Higest Rated Bitcoin Casinos
Bitcoin Online Casinos - How To Get Started
The best rated bitcoin casinos for all to play, most of these sites will accept players from across the globe and they all take cryptocurrency payment methods, for USA players this is advantageous as it allows deposits with almost no limits and withdrawals in unlimited amounts “Dependent on Casino” the great thing about this method is that you are in control of your own funds and it-s never been easier to convert into regular local currency using many of the online trading or exchange sites, you can even get a debit or credit card and draw your coin straight from the ATM in cash.
What exactly is Bitcoin? It’s a peer-to-peer electronic cash method that can be used to purchase goods online and a payment system that’s based on trust. It allows any two parties to transact with each other without the need for a trusted third party. It’s a popular payment method because there’s no government intervention.
I’m not going to mention the origins of Bitcoin since it’s outside the ambit of this article. One of the most important components about Bitcoin, it’s decentralized with no central authority. It wasn’t long before operators saw its potential and started using it as a deposit for players to gamble online.
Why Online Casinos Use Bitcoin
The first two and a half years Bitcoin went from being an unknown cryptography to a niche online currency. In February 2010, BitcoinMarket.com was the first company that traded in Bitcoins. The abbreviation for Bitcoin is BTC. A single bitcoin is 1BTC. If you want to transfer bitcoins from your wallet to an online casino, you’ll need the operator’s public key.
The reason why sports betting sites and internet casinos prefer bitcoins; it’s safe and there are no bank costs involved-unlike credit or debit cards. Bitcoins don’t have any ties to banks or governments, it’s decentralized. In the past the U.S government froze player funds because they gambled at unregulated offshore sites. Thanks to Bitcoin, players have complete control over their funds and it’s anonymous. Bitcoin online casinos won’t even ask your name or address, just an email address would suffice.
For a small fee you can send and receive Bitcoins over the Internet in U.S Dollars, Euros or British Pounds. This could be done through web wallets. Before you can transact in Bitcoins you need a Bitcoin wallet. There are two types:
- Software wallets. You must download the software on to your computer first. They are more secure than web wallets and cuts out any third party. I recommend Armory, Bitcoin and Multibit.
- Web wallets. It’s web-based and the most convenient of the two. However, I must warn you that it’s not as secure as Bitcoin wallets. Popular web wallets are Blockchain.info, BitGo and Coinbase.
You can buy bitcoins from friends or you can purchase them using your own online currency. You can store your bitcoins by using a hot wallet or cold storage.
- Hot Wallet: Public and private keys are stored on a device that’s connected to the Internet or an online service like a Bitcoin-trading exchange. It’s the most convenient way to store your bitcoins but it’s not the safest. Your cash might be at risk since your private key is stored on your computer. If a hacker hacks your computer your bitcoins are as good as gone.
- Cold Storage: This is the opposite of the hot wallet. As the name implies, your public and private keys are stored offline. You can save them on a USB stick or in a safe. The downside to this method, if your hardware malfunctions you can lose everything.
- Players from the United States can use Coinbase or Circle to buy bitcoins with credit cards.
- UK players can purchase bitcoins from Bittylicious on 3D Secure-enabled Visa and MasterCard networks.
Setting Up A Bitcoin Casino Account
There are many free wallet programs. All of them generate wallets that can send and receive bitcoins. Desktop wallets only work on desktop computers. Mobile wallets on the other hand are meant for smartphone and function as lightweight apps. Web wallets are accessible through any Web browser, they can work from your computer or tablet.
- Multibit: Non-technical people like this wallet since it has a reputation for being hassle-free and fast. It operates in several languages and works on all operating systems.
- Armory: For Windows and Linux users, Armory offers additional security features.
- Xapo: It incorporates multi layers of advanced cryptographic security that protects all bitcoins. The process entails private key segmentation. Your bitcoins and private information is stored using a cold storage facility. Long story short, it’s stored in the Swiss Alps in an impenetrable safe. Players outside the U.S can get a debit card which trades bitcoins in real time when used.
- Bitcoin.org: Alternatively you can also head off to this site. Currently it features a Bitcoin wallet which runs on Android devices.
Why Bitcoin Might Replace Credit Cards In Future?
Credit card fraud is a huge problem online casinos have to deal with on a daily basis. There are so many players out there using stolen credit cards and it’s a laborious process to screen each transaction.
With Bitcoin, online casinos don’t have this risk. Unlike credit cards, using bitcoins as a payment method only requires a few clicks, copy your digital wallet address, paste it and you’re good to go. As more online casinos accept Bitcoin, it will snowball within the foreseeable future.
At this stage people are paying exorbitant fees to access their money. This is exactly the kind of problem that a peer-to-peer currency such as Bitcoin addresses. Transaction fees are vastly reduced by cutting out the middlemen like banks and check cashing stores. This is why Bitcoin is such a convenient deposit method to wager at online casinos.
Bitcoin is regarded as the Libertarian dream, because the currency is independent from state control. No government can determine how many bitcoins are produced. The system regulates itself and considered the biggest power grab in modern financial history. To be clear, the point of an independent digital money is not avoiding taxes. It’s about a currency that people can trust, that’s convenient and one they can turn to in times of inflation. One can say it’s a refuge currency.