The main differences between Bitcoin and traditional casinos
Let’s start by highlighting the differences between crypto and traditional online casinos. Gambling platforms, as we know them, accept fiat currencies. With these, players deposit, receive bonuses, place bets and withdraw. Then came Bitcoin, and quickly there was a huge demand for it and more offers for other altcurrencies. Due to the advantages of cryptos, it was a logical choice to use them in online gambling, and so the first Bitcoin casinos entered the scene.
Crypto casinos are gambling platforms where you can deposit and withdraw using cryptocurrencies such as Bitcoin, Litecoin, ETH, and Bitcoin Cash, to name but a few. There are different types of crypto gambling sites:
- Only digital currencies are accepted in crypto-only casinos. Often, these are converted to fiat for playing and exchanged back when cashing out. However, some operators also have online casino games that allow you to use crypto.
- So-called hybrid casinos accept both cryptos and fiat payment methods. Here, it is up to the player which one he chooses. Here, too, the games are offered in ordinary currency, but some bitcoin online casinos also have a section with exclusively crypto games.
Security and licensing
Online casinos that accept Bitcoin and other cryptocurrencies are not as strictly regulated as traditional casino sites. You should also practice precaution when dealing with digital currency. For this, you should take the following tips into account:
- Play only in reputable, licensed online bitcoin casinos.
- Keep the password and all other information safe and inaccessible to others.
- Watch out for phishing attacks and do not give out any information.
- Use respectable exchanges to trade cryptocurrencies.
How to spot the best crypto casinos
The crowd of crypto online casinos doesn’t make it that simple for players to pick the best operators. To help you with this, we list the features of top cryptocurrency casinos. Of course, the choice depends mostly on personal preferences, but if you stick to the clues, you will find the best bitcoin casinos very quickly.
Accepted players
In order to sign up at an online crypto casino in the first place, you should make sure that the operator accepts players from your country. We recommend playing only on gambling platforms where you can sign up without any regional problems. Otherwise, you might have difficulties with the cashouts.
Accepted cryptocurrencies
You should also choose an operator based on which coins they accept. Most of the top crypto casinos allow you to use Bitcoin, Tether, Litecoin, Dodge or Ethereum, but others offer many more options.
Game selection
In Bitcoin casinos, there are two options. Casino games where the stakes are converted into a fiat currency are much more common than strictly crypto games. This is because these need to be coded differently. Depending on whether which games you enjoy the most, the crypto online casino should offer, for example, NetEnt Games with the famous Starburst slot and other slot machines or video poker. Table games like online roulette or blackjack are also popular and, of course, live casino games like poker, live roulette and exciting game shows are not to be missed.
Bonuses and promotions
When it comes to bonuses and promotions, a crypto casino site does not differ from traditional casinos online. You should pay attention to what bonus offers you can enjoy and what the bonus terms like wagering requirements are. Check if the crypto casinos offer a no deposit bonus, free spins, match bonuses, reload bonuses, cashback and loyalty programs and which conditions should be met for each of the offers.
Pros and cons of bitcoin casinos
Casinos that accept Bitcoin and other cryptocurrencies offer a lot of advantages. However, there are also points that players should be aware of.
The benefits of crypto casino sites
After all, it’s not surprising that BTC casinos are so popular, because players enjoy advantages like:
Privacy and anonymity
Even if one provides the basic personal information such as name, address, email address, etc. during the registration process, the deposits, and withdrawals remain entirely anonymous. No one can track how you deposit and withdraw and draw conclusions about your gambling habits.
Safety
Payments in bitcoin or other cryptos are safe. There is no third institution like a bank interposed. Encrypting each transaction adds another layer of security.
Low expenses
Transferring cryptos to another wallet costs only the fraction of fees you would otherwise pay with a credit or debit card, or with bank transfers. Players therefore don’t need to worry about high deductions for financial processing companies on their winnings withdrawals.
Fast transactions
When depositing and withdrawing with digital currency, the transaction takes only a few minutes, a few hours at most. In contrast, players who withdraw using traditional payment methods sometimes have to wait up to a week for their winnings.
Fewer restrictions
The varying regulation of the gambling industry prevents players from playing in all countries. Even if you use a VPN, operators can tell which country the player is in by the origin of the payment. Traditional online casinos are partly responsible for allowing only players from allowed jurisdictions and will delete the gambler’s account if they play from a restricted country. When depositing and withdrawing with Bitcoin, ETH, etc., the gambling platform cannot detect where the payment originated from. This gives players more freedom and choice. Nevertheless, it is important to read through the T&Cs to avoid any disadvantages when making withdrawals.
Better bonus offers
Casinos that accept Bitcoin have far lower costs than traditional gambling sites. Therefore, they are able to offer very profitable bonus offers. The fact that crypto casinos offer a no deposit bonus and many other promotions is not uncommon. The best online crypto casinos also try to attract more players with more appealing casino bonuses.
What are the downsides of crypto casinos?
Even the best crypto casinos have drawbacks, but that should not stop players from enjoying their gambling experience. Knowing these points, they can be taken into account and the appropriate caution can be exercised.
Crypto volatility
Cryptocurrencies are commonly very volatile. The only exceptions to this are stable coins such as USDT. The swings should always be taken into account. For example, you can deposit $5,000 worth of bitcoin, gain the equivalent of $500, and still only withdraw $3,000. Volatility is the nature of digital currencies. On the flip side, of course, it can also be a huge advantage.
No coin chargeback possible
When depositing with fiat via a third party institution, there are ways to get your money back if you run into a rogue operator. You simply call the credit card provider and make a chargeback. This is not possible with crypto casino sites. The transaction of coins cannot be reversed. The same applies if you enter a wrong key, as an example. Then the coins end up in another wallet and are irrevocably lost. Crypto transactions are therefore irreversible. That makes it important to play only on reputable Bitcoin gambling websites.
Insufficient regulation
Players should be aware that cryptocurrency casinos are often weakly regulated. With traditional gambling sites, payments go through banks and other institutions. Here, the governments have insight through the respective gambling authority. In addition, a licensing authority also acts as a supervisor that can represent the rights of players in case of fraud. For this, it is essential for each player to go through a KYC or AML process and submit the appropriate documentation.
Therefore, we recommend that you play only with licensed operators. You can find the best crypto casinos of them in our top list.
However, if you decide to go for absolute privacy, you need to be aware of the risks.
How to deposit funds and withdraw coins
If you don’t have any experience with crypto, the first steps can be rather confusing. With the following instructions, you can easily deposit and cash out at Bitcoin casinos.
Open a Bitcoin/cryptocurrency wallet
There are several crypto wallet providers and the best is to choose a reliable one. For example, if you pick Coinbase, Edge or Electrum, you can’t go wrong. It is important that users enable 2-factor authentication to prevent hackers from gaining entry. The password should be equally secure and kept safe from unauthorized access.
Buy cryptocurrency
On reputable marketplaces, you can buy any cryptocurrencies by connecting a conventional payment method to your wallet. There is also the possibility to trade different altcurrencies for others.
Top up the player account
In the cashier part of the crypto casino, you will find a selection of digital currencies. Pick one, enter the amount and open your crypto wallet. On the bitcoin casino sites, you will find a unique key, copy it and paste it into your crypto wallet. After that, you can click “send’ and submit the transaction.
Cash your winnings out
For the withdrawal, you do exactly the reverse. In your wallet, you generate a unique key that you copy. At the crypto casino, you choose the currency and the amount and paste your key into the corresponding field. Then you click on “receive” and wait only a few minutes for your coins to arrive.
Summary
Crypto casinos are immensely popular and there are many advantages to playing bitcoin casino games. Privacy, lower costs and fewer restrictions are benefits of gambling at the best bitcoin gambling sites and following our tips. If you do so, you’ll have a great time playing with cryptocurrencies.
FAQ
Cryptocurrency casinos work almost exactly like traditional gambling sites. The difference is that they accept altcurrencies and sometimes offer corresponding games. Thus, gambling on the best bitcoin casino sites is more private for the player because payments cannot be monitored by third parties.
The revenues of crypto casinos are no different from those of traditional operators. They offer the same games with the corresponding RTP. However, digital currencies incur lower costs, which are often passed on to players in the form of better bitcoin casino bonuses. In addition, of course, many crypto casinos have to pay attention to the volatility of the coins.
There is no difference whether you play Bitcoin casino games like bitcoin slots from your PC or mobile device. Nowadays, all operators feature a mobile-friendly website that you can access via your mobile browser and log in with your regular credentials.
Whether and in what amount there is a minimum deposit in BTC casinos, just like with traditional gambling sites, depends on the operator.
If crypto online casinos can present a license, you can assume proven fair games. Software developers also license their games. When you meet well-known names like NetEnt in connection with the casino license, you can be sure that all players have the same winning chances.