Oh Bitcoin Gambling! – Don’t Play Until You Watch This!

22/01/2023 | Categories: News | Published by: Bitcoin Live Casinos Team

How does bitcoin gambling work and is it convenient?
Bitcoin gambling works similar to regular casino gambling.
You will still need to deposit and withdraw funds into the online casino.
1. Decide on an electronic wallet that you feel safe using (Coinbase, Blockchain.info, Electrum, Ledger/Trezor, Paper Wallet etc.)
2. Decide on a secure and reputable bitcoin casino of your choosing. Make sure to read the fine print on the deposit and withdrawal options. Most bitcoin casinos will let you deposit with bitcoin and the casino will exchange it into regular currency funds (USD, GBP, CAD, etc). But when you go to withdraw, you may have to withdraw the funds as USD, CAD, GBP instead of as bitcoins. If you want to turn this money back into bitcoins, then you will need to use an exchange to buy the cryptocurrency of your choice and deposit them into your cryptocurrency wallet.

The major advantages of bitcoin gambling:
– There are never any chargebacks.
– Your financial information and personal information is never available to anyone and all deposits and withdrawals are basically instantaneous which is a huge plus on regular withdrawals which usually take up to three days to process.
– Bitcoins are not taxable which means you will not get hit with any type of fees for the transactions.
– The house edge for bitcoin casinos is generally a lot lower than regular online casinos due to how new and how volatile the digital currency is.

The disadvantages of gambling with cryptocurrencies:
– Casinos are not regulated in their cryptocurrency transactions because cryptocurrencies are decentralized. Find a reputable bitcoin casino, because once the transactions are complete, you cannot reverse them.
– The second disadvantage is that the market is very volatile, meaning you have an increased chance of losing a lot of monetary value if you cash out at the wrong time.

Online casinos accepting bitcoin for gambling:
There are quite a few online casinos that do accept them as a deposit and withdrawal form. It is important though, that when deciding to play at an online casino with the intention of using cryptocurrencies for deposit and withdrawal, that you check which cryptocurrency methods are accepted. Some popular bitcoin casino options include:
– Deposits only: Casinomoons, Box 24 Casinos, Black Diamond, Spartans Slots, Fair Go
– Deposits & Withdrawal: PlayAmo, Bob Casino, Betchan, Bitstarz, Bovada, Café Casino, Ignition, Slots LV, Bodog, Uptown Aces, Miami Club, Red Stag

It is important to note that on a lot of the above casinos, they accept bitcoin but it will be through either Cubits which is an all-inclusive bitcoin buy and sell platform or through one of the exchanges associated with the official bitcoin website.

Cryptocurrencies that are popular as payment option:
Ethereum, Litecoin, Bitcoin, Dogecoin, Dash, Novacoin, Bitcoincash.