Understanding Bitcoins
Ever since its appearance in 2009, Bitcoin has raised many controversies, which is a common fate of all progressive ideas. However, most of them turned out to be groundless and probably best recommendation for all doubting individuals is the fact that hundreds of thousands of people all over the world use Bitcoins regularly for their transactions.
Bitcoin was invented by the unknown creator (or a group), offering digital currency with lower transaction fees, providing anonymity and operated by a decentralised authority.
What seemed like a short-lived geek obsession came out to be a mainstream just a couple of years later. Bitcoin works similar to regular currencies, except there are no physical Bitcoins around. However, that does not mean you cannot use them for your transactions, as long as the other side accepts them.
You will need a Bitcoin wallet and there are many of them available both, as computer software that needs to be installed on your hard drive or as a web based account. If you are curious to find out more about the way crypto-currency works, you will find loads of information on the web and if, after all, you don’t feel comfortable with holding Bitcoins on your account, rest assured you can exchange them to any paper based currency any time you want.
Pros and Cons of BTC gambling
If you have had a chance to surf the internet in a quest for Bitcoin casinos, you have probably found different variations regarding the currencies they accept. Some of them are purely Bitcoin casinos, meaning they only support Bitcoins.
On the other side, there are casinos that deal with regular currencies only. In-between you can find many casinos that accept both, digitally based BTC and regular currencies. There are also hybrid casinos that accept deposits in Bitcoins, but will exchange them to regular currency afterwards. We will list here just some main differences between Bitcoin and non-BTC casinos.
Advantages of Bitcoin Online Casinos
Privacy: Playing at a Bitcoin casino saves you from annoying procedures run by regular casinos in order to make sure you are who you say you are over and over again. Other casinos will ask their players the personal data when they register, which may raise a red flag among some of them who prefer their privacy.
Then, when a player requests a withdrawal, the casino may carry out additional identity verifications, including copies of personal documents and bank accounts. BTC casino will usually require just a player’s email address and login name. Therefore, playing at Bitcoin casinos gives you an old “cash in hand” feeling and no government or other authority has its watching eye on the way you spend your money.
Transaction Fees: One of the main advantages of Bitcoin casinos is the absence of fees on your deposits and withdrawals. Simply, all banks, e-wallets and other payment systems earn money by taking a part of each transaction for them. They act as intermediary, charging for their services, and we cannot complain about it.
However, BTC transactions need no one in-between, it is a digital peer-to-peer relation without a third side to make a profit out of it. You will find many casinos charging no fees for your deposits and withdrawals, but that only means they cover all the transaction expenses, which can result in lower payouts or smaller bonuses offered, eventually.
Payouts: No one is playing at online casinos just for fun, right? When you hit it big and start making plans of how to spend your honestly earned money, you would like to see cash on your account ASAP. However, the withdrawal procedures may last much longer than you imagined. Some casinos tend to keep your withdrawal requests in pending for a couple of days before processing them over a method you chose.
Then, depending on your method, a few more days can go before you will be able to see the money on your account. That is one of the main reasons why e-wallets, like PayPal, Skrill and Neteller, became so popular among online gamers, offering processes that last just a day or two. But with Bitcoins you will get the fastest pay outs possible.
Disadvantages of Bitcoin Casinos
As with most other things, you win on the one side and lose on the other. A lack of regulation is good when you want to protect your privacy and use your money the way you desire, but it can cause some problems if you pick a wrong Bitcoin casino. Therefore, we recommend you to go through our reviews, before signing up with any Bitcoin casino, since we will check their trustworthiness for you.
Additionally, the BTC value can swing significantly from time to time, meaning the exchange rate can go up and down more than you expected. Although that is the case with regular currencies as well, Bitcoins are more volatile than, for example, US dollars, euros or UK pounds.
Bitcoin Games
Some Bitcoin casinos have developed their own software and provided their own (dice) games, but the majority of them offer pretty much the same games you can see at other casinos. Whether the games are owned by the casino or rented by other providers, at most Bitcoin casinos slot games are heart and soul of their game lobby.
Starting with traditional, classic slots, slot games have developed into 3D video games attracting the players with their superb visual appearance.
Virtual table games and live dealer games like roulette, baccarat, poker and blackjack should also be expected at Bitcoin casinos. Some of them will offer sports based betting, online lotteries and more. To summarise, do not expect to be deprived of your favourite games if you decide to join a Bitcoin casino.
Finding the Best Bitcoin Casino
Even professionals may find it hard to distinguish reputable and provably fair Bitcoin casinos from others, while for casual players that could be a mission impossible, so you will probably need some help in the search for the best Bitcoin casino websites. There are many things to take into consideration before deciding whether to sign-up and deposit with the particular BTC casino or not.
A casino’s background, safety, bonuses they offer, quality and diversity of games, customer support and more, all those things need to be carefully evaluated before the final judgment is given.
Luckily, we have excellent personnel at LionCasinos.com that will minutely examine each aspect of the casino and honestly inform you about it. You have an excellent map before you, use it to navigate and find the one and only – the best Bitcoin casino.
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