Bitcoin Casinos Review
Have you recently taken an interest in Bitcoin Casinos? If your answer is yes and you happen to be looking for a comprehensive Bitcoin Casinos Review in order to find out if these types of casinos are well-suited to your iGambling needs, then you needn’t worry about scouring the web in order to find a fantastic one to play at as our experts at CasinoTop10 have managed to write a full review about the payment option.
Which Online Casinos accept Bitcoin ?
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With Bitcoin’s growing popularity in the online realm, a number of online casinos have opted to offer the digital crypto currency as a payment option. If you’re fond of the idea of using Bitcoin as a currency and want to find an online casino to play on, then you’re certainly in luck as we’ve managed to narrow down the list to a couple of fully reviewed casinos which you’ll find below in our Supported Bitcoin Casinos list.
The first Bitcoin network was initially seen in 2009. However, the Bitcoin itself as a new, modern-day currency hit the mainstream market in 2011. This particular currency differs to traditional currencies like the US Dollar, Euro and Sterling as it is a digital crypto-currency. Unlike other currencies, it has no central bank and solely functions through the peer-to-peer marketplace. Over the years, its popularity as well as its reputation has gone from strength to strength, and as of 2014, thousands of online businesses started offering Bitcoin as a payment option. As a result of this, Bitcoin has also started to be accepted at many Online Casinos.
Why choose Bitcoin Casinos?
As a new-age currency, Bitcoin offers users the opportunity to be in complete control of their bankroll, as well as many other advantages that some payment methods do not have. Essentially, Bitcoin’s lack of ties to any government or bank proves to be highly advantageous for online casinos as well as gamblers opting to use Bitcoin Casinos. This is because funds can’t be taken away or frozen by any organization, as can be done when using a traditional flat currency. Since running an online casino is costly due to payment processing fees, many of them have chosen to offer Bitcoin as a payment option as transactions are usually processed for free or for next to nothing (contrary to when you use PayPal, Neteller and Skrill to deposit and/or withdraw funds). Hence, if you’re using one of the many Bitcoin Casinos out there, you will rarely be hit with pesky fees. The truth behind this is that even if the online casino site had to include processing fees, it would still not be enough to cover the casino’s losses if they were to allow fees to be transferred via other payment options. Due to this, they would have to compensate for their losses in the form of reduced odds, bonuses, or promotions for players. Nonetheless, we do in fact recommend that you read up on the terms and conditions of the particular site you’ve chosen as some will impose costs onto their users. This is especially true in markets like the U.S. market, where customers are often made to pay withdrawal fees which can sometimes even cost the player up to 10 percent of their winnings.
A few things to remember when using Bitcoin to transfer Funds:
1. Bitcoin offers lots of Security Features.
As an e-wallet, Bitcoin makes it incredibly easy to transfer funds. Provided that it’s used correctly, you’ll notice that this payment method offers its users great security features. However, you should always keep in mind that you must implement certain practices in order to safeguard your information.
2. Bitcoin value tends to fluctuate
Due to the fact that Bitcoin is a relatively new currency, the value tends to increase as well as decrease over a short period of time. This is why the company itself recommends that you do not keep your savings in Bitcoin. Hence, when you withdraw your money you should try to convert your winnings into a more stable currency instead.
3. Once you submit a payment using Bitcoin, it’s then irreversible.
You should bear in mind that if you opt to transfer funds using Bitcoin, you won’t be able to cancel the payment. In essence, Bitcoins can only be refunded by the online casinos you have paid. Therefore, you should opt to always do business with companies which are both trustworthy as well as secure.
4. Bitcoin is almost but not completely anonymous
In order to safeguard your privacy, you must make sure not to share your Bitcoin address and identification details with others simultaneously. This is because all Bitcoin transactions are saved permanently on a public network.
5. Bitcoin is still in its experimental phase
Since Bitcoin is still relatively new, you might find a few problems when transferring funds to your online casino account. These include slower confirmations, increased fees, etc.
6. Gamblers may be required to pay taxes on their winnings
On withdrawing your winnings, you might be required to pay tax on the amount even though the government does not consider Bitcoin to be an official currency. This is because there is value attached to each Bitcoin.
Bitcoin Casinos offer their users almost complete anonymity when gambling online. The most information Bitcoin casinos will regularly ask for is a player’s email address. This is because otherwise the casino would literally have no way in which to recover the user’s password just if a player had to forget it.
Depositing your funds to Bitcoin Casinos
If you’re opting to use Bitcoin as a payment option, you might be confused as to how the currency is used and how you’re able to make a deposit. However, you’ll be glad to know that it’s certainly easy. After you’ve set up your own Bitcoin account and selected the type of e-wallet you’d like to have through their official site, you’ll be required to buy a few Bitcoins to use. Once you’ve made your choice in terms of which of the Bitcoin Casinos to choose, you should navigate your way to the payment option page and fill in your details. Usually all you’ll have to do is fill in the field where you can specify how much you can transfer and the one which asks you for your Bitcoin address. You won’t have to enter any card details as Bitcoin doesn’t use credit/debit cards. Instead, funds in a user’s Bitcoin account are transferred between users through Bitcoin addresses. These are characterized as a series of letters and numbers that usually range from 27-38 characters. Therefore, if you’ve chosen to use Bitcoin you will need to know what your Bitcoin address is as well as the Online Casino’s address when making either a deposit or withdrawal.
Withdrawing your funds from Bitcoin Casinos
When it comes down to withdrawing your funds if you’ve managed to win a great sum of money, you’ll be able to withdraw your winnings effortlessly. In order to do this, you’ll of course have to go on the payment page and fill in the field which is marked Bitcoin address. Your funds will then be transfered from your selected Bitcoin casino to your Bitcoin account.
Choose one of CasinoTop10’s Bitcoin Casinos today!
Bitcoin’s introduction to the global marketplace has certainly left a profound mark on the online casino industry. It’s not only enabled players to deposit and withdraw their winnings easily, but has also allowed players to do so anonymously. So what are you waiting for? Have a look through our list of Supported Bitcoin Casinos today to find a fantastic one for you to play at and possibly win a handsome fortune by playing your favorite casino games!