With the remarkable success of Bitcoin, many online casinos are now accepting deposits in this popular cryptocurrency, providing players with better security, reliability, flexibility, privacy and faster transactions.
We go over the pros and cons of Bitcoin gambling to ensure that our visitors have a fully rounded picture of what an online Bitcoin casino is all about.
What is Bitcoin?
Bitcoin is a decentralized type of digital money created by a mysterious software programmer known as Satoshi Nakamoto in 2008 with the aim to give users complete control of their money. The Bitcoin network is not owned or regulated by any institution but is an open network accessible from all over the world.
It is a highly secure system that ensures transactions cannot be altered or stopped in any way. Users who wish to transfer money to each other can do so directly without having to go through a third-party first, incurring only minimal fees.
One of the best features of this digital currency is the anonymity it affords, yet transparency as each transaction is recorded and saved on a global public ledger known as the Blockchain, making them available for anyone to view, discouraging criminals and terrorists from participating.
Inflation has a very small hold on this currency since it is not tied to a particular country or government, as well as having a limited supply of only 21 million coins. The lack of tangible assets does not restrict its uses in any way, allowing for the purchase of items and services if the seller or service provider accepts Bitcoin.
Bitcoin Casino pros and cons
| Pros | Cons |
|---|---|
| Anonymity | High Volatility |
| Fast transactions | No regulation |
| Few Country Restrictions | No Tangible assets |
| Low Fees | |
| Enhanced Security | |
| Decentralized system | |
| Transparency |
Before you join a Bitcoin casino
With the increased popularity of Bitcoin in everyday life, many online casinos have taken the step to include it amongst their payment methods, accepting Bitcoins while allowing players to enjoy the vast selection of games available in their collection without limitations.
However, for players who wish to conduct their financial transactions in this cryptocurrency, there are a few steps they might need to take before joining a Bitcoin Casino.
The first of these steps is opening a Bitcoin wallet, a safe and secure place to store your Bitcoin. Casino players have three options to choose from:
- Electronic Wallets (Blockchain) – a downloadable software, hosted in the cloud, it affords a more user-friendly interface making it ideal for new Bitcoin users.
- Software wallets (electrum) – these kinds of wallets consist of software on your computer that needs to be manually backed up on a regular basis. Although they are more secure that Electronic Wallets, they require more maintenance as well as backups.
- Hardware Wallets (ledger) – These are perhaps the most secure of all options as it consists of a hardware device that is only connected to the web when a Bitcoin transaction needs to be conducted, making it extremely difficult for hackers to gain access.
Once you have chosen your wallet of choice, it is time to locate a reputable trader from where to buy Bitcoin or else you can choose to mine for it directly. If you choose to buy Bitcoin, choose a trader with an excellent reputation. Bitcoin can be bought using any other currency like Dollars or Euros and can be purchased either by Debit or Credit Card or else by bank transfer.
Having bought your Bitcoin you are now ready to join an online Bitcoin casino. Effecting your first deposit using a cryptocurrency is no different than placing a deposit with any other currency. All you need to do is choose Bitcoin from the cashier page. The casino will provide you with a unique address which you need to insert in the section reserved for making payments in your Bitcoin wallet. Once you confirm the transaction, the money will be available in your casino account within minutes, allowing you to start your casino journey immediately.
This is a safe and secure way in which to conduct transactions, however, players should always choose to play at a licensed casino from a reputable gambling jurisdiction to enhance security for their online transactions.
Bitcoin casino games
Playing with Bitcoin as your currency of choice does not limit your access to the hundreds of games we’ve come to expect from the best online casinos in India.
While some casinos will allow you to place your bet in the cryptocurrency, others might exchange it for another supported currency enabling you to continue enjoying their casino games. Thus, Indian players can enjoy online slots, Poker, Blackjack, Baccarat, Roulette and their Bitcoin Live Casino without restrictions.
Some casinos might even include a special section of Bitcoin casino games, however, usually, the selection is rather restricted as not all game providers provide games specifically for Bitcoin.
Why you should join a Bitcoin casino
With so many advantages, it is no wonder that many online casino players are choosing to carry out their online transactions using Bitcoin.
It is a safe and secure way that is encouraging online casinos to adopt this payment method offering additional convenience to their players.
Although our list of online casinos that accept Bitcoin already offers some decent variety, including the likes of Bitcasino.io and CloudBet, we will be on the lookout for additional casinos that might offer this payment service in future, to ensure our Indian visitors are up to date with all options available.