When playing at a Crypto or Bitcoin Casino on many occasions you will come across the coin abbreviations, some are fairly obvious others not so much.
So we have put this list of the most popular cryptos together to help you understand which cryptos are which.
Cryptocurrency
Abbreviation
Bitcoin
BTC
Ethereum
ETH
Binance Coin
BNB
Cardano
ADA
Solana
SOL
XRP
XRP
Polkadot
DOT
Dogecoin
DOGE
Avalanche
AVAX
Chainlink
LINK
Litecoin
LTC
Bitcoin Cash
BCH
Shiba
SHIB
Uniswap
UNI
Stellar
XLM
Tether
USDT
USD Coin
USDC
Terra
LUNA
Cosmos
ATOM
Choosing A Bitcoin Casino
Check the Bitcoin Casino’s License and Security Protocols
Confirm the Bitcoin casino’s license from reputable jurisdictions such as Curacao, Malta.
This license assures the casino meets specific regulatory standards and operates legally and fairly.
Read Online Casino Reviews
Before making your bitcoin deposit, it’s important to read online casino reviews.
Our trusted review sites give you a good idea about the casino’s games, bonuses, customer service, security, and fairness.
Visit Gambling Forums
Visit gambling forums to gather more insights about bitcoin casinos.
Forums are platforms where players share their personal experiences, tips, and warnings about various casinos.
This firsthand information can be invaluable, helping you make an informed decision about where to play with your Bitcoin.
Research the Payment Methods
Research the payment methods available at different Bitcoin casinos.
It’s important to understand that each Bitcoin casino has its unique payment options, impacting both your deposits and withdrawals.
Compare the Bonuses
It’s essential to compare the bonuses between different sites.
Some online casinos offer bigger Bitcoin bonuses than others, accompanied by more straightforward terms.
Customer Support
Customer support is vital. Choose Bitcoin casinos that provide robust customer support to handle any issues or inquiries effectively.
The best Bitcoin casinos will have multiple support options such as live chat, phone, or email, available 24/7.
Taxation on Bitcoin Casino Winnings
It is important to be aware of the tax obligations of your online gambling winnings.
In the United States, all forms of online gambling winnings are taxable. UK residents, however, are exempt from these taxes.
For efficient tax management, meticulously record your winnings and losses.
This detailed tracking allows you to deduct your gambling losses from your taxable income, potentially lowering your tax liability.
Unsure about the tax filing process? Explore the comprehensive resources and guides available at usa.gov to navigate the US tax system with ease.
When it comes to cryptocurrency gains from Bitcoin casinos, the tax obligations remain.
The U.S. government classifies Bitcoin as an asset, subjecting your crypto earnings to a 30% tax rate. Stay informed and compliant to avoid any potential legal complications with your Bitcoin casino winnings.
Gamble Responsibly with Bitcoin
Only play real money casino games with the money you can afford to lose. No matter how good you are at playing blackjack or roulette each game has a built-in house edge.
The longer you play the better the odds of the casino taking your money. Withdraw your money when you hit it big and don’t become greedy.
Don’t take out a loan to buy Bitcoin or sell your house to buy cryptos. Investing in cryptocurrencies can be risky. Remember, whatever crypto gains you have, Uncle Sam wants his cut.
How To Play Bitcoin Casinos Online
Step 01
Sign up at a Bitcoin Casino
Once you picked any of the online casinos on our list, sign up. If you’re already a member of the casino log in and play.
Step 02
Visit the Banking Section
Choose Bitcoin as a deposit method, by now you should have money in your crypto wallet.
Step 03
Provide the Address of Your Wallet
Now, your BTC wallet is the place where you store your bitcoins and your wallet address.
Step 04
Decide on a Deposit Amount
Key in the amount you want to deposit. The deposit limits vary from site to site and for the most part, they’re quite high. While you are at it you can claim a bonus.
Step 05
Withdraw Winnings - Verify Account
You must verify your account before you can cash out your funds. That’s to say by sending the casino a copy of your ID, proof of address, bank statement, and utility bill.
Step 06
Cash Out Your Winnings
Enter the amount of money you want to withdraw. This is where you’ll copy and paste your bitcoin wallet address.
Make sure you copy and paste the right address otherwise you won’t receive your winnings.
Read the Bonus Terms
Before we put down any cash at a Bitcoin casino, we read those bonus terms front to back. Trust us, skipping this step could cost you some serious dough.
Here’s What We Zero in On:
We get the lowdown on wagering requirements (WR). Say there’s a 40x WR; that means we’ve gotta bet a certain amount before cashing in.
We also check game restrictions when we’re playing with a bonus. For example, slots usually put us on the fast track, contributing 100% towards the WR. On the flip side, table games and video poker might just chip in 10%.
We make sure the games we pick are actually going to help us meet those wagering requirements. No point spinning the wheels if it doesn’t get us anywhere.
We make sure that we clear those bonus terms within the time limit. Otherwise, we’re kissing that bonus and any winnings goodbye.
So, if you’re serious about making that Bitcoin work for you, take a page out of our playbook.
Play These Games With Crypto And Bitcoin
Slots
Fast paced action with high bet and cash out limits using crypto to play Slots Online
Choose from a variety of wallet options like hardware, software, or mobile wallets, and then purchase Bitcoin through a cryptocurrency exchange using your bank account or credit card.
Now, heading over to your chosen Bitcoin casino, head over to the deposit section, and select Bitcoin as your desired payment method.
You’ll be presented with an address to send your Bitcoin to – ensure you copy this exactly. Head back to your Bitcoin wallet, select the option to send Bitcoin, and paste the address you copied earlier.
Input the amount you’d like to deposit, confirm the transaction, and your funds should appear in your casino account once the transaction is confirmed, which is typically speedy with Bitcoin.
Withdraw Bitcoin
Once you’ve scored a win and are ready to cash out, go to the withdrawal section of the casino and select Bitcoin as your payout method.
You’ll then need to enter your Bitcoin wallet address – be sure to double-check it for accuracy to avoid any issues.
Specify the amount you’d like to withdraw, keeping in mind any potential minimum or maximum withdrawal limits set by the casino. Upon confirming the transaction, the casino will process your payout.
While many Bitcoin withdrawals are processed instantly, do note that the time frame can vary based on the casino’s policies. Once processed, the funds should appear in your Bitcoin wallet.
Exchange Bitcoin for Cash
Turning Bitcoin into cash is straightforward and can be done using various cryptocurrency exchange platforms, peer-to-peer (P2P) platforms, or Bitcoin ATMs. Here are brief steps and platform examples:
Cryptocurrency Exchange Platforms: Platforms like Coinbase and Binance allow you to sell Bitcoin and withdraw cash directly to your bank account. You need to create an account, verify your identity, sell the Bitcoin, and then withdraw the money to your bank.
Peer-to-Peer Platforms: Websites like LocalBitcoins connect you with buyers who are interested in purchasing Bitcoin. You can receive cash via various methods including bank transfer, PayPal, or even cash in person.
Bitcoin ATMs: Bitcoin ATMs allow you to sell Bitcoin and withdraw cash directly. You can use platforms like CoinATMRadar to locate a Bitcoin ATM near you.
Remember that converting Bitcoin into cash usually involves fees, and might require identity verification depending on the platform and the amount of money involved. Always prioritize using well-known and reliable platforms to avoid potential scams or fraudulent activities.
Conclusion Bitcoin Casinos
Do your homework before you spend money at a Bitcoin casino. Make sure the casino has a valid license—that’s your ticket to a secure experience.
Also, double-check that the games are provably fair. Nobody likes to lose money by playing games that are not random. Shop around for the best bonus offers to maximize your Bitcoin’s worth.
Check out the payment methods, and make sure they suit your needs. Give customer support a test run to ensure they’re up to standard.
Lastly, don’t forget those bonus expiration dates and wagering requirements; they can catch you off guard. Armed with this info, you’re all set for a great Bitcoin gaming experience.
Otto Bergstrom is a veteran in the world of casinos and gambling with 20 years of extensive experience. Writing for Casino Whizz, he shares his deep understanding of game strategies and the latest casino trends.
Otto Bergstrom is a veteran in the world of casinos and gambling with 20 years of extensive experience. Writing for Casino Whizz, he shares his deep understanding of game strategies and the latest casino trends.