Bitcoin (BTC) is the first cryptocurrency introduced in 2009. Built on blockchain technology, bitcoin is a decentralized, transparent ledger that offers unique benefits over fiat currency.
Can I fund my online casino account with bitcoins?
Although not widely accepted, it is a payment method at many offline and online merchants, including gambling websites. There are exclusive bitcoin casinos intended for players who prefer using digital currency. Such sites may offer features tailored to the needs of the bitcoin owner.
What are some interesting features of bitcoin casinos?
Quite a few bitcoin casinos allow you to play without having to create an account. You have the option to set-up an anonymous account requiring only a user name or a full account with your personal information.
You may also be able to deposit and withdraw using other virtual currencies such as Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE) and Monero (XMR). Features like built-in coin conversion are useful to quickly swap from another crypto currency to BTC or vice-versa.
Bitcoin casinos may offer a large selection of games, jackpots, VIP programs and other goodies available at the best regular online gambling destinations. The choice is yours: you can either stick to bitcoin-only or switch between different payment methods. If you’re interested in playing at the best USA bitcoin casinos, our reviews can serve as a reliable guide.
Let’s look at why you may want to use bitcoin to fund your casino account, and steps to make deposits and withdrawals using the popular cryptocurrency.
What are the advantages of paying with bitcoin?
Anonymity: You can transact without revealing sensitive financial information like your debit and credit card details. Cryptocurrency transactions are open, transparent and trackable, but the ledger doesn’t tell you who is sending money to whom.
Is online gambling with bitcoin illegal? If you can wager online legally, you can also fund your casino account using digital currency without running afoul of the law. As long as you’re playing at a licensed online casino and adhering to your state’s gambling laws, you shouldn’t have to worry.
Lower transaction fees: At some gambling sites, you may be charged a fee ranging from 1-6% for depositing using your credit card. This is to cover the fee charged to them by the bank.
At many online casinos, transactions using bitcoin don’t carry any fee. Others have a processing fee of 1-2%, which covers any fee charged by the bitcoin exchange or wallet they use.
Faster withdrawal: Cashing out your winnings via BTC is a matter of waiting a few hours once your request has been acknowledged by the casino. In comparison, withdrawals using a credit card take 2-3 business days. At the fastest bitcoin casinos, your winnings will arrive in your wallet within a few minutes from when they’re approved.
Safe transactions: Every bitcoin wallet transaction is signed by an authentic digital signature before being sent to a blockchain. No one can spend the bitcoin owned by you. As a decentralized system, bitcoin security responsibility and control fall on the owner, that is, how well you manage your private keys, preventing them from getting stolen or misplaced.
No chargebacks: Bitcoin payments are irreversible. It removes the risk of chargebacks after making payment to the casino or player.
BTC can be stored in online or desktop wallets. The latter is available on your computer only and not exposed on the internet. However, if your computer is infected with malware designed to steal bitcoin, your wallet may become vulnerable to hacking.
Hardware wallets are generally considered safer than desktop or online wallets. This type of wallet resembles a USB thumb drive which you can carry with you. It is tamper-resistant and if lost, recoverable using a recovery seed.
How to choose a good bitcoin casino?
The best bitcoin casinos that accept USA players are licensed, regulated and offer generous bonuses and incentives.
Welcome bonus: An exclusive bitcoin casino offers a welcome bonus to motivate players to make their first deposit: 150% up to 1 BTC, 152% up to 2 BTC, 225% up to 6 BTC and so on. The first deposit pack also advertises a certain number of free spins: 150% up to 1 BTC + 100 free spins.
Reload bonus: A reload bonus is offered on subsequent deposits at the casino. Usually, it is smaller than the welcome bonus and linked to wagering requirements.
No-deposit free spins: You can play without depositing any bitcoin and make the most of free spins on popular slot games. Terms and conditions will apply, so make sure you read up on play through and rollover rules.
Free crypto faucet: Faucets are a reward system that give players tiny amounts of bitcoin, like 100 satoshi (1 bitcoin = 100,000,000 satoshi), from time to time. The amount can differ from casino to casino, and it is linked to the player’s loyalty points.
The best bitcoin casinos accepting USA players have VIP programs that offer extras and better terms to loyal players. More free spins, exclusive promotions, higher withdrawal limits and a dedicated account manager can all be part of the VIP experience.
Deposit and withdrawal with bitcoin at online casinos
If you have no experience using bitcoin, make sure you understand the basics correctly and make very small transactions as practice. Of course, you’ll also need to select a wallet to store your bitcoin. Bitcoin.org is a great resource to choose a bitcoin wallet; alternatively, you can visit the App store or Google Play store to find and download one. Once you’re done setting up your wallet and adding BTC to it, you’re ready to make your first deposit.
Funding your account involves what is called a unique bitcoin address. This is a unique, single-use address generated by bitcoin wallets when you transfer or spend BTC. You can import or export the address by copy-pasting it to the clipboard or scanning the QR code on your computer or phone.
To increase your privacy, use a new wallet address each time you receive a payment. You can also assign different wallets for different purposes, isolating transactions and making it more difficult to trace them to your account.
Steps to deposit using bitcoin
- Visit the ‘Cashier’ page of the website.
- Select ‘Bitcoin’ as your deposit method.
- A unique wallet address appears on screen.
- Go to your bitcoin wallet and input this address.
- Enter the deposit amount and confirm the transaction.
- Transfer occurs immediately and the funds will be available in a few minutes.
Steps to withdraw using bitcoin
- Go to the ‘Cashier’ page of the casino.
- Select ‘Withdrawal’ and choose ‘Bitcoin’ as the cashout method.
- Enter the amount you want to transfer.
- Go to your bitcoin wallet and copy the generated address.
- Input it on the withdrawal form.
- Click on withdraw. Once approved, the BTC should reflect in your wallet within 24 hours.
Check the minimum and maximum withdrawal limits, and fixed per week and per month limits. Know if the casino converts to USD or displays deposits, winnings and withdrawals in BTC or milibit (mBTC). Our trusted reviews of top USA casinos cover all the key information you need to know in order to gauge the overall playing experience.
What are the disadvantages of bitcoin?
At many online casinos, bitcoin is yet to emerge as a payment option. If you wish to pay using virtual currency, you may be limited by choice. Credit cards still remain the most popular way to deposit and withdraw funds. As most US players would prefer using credit cards, they’re offered by all gambling sites.
Bitcoin is a highly volatile asset, even fluctuating by 5-10% in a single day. This may deter people from investing in the asset and businesses from accepting payment in bitcoin. Factors like government policy, public sentiment and media news can move prices up or down. Fiat money is likely to remain the legal tender that a majority of Americans use in the foreseeable future.
Continuing from the point above, there exists a risk that the government might ban bitcoin. In the event that bitcoin wallets are shut down, accessing your coins can be challenging. Also consider another risk – if you don’t have your recovery seed, your wallet is gone forever, along with all the money in it.
Being a decentralized currency, bitcoin has no regulatory oversight. If your credit card is stolen, you can call your bank and cancel the card. There is no legal recourse if you suffer fraud or have any other grievance as a result of using bitcoin.
Bitcoin casinos use blockchain technology to facilitate cryptocurrency transactions. Blockchain is a cryptographic ledger ensuring secure transactions.
It is relatively easy to identify a potentially unsafe gambling provider accepting bitcoin. The casino may not be licensed, which is a red flag that it cannot be trusted to secure your data and operate in a responsible way. There may be complaints registered against it or too many negative customer reviews. We look at all factors pointing to fairness and integrity in our reviews.
While the high degree of anonymity offered by bitcoin casinos may leave the door open for misuse, underage individuals cannot obtain bitcoin in the first place.
Always check the deposit and withdrawal methods at gambling websites. A deposit option may not be listed as a withdrawal method. Verify these details in advance to avoid any inconvenience at the time of cashing out.
In general, withdrawals using bitcoin are extremely fast. Your winnings can reflect in your wallet in just a few minutes after your withdrawal request.
An exclusive bitcoin casino does not require your name, address and other personal information during the registration process. Some may request for a valid and working email address.
Crypto tokens are virtual currency tokens equivalent of loyalty points or promotions. They are accessible only to players who possess their private key and have had their account verified. It is to ensure that they’re not using the online casino for money laundering or other illegal activities.
Online casinos that take person to person (P2P) payments basically allow players to transfer money between each other. Very few gambling providers offer them, the goal being to facilitate quick deposits.
Bitcoin and other virtual currencies are just another payment option at gambling sites. So, you’ll need to report and pay tax on your crypto winnings. If your winnings are at least $600, and the payout is 300 times your wager, you’ll receive an IRS Form W-2G. You can deduct tax on your losses.