Bitcoin has set out to revolutionize the international financial system. The spread of the payment method has increased significantly in recent years and even the first online casinos now offer deposits and withdrawals with this cryptocurrency. On this page you will find not only the test about the best BTC casinos and games, but also a lot of additional background information about transactions and last but not least my personal Bitcoin casino experiences.
Is paying at BTC Casino secure?
Paying with Bitcoins works a bit differently than with classic payment service providers. Since BTC is a decentralized blockchain, there is no central office that checks or approves the payment. You simply send the appropriate amount to the desired address and the payment is recorded in the blockchain. All balances and addresses are publicly viewable in the blockchain, but cannot be manipulated. However, the credit is only safe if you protect your own private key. A private key is literally the key to all access to a particular Bitcoin address, which is called a public key. You can find more information about this in the “Security” section.
Even the best Bitcoin casino must transmit all communication and payment transactions in encrypted form. But even if the individual public key should be intercepted, without the associated private key, this data is completely useless, so the public keys (as an analogy to account numbers) can also be shared publicly without hesitation. Paying at Bitcoin Casino is therefore more secure than any other payment method.
How do I deposit to Bitcoincasino and are there any fees?
If you click on deposit in a crypto casino, you can first select the desired method. Even if it is a casino with Bitcoin deposit, all other classic payment methods such as credit cards, wallets or transfers are usually available. Once you have selected BTC, you will be given an address (public key) that belongs to your casino account. Now you have to specify the amount you want to send to your casino account. This is usually specified in BTC, but for safety’s sake, a calculator is also provided where you can enter a Euro amount and get the corresponding Bitcoin equivalent displayed.
However, you have to initiate the “transfer” yourself, there is no payment service provider like Visa that will do it for you after you enter all the data. You now go to your Bitcoin wallet and enter the public key of the casino account and the transfer amount. In addition, you have to set the respective transaction fee, if the wallet does not do this automatically for you.
After you have clicked the “Send” button, the transaction is sent to the blockchain network, which checks and executes it. An accepted payment can then be found in the blockchain and is immediately considered to have been made. The credit is then available in the casino.
Note, however, that the confirmation of the payment takes a few minutes. Since the block time for Bitcoin is 10 minutes, you have to wait at least until the next block and hope that your payment is already listed, which is usually the case if there are not too many open payments in the network that do not fit into a block.
In this case, the miners adding the transactions to the blockchain will prioritize payments with higher fees. All non-included transactions will remain on the network waiting for the next block.
I already briefly touched on the topic of fees. For transactions, the remitter must pay a fee to the network, which is distributed as a reward to the miners for their work. You can set the amount of this fee as you wish, but keep in mind that the higher the fee, the more likely the transaction will be added to the next block of the blockchain. However, modern wallets offer an option to calculate the fee automatically depending on the network load, so you don’t have to worry about it yourself. The casino itself does not take any additional fees for the deposit, but has to bear the fees even for a withdrawal. More about this in the Bitcoin Casino Withdrawal section.
Is there a no deposit bonus for Bitcoin casinos?
No deposit bonus offers are rather rare. If anything, most no deposit casinos award free spins instead of a real money starting balance. You can win real money with both, but the free spins have a distinct advantage over the free starting balance. With Bitcoin Casino free spin offers, only the winnings are subject to bonus requirements, while a starting money offer often requires lump sum real money wagers to be cleared. If you don’t win anything with your free spins, you don’t have to fulfill any turnover requirements, but with a starting credit, you have to do so even if you don’t win anything. It is of no use if you have won an online casino jackpot. The turnover requirements must still be met.
Fairness at BTC online casinos
BTC casinos must also have a gambling license and are therefore under the control of a regulatory authority.
This also ensures the fairness of the games at online casinos with Bitcoin, because all game results can also be viewed by the authority and are evaluated by external companies at regular intervals. These payout reports then list the odds from all stakes and winnings, from which you can see the house edge of the individual games. High payout ratios of usually 95%+ are thereby considered fair German bitcoin casinos and are proof of non-manipulated games. Well-known authorities for online gambling are located in Malta, Gibraltar, Curacao. The logo and the name of the respective competent authority can be found at the bottom of each casino page.
What to consider when making a Bitcoin withdrawal
The very first withdrawal in any casino must first go through the so-called KYC procedure. KYC stands for “know your customer” – which means: know your customer. This is required for all payments on the Internet for the prevention of money laundering. Only when the identity is clearly proven, you can make payments as you wish. The customer service of any casino will therefore request a copy of your ID card. This can be uploaded directly on the casino website or sent by mail to the support. If you are unclear, you can ask directly in German in the chat.
Once this step is done (the verification rarely takes longer than a day), the withdrawal can take place. To do this, you still have to tell the casino the public key of your own wallet, which usually already happens with the withdrawal request. The casino then sends the transfer to the P2P network of the blockchain and waits there for confirmation. Depending on the amount of the fees specified by the casino, this can take faster or slower, so you should have a little patience, as with every transaction.
Playing with Bitcoin in online casinos
In the top Bitcoin casinos, we distinguish between two different cases. The deposit is made by Bitcoin, but the deposited balance is kept as usual in euros. Then you can gamble virtually all casino games that can be found in other casinos. A real casino with Bitcoin also keeps your deposit in the casino account as Bitcoin credit. But then you can only play Bitcoin casino games.
What is Bitcoin?
The fact that we are talking about a cryptocurrency here is already an indication that it is different from the classic ones we use day in and day out. So there are peculiarities that need to be taken into account and which I will now discuss in more detail. First, something basic: What is Bitcoin anyway?
Bitcoin is a completely digital and decentralized currency. In other words, it is not a physical medium of exchange where there are real coins and bills. There is no institution that can influence this currency and it is not tied to a specific country or space.
In addition, Bitcoin does not require any banks. So, with Bit Coins, you can shop all over the world without the need for a middleman to act between the involved parties during transfers. Transfer fees are thus reduced to a minimum. Another special feature is the fact that the money flows can be made almost, but not completely, anonymous.
The idea for this originated in a white paper by Satoshi Nakamoto in 2008. The paper dealt with the problem of conventional means of payment. This one is about the fact that currencies do not work without trust. Nakamoto’s paper proposed a solution to the problem and developed an alternative. As a result, the Bitcoin network was created on 03.01.2009. Who it is really Nakamoto is not known. There are various assumptions circulating on the net, but they all have in common that they cannot be confirmed.