When Bitcoin (BTC) was created in 2009 by the mysterious Satoshi Nakamoto, there were very few who could have predicted its incredible rise. If you did – and are sailing the seven seas in your gold-plated yacht as a result– then bravo! If not, we will explain why missing out on the yacht is not exactly the same as missing the boat (see what we did there?).
Even if you are a little new to the game, it is never too late to get involved with Bitcoin gambling. Especially since the world’s first and foremost cryptocurrency has – and continues to - challenge the way we view alternative ways of spending and trading. Very few industries have been more affected by the radical changes Bitcoin has brought than online gambling. There is little doubt that betting with Bitcoin has given more power back to us, the players. It has also provided betting enthusiasts and casino cats with an even greater level of variety than we have ever had.
It is fair to say that gambling with Bitcoin has some excellent benefits. In contrast to traditional ways of internet gambling – such as with credit cards and e-wallets – Bitcoin gambling is modern, convenient, and allows players to maintain anonymity when betting. There are many online gambling sites and Bitcoin casinos that do not require registration, making it a hassle-free and simple way to bet.
Below, we take a look at the best Bitcoin gambling sites online and why you should consider trying gambling with Bitcoin.
Curiosity is a great thing. It challenges us to open our minds to new ways of doing things. If it wasn’t for the curious nature of great inventors like Leonardo Da Vinci, Nikola Tesla, and Alexander Graham Bell, we would not be where we are as a species. What does this have to do with Bitcoin gambling, you might ask? Well, for one, it promotes the notion that leaving your comfort zone can often be a good thing.
Of course, we are not expecting players to try BTC gambling simply on the basis of a few words of wisdom! Thankfully, we do not have to, given the numerous benefits of Bitcoin gambling.
As mentioned above, more and more players are converting to online Bitcoin gambling for the convenience it offers. Simply put, it provides bettors with anonymity online and is perhaps the safest way to gamble on the internet. Additionally, it can be a much faster way to withdraw winnings when compared to using credit cards, bank accounts, and even e-wallets! Can it get any better? Yes, it can.
The costs of transaction fees can be a lot cheaper than using traditional payment methods, meaning that players get to keep more of their winnings. If you typically use a credit card as your primary deposit method, you will know that there are often fees on transactions and withdrawals. While 2% here and 1.5% there may not seem like much, over time, it can seriously add up. BTC deposits and withdrawals are also exceptionally faster in comparison to other payment methods. In some cases, they can be instantaneous. This means no more waiting around for days on end for your winnings.
For players in search of a smarter way to bet, Bitcoin is the clear candidate. There is no other payment method which comes close to offering the level of protection that BTC can. While the majority of reputable online casinos tend to use smart security features, encryption, and firewalls, none are 100% guaranteed to protect you when playing on their sites. In this case, it is always a good idea to ensure you are as safe as you can be.
Bitcoin sites that do not require registration allow players the freedom to bet and play anonymously. This means that you are minimizing your risk of having your sensitive data stolen. Most traditional online casino sites require your name, date of birth, address, contact details, credit card details, bank details, and so forth. In the event of a site being compromised, you are at risk of having your identity stolen and/or your accounts cleared.
For the shrewd and security-conscious player (we are sure everyone reading this is), Bitcoin betting offers both peace of mind and enhanced safety.
As with anything in life, there are elements of Bitcoin gambling which could be considered as downsides. While there are a high number of benefits of using BTC when betting online, not every player is going to have the same experience. As such, weighing the pros and cons of gambling with Bitcoin will give you a better idea of if it is right for your circumstances.
Pros of Gambling with Bitcoin
Cons of Gambling with Bitcoin
Who doesn't love betting on sports? Watching the big game can often be exciting enough, but for those who like to bet, rest assured that most Bitcoin betting sites have you covered.
What holds back a large number of gamblers from betting with Bitcoin is unfamiliarity. Some bettors may even think that Bitcoin betting sites don't cover sports, which could not be any further from the truth. The same sports you would have access to on a standard betting site will be - at least for the most part - covered by a Bitcoin gambling site.
If you enjoy a punt on a wide range of sports such as NFL, NHL, NBA, MLB, soccer, boxing, and MMA, rest assured that you will find what you are looking for. Bitcoin sports betting sites are just like any other site which provides odds and bets, for the most part.
They operate the same way, giving you a platform to bet on the sports of your choice. The only typical differences are that you bet with Bitcoin and you don't have to provide personal details. If you prefer to keep your gambling activity private from your everyday banking information, this is the best way to do so.
Now that your fears have been settled, you can consider this way of betting. If it comes down to placing a bet on a team winning a football game and winning, would you prefer to have your winnings almost instantly or wait 3-5 days to see money in your account?
Having a choice is important, isn't it? What we find impressive about many of the better Bitcoin casinos is that they offer a greater variety of options than many of the standard casinos operating today.
One way Bitcoin sites eclipse standard online casinos is that - not only do they have many of the same games as the latter - but they also have Bitcoin-exclusive games. This is most evident in the range of slots you can access when gambling with Bitcoin. In short, you get a larger range of games which include those from popular software developers and those made exclusively for the Bitcoin casino player.
But Here's the Big One Many Bitcoin casinos use what is referred to as "provably fair" games. Provably fair games are those which can be proven not to give the house an unfair advantage. This is done by a complex algorithm, which sends the player an encrypted hash seed which can prove if the game is legitimate and not manipulated by the client.
So what about classic games? Well, the same applies for roulette, blackjack, video poker, craps, baccarat, and other popular casino staples. There are versions of these games which have been developed for Bitcoin casinos. While they are not as prolific as slots (there are only so many ways you can develop on roulette), many are also provably fair, giving an advantage to players that they will not find at standard casinos.
Bitcoin casinos also provide players with the option to play anonymously. Yes, we have covered this in details above, but it has to be said again. It is not every day that you have the facility to conduct your business online without feeling as though your personal space is being invaded, so why not celebrate this?
As you can see, Bitcoin casinos provide a number of benefits to players. However, we would recommend trying one of the best Bitcoin casinos out personally. As the old saying goes, "The proof is in the pudding."
You can find some frequently asked questions relating to Bitcoin gambling below.
This depends on where you reside. In most countries and regions in the world, Bitcoin is legal. While different jurisdictions have their own attitude towards Bitcoin, there is no documented evidence of anyone being imprisoned for purchasing Bitcoin. In the US, Bitcoin is still classed as a decentralized virtual currency.
Bitcoin can be purchased from exchanges or online marketplaces. Depending on the seller, you can buy Bitcoin by using credit cards, wire transfer, or even from Bitcoin ATMs. These options will vary according to where you live in the world, but US players typically have a number of different ways to purchase BTC.
A Bitcoin wallet is where your coins are kept via a software program. A private key, which is the property of the owner, is stored in a wallet and is referred to as the Bitcoin address.
Technically, yes. However, where mining Bitcoin with a couple of PCs was possible in the early days of the cryptocurrency, that is not the case these days. As Bitcoin mining relies on excessive electricity consumption, a Bitcoin miner is likely to spend a lot more on energy consumption mining a single coin than it would be worth.
Bitcoin offers more anonymity to players than when using a credit card or other form of payment. However, when sending or receiving the cryptocurrency, the details of your Bitcoin address will forever stay in the blockchain.
Cold storage means to keep the storage of Bitcoin offline, such as on a USB or disk.
This term means millibitcoin and is a representation of a value one-thousandth of a Bitcoin.