We've rounded up the most common questions asked about Bitcoin casinos. Read on and find out for yourself if Bitcoin casinos are worth it.
If you haven’t jumped on the cryptocurrency gambling bandwagon yet, then you’d better do so now. Not because you don’t want to be out of fashion, but simply because you wouldn’t want to miss out on the benefits of playing games in a Bitcoin casino.
We know that you, like any other old-time online fiat-money casino players, have so many questions. Are Bitcoin casinos legit? How do they work? But nothing to worry, because we’re prepared to give answers to the most common questions about Bitcoin casinos.
Are Bitcoin casinos legit?
This, along with “Are Bitcoin casinos safe?”, is the most common question asked. As many are still yet to fully understand what is Bitcoin—especially if it’s safe—we’re not surprised with the level of uncertainty toward Bitcoin casinos.
To answer this question, yes, Bitcoin casinos are legit. They accept players, let you play games, and pay your winnings.
But like the case of scam online casinos exclusively using fiat money, you’ll also eventually find scam Bitcoin casinos. This is where you should know how to find legit and safe Bitcoin casinos.
Keep in mind that many Bitcoin casinos operate with a gaming license. Although mostly licensed by the Government of Curacao, licensed Bitcoin casinos are your best bet when it comes to choosing where to play. And with certain licenses, Bitcoin casinos are legally allowed to operate within certain jurisdictions.
If you’re wondering how some players from countries where online gambling is illegal can play in Bitcoin casinos, then the answer is offshore gaming. Take Canada as an example. Online gambling in Canada is strictly regulated, but players living there can access offshore online casinos to play with Bitcoin. To know more, read our Where Can You Gamble Using Bitcoin in Canada? article.
Is it illegal to gamble with Bitcoins?
It is most definitely not. In fact, many online casinos, which previously accepted only EUR, USD, and other fiat currencies, have now added BTC to their list of accepted currencies. So, is only gambling with Bitcoin legal? Yes, so long as you’re doing it in a jurisdiction where any form of online gambling or offshore gambling is allowed.
That is the caveat. Bitcoin gambling, and even when using fiat currencies, will only become illegal if done in a country where online gambling isn’t allowed. This is why if you’re in the US, it’s difficult to enjoy online gambling at all. And this is the same easy why US operators should start accepting Bitcoin.
How do Bitcoin casinos work?
The first thing you should know is that there are two kinds of Bitcoin casinos. There’s the casino that lets you use your Bitcoin deposits to play games, and there’s one that accepts Bitcoin deposits but converts them to fiat money that you can use to play games.
When talking about the first kind, then you’re most likely dealing with a cryptocurrency casino. An example of this is Stake.com, which accepts several cryptocurrencies including BTC of course. With this kind of casino, you’re required to transfer funds to your account and use that exact balance to enjoy different Bitcoin casino games. And when it’s time to withdraw, you’ll receive your washouts right in your Bitcoin wallet.
If it’s the other kind, then you’re playing at a Bitcoin-friendly casino. It’s “friendly” because it uses a payment gateway like CoinsPaid to convert Bitcoin to fiat money for deposits, then fiat money back to Bitcoin for withdrawals. This is the case when the casino accepts both fiat money and cryptocurrency.
But regardless of the type of Bitcoin casino you choose to play at, you’ll need a Bitcoin wallet. Don’t worry, because we’ve got something to help you. Check out our 5 Effective Tips on How to Store Your Bitcoin article.
Are Bitcoin casinos worth it?
Want a short answer? Then it’s a yes. But do still read why Bitcoin casinos are worth it.
When you play in Bitcoin casinos, you get to use Bitcoin, which means faster payment processing times and better security.
Let’s first talk about the payment speeds. Everyone who has played casino games online knows that transferring funds from your casino account to your credit card does take a while. And for many, this is a big issue.
With Bitcoin, you don’t have to wait days for you to receive your withdrawal. In fact, if you’re withdrawing from a Bitcoin-only casino, expect your funds delivered to your Bitcoin wallet within an hour.
Then let’s explore safety. Because you’re using Bitcoin, you’re not providing any of your banking or financial details compared to when using your Visa or Mastercard. You only need to provide your Bitcoin wallet address.
And if you practice safety measures for your Bitcoin wallet, you know that it’s better to store only small amounts in the wallet you use for online gambling. This way, you’re not exposing your coins to probable security risks online.
Besides these two, you also get to enjoy various casino games, be they slots, table games, or even dice games. There’s also the choice to bet on sports as well as explore the exciting world of esports betting.
Of course, who would forget about the Bitcoin casino free spins and Bitcoin casino no deposit bonus offers waiting for you?
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Yes, Bitcoin casinos are worth it. They are safe, accessible, and fun to be a part of. Just make sure that you choose a legit and real Bitcoin casino for a guaranteed secure and healthy gambling experience. And always remember to play responsibly and in moderation.
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If you’re interested in getting an updated 2021 list of all casino reviews for this market, check out the Bitcoin casino review section.