Since Bitcoin is pumping again at the time of writing, I predict that interest in gambling with Bitcoin is about to pick up big time. In 2017, interest in Bitcoin casinos was insane.
I get that urge to stack as many coins as possible for the bull run, but you need to try your luck in a safe way, and you need to know how Bitcoin works to achieve that.
In this guide to gambling with Bitcoin, I’ll cover:
- How to pick a safe Bitcoin gambling site
- How to get Bitcoin to starting playing
- How to use Bitcoin safely and properly
- Gambling with Bitcoin FAQs
This will be a meaty guide, so pull up a chair, grab a cold one and a pen, and take some notes.
Finding Safe Bitcoin Gambling Sites
Bitcoin gambling sites are popping up all over the web. When a once-in-a-generation technology like Bitcoin comes along, every entrepreneur and hustler on the planet will try to find a way to cash in on it. Unfortunately, there are a few shady characters in the mix, so it’s important to play at safe, legit Bitcoin casinos and betting sites.
That’s what I’m here for. I’ve been working in online gambling for the better part of a decade, and I have a checklist I go through before playing at any BTC casino site. Follow my lead and ask these questions before you play.
Does the Site Have a Valid Gaming License?
Not having a valid gaming license isn’t always a deal-breaker for me, but nine times out of 10, it’ll put me off playing at a Bitcoin gambling site. I know of a handful of sites I trust that don’t have licenses for one reason or another. But in the majority of cases, this is a massive flashing warning sign, and you should heed it. Most Bitcoin casinos will have licenses from Curacao, Costa Rica, or Panama. Those aren’t the most reputable jurisdictions in the world, but any license is better than none, and it means the BTC casino must abide by the rules set by the regulator in that country.
What Are the Wagering Policies?
When you make a deposit, most Bitcoin gambling sites will give you a welcome bonus. Some of these are incredibly tempting. For example, you could get a 100% deposit match up to 1 BTC. You won’t be able to withdraw this bonus cash until you’ve wagered it 10x or more. For example, if you get 1 BTC with 20x wagering requirements, you’ll have to wager 20 BTC to get the bonus out. That’s almost impossible, and it’s intended to be, but some lucky jackpot winners manage it. However, some sneaky Bitcoin casinos also place wagering requirements on your deposit. If you deposit your Bitcoins to one of these, you might as well kiss it goodbye. Be sure to read the small print before you make a deposit.
What Is the Operator’s Reputation Like?
Every Bitcoin casino is owned and operated by someone. You can avoid most of the scams by researching the operators behind these sites. The shady operators are usually well-known, and unless you’re playing at a new Bitcoin gambling site, unfair sites will usually be on someone’s radar. You can read trusted Bitcoin casino reviews and do your research online to find out more about the operator. Here’s a rule of thumb to follow: Legit operators don’t hide in the shadows. If you can’t find out anything about them, they’re probably not legit. On this point, don’t be put off by a few rants from disgruntled players who have lost, but do pay attention if the vast majority of the reviews say the Bitcoin gambling website is a scam.
What Bitcoin Casino Games Does It Offer?
This rule applies to all casinos online, including Bitcoin casinos; legit software operators don’t work with rogue operators. I’m sure you want to play slot machines, roulette, keno, blackjack, and other games, but also pay attention to which software companies provide the games. In the Bitcoin gambling space, legit companies are Betsoft, Endorphina, BGaming, RTG, and Rival. These game operators are fair and have a trusted track record. There are even a few cool Bitcoin-themed games like Satoshi’s Secret by Endorphina.
What Is the Casino’s Cashout Policy?
One of the main benefits of gambling with Bitcoin is that you don’t have to go through a bank to use it. Bitcoin is peer-to-peer electronic cash. You can send it from your exchange wallet to your casino wallet and back without asking permission from anyone, and all you have to pay is the network fee for settlement anywhere on earth in 10 to 15 minutes. This is great, but some casinos hold your funds up for days or weeks after you win, and some charge withdrawal fees that defeat the purpose of gambling with Bitcoin. Choose online Bitcoin casinos with no payout fees that will pay you on demand.
How to Get Bitcoin to Gamble With
There are a few ways to get Bitcoin:
- Win it on a Bitcoin gambling site.
- Buy it from someone you know for cash.
- Buy it on a cryptocurrency exchange.
Speaking to the first point, you should know that it’s possible to deposit using your credit or debit card cash out your winnings in Bitcoin. However, I’m going to write this guide as if you want to deposit and play with Bitcoin. In that case, you’re likely going to have to buy it on a cryptocurrency exchange.
There’s only one crypto exchange I recommend for beginners: Coinbase. Yes, crypto purists don’t like it, but if you’re reading a beginner’s guide to gambling with BTC, I’m going to assume you’re not a crypto purist.
Follow these steps to buy your first Bitcoins.
- Create an account on Coinbase.com. As this is a legit and legal cryptocurrency exchange, you will have to verify your identity by providing a copy of your government ID.
- Select Bitcoin from the list of assets and select the option to buy it. Once you’ve decided how much to buy, select your preferred payment method.
- Enter your credit or debit card details as you would for any other purchase. At first, you may have an account limit that puts a cap on how much you can buy.
- Confirm the purchase. Your newly acquired Bitcoins will be in your wallet within a few minutes.
Did you know that you can buy a fraction of a Bitcoin? Bitcoin is divisible to the 8th decimal place. These units are known as satoshis in honor of Bitcoin’s inventor Satoshi Nakamoto. Unless you have deep pockets, you probably won’t be able to buy a whole Bitcoin. You could buy $100 worth and use that to gamble online.
Using Bitcoin Properly – Wallets and Transfers
Getting started with Bitcoin transactions can be a challenge for some, but I assure you it’s easier than it seems. Grasp these “big picture” facts before we get into a full explanation of how to use Bitcoin.
- Bitcoin is peer-to-peer. It’s like Napster for money.
- You send and receive Bitcoin to and from wallets.
- You can have many wallets at the same time.
- Each Bitcoin transaction will entail a small network fee.
- Bitcoin transactions take about 10 minutes to settle.
Now that you’re aware of these Bitcoin facts, understanding the next part should be easier. I’ll write this as if you were sending Bitcoin from your exchange wallet to a Bitcoin gambling site like Bovada.
Moving Bitcoins to Your Casino Wallet
I’m assuming you already have purchased some Bitcoin, as explained in the section above. It will be sitting in your exchange wallet until you move it. Therefore, the first step is to get your casino Bitcoin wallet address.
- To do this, log into your preferred Bitcoin gambling site. Navigate to the cashier section and select Bitcoin as your preferred payment method.
- Copy and paste your casino Bitcoin wallet address. Don’t try to manually enter it. If you make one error, you’ll lose your Bitcoins.
- Navigate back to your exchange account on Coinbase. Navigate to your Bitcoin wallet and select “withdraw.”
- Enter the Bitcoin wallet address you want to withdraw to. This will be your casino Bitcoin wallet.
- Double-check the address. Enter the amount of Bitcoin you want to send. Confirm the transaction, and wait for your Bitcoin to arrive.
How Long Will a Bitcoin Transaction Take and How Much Will It Cost?
Your Bitcoin will land in your casino account within 10 to 15 minutes. Transaction fees can vary depending on how busy the network is, but these days, it’s usually around $5. That’s more expensive than many other cryptocurrencies, but it’s the price you pay to use the most secure blockchain, and it’s still a heck of a lot cheaper than a 6% credit card fee.
Gambling With Bitcoin – Frequently Asked Questions
Is gambling with Bitcoin safe?
Yes, Bitcoin is the most secure blockchain in the world. You can only lose your funds if you either send them to the wrong address or are careless with your operational security. If you store your coins safely in a reputable wallet and never share your keys, Bitcoin is perfectly safe to use.
I hear lots of stories of people getting scammed in Bitcoin. Why?
Sadly, there are lots of scams related to Bitcoin. Since BTC is peer-to-peer cash and wallets don’t have to be associated with your identity, transactions are irreversible and very attractive to scammers. However, you can avoid these scams by playing at legit Bitcoin gambling sites and never sending your coins or sharing your wallet passwords with anyone.
What are mBTC and uBTC? I see these on Bitcoin gambling sites.
Bitcoin is divisible to the 8th decimal place. Everything after the decimal is called a Satoshi. For convenience, Bitcoiners made small denominations. mBTC stands for millibitcoin and is 0.001 BTC. uBTC stands for uBTC is a millionth of a Bitcoin; 0.000001 BTC. For example, Bitcoin gambling sites may have a minimum deposit of 1 mBTC and a minimum bet of 1 uBTC.