Bitcoin Casinos – Online Poker With Anonymous Bitcoin Payments
One of the newer trends in the online gambling world are Bitcoin casinos. These gambling sites are becoming increasingly popular as digital cryptocurrency allows players to deposit and withdraw funds anonymously.
If you are looking for a Bitcoin Poker or Roulette site, you have come to the right place. We have tested some major casinos with Bitcoin and have created a small guide to Bitcoin and cryptocurrency in online gambling. Even more sites have been reviewed on bitcoincasinos.reviews.
How do you get Bitcoins?
The beginning may be a bit confusing, but there are many tutorials to help you through the process online that you need to go through to get into the Bitcoin currency in poker. There are essentially two ways to purchase Bitcoins – prospecting or buying.
Simply buying Bitcoins from an exchange is, of course, the quicker and easier way. Prospecting for Bitcoins can be lucrative, but requires a considerable amount of computer power, electricity and specialized software. If you have never dealt with Bitcoins before, you should first buy a relatively small amount of the currency to gain some experience.
This is how you can buy Bitcoins:
Registering with a Bitcoin Wallet: A Bitcoin Wallet is a special piece of software in which you can store Bitcoins. These Bitcoin Wallets are available on a browser basis, for download and for smartphones. The largest providers are Bitcoin Core and Electrum.
Buying Bitcoins with normal currency: Once you have a Bitcoin wallet, you can use the wallet’s software to buy Bitcoins at the current market value. Bitcoins are very expensive, which is why it is also possible to buy only fractions (milli- or micro-Bitcoins).
However, the Bitcoins are not completely stored in the Bitcoin Wallet after the purchase. The only thing you get is the key (address) that uniquely identifies the Bitcoins.
In Europe there are already Bitcoin ATMs. These allow users to scan a QR code via smartphone and either buy or sell the currency by depositing or withdrawing euros.
Depositing with Bitcoins at Online Casinos
Before you can make a deposit via Bitcoin in online poker, you must first purchase some Bitcoins (or milli- or micro-Bitcoins). The purchase is relatively easy and can be done in half an hour (see above).
The Bitcoins are stored in virtual wallets (Bitcoin wallets). Once you have such a Bitcoin wallet in which you can store your crypto currency, you can buy Bitcoins. These are paid with normal money, probably in Euro. Once you have the digital currency, you can use it and deposit at online poker sites that accept Bitcoins.
This is how depositing with Bitcoins works in online casinos:
Cashier: You need to go to the cashier of the casino site and select „Deposit“.
Select the amount: The desired amount must be specified. The amount is given in Euros and is automatically converted to Bitcoins.
Bitcoin Wallet: At the same time you have to open your Bitcoin Wallet to initiate the transaction. The Bitcoin Wallet gives you a virtual address that you give to the casino (simply by copy & paste) and the transaction is complete.
Paying out Bitcoins at Online Poker
Payouts from Bitcoins work even easier. You just give the poker provider the address of your wallet and the provider transfers the amount to this address. This usually only takes a few minutes, although the poker provider usually makes a few checks on the player’s account beforehand.
Popularity of Bitcoin
The acceptance and use of Bitcoin continues to grow each year. Since 2012 Bitcoin has attracted the attention of the mainstream media. The growth in acceptance is not only on the part of consumers, but also applies to many companies that want to take advantage of all the benefits of Bitcoin.
The Bitcoin price is subject to many sharp fluctuations. In recent years, the price has fluctuated between 500 and over 16,000 euros per Bitcoin, with the currency losing over 80 percent in value between December 2017 and December 2018, only to regain most of its losses in 2019.
Advantages of Bitcoin in Online Poker
Direct transaction without third parties: As a digital cryptocurrency, Bitcoin does not use a third party to transfer funds from one account to another. Thus, when using Bitcoin, there are no fees to third parties.
Secure transactions: Using the Bitcoin wallet makes transferring money via Bitcoin incredibly easy. Transfers are absolutely secure and cannot be intercepted.
All you have to do – like everywhere else in the virtual world – is to protect your passwords and personal keys well. To protect your privacy, you have to make sure that the Bitcoin address and personal identification data are not simultaneously disclosed to third parties. This is because all Bitcoin transactions are permanently stored in a public network.
Anonymous gambling with Bitcoin: Bitcoin poker sites offer users absolute anonymity when playing online. The only information that Bitcoin casinos necessarily ask for is a player’s e-mail address. This is because otherwise the casino would literally have no way to recover the user’s password if a player forgets it.
No fees: The cost of completing a Bitcoin transaction is zero. While the cost of transferring Bitcoins is usually completely free, a poker site may occasionally charge a small amount. However, deposits via Bitcoin are free in all casinos.
Disadvantages of Bitcoin in Online Poker
Every payment is irrevocable: once you have made a transfer with Bitcoin, the payment cannot be cancelled. This is different from bank transfers, for example, which can be reversed if necessary. That’s why you should only ever do business with companies that are both trustworthy and secure.
The value of Bitcoin is subject to strong fluctuations: Since Bitcoin is still a relatively new currency, its value is very volatile, it tends to both rise and fall over a short period of time. For many people, Bitcoins are therefore investment and speculative investments and virtually a small (or large) gamble in their own right.