Online casinos that accept Bitcoin for wagering deposits are growing in popularity. The crypto-currency is ideally suited to gambling online due to its propensity for anonymous play, availability to players in areas where online gambling is restricted, and ease of use. As a result, many online casinos have appeared that are now allowing players to bet with Bitcoin.
Before you jump into action at a Bitcoin casino there are a few questions you need to satisfactorily answer.
Where can I buy Bitcoin?
The best place to buy Bitcoin is on an exchange like Kraken or Local Bitcoins. When dealing with an exchange like Kraken you have the added confidence of using a regulated exchange that functions just like a currency trading exchange. While platforms like this are more suited to the active Bitcoin trader you can still use them to exchange dollars and euros for Bitcoins. On a site like Local Bitcoins things work a little bit differently. You’ll typically be dealing with one individual that has Bitcoins for sale. They will usually a variety of options for buying the Bitcoin—Western Union transfer, bank transfer, and, in some cases, PayPal. You need to be diligent if using this kind of exchange to buy your Bitcoin. Check the feedback and reputation of the seller and always be wary of providing your banking details unless you know with absolute certainty that the seller can be trusted.
Is the Bitcoin casino provably fair?
Ever since casinos first appeared online players have been asking the question, “Are the games fair?” Not too long ago that was a difficult question to answer, but thanks to something called provably fair gaming it is now easier to determine if an online Bitcoin casino is playing it straight.
Provably fair simply means that the online casino makes an algorithm available that can be analyzed and verified by anyone with the desire and means to do so. In this type of system, the player places a bet and plays games offered by the online casino. The casino subsequently publishes a method for analyzing each transaction. In other words, the algorithm allows a player to check the responses of the game to his decision-making.
In reality it is unlikely that you would want to take the time to test the algorithm yourself, and you don’t have to. All you need to do is make sure that others have tested it and that the casino is legitimately classified as provably fair. The best way to do this is by finding and reading legitimate reviews of the online casino you are thinking about using.
Does the Bitcoin casino offer a sign-up or deposit bonus?
This is a big one. You want to maximize your gambling Bitcoin so always seek out the online casinos with the best promotions and bonuses. Many Bitcoin casinos will promise you free Bitcoins just for signing up and others will match your opening deposit up to a certain amount. As usual where bonuses are concerned it is almost always necessary to satisfy some type of play-through requirement in order to claim the bonus. You’ll need to wager a certain amount before the bonus becomes available to cash out.
How long will it take to deposit and cash out?
Different online casinos have different policies but the amount of time it takes to post a deposit or send you a cash out is always a good indicator of a Bitcoin casino’s reliability. What you want to see is a casino that has a reputation for processing deposits and cash outs quickly. It is normal for some Bitcoin transactions to take a little bit longer to process than transactions of cash but anywhere from 2-10 hours is an acceptable range. Small deposits may be credited instantly while larger ones can take a couple of hours. When it comes to cashing out the process can take several hours but may be completed quicker depending on how much you are withdrawing. It is always a good idea to test the Bitcoin casino’s efficiency by making a very small withdrawal after your first few sessions to get an idea of how long it is usually going to take. Again, reputable casino reviews are a good source of information here.
Do I need to download software to use Bitcoin at an online casino?
While some Bitcoin wallets do involve a download it is possible…and recommended…to use a wallet that does not. One of the easiest Bitcoin wallets to create and use can be found at the Blockchain website. You can even create a wallet there without providing an email address although you can do this optionally for extra security. Once your wallet is created it will have a unique identifier that you can use to access it through the Blockchain website.
One important thing to remember about your Bitcoin wallet: no matter how you choose to create it always make a paper backup that you can keep in a physical location. Computers can crash and data can be lost. Blockchain offers a nifty mnemonic feature that will allow you to recover a lost wallet if you lose its credentials but keeping a paper backup in your possession is a good idea.