In this article you can gain a basic sense of what BitCoin gambling is all about. Before we touch upon some of those basics, we shall present a few bitcoin casino reviews that highlight sites embracing this form of online-only currency (since that number is still relatively few).
Top BitCoin-Friendly Casinos
Overall, BitCoin enabled casinos look similar to regular online casinos and offer the familiar incentives to join, like welcome bonuses. There will be more regional differences, with sites focused on certain nationalities of players even though BitCoins are international and anonymous.
The sites below, notably, offer multiple games providers including all the top brands (Microgaming, NetEnt, BetSoft) that you will recognise!
mBit casino (mbitcasino.com)
Get a 110% welcome bonus to join mBit, followed by 50% and 25% top up cash back. This online casino is offered in British English and Russian, which gives you an idea of players who become members here (although its doors are open to anybody in the world).
BitCasino has a look and feel that is remarkably similar to other mainstream casinos, but for its BitCoin banking. You get a 100% welcome bonus, and ongoing specials focused upon prizes like trip to the 2016 Euro Final or new game releases.
Oshi casino (oshi.io)
Oshi is interesting because its welcome bonus gives you the option of BitCoins or up to €250, and, many other online payment methods like familiar Neteller, Skrill and Paysafecard are offered.
These bonuses may have the same kinds of Ts&Cs as conventional casinos. One thing we have noticed is that a bitcoin casino no deposit bonus is not common yet.
What Are BitCoins?
We have already hinted at a few of the most basic facts regarding BitCoins above:
- only created and used online
Basically, this is a form of money that exists only on the Internet. It relies upon cryptography for its digital safety and anonymity. In general, you can think of BitCoins as the closest to using simple cash but on the Web.
BitCoins are used in a way called ‘peer to peer’ (similar to online content sharing networks for movies or music), which just means that BitCoin users deal directly with each other instead of through banks as so called middlemen.
Why Use BitCoins?
Why would you want to use BitCoins? Well, they are for people who want to use money based upon actual assets rather than the whims of governments and banks.
If you know something about all the normal currencies and monetary systems in the world that take their cues from the US Dollar, you realise that they are ‘fiat’ in nature, which is to say not based upon real assets like gold (but they used to be!).
How Does One Get BitCoins?
You can buy some BitCoins either online or using a branded kiosk (similar to an ATM). You buy your BitCoins using normal money or your normal online payment tools or bank accounts. Once you have BitCoins, however, the ‘paper trail’ connected to your money stops.
How Does One Withdraw?
You interact with your BitCoin assets using a user-friendly ‘wallet’, which is usually software but can be a physical device for the purpose also. You might have an app for your BitCoin wallet, or, you could use an online service much like other e-wallets to help you use your ‘Coins.
Using BitCoins to buy things online requires shopping with retailers or services that accept them, including the bitcoin casinos we suggest above. Finding such stores is the same as finding a site that will accept any other payment option you use, like PayPal.
The same is true for withdrawing BitCoins you have won at a bitcoin casino or accepting payment for something you have sold online, or, receiving a refund for a purchase.
The important difference is that BitCoins fly directly into your wallet from another user, without the time or costs imposed by banks in the middle. Transaction fees are relatively low for that reason, which is another benefit.
BitCoins Compared to e-Wallets
Someay soon, users of BitCoin wallets and users of PayPal, Skrill and Neteller may have very similar experiences using their respective money. We expect that people will have the option of keeping some of their cash stored in more than one of these types of financial tools (and transferring between them).
The main difference right now, however, is that using your easy BitCoin wallet software or online service itself is anonymous, whereas using conventional e-wallets still involves a paper trail, like credit cards.
Is BitCoin for You?
Truth be told, if you need to understand exactly how BitCoin works then you will need to study up a bit (a degree in mathematics or computer science wouldn’t hurt!). But do you really understand how normal money and financial services work? If you would rather just use them, then you certain can do that also.
If you want to be a part of the Web-powered finanncial revolution, and play casino games with absolutely privacy, then you may as well try BitCoins!