In addition to the bonus offers and the selection of games, the payment methods offered represent an argument for or against an online casino for many players. Therefore, today we would like to deal with a very new type of payment and take a look at Online Casino Bitcoin and explain what it is with this payment method.
In our article you will find out which Bitcoin Casino experiences we have had and how the payment in Bitcoin Casino Canada and in general works. What do you have to look out for if you want to grab free spins at Bitcoin Casino? And of course we also clarify the question of whether a Bitcoin casino is reputable or whether you should keep your hands off it.
Bitcoin Casino 2021
The crypto currency Bitcoin is still relatively new and many players have certainly not come into contact with it yet. For this reason alone, it is not surprising that there is still no huge Bitcoin casino list. Surely you would agree with that one best German online casino should also offer Bitcoin as a payment method in 2021.
But if you take a closer look at the matter, you will quickly find that the list of casinos that offer Bitcoin or other cryptocurrencies is growing steadily and it is worth reading Bitcoin Casino Reviews to find the best online Bitcoin Casino.
We would like to help you with your search and therefore recommend some trustworthy and reputable casinos where you can pay with cryptocurrency in our Bitcoin Casino List.
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What is bitcoin
As already mentioned, Bitcoin is a so-called cryptocurrency. That is, Bitcoin does not exist as a physical currency, but only as virtual money. This also means that you cannot carry Bitcoin around with you, but keep your credit in a so-called wallet, which is available on the web or as apps.
There are big differences between wallets in terms of quality and security, which is why it is important that you do your research before you start buying and storing Bitcoin. The safest method may not even be permanently connected to the Internet, but exists offline in a physical wallet. This is a small device that was developed exclusively as a Bitcoin wallet.
It is difficult to make a recommendation on how to store it because it can vary from user to user and it is therefore very important that you do your own research before you start buying and paying for Bitcoin. There are four main types of Bitcoin wallets:
- App-based wallets
- Desktop wallets
- Web-based wallets
- Physical wallets
How do I get Bitcoin
At the beginning of the rise of the online casino Bitcoin and the currency itself, users were still mining Bitcoins. This so-called "mining" was of course not associated with pulling into any mine and pulling out the pickaxe, since Bitcoin, as mentioned, was and is only a virtual currency.
Instead, users solved mathematical formulas on their computers to get Bitcoin. In the beginning, these were quite simple formulas and algorithms, but it has become much more difficult now. Due to the increasing demand and the limited number of Bitcoin, it is hardly possible to mine Bitcoin today without extensive specialist knowledge.
Therefore, normal consumers have to resort to file sharing to get Bitcoin. You then need a wallet to receive the currency.
The pros and cons of Bitcoin
When the big hype about cryptocurrency started, users were preached the huge benefits. Everything is completely anonymous, no banks are involved when trading Bitcoin and so on and so forth.
These advantages still exist today. If you pay with a wallet you don't have to enter your name or other personal data and it works the same way when you receive Bitcoin. Everything works using sequences of numbers and letters that cannot be assigned to any person.
Ultimately, however, you still have to reveal data about yourself somewhere. Especially if you choose Bitcoin as a means of payment in the online casino, because then you want to know the credit on your own player account and complete anonymity is gone.
But otherwise, if the Bitcoin Casino acts seriously, you will notice that you cannot operate under the guise of complete anonymity. Even if your Bitcoin wallet fills up a lot, providers of the wallets will at least ask for your identity card from a certain amount.
Potential downsides of Bitcoin
Ultimately, of course, this also serves your and public safety and prevents Bitcoin trading from being misused for illegal activities. The fact that there are no banks involved in Bitcoin trading does not only have advantages. A big one, however, is that Bitcoin is not subject to normal currency and rate fluctuations.
But there are very specific fluctuations in the value of the currency, which are due to the fact that this is a business exclusively between users. On the other hand, the sharp fluctuations in the currency can also be a great advantage, because sometimes the value of Bitcoin you have bought or exchanged can rise extremely within a few days.
This phenomenon could be observed even more violently at the beginning of the hype, because the more people participate, the more valuable the currency becomes. And of course the jumps were a little bigger earlier than they are now.
The disadvantages are particularly noticeable in our Bitcoin casino experience, because there are still not many providers who allow deposits with Bitcoin at all. It is relatively easy to understand that even today there are still not tons of Bitcoin Casino Canada and Europe-wide.
As we have already mentioned, Bitcoin also harbors some risks and it is hardly surprising that not many providers are vying for the title of Best Online Bitcoin Casino. It will be a while before Bitcoin Casino is the rule instead of the exception in 2021.
How to deposit Bitcoin in the online casino
In principle, deposits with Bitcoin work the same way as Payments by many other methods:
- Go to "Deposit" in your player account
- Select Bitcoin as the method
- Choose your deposit amount
- Pay the amount via your wallet to the specified sequence of numbers and letters
With the unique sequence of numbers and letters, you must make sure that you enter them correctly, because Bitcoin payments cannot be reversed. However, there are some safety precautions that ensure that Bitcoin does not go to an invalid address.
Bitcoin deposits will usually be significantly lower than deposits in euros, since 1 BTC (this is how Bitcoin is abbreviated) is really worth a lot. So at times you may only deposit a fraction of a bitcoin.
Are there bonuses for Bitcoin
If an online casino offers Bitcoin, then you can do so as normal Casino bonuses to back up. Here maybe other values count to activate Bitcoin Casino Free Spins, but in principle Bitcoin users are not disadvantaged by the online casinos.
Often, especially with deposit bonuses, it will be the case that any bonus money will be credited in euros rather than Bitcoin, but of course you can then use it at the slots, as usual. Regarding bonus offers, whatever applies to paying with Bitcoin, the value of the currency can fluctuate extremely within a very short time.
For this reason, Bitcoin Casino Canada providers and elsewhere often restrict the use of bitcoins on the slots because the payouts are more likely to be made in euros. Therefore, high rollers are more likely to forego Bitcoin, but this is not a big limitation for normal players.
What does the future of Bitcoin look like in online casinos
Bitcoin's popularity has risen sharply in recent years and there seems to be no end in sight. But the use is always associated with a bit of risk and it takes a little know-how to use Bitcoin safely and seriously.
That is surely one of the reasons why almost all online casinos still hesitate to make cryptocurrencies accessible to a wider audience. And even if there is already competition and, for example, some providers are making the Ethereum Casino and thus offering a platform to one of the Bitcoin competitors, an online Bitcoin casino is not yet a matter of course.
Our Bitcoin Casino experience has shown that the best online Bitcoin casino providers know what they are getting into and make it relatively easy for players to deposit with Bitcoin, but that these are still the exception.
However, if the rise of Bitcoin continues and the security and reliability of the crypto currency continues to prove stable, more online casinos will certainly jump on the bandwagon and in the near future it will hardly make a difference whether you have Neteller, Skrill or a credit card or just use Bitcoin.
