The 7 Best Bitcoin Casino Sites in 2020. If you search “best Bitcoin casinos” on Google, you’ll find a bunch of sites listing the best 30, or even 50 bitcoin casino reviews. I’m sure you don’t want to check out 50 crypto casino reviews to see which one is best. Hundreds, maybe thousands of online BTC casinos exist. 2020's Top 10 Online Casinos for Bitcoin Here you can find a shortlist of the best Bitcoin casinos for gambling online. Bitcoin has many advantages for online casino play - it is anonymous, has no. Top Cryptocurrency News Site CryptoClarified named Top Online Bitcoin Casinos the #1 Independent Reviewer of Bitcoin Casinos for 2019. If they give a positive review of an Online Casino, you can rest assured they have been thoroughly checked out and bet with confidence. Choosing which bitcoin casinos to place your bets at can be hard. Fortunately, there are a variety of top-notch Bitcoin wagering sites out there including Bovada, mBit Casino, BitcoinCasino.us, 1xBit, and Megawins.
Bitcoin and cryptocurrency-based casinos have all the perks of a regular online casino but with additional privacy benefits.
In recent years, the online gambling industry has faced more stringent rules from regulators. These unfriendly policies have prevented many players from having a fabulous experience betting on their favorite casino games.
Fortunately, the advent of Bitcoin and cryptocurrencies is a game-changer for both users and operators of online casinos. The relative anonymity of blockchain-based currency like Bitcoin is its secret weapon, and that’s what makes it better than regular online casinos.
www.bitstarz.com | Welcome Package of up to5 BTC+ 200 spins |
| Show More info |
www.cloudbet.com | 100% Bitcoin Deposit Bonus up to5 BTCon your first deposit |
| Show More info |
www.1xbit.com | Welcome Bonus of up to 1 BTCon first Deposit |
| Show More info |
There are hundreds of Bitcoin casinos out there today, a mix of both reputable and fraudulent platforms. So to save you the stress and to prevent you from falling into the wrong hands, we’ve done thorough research to curate the best Bitcoin casinos you can use to earn money while playing the games you love. This guide also provides detailed answers to frequently asked questions about crypto casinos.
Bitcoin Casino FAQ - Start Here
What games do bitcoin casinos offer?
Just like regular online casinos, Bitcoin casinos offer a wide variety of games, including popular ones such as slot machines, poker, roulette, and blackjack.
The bottom line is that all casinos are not equal; some have more game selection than others. Besides the online games, leading Bitcoin casinos offer live dealers’ play.
Are bitcoin casinos legal and regulated?
While Bitcoin is decentralized and not controlled by any government, many online casinos that accept the primary cryptocurrency for gambling are regulated, but not all of them. One of the best ways to know a reputable casino is by its license and registration.
Many Bitcoin casinos, small and big, are licensed in Curaçao, a Dutch Caribbean island. The reason for this is simple. The Curacao eGaming License offers an all-in-one solution for the gambling industry. It’s the most accessible gaming license.
Besides, it allows online casinos to accept players from any residence as long as the jurisdiction is not prohibited in the sub-license agreement.
Restricted territories: Usually, the restricted countries include Curaçao, the United States, France, Netherlands, Aruba, Belize, Bonaire, Saba, Statia, and St Martin.
The Montenegro e-Gambling License is another popular all-in-one online gaming license for Bitcoin casinos. It is issued by the Montenegro Games of Chance Administration (Gambling Authority). The license permits holders to provide gambling services to players in the international market, except for gamblers in regions like the United States, the United Kingdom, Hong Kong, and Singapore.
Aside from these, casinos can also apply for licenses from those countries not included in the Curacao eGaming License and the Montenegro e-Gambling License
What does the regulation status matter?
When a casino is regulated, you can complain to the regulator if you discover that you’re being cheated, and legal actions would likely follow. Sadly, the Curacao eGaming License does not adequately protect players since an external registrar is issuing it, thus no real power.
What countries restrict Bitcoin casinos?
It depends on who licensed the casino. Best number to play in roulette. As explained earlier, for instance, casinos with the Curacao eGaming License cannot accept players from the United States, France, Netherlands, Aruba, Belize, Bonaire, Saba, Statia, and St Martin because these countries are restricted in the sublicense agreement.
Some casinos can obtain licenses directly from the regulator of a country that allows residents to participate in gaming activities. For example, the UK gaming commission can authorize a gambling company to offer its services to UK players.
Are Bitcoin casinos legal in the United States?
The United States of America has strict policies and regulations for gambling and casinos, as the country is constantly on the lookout to protect its citizens. For this reason, many Bitcoin casinos don’t accept players based in the US.
However, there is currently no rule that expressly declares the use of Bitcoin and other cryptocurrencies on online casinos as illegal.
With that in mind, very few casinos accept users from the US even though they are not licensed or regulated by the National Indian Gaming Commission. They accept US players on the basis that gambling is not illegal in the region.
Additionally, casinos that only accept cryptocurrency deposits from players could also allow US residents to use their platform. We advise US residents to do their own research.
What are the best Bitcoin casinos in the US?
Gamblers residing in the US are welcome in the following Bitcoin casinos.
- 24VIP Casino
- Bitcoin Casino
- Bitcoin Penguin
Important: If you live in the US, it’s not recommended to register on any Bitcoin casino that says clearly that they do not accept US players, or else you might run into troubles when withdrawing funds. Spend some time to read the fine print of the casino you intend to play in, regarding US players’ regulations.
What are the Bitcoin casinos’ pay-out terms?
This might be one of the significant advantages of using Bitcoin casinos. Unlike most online casinos, the withdrawal process using Bitcoin is almost immediate, and no need to wait 2-3 business days for a corporate bank to process.
Payout terms vary among casinos, but some of the most common terms cover deposits and withdrawal fees, minimum payouts, accepted payment options, etc.
Ensure you read these terms and are comfortable with them before you sign-up on any Bitcoin casino. Take your time to navigate the casino’s website for these terms; you can usually find them in the FAQ section.
Is it safe to gamble on Bitcoin casinos?
Gambling on crypto casinos is the same as gambling in a brick and mortar casino. The difference is that the former offers great convenience as you can bet on games from the comfort of your home without compromising your privacy.
![Top Bitcoin Casinos Top Bitcoin Casinos](https://slotcatalog.com/userfiles/image/games/SG/2051/Cats-Hats-Bats-1.jpg)
Bitcoin is one of the safest methods of making payments on the internet today. Unlike other payment options like credit cards, merchants, or online casino operators cannot access your personal or financial data when you make payments using Bitcoin and other cryptocurrencies. This means anyone can hold or transact with Bitcoin while preserving privacy.
Important: Make sure you are knowledgeable about essential crypto security measures. Cryptocurrency transactions can’t be reversed. It’s always advisable to deposit a small amount of Bitcoin and wait until a positive balance shows up. Store your Bitcoin in cold wallets that you have a backup to their private keys.
Do Bitcoin casinos offer sports betting?
If you prefer sports betting over slots and table games, then you’re in luck. Many Bitcoin casinos offer different types of sports games that you can bet on.
Popular sports games you can expect to see are football (soccer), basketball, ultimate fighting championship (UFC), cockfight, and Derby (Horse race).
Do Bitcoin casinos accept other cryptocurrencies like Ethereum and USDT?
Yes, but it depends on the casinos. Some casinos only support Bitcoin, while some accept at least one other cryptocurrency aside from BTC.
Popular coins used by online casinos are Ethereum (ETH), Tether (USDT), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), and Monero (XMR).
Additionally, since cryptocurrencies tend to be very volatile and might gain or lose value at any given time, some casinos also accept stablecoins like Tether (USDT), Paxos Standard (PAX), and USD Coin (USDC).
Stablecoins are a special kind of cryptocurrency designed to hedge and protect investors against the volatility in the crypto market. These tokens are pegged to the value of a relatively stable asset or a basket of assets like fiats and precious metals. For example, Tether (USDT) is pegged 1:1 to the USD, meaning 1 USDT equals 1 USD.
Top 5 Best Bitcoin Casinos Detailed
There is fierce competition in the cryptocurrency gambling sector, and each platform is trying to outdo the other by offering massive bonuses and high-quality games. And that is good for casino players.
Cloudbet
TL;DR: Cloudbet is one of the first major online casinos to support crypto betting, but it accepts very few coins.
Properties: Online casinos, sportsbooks, esports, live betting.
Cryptocurrencies accepted besides Bitcoin: Bitcoin Cash, Ethereum, and Tether
Year of establishment: 2013
Registration place: Curacao and Montenegro
Regulated? Yes
Welcome Bonus? Yes
Cloudbet is one of the oldest Bitcoin casinos. The platform was launched in October 2013 when Bitcoin was trading around $200. Unlike many other popular crypto casinos, Cloudbet is licensed and regulated by the Curacao eGaming authorities and Montenegro e-Gambling Commission. This allows the site to accept players from almost every country. Cloudbet does not accept players who are physically located in Hong Kong, Singapore, the US, and the UK.
The website design and layouts are above average, which gives players a friendly experience. It’s safe to say that Cloudbet has the most straightforward and neatest site compared to other Bitcoin casinos.
The platform supports thousands of betting options in three broad categories: sportsbooks, casinos, and esports.
In the sportsbooks and esports section, you can bet on games from football leagues, NBA, NFL, NHL, UFC, boxing, tennis, counter-strike, ice hockey, snooker, and many more.
If you prefer casino games, expect to see games in subcategories like slots, jackpot slots, baccarat, blackjacks, roulette, virtuals, and table games. Interestingly, you can also use the live betting options, which allows you to place bets instantly in sportsbooks.
Cloudbet accepts multiple cryptocurrencies for deposit and withdrawal, including Bitcoin, Bitcoin Cash, Ethereum, and Tether. Although the number of available currencies looks sizable, one would expect more considering that they are one of the oldest Bitcoin casinos in the world.
Aside from instant withdrawals (thanks to hot wallets), Cloudbet also offers mouth-watering bonuses such as a 100% deposit bonus of up to 5 BTC and a welcome bonus in BTC, BCH, or ETH when you sign up.
For security, you can trust Cloudbet to keep you safe. The site experienced a severe attack some months after it launched. According to the casino, the attackers made 50,000 attempts to access users’ accounts using emails and passwords they probably stole from another gambling site. But only a few attempts were successful with a little more than 1 BTC (approximately $550 at that time) hijacked.
Cloudbet not only uses cold wallets to store the majority of its funds but also offers Two Factor Authentication (2FA) on its site for extra security.
Bitstarz
TL;DR: Bitstarz is an award-winning Bitcoin gambling platform. It accepts both fiat and cryptocurrencies for online betting.
Properties: Online casino, live dealers, BTC games
Cryptocurrencies accepted besides Bitcoin: Bitcoin Cash, Ethereum, Dogecoin, Tether, and Litecoin.
Year of establishment: 2014
Registration place: Curacao
Regulated? Yes
Welcome Bonus? Yes
When you ask about the most popular Bitcoin casino available today, then Bitstarz comes to mind. This online casino has won several AskGamblers awards as the best Bitcoin casino in the world. And perhaps the reason for their reputable status today lies in their high-quality casino games and extended payment options.
Bitstarz was launched and registered in 2014 under the Curacao gambling laws. At that time, it was known as “BitStar.net.” During that period in the early mainstream days of Bitcoin, many players used the platform as an exchange because the site accepts both BTC and fiat currencies for deposits and withdrawals.
To this day, Bitstarz remains a go-to choice for many people looking to play online with cryptocurrencies. All the games on Bitstarz are provably fair and verifiable immediately and independently by players through the use of cryptographic methods. The site currently has 2,000+ games in different categories of casino games like slots, jackpots, table games, and live casino. Unfortunately, if sportsbooks are your thing, then this crypto casino is not for you.
Players from around the world can use Bitstarz and never run out of payment options. The casino supports more than 20 payment methods, including fiats and cryptocurrencies, for deposits and withdrawals. Cryptocurrencies accepted on the platform are Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Tether, and Litecoin.
Bonuses are also not lacking in Bitstarz Bitcoin casino. The site offers loads of bonuses like multiple deposit bonuses, Bitstarz Tesla giveaway, free spins, reload bonuses, and lots more.
FortuneJack
TL;DR: FortuneJack has a long list of high-quality casino and sports games, enough to keep gamblers entertained.
Properties: Online casino, live dealers, sports, dice, provably fair.
Cryptocurrencies accepted besides Bitcoin: Bitcoin Cash, Litecoin, Dogecoin, Ethereum, Zcash, TRON, Dash, and Monero.
Year of establishment: 2014
Registration place: Curacao
Regulated? Yes
Welcome Bonus? Yes
Still one of the oldest, FortuneJack was established in 2014, and it has become a trusted casino for bets with Bitcoin and cryptocurrencies. Like many other top cryptocurrency casinos, FortuneJack is licensed by the gambling authorities in Curacao.
The platform has one of the most extensive game categories. Players can bet on hundreds of exciting, high-quality games in different categories like casino table games, slots, dice, live casino, sportsbooks, and provably fair. Interestingly, players can use the “favorites tab” feature to bookmark games they like as they surf through the long list of games from different developers and providers.
What gives FortuneJack an edge over most Bitcoin casinos is its multi-crypto payment methods, including privacy-focused coins. The platform accepts as many as nine different cryptocurrencies Bitcoin, Litecoin, Dogecoin, Ethereum, Zcash, Tron, Dash, Monero, and Bitcoin Cash.
Since the platform is an Only-cryptocurrency casino, FortuneJack does not lock out players from any country even though it holds a Curacao eGaming License.
But that’s not all. If you like leveraging casino bonuses, you’ll appreciate the loyalty program on this crypto gambling site. Aside from deposit bonuses and welcome packs, each game category has a special loyalty package that offers free spins, reload & milestone bonuses, and cashback rewards of up to 100%.
mBit Casino
TL;DR: mBit Casino is a top crypto gambling site for casino and slot players. It does not support sportsbooks and esports games.
Properties: Online casino, live dealers, mBit Race.
Cryptocurrencies accepted besides Bitcoin: Bitcoin Cash, Dogecoin, Ethereum, Litecoin, or Tether.
Year of establishment: 2014
Registration place: Curacao
Regulated? Yes
Welcome Bonus? Yes
mBit Casino came into existence as far back as 2014. This online casino is registered under the Curacao eGaming authorities. With a friendly site layout, mBit offers thousands of great games in several categories ranging from slots to lottery and table games. The casino recently launched a new feature called mBit Race, which lets players enter into slots tournaments and try to take the first spot on the leaderboard based on their multiplier scores.
In the past, mBit casino had support for both fiat and cryptocurrencies. However, it currently only accepts crypto payments as part of an effort to become a more discrete avenue for players to gamble anonymously. Users can make deposits or withdraw their winnings via Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, or Tether.
As with other top crypto casinos, mBit also incentivizes users through several bonuses for both new and existing players.
1xBit
TL;DR: 1xBit is one of the most reputable casinos for anonymous betting with support for over 20 different cryptocurrencies.
Properties: Online casino, live dealers, sports, esports, 1xgames
Cryptocurrencies accepted besides Bitcoin: Litecoin, Dogecoin, Dash, Ethereum, Monero, ZCash, Bytecoin, Tron, Verge, Ripple, Bitshares, NEM, Bitcoin Gold, Ethereum Classic, Sibcoin, Chainlink, OmiseGo, BAT Token, FunCoin, xGOx, GameCredits, Tether, USD Coin, Paxos, True USD.
Year of establishment: 2016
Registration place: Curacao
Regulated? Yes
Welcome Bonus? Yes
Our list of the best Bitcoin casinos would not be complete without 1xBit.
1xBit was established in 2016, which means it is quite younger than the other crypto casinos discussed above. But that did not stop 1xBit from continuously improving its platform and services. And that has helped the casino to become one of the best there is.
For starters, this online gambling platform has four welcome bonuses for every user who creates a 1xBit account. The first bonus is 100%, the second is 50%, the third is 100%, and the last is 50%. Other regular promotions and loyalty programs also allow players to claim free spins and bonus funds.
1xBit perhaps has the highest number of cryptocurrency payment options available for deposits and withdrawals. The platforms accept 24 cryptocurrencies, including all major coins, Bitcoin, Ethereum, USDT, USDC, PAX, etc.
Although 1xBit offers hundreds of casino games, the platform is a charm for sportsbooks lovers. You can place bets on many sports games like Toto, football, cockfight, UFC, basketball, volleyball, live bets, and even politics.
![Bitcoin Bitcoin](https://casimg.com/w/articles/1/582/c76251f8ad.jpg)
If you’re more of a slot or casino table game player, then 1xBit is also a perfect fit as the site has thousands of slot and casino games from the biggest developers, like AWG, Evolution Gaming, and RTG Slots just to mention a few. Some popular games you will find in the casino game section are dozens of roulette, blackjack, baccarat, casino poker games, etc.
In addition to the live casino feature that lets players bet on live dealer offerings, you can also use the 1xGames section to enjoy different self-developed casino games.
Gamble Responsibly
Lastly, always remember that gambling is addictive, so you should gamble responsibly. Learning discipline and self-control will help you stay in the safe zone. Some important guidelines to follow include:
- Never borrow money to gamble.
- Only bet on what you can afford to lose.
- Set a budget and stick to it.
May the force be with you!
Welcome to bitcoin.casino, here you will learn about bitcoin gambling sites and different ways to play online casino games with fun crypto coins like BTC, BCH, BSV, LTC, ETH and other popular cryptocurrencies.
Our experienced team of Bitcoin gambling experts have reviewed and compared hundreds of the top BTC casinos to create this top 10 crypto gambling site list. Read our expert casino reviews below for 2020 wagering on cryptocurrency gambling games.
Find the best bitcoin casino in 2020 and start winning real bitcoins today!
Featured crypto games: Bitstarz Casino | The world’s first hybrid BTC-EUR casino.
Bitstarz takes a few honors on the internet ranging from best new online casinoawarded by numerous authorities in its debut year to #1 crypto hybrid casino site that accepts Euros.
Play bitcoin slots, poker and blackjack games and play for luck and you just might get lucky!
Be careful when you gamble…
Gambling can be addicting and for online gambling this is probably even more such the case so always remember to wager responsibly.
FortuneJack online casino was one of the first Bitcoin casinos on the web.
FortuneJack casino accepts a wide range of top cryptos including all of the cryptocurrencies that you would expect from a leading provider of crypto gambling games including Ethereum, Litecoin, Bitcoin SV, BitcoinCash and of course, the original OG Bitcoins themselves (BTC).
Trusted since 1996: Intertops Casino Red Accepts BTC Deposits + BCH, LTC
Intertops Red Casino
Intertops has been one of the pioneers among online casinos with its roots originating when it started accepting real money wagers in 1996.
Red Casino Intertops accepts Bitcoin (BTC), BitcoinCash (BCH) and Litecoin (LTC) cryptocurrencies.
Intertops Red Casino is a popular USA-friendly crypto casino that’s been on the trusted list for 25 years and counting.
New players signing up will receive a 100% welcome bonus up to $5,555 in Bitcoins.
We created this website to become the ultimate guide to Bitcoin gambling and playing casino games in crypto coins.
We have a team of Bitcoin casino experts in the fields of online casinos, online gambling sites and cryptocurrencies.
On bitcoin.casino we share our BTC betting knowledge & research with you here on our site making it easy to learn how crpto casinos actually operate.
We’re different than other Bitcoin gambling guides because we are very selective about which Bitcoin casinos can qualify for a listing on our site.
All of the online casinos that we review are highly trusted and well-known for giving casino players fair gaming software to play paired with world class customer service.
You will only find the best Bitcoin gambling sites listed on our cryptocurrency casino guide.
Our mission is to be the ultimate source of information on BTC gambling sites.
Top Bitcoin Casinos
Find the best Bitcoin casino 2020 bonuses from trustworthy BTC casinos.
Our team BTC analysts and cryptocurrency gambling experts have searched to the end of the web and back looking for the best BTC casinos to review on our website.
Listed here you will find the top Bitcoin gambling sites on the Internet in the year 2020.
Online Casinos and Bitcoins
Before playing be aware of the process for depositing and withdrawing bitcoins (BTC).
Once a person registers an account, they will be directed to a deposit page to add the bitcoins to their account.
This same page will often be where BTC is withdrawn from an account.
With traditional Internet casinos you’ll usually make deposits using a credit card and cash out by requesting a wire transfer to your bank account. Theses wire transfers can take up to one week before you receive the money into your bank account.
However, with Bitcoin casino sites you’ll receive your BTC within minutes up to one hour.
As a result, Bitcoin gambling websites have much faster payouts than fiat online gambling sites do and many gamblers are drawn to BTC casinos and cryptocurrency betting sites for this reason.
Some BTC casino sites refer to this page as the cashier while others may call it the deposit options, withdrawals, banking options, or bitcoin payment services.
People that already know the rules for regular online casino game play should find it easy to learn how to use bitcoin gambling sites.
Be sure to read the terms and the conditions for each casino that you gamble BTC with.
Things to look for are when the bitcoin bonuses will expire and other information such as the minimum and maximum withdrawal amount.
In the bitcoin casino review section there are several things we highlight as far as terms and conditions.
We point out what things to look for and what terms might be unusual.
Our website provides players with information and resources to determine if a site is reliable or not.
You can rely on these casino reviews provided here to offer accurate details and up-to-date casino bonus codes. We stay informed with current internet casino ratings and reviews from onlinecasino.info.
Are bitcoin casinos better than standard online casinos?
Bitcoin casinos have their share of challenges but are becoming healthy alternatives to the standard online casino with standard fiat currency. Many conventional online casinos are starting to accept bitcoins in addition to traditional fiat currency/money.
Bitcoins will make it easier to bet and collect winnings.
Many casinos will require that a person enters a credit card or other payment information to allow players to bet money and cash out. Not everyone has a credit card, but many online casino sites require the use of one. Many casinos need a credit card for game play. Can you win money on house of fun. If a person does not have a credit card they may not get to enjoy the game-play. Casinos are developing different alternatives to collect payments while still being secure and bitcoin is quickly become the standard alternative payment option.
Bitcoin addresses security measures as well as concerns when a player decides to use other forms of payment other than a credit card.
Players that don?t have a credit card can look for a casino that allows them to use their bitcoins for making deposits.
There are several advantages to playing at bitcoin casinos.
Casinos that use bitcoins should not charge a fee for transferring funds and withdrawing money (other than the typical minimal bitcoin transaction fee). When a somebody uses a credit card or another form of payment, there is usually some fee associated with making a deposits that is significant;y higher that low BTC transaction fees. These credit card fees can add up over time.
Bitcoins have secure transactions. They are used the same way in every casino that accepts bitcoins. Cryptocurrency transactions give additional security to players since every transaction is encrypted. Players should always ensure their bitcoin wallet is secure.
Bitcoins do not involve a third party to process transactions. This helps avoid additional fees that third parties may charge and also helps improve the speed for most transactions.
When?betting at?a bitcoin casino gamblers can enjoy confidentiality.?People can play anonymously?without having to use their real name. They can use an alias for their account if they feel more comfortable not divulging their personal information. Casino players can still collect their winnings even if they choose not to use their real identity or name.
Bitcoin.casino?provides you with reviews of top rated Bitcoin casinos where you can bet BTC on online casino games. We take a careful review of each casino listed here and our Bitcoin casino reviews are reviews that you can trust.
Best Bitcoin Casinos 2020
We update bitcoin.casino often so you can always come here and find current information on the best online casino sites available today for real BTC wagering.
Play online slots on mobile devices and try all of your favorite casino games just for fun. All of our casino reviews are of established and trusted Bitcoin casinos where you can wager in BTC.
Bitcoin Slot Machines
Play slot machines and win real Bitcoins on the web’s best Bitcoin slots.
Bitcoin.casino offers reviews of the best and most popular bitcoin slot machines at online casinos where you can wager and win real BTC.
Bitcoin Blackjack
Play Bitcoin blackjack games at the Internet’s most trusted crypto casinos. Our online blackjack casino guide offers ratings of the most popular BTC casinos for playing blackjack in BTC.
What Is Bitcoin?
Bitcoin is an online digital currency and payment system. It was created through series of mathematical algorithms that verify all bitcoin transactions through a public ledger known as the blockchain.
Unlike banks, nobody controls bitcoin and unlike governmental currencies, the supply is limited to 21 million bitcoins and not subject to intentional devaluation through monetary policy.
Bitcoin doesn’t print currency with unlimited supply like dollars or euros.
This is because people and businesses that run high speed bitcoin mining computers all around the world use software to solve complex math problems in order to verify each block on the blockchain.
Blocks are a series of bitcoin transactions that have been encrypted with an algorithmic hash that must be solved for transactions to be processed and authenticated.
Each time a block as been successfully solved a number of Bitcoins are awarded to the miner that solved the equation.
Who Created Bitcoin, & Why?
Satoshi Nakamoto is rumored to be a Japanese software developer however nobody knows for certain.
What is certain is that the idea for Bitcoin was introduced in the now famous Satoshi Nakamoto bitcoin white paper:
He proposed bitcoin with the idea of being able to produce a digital currency independent of any central authority.
The idea was to be able to quickly transfer it electronically with with very low fees.
Why Are Bitcoins Different Than Normal Currencies?
While one can use bitcoin for buying things electronically, It also acts somewhat like like conventional currencies; these currencies are digital transactions too.
The big difference is that Bitcoin is not institutionally controlled.
Why is this important?
This means, no bank can have control of the money. Being able to manage personal money, is a major selling point for a lot of people.
Also, another big selling point that makes Bitcoin different is that the currency isn’t physically printed out.
Because, nobody owns it, there isn’t a bank making their rules up as they go messing with everybody else’s money.
Bitcoin is all digital, and anybody can join. Bitcoins are mined, using computer power in a network.
What Is Bitcoin Based On?
When you take a look at common currency, gold and silver are the bases which support paper money.
Bitcoin is different because it relies on mathematics.
Bitcoins are produced worldwide by people using software programs that follow a formula.
This mathematical formula is available for everyone to check and make sure it is always working.
How Does Bitcoin Work?
Explaining how Bitcoin works can be a little confusing, but here is a simple explanation.
Let’s say someone has just signed up with Bitcoin.
This new user can get started without understanding all the technical details.
As a new user, they can install a Bitcoin wallet on their computer or smartphone. Once they have installed it, their wallet will create a Bitcoin address, which can be disclosed to their friends, that way they will be able to make payments or vice versa. It is pretty similar to an e-mail address.
A user can use more than one address, it is advised that a new address is utilized for every transaction.
Balances ? Blockchain
The blockchain is where all confirmed transactions are placed ? like a bank balance. It is a shared public ledger. All of Bitcoin relies upon their blockchain.
With the blockchain, Bitcoin wallets calculate all their spendable balances and new transactions are verified with it too. Cryptography enforces the integrity and chronological order of the blockchain.
Bitcoin Transactions ? Private Keys
Transactions are transfers of value between Bitcoin wallets, which are to become included in the block chain. Private keys or seeds are a secret piece of data that is used to sign transactions. Private keys provide proof mathematically that the operation comes from the actual owner of the wallet.
Private keys will also prevent any alterations of the trade to happen once issued or finished. The network usually confirms all transactions within 10 minutes ? this process is called mining.
Processing ? Mining
Bitcoin Mining is a system that confirms the waiting transactions using high speed algorithms and includes them in the blockchain. It uses the chronological order in the blockchain, protects the transaction through the network, and allows computers to agree on the state of the system.
Every transaction packed in a block that fits rules that are verified by the system to be confirmed. Enforcing these rules prevents previous blocks from being modified. Mining prevents any individual from adding new blocks in the blockchain and cannot control what the blocks included in it.
What To Know Before You Start Using Bitcoin
Since Bitcoin is different than a traditional bank which everybody used, it naturally works quite differently.
Bitcoin and its transactions should be taken as seriously as your wallet in your pocket or purse.
Bitcoin Security
As stated above, a Bitcoin wallet should be secured just like, or even more than, a physical wallet.
Bitcoins can provide high levels of protection for your online portfolio when properly used.
Here is some advice on how to protect a Bitcoin wallet
- Be Careful Online
- Only Use Small Amounts
- Backup Your Wallet
- Encrypt Your Wallet
- Offline Wallet Should be Used For Savings
An offline wallet provides the highest level of security. When used right ? back it up and encrypt it ? it is the best way to keep larger amounts of money. - Keep Your Computer Software Up To Date
- Multi-signatures Will provide Extra Protection
The Price of Bitcoin Can Change
Since Bitcoin is relatively young, the price can go up and down unexpectedly over a short period. Always remember, because of its short life and sometimes illiquid markets, Bitcoin cannot be recommended for a Savings Account. It always is seen as a high-risk asset, and it should never be used to keep money safe that users cannot afford to lose.
Bitcoin Payments Are Irreversible
Another interesting fact about Bitcoin is, once someone issues any transaction, it is irreversible. The transaction, however, can be refunded by the person who receives the funds.
The future is still bright and Bitcoin and cryptocurrencies will be moving forward. There may be some changes for some more choices for customers and the protection for their clients.
Bitcoin Gambling Is Not Anonymous
When it comes to securing a wallet, there is some part the customer has to do with securing it.
Bitcoin is a growing public community, and all transactions are stored publicly and permanently on their network. Anybody that has access to the blockchain network can see all the balances and transactions of any Bitcoin address.
Everyone should know, the identity in which the address is referring to cannot be shared until the information has to become revealed during a purchase or other circumstances.
Since more than one Bitcoin address can be used; it is advised that users should use only one address per transaction.
It is the user who is responsible for protecting their Bitcoin wallet and addresses at all times.
Unconfirmed Transactions
When explaining this, it may get a little tricky, but hold on. Not every transaction starts out irreversible. What happens is, each transaction gets a confirmation score which states how hard it will be to reverse them. Every approval can take between 90 seconds to 10 minutes.
If the transaction has a fee attached or is typical, getting a confirmation ? the first time ? can take a little longer
Bitcoin Is Still Relatively New
Bitcoin is still very experimental. It is a brand new currency that is still actively under development. It will have a lot of bumps along the way, and everyone needs to expect them. With each improvement, it may bring more challenges. During each development, users may encounter increased fees slower confirmations or more server issues.
Always be smart with your money and be prepared for any problems when using Bitcoin
Taxes & Bitcoins (BTC)
Bitcoin isn’t an official currency. Always remember, jurisdictions still require you to pay:
- Income Taxes
- Sales Taxes
- Payroll Taxes
- Capital Gains Taxes
These Bitcoins have value, so all of the above meet the tax requirements.
Remember, it is Bitcoin users responsibility to make sure they follow tax and other legal mandates issued by the government.
Play Bitcoin Casino Games
Being confident that the risks won?t get in the way, here is how one would get started using Bitcoin playing casino games for BTC. Play slots, roulette, dice games and blackjack online for a chance to win real BTC.
Choosing Your Wallet
You can decide to have either a wallet on your smartphone or your laptop/desktop or both for only online payments. Choosing which can be done in minutes.
Getting Bitcoins
A user can get Bitcoins by accepting them for payment, or buying them from a trustworthy individual. They can also be obtained from directly exchanging through your bank account.
Spending Bitcoins
Spending Bitcoins depends on the merchants or services. Many merchants and services accept Bitcoins for payments. After the use of Bitcoins, the user can rate their experience to help an honest business gain more reputation.
How To Accept Bitcoin For Payments
Know as much as Possible
As stated before, you should always know what you are getting into and know what you are doing. If someone is interested in using Bitcoins as acceptance as currency, then they need to know exactly how receiving them for payment works. It could result in their business suffering if they didn?t know.
Processing Payments
Payments and invoices can be processed by the business owner and can process payments into bitcoins or local currency.
Accounting & Taxes
Bitcoin works similarly to foreign currency. Merchants should always get advice regarding tax for their jurisdiction from a qualified accountant.
Gaining Visibility
A business can be submitted quickly to online directories, and the Bitcoin logo can get displayed on their website.
Bitcoin is a form of digital asset that acts as a payment system; it was invented by a person only known as Satoshi Nakamoto in 31 October 2008.it was first intended for cryptography list before being released as open source software in 2009. Several people have tried to claim that they are Satoshi Nakamoto but none has yet to provide enough proof to back up their claim.
It is a peer to peer system where Bitcoins transactions take place from one user to another without the use of intermediaries. All Bitcoin users in the world are partial owners of the Bitcoin technology; this is because regardless of software improvisation by developers, users are free to choose which software or version they will prefer to use. For users to stay compatible with each other, they should use software which complies with the same rules thus all developers and users have an incentive to protect the consensus.
Over the years, the number of individuals and businesses using Bitcoins has grown exponentially. It is estimated that the value of Bitcoins currently in circulation is well over US$ 2 billion. Bitcoins are usually acquired for payment of goods and services. To acquire the Bitcoins, one has to purchase the from either Bitcoin exchange, exchange the Bitcoins with another user or earn Bitcoins from competitive mining (this is the use of computers to solve complex math questions where the winner is rewarded. The present-day rates are twenty-five Bitcoins for the winner). Most exchanges do not allow payment via methods like a credit card or PayPal due to money reversal.
Some advantages of Bitcoins for individuals include:
Mobile payments
The current dynamic of the world requires individuals to be able to pay for goods and services regardless of the time and location. For mobile payment, one has to have enough funds in their mobile wallet. The payment is done in two simple steps.it does not require signing up hence an individual just swipes his card, inputs his pin or anything that will identify him. The receiver should be able to display his QR code in his wallet application and let the sender scan his mobile or bring the two phones together (this uses NFC radio technology). Bitcoins give users total control of their money by eliminating banks, borders and bureaucracy.
Money security and control
Fraudsters are continually coming up with new ways to cone people off their hard earned money. Bitcoins has several necessary steps that should be implemented to ensure that individuals have a solid level of protection and control over their money. Bitcoins operations are secured by use of high end military grade cryptography. No individual is able to make payment in accounts that are not theirs or charge another person. Additional security is ensured by the use of the backup system and encryption. Users can increase their security by:
- Choosing a trusted wallet provider. Wallet providers have different levels of security; some wallets have recently incurred cases of breaches. Choosing a trusted, secure and insured walled does the trick.
- Use of secure passwords. Passwords are your paramount line of defense to your wallet, experts have ideally decided that people should have sixteen character long passwords that include letters, symbols, numbers and punctuation marks.
- Keep a small amount in wallets. To minimize the risk of losing a lot of money or having it stolen, one should keep only the amount he expects to use soon. The rest of the money can be kept in a bitcoin vault which is designed to be less accessible than the wallet.
- Works anytime, anywhere
The technologies used for Bitcoin transaction are all compatible hence individuals have the option to use any software they prefer. It works just like emails; you can send a message to any person regardless of the site he used. Bitcoin is an international currency and its network does not take a break, even during holidays.
Reliable worldwide payments
Bitcoins are not bound by any nation?s law; sending Bitcoins to another country is as easy sending them to your friend across the street. We are used to the normal regulations of banks making people wait for at least three to five business days, incurring an extra fee for international transfer or limitation to the maximum or minimum that one is allowed to send, but with Bitcoins, no such regulation exists.
Choose your own fees
The available wallets let you decide how hefty a fee to pay before spending, for receivers, Bitcoins come at no fee. All wallets have a set reasonable default fees but for faster confirmation of transactions, the higher the fee the better it becomes. The amount of fees paid is not directly proportional to a number of Bitcoins transacted hence you can send one hundred thousand Bitcoins at the same fee as of one Bitcoin.
Identity protection
Other payment systems require users to link their credit cards hence being vulnerable to malicious attempts. With Bitcoins, no one can collect your data or impersonate you since no credit card is required. Just like real money, the user can send money without revealing his identity. Bitcoin?s software may, however, require your information to protect your privacy.
Some disadvantages include:
Degree of acceptance
Bitcoins is still a new currency in the world and a lot of people still do not know its availability or how it is used. The amount of businesses accepting Bitcoins is still small and this numbers should significantly grow for it to benefit from network effects.
Volatility
Never before has this world experienced such a start-up currency, it is an exciting and interesting new venture. The overall value of Bitcoins in circulation and the businesses involved is small thus small events or business activities can easily affect its price. The positive from this disadvantage is that the volatility will decrease as the Bitcoin technology matures.
Ongoing developments
Bitcoin software?s are still in their initial versions of development; there are so many incomplete features currently available. New services and tools are springing up daily to make it more accessible and secure to the masses. With time, bitcoin businesses will start to offer insurance hence becoming more acceptable.
People trust Bitcoins due to the fact that it requires no trust. It is a decentralized and open source hence anyone can go through the whole source code at will. Any knowledgeable developer in the world can decode how Bitcoin work. Any ongoing transaction can be visibly consulted in real time by both users.
Bitcoin can be used to pay physical stores or online business just like real money. It can also be exchanged with physical forms like Casascius coins. Their balances are kept in large distributed networks and cannot be altered by any mischievous person.
Bitcoin Casinos?have naturally been growing in popularity with all of the benefits afforded by bitcoin. Both online players and casino operators benefit from the low cost framework supporting the digital currency?s transactions. Some online casinos are offering generous welcome bonuses up to 5 BTC on new deposits.
Contact Us
Top 5 Bitcoin Casinos
You are welcome to contact Bitcoin.casino any time you’d like if you have any questions for us or would like to discuss business or casino issues.