This Bitcoin Gambling Guide will help you learn more about Bitcoin, discover the best Bitcoin betting sites & online casinos. Don’t miss the chance to know the pros and cons of Bitcoin gambling, where and how to bet or play with Bitcoins and find out the best gambling sites that accept it. Keep reading the article until the end and many of your questions about cryptocurrencies will be answered.
The world is now moving at an incredible pace – no doubt about that. The entire volume of information worldwide doubles every 18 months, computing power also increases exponentially, while new technologies appear each year. One of these new technologies which have went from virtually no knowledge to world fame in one year are cryptocurrencies – which you have, no doubt, heard of.
Chances are that you might even have some leftover Bitcoin or Ethereum lying around since the craze in 2018, where everybody (and we do mean everybody) bought Bitcoin. Today, we’ll investigate Bitcoin and its connections with the gambling world. But first, we need to answer a question that puzzled millions of people?
Best Online Bitcoin Sportsbooks & Casinos
After discovering about Bitcoin sportsbooks and casinos, we’re sure that many of you believe that Bitcoin gambling should at least be considered, if not tried by most people. Don’t just jump right now and look for a Bitcoin betting site – keep reading a bit more to understand the entire aspect of Bitcoin gambling. We know the article is extremely long, but there isn’t a lot more to go. Now, we need to discuss about the two types of gambling operators you’ll find in the online Bitcoin gambling area:
Hybrid gambling sites. Hybrid casinos or sportsbooks offer Bitcoin gambling as an addon to classic betting. This comes with a few advantages and disadvantages. On the one hand, hybrid sportsbooks tend to be established betting companies, with a strong reputation and good experience which are now expanding to accept Bitcoin as well. They are generally more trustworthy, but sometimes not as rewarding as full Bitcoin gambling site.
Full Bitcoin Sportsbooks or Casinos. These are the websites that were built solely for Bitcoin gambling. They really have less experience then the classic ones, since they are only around for a few years, and some of them look very shady. Their only advantage is the fact that their bonuses are usually much larger than the ones you can find at hybrid US online sportsbooks, but we don’t really feel like it’s worth it. The fact that there is nobody controlling their actions doesn’t inspire any kind of trust.
We’d like to move from the abstract to the specific as well. After all, after reading so far, we feel that everyone now has a grasp of how Bitcoin betting looks like. Now, we should look into the brokers whom you can partner up with for Bitcoin gambling, if you’re from the US. Although there are lots possibilities, we’re only going to mention the very best today. Feel free to visit our bookmakers’ reviews page for more details, because that’s the place where we really deep dive into each sportsbook. For now, we’ll just mention them. Our favorites are:
MyBookie isn’t dedicated to American customers, but has grown to have quite a fan base on the American continent. They currently offer the same 50% first deposit bonus, but with a much higher limit: $1,000.
BetOnline are another crowd favourite, which we cannot ignore here. Same first deposit bonus with the same upper limit.
SportsBetting.ag has won a lot of customers due to the fact that they were very high in google rankings for a very long time. They know that simply getting clicks is not enough, though – and they offer the exact same welcome bonus as BetOnline.ag for new customers.
Xbet is a quite new gambling site, but we feel we have to mention them. They double any first deposit a new customer makes, with an upper limit of $1,000
Bovada, a true American classic, which offers new Bitcoin customers a 50% first deposit bonus of up to $250. We say the amount in dollars because it’s easier to quantify, although the bonus is awarded in Bitcoin.
Bitcoin Gambling: Pros & Cons
After you have some Bitcoins, you will naturally want to either keep them or use them. For the keepers, the internet has developed a word: “HODL”. You don’t hold your Bitcoins, you HODL them – it was certainly a mistype done by someone on a forum some years ago, but the nickname really remained. If you do want to use them, there are many applications – but we’re here to talk about gambling today. At first glance, you might not believe that Bitcoin and gambling is a match made in heaven. It might not be, at least not for everyone. Here are some pros and cons about gambling with Bitcoin:
Anonymity. One of the inherent qualities of using Bitcoin is the fact that it is mostly anonymous. No third party like banks, governments or wives can track your betting. You can’t be held responsible for any Bitcoin-related transactions. You don’t have to report to anyone. Only you, the holder of the key to your crypto wallet, can decide what happens with your Bitcoins. For this reason, Bitcoins are often used for illegal activities as well. Those are completely out of the question for us, but gambling with Bitcoin is completely legal.
No fees. Credit card companies and banks often charge money for you to perform deposits and withdraws in your betting account. When using Bitcoins, all these fees disappear, because there is no third party responsible for making sure the transaction goes through. Even the miners are usually paid by the broker, who wants more and more people using his website with Bitcoin.
Bonuses. Especially for US customers, sportsbooks and casinos have HUGE welcome bonuses for Bitcoin. They want more and more customers to be using this cryptocurrency in their betting endeavours, and are putting their money where their mouth is. Bitcoin welcome bonuses are usually at least double the ones for standard cash, which is absolutely incredible. And, to top it off, Bitcoin bonuses usually have high upper limits as well, making them extremely profitable for the gamblers with deeper pockets.
Quick transactions compared to other ways to use bitcoin. Since brokers usually pay the miners, transactions between a client and a gaming website are much quicker than other places you might want to send your Bitcoin. Gambling is easily one of the best ways to use your cryptocurrency.
Legality. Depending on where you live in the US, online betting may or may not be legal. There is a technicality to this: gambling website aren’t illegal, but banks aren’t allowed to process any transactions between gambling companies and US citizens. But if you use a cryptocurrency, you no longer have to send your money through a bank, waiving the entire legality issue goodbye. Moreover, owning Bitcoin is also legal in the US.
Safety. As long as your wallet is secure, you don’t have to ever worry about getting your credit card data stolen. The cryptography behind a Bitcoin wallet is usually much safer than online security.
But, at the same time, remember these cons:
Slow compared to debit cards. Although Bitcoin transactions are a lot quicker nowadays, they aren’t instant like credit card deposits.
Volatile. We mentioned how volatile Bitcoin really is. If you buy Bitcoin at $10,000, use it to gamble, win 55% of your bets, but the price went down to $8,000, you actually lost money. The inverse is also valid, since you might win money from sheer Bitcoin appreciation, but some gamblers prefer more stability.
Anonymity. This can also be an issue. If a broker wants to run away with your Bitcoins, you can’t really expect lots of help from the authorities. A lot of Bitcoin transactions work on trust.
Few sportsbooks and casinos. Not all sports betting sites or online casinos offer their customers the possibility of gambling with Bitcoin, but more and more are coming each day.
Technical know-how. Using Bitcoin to gamble isn’t as easy as putting in your credit card data and clicking “I agree” a couple of times. You need to understand a few technical aspects, which thankfully aren’t very difficult.
What is Bitcoin?
Bitcoin is a cryptocurrency, a digital asset which is not controlled by any third party. No banks, no governments and no countries can decide what a Bitcoin is worth or isn’t worth. It’s price is only settled by the laws of supply and demand, and what people make of it. After all, that’s how it appeared, too.
A group of people simply agreed that there is a need for a new kind of currency, a digital one, and agreed that a series of bits has a certain value. And they started using it. At first, it was just a gag – around 2012, you could buy 2 pizzas for the price of 10,000 bitcoins. Nowadays, if you own 10,000 bitcoins, you’re a multi-millionaire. And we’re quite far from its peak price.
We wouldn’t want to go too far into the technicalities of what Bitcoin really is. There are a few things you should remember:
It’s entirely digital. If you own bitcoin, you just own some pixels. You receive no coins, no notes, no written envelopes with cash, nothing. All your Bitcoins are stored in a cryptographic “wallet”, which you and only you should be able to access through various ways.
It’s based on cryptography. Very good cryptography, actually. Bitcoin algorithms which generate new coins are so well designed that it would take the entire computing power in the world trillions of years to break. It simply won’t happen.
It’s not controlled or intermediated. Just think of this: when you send money to a friend using a bank transfer, you sometimes think that only the two of your are involved. That is not correct: the bank knows, the credit card company knows (like VISA), the government knows. If you used Bitcoin, only the two of your would know. And the best part is that the government has no leverage or ways to gain control of your Bitcoins.
How To Acquire Bitcoins?
And although these fluctuations are extremely spectacular, especially for people who haven’t invested their life savings, they are a nightmare in terms of safety. You never really know what your Bitcoins are worth, at the end of the day. If you went for a 2 week holiday during January 2018, your Bitcoin fortune could have known a crash of 50%, without you even being there to do anything about it. If you’re looking for stability, steer clear. If not, think about the ways you can acquire Bitcoin. There are 4 main ways you can do so:
Mining. This is easily the most complicated way to earn Bitcoin, and the least profitable nowadays. Let’s clear what “mining” means. In order to a Bitcoin transaction to flow from one person to another, a logical problem must be solved by a computer, owned by a “miner”. When this miner solves the problem, he receives a sum of Bitcoin as a reward, or commission, from the transaction. The larger the processing power, the better the chances a miner has of solving the algorithm first. This was the was most people earned Bitcoin in the years before it was famous.
When it grew in popularity, more and more people wanted Bitcoin. Thus, more and more transactions were created, which required more and more processing power and were increasingly difficult with each iteration. The average miner couldn’t compete with large mining farms, and mining become sub-optimal under a certain price. You can still do it nowadays, if you want to – search the web for Bitcoin mining rigs, buy a few cards, and you’re off. But don’t expect to earn too much overnight.
Purchasing is the most straightforward way. Just find a website which sells Bitcoin, put your credit card details in, and you’re good to go. You do need a wallet, however. Any serious website will create a small wallet for you on their site, but don’t trust that one. Create a dedicated Bitcoin wallet and make sure you keep it safe. There are tons of articles online about which wallets are the safest, which have been cracked by hackers, and how to protect your Bitcoins.
Receiving as payment. If mining is not for you and you don’t really have a lot of money to spend, make some Bitcoins by offering your services. There are a lot of freelancer marketplaces nowadays which offer Bitcoins (rather, parts of Bitcoin, but we don’t want to split hairs) to people. Just register and start doing jobs like copywriting, data entry, or graphic design. You’ll earn some Bitcoins in no time.
Faucets were very popular at one point. Like its name suggests, a faucet “drips” some Bitcoins every hour or couple of hours, just for solving a captcha code or being online and clicking a button, or watching some adds. Don’t be fooled – while the Bitcoins you earn are real, the amount these faucets offer is very, very, VERY small. Like 1/10 of a cent small. And they will only let you withdraw your Bitcoins after you’ve reached a certain amount. Sure, you can play the Bitcoin lottery with them, but don’t get your hopes up.
Are There Other Crypto Coins?
Of course, Bitcoin isn’t the only cryptocurrency there is. There are lots of other ones. New projects appear on an almost daily basis, because all these cryptocurrencies work on an environment called a blockchain. They aren’t only used to transfer value from one person to another (like real currency). They are also used as tokens inside apps, which solve real world problems in a much quicker and anonymous way.
Today, cryptocurrencies are used to develop apps, to pay for parking, to transfer money, to protect networks, to create neural networks, and so many more things. Ethereum, Ripple, Dash or IOTA are some of the more famous coins there are on the market. But there are thousands, if not more, of different cryptocurrencies – but Bitcoin is still the king.
Why is Bitcoin still the king after all this time?
At first glance, the answer isn’t very simple. The cryptocurrency doesn’t work as cheaply or quickly as other, newer ones. It doesn’t have that many anonymity extra apps, and it isn’t that widely used either. But it was the first one that became famous.
Bitcoin is also one of the few currencies which you can directly buy using your credit card. Others have to be traded through exchanges, just like normal currencies. And at the end of the day, many other cryptocurrencies simply calculated their price based on Bitcoin. If it has to have a physical equivalent, it should surely be gold.
But it’s price knew some incredible fluctuations. From the moment in time where 10,000 bitcoins could buy a few small things, Bitcoin reached an all time high of over $20,000 at the beginning of 2018. It dropped like a stone to around $5,000 and stayed there for most of last year, and is now knowing a slight uptrend once again.
That doesn’t seem a lot compared to the all time high, but keep in mind that the price one Bitcoin was a couple of hundred dollars at best for most of its existence. There are some voices in the cryptocurrency market that believe we will see $10,000 again this year, and that a valuation of $100,000 for one Bitcoin isn’t science fiction either.
There are just a few of the possibilities you have if you want to gamble with Bitcoin in the United States. We hope we shed some light on the entire “Bitcoin gambling” subject. We know it’s not the easiest, but it can be quite rewarding if used correctly. After all, if you take every piece of information at a time, you’ll quickly see that it’s not so difficult.
Be careful to read the terms and conditions of the gambling sites you visit quite clearly, though. They aren’t the classic ones which you’re used to from regular gambling. Apart from that, remember to have fun and enjoy your games. And if you win thousands and thousands of Bitcoins, don’t keep them all in the same wallet!