Bitcoin allows for instant, peer-to-peer transactions worldwide with little to no processing fees. BTC creates an anonymously purchasing agent that can be used internationally as bitcoins are not bound to a particular country or subject to a particular jurisdiction. This online currency has the ability to totally revolutionize global finance, although, it’s currently only in the early stages of its development.
As the popularity of Bitcoin increases, more betting sites are recognizing an opportunity in offering BTC as a deposit option. We are constantly watching for new bitcoin betting sites, and we will update our list as we find sites that we are confident recommending to our visitors.
What Makes a Good Bitcoin Betting Site?
1. Accepts Bitcoin. This is an obvious one. First and foremost the site must accept BTC as a deposit option. Some sites may allow other deposit options including conventional methods, but also include other cryptocurrency such as litecoin.
2. Betting Options. Some sites excel more in this area than others, but the sites at the top of our list offer a larger selection of gaming options.
3. Trust. This is arguably more important than the other factors. No matter if a site accepts bitcoin, or has an amazing selection of games, if they are known to have shady dealings, including rigged games, faulty software, or payment issues, we will not recommend the site. In fact, if you have any issues regarding trust with any of the sites we recommend, we want to know. Please email us at email@example.com, and we will investigate it accordingly.
Bitcoin Casino Sites
How to Deposit
If you are not familiar with Bitcoin, you may want to see our page explaining what Bitcoin is and how to use it. However, in simple form, this is how depositing works at BTC betting sites.
1. Request a sending address from your preferred bitcoin betting site. It will be a long alpha numeric address that will look something like this: 1EFgJf8F384dro29ryx3R8TGxy9P1FJPis.
2. Send the appropriate amount of BTC to the address from your bitcoin wallet.
3. Depending on the site, it will either appear in your dedicated “account” associated with an email or something similar, or it will simply appear for a single bet or session.
4. Once the funds register in your account or session, begin placing your bets.
Note: Most sites denominate your BTC balance in m฿ (millibitcoin) which is equal to .001 BTC. This means that if you deposit 1 full BTC, your balance in millibitcoin will be 1000 m฿. Also keep this in mind when placing bets or viewing jackpots. This means that a bet of 1 is equal to .001 BTC, and a bet of 10 is equal to .01 BTC, and so on.
Why use Bitcoin?
There are many reasons why bitcoin is gaining more and more acceptance and usage all across the globe. Simple reasons such as it is new and cool, to more complex reasons which involve the transaction process.
Ease of use: BTC allows one of the easiest methods of transacting, it’s really as simple as copying an alpha numeric address or scanning a QR code. We transact with BTC and feel confident when we say that overall it’s an easy process. Transporting BTC could not be easier as well, the currency can be transported via phone, USB drive, or micro SD card. Some say cash is king, however when dealing with the bills and coins that come along with it, bitcoin really has an advantage when it comes to transportation.
Protection for Consumer and Merchant: BTC proves a transaction that is final. Bitcoin transactions are irreversible which means merchants who accept bitcoin are mitigating their risk with protection against charge backs. On the consumer side as well, consumer to consumer transactions have the same effect where once the transaction is complete BTC cannot be retracted. Protection also comes in terms of identity protection. Processing transactions anonymously has a huge benefit especially in the world we live in now. People are hacking identities and hacking into bank accounts, bitcoin allows for the consumer to remain anonymous throughout the transaction as the only piece of identification is the bitcoin wallet address.
Note: You need to keep your bitcoin or any other crypto currency safe. Online wallets are not always secure. At the very least use (non-cellular) 2 factor authentication for your log in when utilizing online wallets.
How to Withdraw
For single session sites (those without accounts), the funds that remain need to be cashed out via the same address used to send.
For sites that have accounts, you will need to designate a receiving address and request a withdrawal. In most cases, the withdraws occur fairly quickly.
Where Can I Buy Bitcoin?
The most popular online BTC exchange is Coinbase.com. It is what we use and recommend for others. Once you buy the bitcoin, you can either keep them on the Coinbase wallet, transfer them to a bitcoin betting site, or transfer them to your own wallet on your hard drive, the software for your personal ewallet can be found here.
Check out our bitcoin exchange page for more info and tips on buying and selling bitcoin.
What is BTC?
You can find a more detailed explanation about Bitcoin on our BTC guide. However, in simple terms it is a digital currency. Each unit of bitcoin is stored as an encrypted code. All transactions and balances are verified using a synchronized ledger that is shared by everyone who uses bitcoin. The wallet software synchronizes for you, so you don’t have to do anything or think about it. Each transaction is verified using a process known as ‘mining’. This process is crowd-sourced by people all over the world using powerful processing power that solve mathematical problems to verify the transaction and earn a small reward for each problem solved. After enough of these pieces of information are solved and verified, a transaction is completed. Each bitcoin transaction is recorded in a public general ledger; however names of sellers and buyers are not given. The only link to the buyers and sellers are their wallet IDs.
Bitcoin (BTC) began in 2009 and has since grown to a market cap of over 7 million . Being a new currency, its price has fluctuated considerably, but it is finding more stability over longer periods of time with an increase in its adoption. This includes its acceptance at big name sites like Overstock.com, WordPress, Zynga, OkCupid, and Tigerdirect . It is a natural fit for online gaming which is the reason more bitcoin betting sites continue to emerge and grow.
For more information about Bitcoin, see https://bitcoin.org