets is currently Coinbase, which scores points in terms of security and user-friendliness.
Further popular crypto exchanges are for example Binance, Bitstamp.net or also Kraken.com. With the purchase of the Bitcoins one should pay attention not only to the rate, but also to the transaction fees. The height of the costs depend again on the current bitcoin price. As soon as the purchase is locked and lands in your wallet, you can use the coins, in order to make a deposit in a Bitcoin Casino.
Depositing with Bitcoins
Many players see Bitcoin as the ultimate deposit method at online casinos. This is mainly due to the fact that unlike other methods such as PayPal, there are no provider fees or costs – neither for deposits nor for withdrawals (aside of the mandatory network fees paid to the miners). This is because Bitcoin works via peer-to-peer transmission. There are therefore no intermediaries who could charge fees. Another advantage is that deposited Bitcoins are immediately available in the player’s account. Deposits in a Bitcoin Casino are usually made in such a way that a Bitcoin address is displayed in the online cashier, which must then be copied and pasted into the wallet for payment. Some online cashier systems also display clickable Bitcoin addresses, after which the wallet opens automatically.
Depositing Bitcoins at a Bitcoin Casino allows for easy, anonymous and secure payment without the need for a bank or intermediary. The digital currency uses cryptography rules and math that cannot be manipulated. Once you understand the principle, buying Bitcoins is relatively easy. However, it is important that buyers keep an eye on the exchange rate fluctuations and always choose the most favorable rate. All in all Bitcoins are however a outstanding alternative to conventional payment methods.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com