Casino Guide: Introduction to Bitcoin and other Cryptocurrency Casinos
At the time of writing, there are over 5,000 cryptocurrencies traded in the world. These decentralised currencies are interesting to many users, and they're available to make purchases online or send funds anonymously to other users.
Currently, the largest cryptocurrency by far is Bitcoin, with a market cap of over 5x the nearest alternative Ethereum, followed by Tether, Ripple and Bitcoin Cash.
The value of cryptocurrencies is chiefly determined by demand and supply. Its value can be volatile, swinging by several percentage points in one day. You can get a price quote on the most liquid cryptocurrencies by visiting one of many exchanges, such as Kraken.
There are many online casinos that allow you to play with cryptocurrencies, and you can either select your preferred currency as the account currency, or alternatively, make a payment with a crypto currency which is then converted at the casino into your account's fiat currency.
To help you understand cryptocurrencies at online casinos, we've put together this introduction guide which provides more information about the options you have available.
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Advantages of gambling with Bitcoins or other altcoins
There are several reasons why players play at altcoin casinos for real money:
- Transfer of cryptocurrencies like Bitcoins are instantaneous
- Transactions do not require a banking intermediary due to P2P decentralization
- Transfer fees can be low to nil
- Payments are irreversible
- Discreet payments with no personal payment details
- Player controls the payment amount
Receiving a casino bonus with cryptocurrency Bitcoin or others
A typical welcome bonus includes a match deposit bonus, but can sometimes include free spins or other promotions. Players who make a Bitcoin or other altcoin deposit will sometimes receive an added bonus depending on the casino.
You can often claim your bonus at the time that you're making your first deposit. Typically, you'll be asked for a bonus code which is readily found in the promotions section. Remember to read the terms and conditions and look for information such as the playthrough requirements.
A crypto wallet is a virtual equivalent to storing physical cash in your wallet. Since cryptocurrencies are virtual, your crypto wallet is actually holding your private key, which is a code that's required before you can send your coins.
There are hardware wallets, mobile wallets and web wallets which have advantages and disadvantages. For example, if you want to hold Bitcoins, there's Trezor, Coinbase, Exodus and Edge amongst others.
Keep in mind that you need to protect your wallet. If you lose it, then you will not be able to retrieve the private key.
There is more than one way to get your hands on a cryptocurrency, but the most common way is to purchase them on a crypto exchange. All the most common cryptocurrencies can be purchased on multiple exchanges. Some common ones are Coinmama, Coinbase, Kraken and Bitstamp.
Another way of getting your hands on a cryptocurrency is to sell a good or service in exchange for them. There are also P2P networks which allow you to exchange your fiat currency for a cryptocurrency. Examples include Paxful, BitQuick, Bisq and Local Bitcoins. Local exchanges closer to your home country also exist.
Another possible, but less practical way of collecting a cryptocurrency is by a method known as crypto mining. This role is to issue new coins, process transactions and ensure the integrity of the network.
Casino deposits and withdrawals with cryptocurrencies
You can make a crypto payment with your wallet. The casino will provide you with a wallet key unique to your player account, and you can send funds directly to that wallet. Keep in mind minimum deposit amounts.
Casinos also use wallet providers, and it may be cheaper for you to use the same that the casino offers, or you may be able to save transfer fees altogether. Popular crypto providers used at casinos are CoinsPaid and BitPay.
When you signup at an online casino, make sure to specify the currency that you want to deposit in. In the casino's cashier section, the casino presents you with an altcoin (such as Bitcoin) address and/or a QR code.
You'll need to copy the address into the 'Send' section of your crypto wallet. Choose the number of Bitcoins, or other altcoins, and remember that you'll need a private key for transaction completion. The cryptocurrency will typically hit your account within a few minutes.
The funds may reach your online casino player account, remaining as a cryptocurrency, or may be converted into a fiat currency such as US dollars. Making a Bitcoin withdrawal, or alternative cryptocurrency is usually the same as the depositing currency.
Cryptocurrency casino FAQ
A cryptocurrency, also known as an altcoin, is a digital or virtual currency that is not backed by a country's central bank. There are over 5,000 altcoins, but only a handful liquid enough to be commonly accepted as tender.
Fiat refers to any currency that is issued and backed by a country's central bank. Its value is determined by demand & supply, inflation rates, interest rates, geopolitical events and other factors. This includes currencies such as the US dollar, Eurozone's euro, Japanese Yen, Great Britain Pound sterling, Canadian dollar, Indian Rupee and many others.
Most cryptocurrency casinos use Provably Fair Technology, which is a cryptographic technique to ensure that a game round is truly a game of chance and not being manipulated. You can check each hash key generated in any game round and see that the result is truly random.
Players who want to deposit Bitcoins, Ethereum, Bitcoin Cash, Litecoins or Dogecoins, need a crypto wallet to hold your altcoins. These e-wallets are where you store your coins for safekeeping.
The number of cryptocurrency casinos accepting Bitcoins, Ethereum and other altcoins has grown in recent years. This includes players from countries where it would not otherwise be possible. Cryptocurrency casinos like dealing in altcoins as it eliminates the possibility of fraudulent chargebacks using credit cards after the player asks for a refund since the activity is illegal.
Many casinos accept major fiat currencies such as euros, US dollars, British pounds sterling and Canadian dollars, but not all accept cryptocurrencies. If you're holding Ethereum, Bitcoin, Bitcoin Cash, Dogecoin, Litecoin or other altcoins in a crypto wallet, you won't want to pay the fees to exchange them.
At FortunaOnlineCasinos.com, we present several options for players looking for Ethereum casinos, Bitcoin casinos, Bitcoin Cash casinos, Litecoin Cash casinos or Dogecoin casinos.
Altcoin casinos are just as safe as their fiat casino counterparts provided that you take the usual precautions. For example, it's always better to stick to a licensed and regulated casino where possible, such as the MGA or UKGC. Unfortunately, it is tough to find an online casino that's licensed here, which leads us to Curaçao eGaming-licensed casinos.
A Curaçao license is not the most treasured as casinos licenses go. That's because these operators are not held to the same standards as other jurisdictions. Still, it is a step up from lax jurisdictions like Costa Rica and altogether unlicensed casinos.
An advantage of Bitcoin casinos or other cryptocurrencies is that sending payments does not require players to provide payment details. Also, the player controls the amount of the payment.