Created at the end of 2008, Bitcoin’s international breakthrough occurred in 2011 and is one of multiple types of cryptocurrency in today’s world. It is also what the average person who knows nothing about cryptocurrency is most likely to have heard of.
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Bitcoin is a digital currency that you can invest in and also use as a payment system. It uses encryption techniques to ensure its safety and transactions can be made online, peer-to-peer. That means no middleman like a bank needs be involved which means there are no fees and you also can do everything quickly and anonymously. It can be used to buy just about anything online and you can even pay your taxes with it.
Since Bitcoin offers these amazing conveniences, it sooner than later made its presence largely felt in the world of online gambling.
Which Online Casinos Accept Bitcoin?
Almost all the major online casinos accept Bitcoin. Sites like Bovada, Betonline, Sportsbetting.ag, or any big gambling side probably couldn’t even be considered major at this point if they didn’t. Bet365 is currently one of the larger casinos that still hasn’t come on board with Bitcoin.
With online gambling being as popular as it is, be aware there are also always going to be plenty of small time sites that whether they accept Bitcoin or not are probably going to be more trouble than they’re worth. You are always better off going to the top ones especially if being able to transact with Bitcoin is a priority to you.
The availability of Bitcoin for online casinos has served as something of a milestone for the revolution of cryptocurrency and has made all the casinos that much more competitive with each other. More than ever, nobody can afford to fall behind especially in terms of transactional flexibility. That is why there was very much a domino effect with Bitcoin as a transaction method once it became available.
At this point, Bitcoin is the fastest, easiest, cheapest, most recommended, and most reliable to way to fund an online gambling account for both parties. Every casino that accepts Bitcoin and also offers promotional deposit bonuses and other rewards always offers a juicier bonus if you use Bitcoin.
These incentives are the main reason why the other deposit/withdrawal methods are starting to seem obsolete. They typically take a lot longer to complete with stricter deposit/withdrawal limits. Bitcoin, on the other hand, offers flexible deposit limits usually starting as low as $20 and max out in the thousands.
Transactions can take up to 2 days on some sites but on others can also be done instantly. Depositing and withdrawing can even be done using a mobile device. There are some other deposit methods that also occur instantly if for example you used your credit card, but methods like this also incur charging expensive fees while Bitcoin doesn’t charge. So, as you can see, Bitcoin is by far the best way to go.
Once Bitcoin became a deposit method, customers flocked towards where they could use it. Many other came to realize if they don’t follow suit to keep up with the times they could potentially start losing a lot of business fast. Between that and wanting to offer the most modern deposit methods to its customers anyway, this is why just about every major site and plenty of the middle of the pack sites now accept Bitcoin as a deposit and withdrawal method. Some of the aforementioned small lesser known sites’ existence primarily predicate on the use of Bitcoin.
When Did Casinos Start Accepting Bitcoin?
Although they no longer do, the very first licensed (though not the absolute first by any means) online casino to start accepting Bitcoin was in January of 2014 on a site specializing in slot machines called Vera & John. After depositing, the site would convert the Bitcoins into Euros. Note that when you deposit Bitcoins onto gambling sites, expect that they will convert them into U.S. dollars. You cannot gamble the bitcoins themselves.
Ever since Vera and John broke the ice, the bitcoin deposit method really snowballed with all the major gambling sites with some of the top ones like Bovada and Bodog joining the party in April of 2016.
Legality and Risks of Using Bitcoin
The major sites that accept Bitcoin also take business from U.S. customers and will convert their Bitcoins into dollars. There are not a ton of risks in using Bitcoin but the main one worth mentioning is the possibility of your Bitcoins being hacked. If you are concerned about this, educate yourself about each site that accepts Bitcoins as some of them do have reimbursement policies.
The Future of Bitcoin Casinos
Even though using Bitcoins is still illegal in some jurisdictions that have legalized online casinos, it stands to reason that more and more casinos will eventually get on board with it. Bitcoin is not going anywhere because it is a win-win for everybody that uses it and there are too many exceptional incentives for both parties to see its expansion slow down or regress.
Bitcoin is not the only type of cryptocurrency offered by online casinos, it’s just the most popular right now. But others are slowly gaining popularity and in a few years who knows, cryptocurrency could evolve into the primary deposit methods because it will be too easy to consider anything else. So with more advanced cryptocurrencies being created and accepted as a form of payment, there is every reason to believe Bitcoin will continue to spread to more online casinos.