With all the hype these days about cryptocurrency and the de-regulation of the traditional currency market, you may be surprised to know that the online casino industry has been accepting Bitcoin as a payment method for several years already. While the rest of the world is now catching on to the idea of this alternative to traditional money, we in the gambling world have been working out the kinks of how to use the currency online, and in fact, several sites are Bitcoin-only from a payments perspective.
What is Bitcoin?
Bitcoin is the first crypto-currency available to the general public. Built on the Blockchain, a continual series of encrypted transactions on a peer-to-peer network. This is the first currency that does not need traditional financial institutions to control its value.
In 2017, the crypto-currency market exploded with the meteoric rise of the price of a Bitcoin in traditional USD. As a result, people are starting new coins all the time, and the industry is in a heavy period of expansion. It is hard to say if this is a bubble or not, but what is for sure is that the world is looking for a decentralized way to make payments.
How do I make a deposit with Bitcoin at an online casino?
Well, this is a little more complicated than the other payment methods. The first thing you have to do is open a Bitcoin wallet. There are many options to do so, and a simple Google search will reveal the most popular solutions. Once you open your Bitcoin wallet, then you need to purchase some Bitcoin! Now, as the price of one Bitcoin is well over $10,000, don’t be frightened. You can purchase however much of the currency you would like, and it is converted from traditional currency to the value in coin.
Once you have all that set up, you can find a casino that accepts Bitcoin as a payment method and then simply connect your Bitcoin wallet to the casino cashier and transfer the funds. Many casinos still use USD as the currency at the tables so your Bitcoin will be converted back to USD for play purposes.
What are the risks of using Bitcoin?
The most obvious risk is that the value of the cryptocurrency is quite volatile. At this stage, not enough people are using the currency to stabilize its value so you may see wild swings up and down. This means that not only are you risking your money at the tables and slots, but the value of the currency may be higher or lower than when you made your purchase, adding another layer of risk to the equation.
What casinos accept Bitcoin?
There is a growing list of casinos that are taking the cryptocurrency as a method of deposit and withdrawal. In fact, many of our reviews have been updated as traditional casinos add the option. If you look at the list below, you will find some of our recommended Bitcoin casinos – some that are Bitcoin-only and others that also accept traditional forms of payment should you decide that cryptocurrency is not for you right now.