Bitcoin Gambling for Beginners – Basics Info & Benefits
If you are not familiar with the term ‘Bitcoin’, then you should first know that Bitcoin is the most popular currency among all Cryptocurrencies and casinos that accept Bitcoin as their deposit method are generally termed as Bitcoin casinos.
In recent times, Bitcoin has brought a revolution in online gaming and gambling and more and more online casinos are now introducing Bitcoin as their deposit method. Depositing through Bitcoin is just like in the real money casinos. In real money casinos you pay or deposit through your bank account or credit / debit card but in Bitcoin casinos you will have to deposit through your Bitcoin wallet.
Benefits of Bitcoin casinos
Being a virtual currency Bitcoin is not controlled by any central agency or government which has made it a perfect choice for online gambling and gaming. One of the major benefits of Bitcoin casino is that Bitcoin is incredibly fast. Whereas a normal financial transaction takes days to weeks, Bitcoin transaction takes only a few hours or even minutes to be transacted.
Bitcoin transaction is completely secure for both gamblers and online casinos. As Bitcoin is stored and transacted electronically, you can easily track your payouts, current balance and other information from any smart device on which the proper software is installed. The mining process of Bitcoin is so complex that it is literally impossible to hack the system and therefore banking with Bitcoin or other Cryptocurrencies is completely safe and secured.
As we are going through the growth phase of Bitcoin as an online deposit method in casinos, it is quite obvious that all those online casinos that are accepting Bitcoin or getting prepared will offer different promotional bonuses and benefits which you can easily enjoy by getting started with online Bitcoin casinos right now.
Another advantage of betting with Bitcoin casinos is that it ensures anonymity and you will always remain anonymous when betting on Bitcoin online casinos. No one will even know how much you spent, how big your bet is and where from you are betting on. So, this is a great feature for all those who want to keep their gaming a secret.
Betting on online Bitcoin casinos is also completely legal. Countries like United States strictly forbids fund transfer for online gambling but Bitcoin transaction successfully bypasses this law and makes online casino gaming available for USA citizens also. Through regulations may be imposed by some online casinos but still you are subject to little to no restriction. Another advantage is that Bitcoin transaction is cost efficient and also helps you avoiding bank charges and processing fees.
FAQ for Bitcoin Casino
Here are some of the most frequently asked questions when playing casino games with bitcoin.
1. What is a Bitcoin?
Bitcoin is an open-source digital currency or cryptocurrency. There are some casinos who only allow to transact the wages in Bitcoins. It is a currency that is created by “mining”, which involves computers solving the mathematical equations to increase or decrease the amount of processing power.
2. How and where do I purchase Bitcoins to Gamble?
Bitcoins play a very vital role in the world of gambling. The popularity of this cryptocurrency Bitcoin has ensured that many people have now taken the possession of Bitcoins via a Digital wallet that that stores the Bitcoin funds. So, if you are looking to purchase Bitcoins either for gambling or for any other purpose, then there are number of online places that allows you to sell or purchase the Bitcoins, e.g., BitStamp, BTC-e, Kraken, Xapo, Localbitcoins, ICE3X and Coinbase.
3. Is Bitcoin Gambling legal?
Just like other flat currencies e.g., pounds, euros, dollars, gambling with bitcoins is also fully legal. Bitcoin gambling does not come under a different kind of legislation; it is considered as a mode of payment for gambling.
4. Is Bitcoin Gambling proven fair?
There are number of casinos who try to cheat the players by using some tricks. So, it is always recommended to read about the casino before you sign up. To identify that the Bitcoin casino is provably fair, make sure to have a look at the results generated by the casino by recording the hash function that you input to the bitcoin casino games. This is one of the scientific method to analyze if the casino is fair or not.
5. Does bitcoin bet and payment recorded?
Yes, all the bitcoin bet and payments get recorded by the bitcoin casinos in the blockchain.
6. Do I need to share my personal details while gambling with Bitcoins?
No, there is no need of sharing your personal information while gambling with Bitcoins. But, it is mandatory to share your email id so that you can get all the regular updates about the cryptocurrency.
7. What is Bitcoin Wallet?
A Bitcoin Wallet is equivalent to a bank account. This wallet allows you to receive the bitcoins to store them or can send them to others. However, there are two types of wallets, one is software wallet which is easy to install on your computer or on your mobile device. While using software wallet, it is easy to keep the control of your coins but sometimes it may be tricky to maintain or install the wallet. Whereas, another wallet is the web wallet, that is hosted by the third party. This wallet is much easier to use but while using this wallet you need to trust the provider who are protecting your coins with high level of security.
8. How and from where I can get free Bitcoins?
To get some free Bitcoins, you need to create your own Bitcoin address. You will find number of Bitcoin wallets available like QoinPro.com, CCN.LA, bitcoin drips and many more. So make sure that you opt the appropriate one. Once your Bitcoin will start working, then you will start getting free bitcoins online in your wallet. Also, you can try signing up at different Bitcoin faucets because it is a platform that promises to reward free Bitcoin credits.
9. Are US players allowed?
Yes, there are number of US friendly bitcoin casino that offer gambling services to the US prohibit ants to play through Bitcoin currency. But US players need to check the terms and conditions for any bitcoin casino before they start playing.
10. How do I deposit Bitcoins from Bitcoin casino?
Once you have signed up an account at any bitcoin casino, then you can easily deposit your bitcoins. Further, you will be given a string, which is your receiver ID of your casino account. Then go to your Wallet and click the button – “Send Bitcoin” and there you need to enter the string as a recipient. Once you click send, your transaction would be done instantly. Then within few seconds, your casino will get your deposit and you can start playing your game.
11. How do I withdraw Bitcoins from Bitcoin casino?
It is very easy to withdraw your Bitcoins. Go the cashier tan and click the withdraw button. Next, you need to fill up two mandatory fields, i.e., Recipient ID and the amount you want to withdraw. Once, you filled up these two fields, you can click on “Withdraw” button and the transaction will be done with few seconds.
12. How long it will take to deposit and withdraw Bitcoins?
Deposit and withdrawal of Bitcoins doesn’t take much time. IF your transaction amount is smaller, then it just takes few seconds to receive the amount if your account is ready to use. But, in case, if your transaction amount is larger, then it may take 2-10 hours to get the amount in your wallet.
13. Is there any software to download for Bitcoin Gambling?
This fully depends on how you want to play. In case, if you want to play on your laptop or computer, you need to download and install the software on your computer. Or, in case, if you want to use the web based wallet service, then there is no need to download or install the software. You can easily use your wallet via supported browsers. Also, there are some bitcoin casinos that require that their client download or install the respective software on your computer or laptop to play their game.
14. Do bitcoin casinos offer free some free Bitcoins?
Yes, there are some of the Bitcoin Casinos, who offer free bitcoins to their players, especially to their new players, when they register with the casino. Such bonuses and offers are promotional and to get such offers, some of the terms and conditions are also applicable.
15. What shall I do if I lose my connection in between?
In case, if you lose your connection with the gaming servers, then you no need to worry. You will be able to start playing your game from the point where the game has lost the connection.
16. What are the minimum bitcoin deposits and withdrawal amount?
Minimum deposit amount – 0.001 BTC
Minimum withdrawal amount – 0.001 BTC
17. What are the maximum bitcoin deposits and withdrawal amount?
There is no maximum deposit amount and no withdrawal amount.
18. Why gambling at Bitcoin Casinos is better than other traditional casinos?
• Fast Deposits & withdrawals
• No extra charges to transact the bitcoins
• Easy to control and secure the funds
• No requirement of sharing your personal details
19. To gamble with Bitcoins, do I need to have a credit account or bank account?
No, it is not necessary to have credit account or bank account. You can easily play through bitcoin transactions and it is free of charge.
20. Are Bitcoin casinos licensed?
There are number of online bitcoin casinos that are not regulated, but majority of the casinos are fully regulated and licensed under the respective jurisdiction. So, it is important that you get all the information about the bitcoin casino where you are interested in playing .
21. Do bitcoin applications work on Mobile devices?
Yes, there are number of Bitcoin applications that are fully compatible with the latest smartphones, either Android, iphone or others. You can easily install the respective application of the bitcoin casino from the Google or Apple store.
22. What is BTC, mBTC and uBTC?
BTC – Bitcoin Currency
mBTC – Milli Bitcoin (Thousandth part of BTC)
uBTC – Micro Bitcoin (Millionath part of BTC)