Bitcoin has started to revolutionize the international financial system. The spread of the means of payment has increased significantly in recent years and the first online casinos now offer deposits and withdrawals with this cryptocurrency. On this page you will not only find the test about the best Bitcoin casinos and games, but also a lot of additional background information.
Best BTC Casinos in India
At this page, we would like to introduce you to our Bitcoin Casino experience. We have only focused on the safest and most reputable Bitcoin casinos. We also explain the crypto currency Bitcoin and clarify whether Bitcoin payments are really anonymous.
The advantages of Bitcoin casinos
- Personal data remains anonymous at all times
- No proof of identification is required for many games
- Often no bank or account details required
- Much higher stakes – up to 1 BTC possible
- Lightning fast deposits
- Safe payouts
How long do payments with Bitcoin take?
While transactions from e-wallets land on the customer account within a few seconds, depositing with bitcoins sometimes takes a little longer. In some cases, the transaction is already visible in a few seconds. However, the transaction must be confirmed 6 times in the network. On average, a block is generated every 10 minutes. The money will then be available in the online casino account at the latest.
What are bitcoins?
The cryptocurrency Bitcoin is a digital payment method. The basic idea behind the creation of the means of payment was to remove the middleman, the bank, from all transactions. Bitcoins can be used to send transfers directly from the sender to the recipient.
The second important point of bitcoins is that data is not stored centrally, for example at the house bank. If the bank is hacked, you may have lost your money. Due to the decentralized storage in the Bitcoin network, this is not possible because there are countless backup copies around the world. Because every participant in the Bitcoin network receives a copy of a complete transaction history.
Every attempt to defraud is nipped in the bud because you can see the defraud immediately.
In simple language
- It is an online currency
- Another word for bitcoins is cryptocurrency
- “Bit” is the smallest storage unit in the computer
- “Coin” is the English word for coin
- Bitcoins can be exchanged for other currencies
- Bitcoins are traded decentrally – that means without the interposition of banks
- You can pay with the cryptocurrency via Bitcoin wallets
You have a kind of wallet on your computer. This wallet makes trading with bitcoins possible. Bitcoins, or BTC, can be exchanged for other currencies. For this to work, the remote station must also be able to offer BTC. Since it is a decentralized currency system, no banks are involved in trading. As a result, the online currency is not affected by the rate fluctuations of other currencies.
Bitcoin Known Facts
|Circulation Estimate:||16.7 million (as of Dec. 2017)|
|Biggest Gambling Win:||11,000 Bitcoins (2013)|
|Mining Rate:||Every 8.5 min|
|Illegal in:||Nepal, Bolivia, Kyrgyzstan, Ecuador, Bangladesh|
Are Bitcoin Payments Really Anonymous?
Basically, the means of payment are based on general anonymity on the Internet. This means that any transactions for private individuals and companies are hardly or not at all comprehensible. It only becomes interesting if IP addresses and / or Bitcoin addresses (wallets) are known. Because then bitcoins can very well be assigned to a person or a company.
All transactions between two addresses are logged publicly and decentrally and stored permanently in the Bitcoin network. This means that all transactions that have ever been made are traceable and will always be.
Bitcoin casinos – safe & reputable?
For a long time, Bitcoin was only a niche currency that was mined and traded in a small circle. In the past few years, there has been a huge hype about the cryptocurrency and the price even exceeded the magical 20,000 USD limit in 2017.
The cryptocurrency is now accepted by many casinos and thousands of shops around the world.
When it comes to security, especially private individuals who are not yet familiar with the topic must be careful. Because when creating a Bitcoin account, a unique code is generated that you have to write down, ideally in physical form, if the computer should no longer work. If you have misplaced the key, there is no longer any way to get the bitcoins.
Benefits of bitcoin payments
Bitcoin payments are carried out for everyone in a few minutes. Due to the decentralized nature of the coin, all transactions can be called up and logged at any time.
Furthermore, some people also see it as a security currency. If your own currency should crash, for example the euro or the US dollar, Bitcoin is not affected. However, the cryptocurrency is also subject to huge price fluctuations. So be careful here.
More and more casinos recognize the legitimacy of bitcoins and accept the form of payment. We estimate that Bitcoins will be a normal payment option in a few years, such as PayPal or Neteller.
Disadvantages of Bitcoin payments
As already described above, Bitcoin is only offered by a few casinos as a payment method.
There is also a disadvantage when betting in casinos. Some casinos only allow small bets on the cryptocurrency because you are afraid of sudden price drops. Thus, the online casino keeps the risk as low as possible.
Another minus point of the cryptocurrency is the constant exchange rate fluctuation. The cryptocurrency gained and lost three to four figures in some days during the high season. Before buying, it is best to review the previous history and news so that you can choose the right time for the purchase.
Are there any Bitcoin alternatives?
Yes, there are now well over 1,000 other cryptocurrencies on the market. A precise overview can be found on the website coinmarketcap.com.
With the payment options in the casino there are of course many other currencies available. The best known include PayPal and the two e-wallets Neteller & Skrill. Of course, one should not forget here with credit cards (VISA & Mastercard).
Bitcoin casinos are becoming increasingly popular. The safest and most reputable Bitcoin online casinos have already expanded their slot machine offering and can now keep up with big names like Leo Vegas and Royal Panda. Both casino giants have not yet listed Bitcoin as payment methods. However, it will only be a matter of time before the established casinos will jump on the trend.