28.7 C
Bangkok

What You Should Expect from Bitcoin Casinos

Must read

Bitcoin was created to revolutionise the international financial and payment system. Bitcoin has also arrived in the best Australian online pokies sites, and more and more casinos are offering free spins no deposit Australia withdrawals with Bitcoin. The question arises: is it even worth gambling at an online casino with Bitcoin, and can Bitcoin outperform other payment methods? All this and many other questions, such as: Which factors you have to pay attention to and which variants are available for the Crypto Casino, you can find out in this article.

  • Bitcoin casinos usually have significantly higher limits or no limits at all.
  • BTC payments often qualify for the welcome bonus.
  • More and more ‘classic providers’ are accepting cryptos.
  • BTC casinos mostly have live & table games on offer.
  • BTC is now generally regarded as reliable 1249.

Paying with BTC

Paying with Bitcoins does not work the way you know it from a transfer that you make with your bank account. Since Bitcoin has made it its task to function as decentrally as possible, no middleman has to approve your payment when paying by Bitcoin. There is no TAN, for example. You simply enter the address to which your payment should go and confirm the order. Your payment will already be carried out, and after a few minutes, you will have the credit in your casino account. Payment by Bitcoin is the safest you can find on the market. Because even if criminals intercept your payment details, they will only receive your public key. This is roughly the same as your account number – and what do you want to achieve with someone else’s account number?

Deposit in Bitcoin Casinos

Follow the step-by-step instructions to make a successful deposit with a cryptocurrency:

  • Register with an online casino that supports bitcoin, use and an open account there.
  • Go to the checkout area and choose the desired cryptocurrency as the deposit method.
  • Set a deposit amount.
  • The casino now provided its own crypto address.
  • Send the amount from your personal wallet to the casino’s address.

Monitor the transaction via the blockchain. Depending on the offer, the credit will be credited at the moment two or more confirmations of the transaction are available. You can also see the confirmations on the blockchain page for the transaction.

Important: There are providers from whom you can buy cryptocurrencies via a third-party provider (MoonPay). You pay with a credit card, and the third-party provider sends the BTC to the desired wallet in return. This is basically the easiest option, but there are always fees associated with it.

Transaction Fees

With every transaction, a certain fee has to be assigned to the validators within the network. This fee is always borne by the part of the transaction that causes the payment. You pay this fee when you deposit and the casino when you withdraw. This fee is used to reward the miners and validators for keeping doing their work. In principle, you can freely choose the amount of the fee, but the payments with the highest fee are logically preferred by the validators. Almost all modern wallets, however, automatically calculate how high the fee has to be so that you can get it in a reasonable time.

The Best Online Casino Bitcoin Bonus Offers

Almost all online crypto casinos advertise with a large bonus package. The bonus package is the be-all and end-all when it comes to differentiating yourself from other crypto casinos, as the games that are offered in the various casinos are usually more or less the same anyway. Usually, the casino bonus consists of free spins, or the casino offers to multiply your first deposit with the help of the bonus.

Of course, the Crypto Casino Bonus is then tied to certain conditions before you can withdraw it. Most casinos require you to wager 45 times the money received from the bonus before you can withdraw it. The respective casino would like to avoid that you just register, claim the bonus and then disappear again with the bonus – logically, in the long run, the casinos would go bankrupt. It is best to find out about the wagering requirements in advance, as some casinos are extremely unfair when it comes to wagering requirements.

This is often the case, for example, when a casino offers an extremely high bonus. If this is the case, the wagering requirements are usually so difficult that it is virtually impossible to withdraw this bonus. Such casinos are dubious, and you shouldn’t play in them.

Some casinos expect you to wager the bonus 100 times within a few hours to days before you can withdraw it. However, this is almost impossible, and often, in such cases, there is also the fact that even if you win $1500, you can only withdraw a maximum of $50 of the bonus, and the rest is lost. This is not fair to the player and leads to a negative rating for the casino.

No Deposit Bonus

Unfortunately, there are rarely casinos that offer a bonus without a prior deposit. If you do find such a casino, they often offer free spins instead of credits. You can win money with both, but the option with the free spins has a crucial difference compared to the money bonus. With the method with the free spins, only the winnings from those free spins are subject to the wagering requirements for payout. Quite the opposite are the offers with an entry fee. With these, you have to achieve the wagering requirements even without a profit.

Some casinos that offer Bitcoin deposits also offer a no deposit bonus. If you are planning to deposit or withdraw with Bitcoin, this can be a good option to test the casino before real money is invested for the first time.

Security and Licenses

Like any other casino, the best Bitcoin casinos are also required to have the appropriate licenses. In most cases, these are licenses from the Malta Gaming Authority or a license from Curacao. These licenses also ensure fairness within the casino, as to receive such a license, the casino must agree to regular reviews of fairness by the respective gambling authority. These checks then determine the payout percentages of the individual games, which also reveal the house edge of the bank. A fair payout rate is usually over 96%. Everything else is unfair to the player and should not be played by you.

Withdraw with Bitcoin

As with any payout with other currencies, every player must go through a KYC check when making their first payout in an online casino. KYC stands for Know Your Customer, which means something like know your customer. This means that in every casino, you have to confirm your identity with your identity card which should both prevent money laundering and protect minors from gambling. Only when your identity has been proven can you make any payments. Once this step is done, which usually takes less than 24 hours, you can make as many withdrawals as you want. To make a payout, all you have to do is give the casino your public key and specify the amount you want to payout.

Conclusion

Bitcoin is probably the most secure payment method currently available. Even if BTC has some disadvantages, such as the slightly longer duration of the transaction, the advantages that are gained by depositing with Bitcoin clearly outweigh the advantages. So, if you’ve never tried it, a Bitcoin deposit is definitely worth a try.

 

Also Check:

NFTs Versus Cryptocurrencies: 5 Things You Should Know

How Do Crypto Wallets Work? An Analysis By Top 10 Experts

World’s Top 5 Countries for Cryptocurrency Investment And Growth

Blockchain is it Going to Outrun Bitcoin in 2022? What Need to Know!

Crypto Trading: 5 Mistakes You Need to Avoid Making Right Now

 

More News

learn spanish online

Latest News