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Why use Bitcoin for Online Gambling and Betting?
While more and more govenments move against online gambling, mostly through restricting payment providers, a Bitcoin gambling grows bigger and bigger. You can enjoy all big Casino games like Poker, Roulette, Blackjack, Bingo, Dice Games and many more – without any restrictions by using Bitcoin for your online gambling. If you are interested in Sports betting, check out our sister-site www.bestbitcoinsportsbook.net.
How to Buy Bitcoins?
You can buy from the exchange companies that send you bitcoins for the money you pay them. The exchanges are for example: Kraken.com, BTC-E.com or Localbitcoins.com. You can also buy bitcoins from people who have bitcoin and want to sell. You can buy bitcoins against any mode of payment supported by the seller of bitcoins. In many countries, you can purchase bitcoins from exchange against, hard cash, debit card, credit card or any other supported form of payment.
But as you already know, the price of Bitcoins is extremely volatile and you should check the development over the last 3 months at least to determine a good oportunity to buy.
How does provably fair gambling work?
The provably fair gambling works on the basis of cryptographic hash function, which is an algorithm for creating encrypted hash value against the server and clients seeds. In general, the procedure of provably fair gambling takes place through following steps:
- A random secret seed is generated and then encrypted into a hash code by the server
- The hashed code of the server seed is sent to player
- The player inputs a random client seed.
- Both seeds are mixed up through an encrypted function to create the result.
- For client verification, the server seed is revealed to the player again to check.
Is it possible for a provably fair Bitcoin gambling site to cheat players?
Technically speaking on the basis of cryptographic hash functions, it is not possible for a casino to cheat a player; but, this is a game of money and money makes the mare go. Some malicious casino use some other tricks to cheat on the players such as, disconnection of the software, nonpayment of money and many other such kinds of activities. So, it is always important to note and read the reviews and feedback of past players and the casino reviewing websites like this one for more details.
As soon as we hear of any kind of fraud from the bitcoin casino websites listed here, we immediately publish warnings about them.
How do you know if a bitcoin casino is provably fair?
You can know if a bitcoin casino is provably fair through different ways. You can read different reviews and feedback about any casino that you are interested in. You can also make sure that the results generated by the casino are done locally by recording the hash function of server seeds and the client seeds that you input to the bitcoin casino games. You should also make close note of the explanation that bitcoin casino provide to the readers for being it provably fair. There is no scientific method to know about the provably fairness instantly.
How long does it take to deposit or cash out?
The deposit and cash out of bitcoin do not take much time. For smaller amounts, it is very fast and instant if you have your wallet account ready to use. But, for larger amounts it may take 2 to 10 hours to deposit or cash out bitcoin transaction. Normally, these tractions appear in pending status for a certain period before they are cleared; and, the status of the transactions changes once they are cleared. So, it is very easy and fast for small as well as large amounts.
Its imporant to understand that its the security measurements of the bitcoin casino which takes a while with larger winnings to cash them out – transactions with bitcoin are submitted in a few minutes to 2 hours in median, no metter how much bitcoin you send.
Do bitcoin casinos offer free bitcoins?
Yes, many bitcoin casinos offer free bitcoins to its prospective players or affiliates for different activities such as, your registration with the casino, referring a new player to register on a casino, to play a new game, and many others. These offers are mostly promotional and certain terms and conditions apply. There are some casinos that also offer bonus on games and number of gambles etc. Popular offers, for instance, are some free Satoshis (mBTC) and a number of free spins particularly for BTC slot games. On Funsatoshis you can learn in detail how slots work.
Do I need a credit card or bank account to gamble?
It is not necessary to have credit card or bank account to gamble on a bitcoin casino. You can gamble through bitcoin transactions, which are not only easy to send/receive but also, it is free of charge or deduction fee. Normally, credit card and bank account payment is subjected to additional processing charges and fees but bitcoin transactions are free of charges, except a 0.0001 Bitcoin transaction fee, which is less than 10 $-Cent at the moment, just like we pay hard currency in a shop without any additional fee.
Are Bitcoin casinos regulated?
Not all bitcoin casinos are regulated; but some reputed casinos are regulated and licensed. Like other industries, the bitcoin casinos are also required to have license under the regulatory body of the country from where it operates; but there are many bitcoin casinos that don’t possess licenses. So, it is very important for a player to make sure that the bitcoin casino he/she is interested in is regulated and properly licensed.
Another important thing related to licensing of bitcoin casinos is that the casinos operate from such countries where having license is just the name of paying license fee and having the certificate. So, it is a good idea to research about the casino before investing your money.
Do I need to download software?
It depends, if you want to create your bitcoin wallet on the hard drive of your computer you will need software to download and install on your computer. Meanwhile, if you want to use the service of web based bitcoin wallet service provider companies, you don’t need to download software. You can access your wallet through supported browsers. Meanwhile, some bitcoin casinos require their client software to download and install on your computer to gamble and also, there are many bitcoin casinos that use software for client to download.
Are there bitcoin-based gambling sites or apps that work on a mobile phone?
Yes. There are many bitcoin based gambling sites or applications that work well on modern smart phones such as, Android phones, iPhones, and others. You can download those Apps from their stores such as, Google Play Store and Apple Store. Some companies offer their applications to download directly from their own websites too.
Note: Always download apps of those gambling companies that are provably fair in their dealings as well as operations.
How do the deposit bonuses work?
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A deposit bonus is a kind of promotional offerings in terms of percentage of original money a player deposits. The working principle of that deposit bonus varies website to website. Some gambling websites put the limit of number of wagering, some put the limits of minimum amount of bonus to reach before you can use it, and some put limitations of minimum use of amount on games. Therefore, it is highly recommended to read the terms and conditions on how to use the deposit bonus before you choose for those kind of promotional features of bitcoin casino websites.
Are bitcoin casinos secure?
There is no generalized answer to this question; it depends on which bitcoin casino you want to play. There are many bitcoin casinos that are secure and provably fair in their business, on the other hand, there are many fake and unfair casinos that are not secure. So, you should take care of a few important things while deciding for any casino such as, checking license and reputation of that particular casino through review websites and customer feedback.
Is there a minimum deposit amount?
No. There is no minimum deposit amount in bitcoin casinos. The most commonly used units in bitcoin casino gambling are Milli-bitcoin (mBTC). For example, if you deposit 1 bitcoin, it will be converted into 1000 mBTC. You can play games via those 1000 units of your bitcoin deposit. You can deposit any amount to play games. There are some casinos that put certain minimum limits on the amounts you deposit. In such special condition, you can check with the website you are interested in.
What is the difference between BTC, mBTC and uBTC?
BTC is an abbreviation of Bitcoin currency. The thousandth part of a BTC is called milli Bitcoin or mBTC and the millionth part of BTC is called micro Bitcoin or uBTC. This is very important to note that in bitcoin casinos the thousandth part or mBTC is very popular unit to a play wagering. There are other common units of Bitcoin used in the domain of encrypted currency such as, dBTC, which is the tenth part of BTC and cBTC, which is the hundredth part of a Bitcoin.
What does responsible gambling mean?
Responsible gambling is the name of being prudent while gambling. You should not lose your control over your gambling desire at any time; you should be very calculated and careful about how much money to spend on gambling and how much time to play these kinds of games. These are the same rules for financial and emotional self control which also apply when you are trading with Bitcoin, for instance.
Normally, gambling is considered as a type of entertainment like other entertainment in our routine life. So, a person who plays gamble should be well calculated and balanced in his or her entire lifestyle to make sure that his/her day to day life responsibilities are not disturbed or influenced by gambling. It is important to note that gambling is a form of expenditure not a form of earning. Strict adherence to these guidelines while gambling is called responsible gambling.
Are bitcoin bets and payouts transactions on the blockchain?
The general answer to this question is No. Your bitcoin bets and payouts are recorded on the providers of Bitcoin casino services. Your bitcoin currency is on BlockChain until you deposit it to the platform of your desired Bitcoin casino; after you transferred your Bitcoin currency to bitcoin casino your money is not on Blockchain. It comes back on Blockchain when you withdraw your bitcoins from your casino platform to your Bitcoin wallet.
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Is bitcoin gambling legal?
Yes, bitcoin gambling is legal where flat currency gambling through USD, Euro and other currency gambling is legal. Bitcoin gambling has not been subjected to any kind of separate legislation as yet. At this time, bitcoin in the gambling is considered as a mode of payment. Maybe, in the near future some legislation may come into place in different countries to regulate bitcoin gambling into legal jurisdiction.
If Bitcoin is anonymous, do I still need to provide personal information?
No. You don’t need to provide your personal information for Bitcoin money. At this point of time, you can deal in bitcoin currency through a single email ID. There are obvious chances that in near future some legal regulations will be implemented to regulate this type of currency to make it acceptable across all domains and stakeholders of the modern world.
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Are there US friendly bitcoin casinos?
Yes. There are many US friendly bitcoin casinos offering gambling services to US citizen through bitcoin digital currency. If you search for US friendly casinos, you will find many to claim as US friendly casinos. You need to check out their features before deciding for any bitcoin casino to gamble. If the features of those casinos are in compliance with the USA rules and regulations, then you can deem them as US friendly bitcoin casinos.