Because of the big boom of cryptocurrencies such as Bitcoin, Ethereum, Dogecoin and others, there are now online casinos that accept these digital currencies as a form of payment. These so-called "Bitcoin casinos" or "Cryptocurrency casinos" are interesting not only for people invested in the crypto world, but also for the general population.
Keep reading this article, find out more about Bitcoin casinos and learn how to pick the best one of them to play in.
Here are some of the issues I will address:
Which coins and currencies are accepted at cryptocurrency casinos?
Bitcoin is by far the most popular and well-known digital currency, however, there is a huge number of them on the market (over 1,000 at the moment). Bitcoin isn’t the only cryptocurrency accepted by online casinos.
The list of accepted crypto currencies varies from casino to casino. Some of them don’t accept any cryptocurrencies, some accept only Bitcoin, but there is a number of gambling sites at which you can play with various different currencies.
Here is the list of the most widely-used cryptocurrencies for gambling:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Dogecoin (DOGE)
- Dash (DASH)
- Litecoin (LTC)
No matter which of these you want to gamble with, you should be able to find a crypto casino that allows you to do so. Before registering, make sure the casino accepts the currency you want to play with.
Besides cryptocurrencies, Bitcoin casinos generally support regular payment methods you might know from classic online casinos. However, there are also casinos that function solely on crypto currencies, with no other payment methods supported.
Most crypto casinos accept Bitcoins, however, those might not be the best option for gambling. BTC has extremely high transaction fees, which makes it inferior to other cryptocurrencies, although it’s arguably still the most popular one. That being said, some cryptocurrency casinos will take care of the transaction fees for you and add them to your balance.
What are the advantages of Bitcoin casinos?
In many ways, Bitcoin casinos are not much different from other online casinos. The main difference and benefit in terms of cryptocurrencies lays in the fact that Bitcoin or other cryptocurrencies are accepted as a form of payment.
This is good for the crypto currency world in general, as well. The more ways people can actually use their cryptocurrencies, the better off will the market be.
Besides from having cryptocurrencies as a payment method, Bitcoin casinos might have some added qualities or features regular casinos don’t. One of them is the possibility of reaching total anonymity.
Regular payment methods used by "normal" casinos are always connected to a specific person that can be easily identified. Cryptocurrencies are different in this manner, which is why they can enable creation of anonymous casinos, although their number and features are still limited by regulations.
What games can you play for Bitcoin and other cryptocurrencies?
When it comes to the game selection, cryptocurrency casinos are not that different from regular casinos. The number and types of games offered by Bitcoin casinos, of course, differs from casino to casino.
Generally, you can use your Bitcoins and other virtual coins to play all of the popular game types, such as:
- Slots (slot machines)
- Dice (Craps)
- Video poker
The game selection is different at each casino, so it might make sense to check the list of available games at a casino before you sign up, to make sure you will be able to play your favorite games.
How do we review and rank Bitcoin casinos?
Our online casino review process is thorough and unbiased, which remains true also for the Bitcoin casinos. In fact, the entire review process is pretty much the same across all casinos. You can read more about it here.
To put it shortly, the two main factors are these:
- Casino’s size – Big casinos have higher revenues and can afford to pay out big winnings whenever a player manages to hit a nice win. Smaller casinos can get into financial issues, which is why bigger ones are generally a safer choice.
- The way casino treats their players – Some casinos act honestly and don’t try to find any possible excuse to decline players’ withdrawals, however, there are some that act in the exact opposite way. We check players’ complaints to see how the casinos acts towards the players.
There are, of course, other factors that come into play, but these are generally the most important ones. To find out more about our review process, read the article linked above or our fair gambling codex.
In what currency are the games themselves played?
This is one question about cryptocurrency casinos that’s not that easy to answer, because it doesn’t have a clear and universal answer. Different online Bitcoin casinos deal with this issue diversely.
Here are some examples:
- BitStarz lets you deposit your Bitcoins and your account will be held in BTC. You will also play directly for BTC, but there are some games that are available only if you deposit in EUR or perhaps some other FIAT currency. Also, numerous other cryptocurrencies besides Bitcoin are accepted in this casino.
- LuckyBity lets you deposit and withdraw only cryptocurrencies (BTC, ETH, DASH, LTC), however, the casino balance is held in USD. This is done for the players’ convenience, as the casino website explains. The value in USD is refreshed every 10 minutes and changed according to the current exchange rate, so that the value of the balance in BTC is not influenced by changes on the market.
- Uptown Aces lets players deposit and withdraw in Bitcoins, but the account and betting is held in the only supported currency – USD. When you deposit your Bitcoins, they will be converted to USD using the current exchange rate, and when you want to withdraw your money, they will have to be converted back, again using the current exchange rate. That means your balance’s value in BTC will be influenced by changes on the market.
These are just three examples. Each casino deals with this in a specific way, so make sure to do the research and find out how BTC deposit and withdrawals are handled before choosing the best casino to play in. This information is not always listed on the website, but you should get to them by contacting the casino’s customer support.