The online gambling market has seen a lot of strange inventions over the course of its existence, but bitcoins may just be one of the most interesting occurrences the gambling community has ever seen. Disregarding for a moment the impact that bitcoin has on international commerce, we’ll focus solely on the situation at bitcoin online casinos.
AllStarsCasinos investigates all the qualities of an online gaming venue, which includes its banking methods and accepted currencies. Bitcoin is one of the latest payment systems to become accepted at online casino websites, and not at every venue, mind you. Bitcoin-powered casinos are still rare, but we predict a bright future for this funding system and that’s why we’re dedicating this page to our readers who would like to do casino transactions with virtual money or already have some bitcoins of their own ready to be spent on marvellous casino games.
Bitcoins (BTC) are a form of virtual currency, otherwise known as an online digital currency or cryptocurrency. It’s not the only one of its kind, but definitely the most popular one worldwide. Bitcoin is also a name for the payment method that only uses BTC for both deposits and withdrawals. BTC was introduced in 2008, and very few people took the system seriously at the beginning. However, the digital payment system became very popular very fast, mostly among online shoppers and online gamblers.
Many users were attracted to the perks of an anonymous, decentralised payment system that has nothing to do with any government. Such qualities are ideal for internet casino visitors, which is why numerous top casino brands introduced bitcoins in their banking methods lists, making it one of the best alternative methods to traditional funding options.
How do bitcoins work? Bitcoins can’t be seen or touched, but they can be earned and spent - these are the possibilities of the virtual world! Bitcoins uses open source software and operates through a wallet. One can obtain bitcoins by either purchasing them at a BTC exchange or ‘mining’ them, which is the process of generating new bitcoins. The main thing about the BTC system is that it bears no relation to the banks of the outer world, neither does it report to any government. It is a completely decentralised scheme that dispenses with taxes and other additional expenses. Partially, that is what contributed to its initial appeal.
Now that we know what bitcoins are, we need to understand what bitcoin casinos are and how do they fit into our everyday online gambling activities. These are not websites funded or sponsored by the BTC system. BTC casinos are online gambling venues that accept bitcoins as means of payment. Most of them are regular online casino hubs that have recently introduced BTC as a supported method, but you can also play at online betting sites that exclusively accept nothing but bitcoins.
For a BTC user, either type of website will be equally accommodating and pleasurable for play. Choose one from our list of online casinos with bitcoin currently active on the web and you won’t regret spending a single bitcoin. Do pay attention on the rating, though, and read our detailed review of the venue you’re interested in if you need help in deciding.
Sure, it’s easy to make deposits with any payment method you choose, but can you also request to cash out your winnings in the same currency, through the same method? When it comes to digital money, withdrawing money from your online casino account to your BTC wallet is theoretically possible. A fair number of casinos allow this. However, take this information with a grain of salt, because some casino venues might have a different policy, valid only for their cashier. And if the brand does not allow BTC withdrawals, you'll have to find an alternative method. No big deal, but still good to know.
As for fees, the great thing about bitcoin is that most BTC-friendly websites charge absolutely no fees for transactions. Even if they do, the cost for a faster transaction may be up to 0.0001 BTC - which is trivial compared to any sum you’ve decided to move.
Not that you shouldn’t make use of other convenient payment methods you can find at high rated casino establishments, but keep in mind some of these advantages of BTC gambling. There are several key reasons why any person should use bitcoins as a deposit and withdrawal system at online casinos. For example:
Even though we can’t know for sure what might be the fate of the cryptocurrency in general and BTC in particular, but for the time being we can enjoy wonderful casino games online at best bitcoin online casinos. Some of them are listed on this AllStarsCasinos page and we kindly invite you to check them out if you have a BTC stash lying around.