This is simple guide about Bitcoin and how you can easily use Bitcoin in different Bitcoin casinos. Bitcoin has many advantages in online gambling compared to regular currency like Euros or US Dollars. Let’s take a closer look to Bitcoin!
What is Bitcoin?
Bitcoin (Often written just BTC) is a digital crypto-currency founded in 2009. Traditional currencies like Euro, US Dollar and British Pound are operated by central banks, but Bitcoin is operated by thousands of Bitcoin users around the world. That means no Bitcoin funds can be seized or frozen by central government or bank. Bitcoin is fast, almost anonymous (more on that later) and very low-cost digital currency. That makes Bitcoin very usable in internet payments, including Bitcoin Casino games.
This video tells you the idea of Bitcoin in under 2 minutes:
How to get a Bitcoins and a Bitcoin Wallet?
Bitcoins are stored in a Bitcoin Wallet, where Bitcoins are usually in a digital form.
Why usually? Bitcoins can be stored also in a regular pen and paper form, but that is recommended only to more experienced Bitcoin users. Most of the Bitcoin Wallets are digital and used with computers online.
The wallet can be either a trusted online service or a desktop program. In the regular world, if you give your friend a 20 euro note, it is transfered from your wallet to your friends wallet. Same thing in Bitcoin. It doesn’t matter where your friends’ Bitcoin Wallet is stored (online, program or paper), all you need is his or her Bitcoin Address and the transfer can be done.
How to create a Bitcoin Wallet online
Creating your Bitcoin Wallet is as easy as creating a Gmail account. Go to Coinmotion.com or Xapo.com, hit “open account” or “register” -button and follow the directions. After 5 minutes you have a brand new Bitcoin Wallet!
Your new Bitcoin Wallet is naturally empty, so next chapter tells you how to get Bitcoins.
How to get or buy Bitcoins to your Bitcoin Wallet?
There are several ways to get Bitcoins. Here is listed the most common ways:
- You can buy Bitcoins from Bitcoin Marketplaces online. You can deposit regular money (like Euros, US Dollars…) to Online Wallets. For example Coinmotion.com or Xapo.com have a Bitcoin Marketplace at the same time, so you can buy Bitcoins easily using regular credit cards (Visa, Mastercard etc) or bank wire transfers.
- You can buy Bitcoins from another person. There are several online marketplaces to do this and you can even meet the Bitcoin seller in person. You give money to the seller, and he or she sends the agreed Bitcoin amount to your Bitcoin Address.
- You can sell things, services or get donations and get the compensation in Bitcoins. Just give your new Bitcoin Address and the other person can send you Bitcoins.
- You can mine Bitcoins. This is more suitable for people some experience with computer software and Bitcoin world. Bitcoin mining is a reward for thousands of computers in Bitcoin Network. The huge computer network keeps track of all Bitcoin transactions and they get paid for the job with fresh and new Bitcoins. You can find more info about Bitcoin mining here.
Below is a picture about buying Bitcoins in Coinmotion Online Wallet and Marketplace. Looks easy, and it really is easy too!
You might wonder where exactly your new Bitcoins go to? Can somebody steal them from your wallet? Next chapter tells you more about Bitcoin Wallets and safety.
Where my Bitcoins are stored and are Bitcoins safe in my Wallet?
All the Bitcoin transactions and also Bitcoin Wallet information is stored in the big Blockchain data. So if my Bitcoin Wallet has for example 2,5 Bitcoins, the Blockchain has the information about those Bitcoins.
What if somebody destroys the Big Blockchain from the Internet? Will I lose my money?
The Blockchain is stored in all of the thousands of computers in the worldwide Bitcoin Network. If somebody could destroy all the computers in the network, that could be possible. In reality, that is nearly impossible to accomplish because of the huge amount of computers all around the world. All computers have the same Blockchain data stored safely all around the world.
If the transactions are stored in the Blockchain, can somebody see where I deposit my Bitcoins and how much I have them?
That is a good question. Bitcoin transactions are public, but they don’t contain any personal information. You can see for example that 1 Bitcoin was transferred from wallet A to wallet B, but you don’t know whose wallets they are.
Unless you don’t tell your wallet address in public, Bitcoin transactions are practically anonymous. Some people call Bitcoin pseudonymous and it means you can’t tell who owns the Bitcoin wallets in the public Blockchain data.
Here is an example of public but anonymous Bitcoin transactions in Blockchain.info. As you can see, it is pretty hard to know who transferred Bitcoins to whom? No personal details can be found here.
Your private data in Online Wallets
One thing to consider is that the online Bitcoin Wallets know your name, address and email since you have to give them when creating account. But the Online Wallets we recommend have very high standards of safety and security and your personal data and Bitcoins are secured.
Online Wallets still don’t know you are transfering Bitcoins to Online Casino sites, which is a big benefit when comparing to other currency services like Paypal. Paypal, Skrill and other traditional currency transfer services can freeze your money for legal issues, which cannot happen when using Bitcoin. That is because it is very hard (or almost impossible) to know who owns the Bitcoin address you are transfering Bitcoins.
The next chapter will tell you more about benefits using Bitcoins in Online Gambling.
Why should I use Bitcoins in Online Casinos?
There are many reasons why Bitcoins work well in Online Gaming and Casinos. Here are our picks of the biggest benefits:
- Bitcoin deposits are fast and almost instant. Usually Bitcoin Casinos accept Bitcoin transfers instantly, but final confirmation of the transfer is done even in just 10 minutes.
- Bitcoin works globally. You can transfer Bitcoins fast and cheap to all over the world. All your friend needs is a computer and an internet connection. Nobody takes 2-3% or even 10-20% of transfer fees like Paypal or Western Union can do.
- Bitcoin transfers are almost free. Transaction fees vary from free to about 0,1 USD, but are usually about 0,05 US Dollars, which is only 5 cents! And the transaction fee doesn’t go up even if you transfer bigger amounts of Bitcoins. Thats a big benefit and you save a lot of moneys in the long run!
- Gambling legislation in some countries. Regular online casinos are banned in some countries. For example in Bitcasino.io you can play with Bitcoins even if you live in strictly regulated USA. Bitcoin transactions are almost impossible to ban, so no government can say where you can play Casino games.
- New and innovative Online Casinos. Bitcoin is loved by many computer and technology experts, so also Bitcoin Casino industry is depeloping fast. Almost every month you can experience new innovations and new Bitcoin Casinos and games. For example Bitstarz casino offers over 500 casino games which include some high quality SoftSwiss games.
- Safety and fair games. Provably Fair Gaming is unique to Bitcoin Casinos. It means that everybody can verify the probabilities of Bitcoin Casinos and see that the games are fair. Verifying needs some Bitcoin expertise, but due to Bitcoin open source nature, thousands of people have verified Provably Fair source code and there isn’t any reason to doubt it. You can read more about Provably Fair gaming from Wikipedia article.
Bitcoin Casino examples and Casino bonuses
Bitcoin Casinos like regular casinos have deposit and reload bonuses that will reward you with extra money. You can even double your Bitcoins (100% bonus), so make sure your first deposit is big enough to get a big bonus.
How can I deposit bitcoins to Bitcoin Casinos?
Bitcoins can be transferred between users by using Bitcoin Addresses, which are a series of numbers and letters between 27-34 characters. Transactions are almost instant and transfer fees are free or very low compared to Paypal, Neteller or Skrill for example.
1. Create an account to a Bitcoin Casino
Click the link Sign Up. In this example we have Bitstarz.com. Follow the instructions and click the activation link in your email.
2. Copy the Bitcoin Deposit Address
The Bitcoin Deposit address is your personal address which points to your account. You can copy the address with CTRL + C (or CMD + C in Macs) or right click and copy the long number and letter series.
Alternately you can use the QR-code next to the address if you use a mobile Bitcoin Wallet in your mobile phone. If you do that, just take a picture of the QR-code inside your Mobile Wallet and your wallet knows the right address to send the bitcoins.
3. Go to your favorite Bitcoin Wallet online and paste the copied address.
Here we use a very easy Bitcoin Wallet called Coinmotion.com. Paste the Casino Bitcoin deposit address to your Wallet’s Send Payment Bitcoin address box. You can paste the text by Control + V (on Macs CMD + V) or right click on your mouse and hit “paste”.
Double check the address to make sure it is correct!
Choose the Bitcoin amount you want to deposit and click Send.
4. You can see the deposit almost instantly in Bitcoin Casino account
It really is this easy! The next step you can maybe guess…
5. Start playing and use your fresh Bitcoin Casino Bonuses!
Here is a screenshot of a popular casino game in Bitstarz called Fortuna’s Fruits. Most Bitcoin Casinos have several hundreds of different games so you won’t get bored easily. Good luck!
How can I withdraw bitcoins from Bitcoin Casinos?
Withdrawing Bitcoins is as easy as depositing them.
- Check your own Bitcoin deposit address from your Bitcoin Wallet (for example Coinmotion.com) and copy it in the clipboard (Control + C or mouse right click).
- Paste your address to Bitcoin Casino Withdraw screen to tell where you want the Bitcoins to be sent (Control + V or mouse right click).
- Enter amount of Bitcoins and the transfer is done in few minutes. Final confirmation of the transaction may take from 10 minutes to 1 hour.
If I win a lot of Bitcoins, what can I do with them?
Most people change Bitcoins to regular currency like Euros or US Dollars. That can be done in most Bitcoin Wallets like Coinmotion.com.
Here is an article published in Coindesk.com about where you can spend Bitcoins right away without changing them.
Where can I read more about Bitcoin?
We recommend Coindesk.com which publishes several articles and news about Bitcoin every day.
If you want to start playing right away, check the best Bitcoin Casino Bonuses here!