Can you gamble online with Bitcoin?

Online casinos are the epitome of what can be done with a bit of digital innovation, tech wizardry and entrepreneurial spirit.

There was a gap in the entertainment market – one that land-based casinos couldn’t fill being, you know, LAND-based – for offering passionate gamblers a safe and trusted solution to play their favourite games without having to travel to casinos. Enter the world of online casinos.

The massive growth of this industry since its inception has shown how many players value being able to gamble from the comfort of their own homes, while the growth of the mobile casino market proves that dedicated layers want to be able to access their online casinos from wherever they happen to be, whenever they want.

The easing of laws and emergence of legal online casino territories has opened up valid and secure banking methods for online gamblers and they can now top up their online casino accounts quickly from a credit card or via a bank transfer or using a prepaid card and many others.

Being an industry that is so closely tied to the digital industry, online casinos tend to embrace and improve innovations in the digital world as fast as they happen – and this is perfectly illustrated in the word of the bitcoin gambler.

What is gambling with Bitcoin?

Gambling with Bitcoin is simply using Bitcoin to fund your online casino account instead of transferring money from a traditional credit card or bank account.

Why gamble with Bitcoin?

A lot of online gamblers prefer to stay as anonymous as possible and using Bitcoin at their online casino is one way of doing so. Rather than using their bank account details to move money into and out of the online casino, they use Bitcoin.

With Bitcoin you don’t need to divulge your ban details. It is transferred directly from a Bitcoin wallet into your online casino account, and from your online casino account back to your Bitcoin wallet, using end-to-end encrypted anonymous data via a keychain.

The keychain is used to verify the authenticity of the transaction rather than having a bank do it.

You are charged a fee for converting Bitcoin into the local currency but it is usually (depending on your Bitcoin wallet) not a big deal.

Is there a difference between a Bitcoin casino and gambling with Bitcoin?

Yes, there is – and it is a very important difference.

Gambling with Bitcoin is using Bitcoin to fund your account at a licensed and legit online casino.

A Bitcoin casino is an online casino that only offers online gambling using Bitcoin.

The difference is that the licensed casino still needs to undergo oversight from its registered territory and gambling bodies to ensure it is compliant with the laws while a Bitcoin casino, because Bitcoin is by its very nature and anonymous transaction, does not.

This opens Bitcoin casinos up to being hubs for criminal behaviour and centres for money laundering. ALWAYS MAKE SURE YOU ARE DEALING WITH A LICENSED AND LEGIT ONLINE CASINO.

Which online casinos can I trust for gambling with Bitcoin?

While it is growing in popularity, not all online casinos offer Bitcoin transactions. Online Casino Review recommends the following trusted and licensed online casinos for South African players wanting to use Bitcoin to transact:

PlayLive Casino

Springbok Casino

Yebo Casino

Punt Casino

SilverSands Casino

If you want to find out more about these online casinos, visit our Online casino Reviews page and see what our experts have to say.

How do I use Bitcoin at an online casino?

It’s as easy as any other banking method.

Deposit

1. You need to set up a Bitcoin wallet. This means buying Bitcoin from an authorised Bitcoin seller. Please do proper research before you set up your account and transact. Bitcoin.org is a great resource for this.
2. You will need to fund a Bitcoin wallet by transferring your bought Bitcoin to the wallet.
3. Your online casino cashier page will have the available banking options for you to choose from. Select Bitcoin.
4. You will be provided with a unique web address for your account.
5. Input that address into the ‘send’ tab of your Bitcoin wallet.
6. Enter the amount and confirm your transaction.
7. Your Bitcoin will be converted into playable currency and reflect in your online casino account.

Withdraw

Check that your online casino allows you to withdraw funds from your online casino account into a Bitcoin wallet.

1. Select ‘Withdrawal’ and ‘Bitcoin’ on the online casino cashier page.
2. Go to your Bitcoin wallet and copy the web address you are given.
3. Input the web address at the online casino and check your details are correct.
4. Click withdraw.

The pros and cons of gambling with Bitcoin

Pros

• Privacy – cryptocurrency is designed to keep your transactions anonymous
• Speed – Bitcoin transactions can be much faster than methods such as bank transfers
• Fees – Bitcoin transactions are, in general, cheaper than other banking methods
• Security – Bitcoin is the original blockchain cryptocurrency and, if you follow safety guideline, one of the most secure financial transactions available

Cons

• Volatility – The cost of Bitcoin goes up and down continuously
• User-friendliness – for the tech-savvy Bitcoin is a simple process, for those not so tech clued up it can be quite a learning curve
• Security – blockchain is famous for its security but, as with anything on the web, there are clever crims out there who are waiting to hack
• Acceptance – it’s changing quickly but, at present, there are very few licensed online casinos willing to transact in Bitcoin

Gambling with Bitcoin

We hope you have found this gambling with Bitcoin article educational and helpful. As with everything we do at Online Casino Review, no matter what banking method you choose or which online casino you decide to play at, always make sure they are properly licensed and have a good reputation.