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An Overview of Bitcoin

It’s always a good idea to have a better understanding of Bitcoin and what it is:

  • Bitcoin is a cryptocurrency that depends on advanced blockchain technology
  • It is a secure currency known for keeping users anonymous
  • Users can perform anonymous transactions

The assurance that’s provided by Bitcoin is what has made it so popular. It’s also one of the reasons why it’s received such a wide range of acceptance by online casinos around the world. Bitcoin operates as a decentralized cryptocurrency and this means that it’s not owned by a single entity such as a bank, person, government, or financial institution.

The use of Bitcoin means that you’ll get to take advantage of the many popular crypto-wallets to buy and sell cryptocurrency accordingly. Crypto-wallets are available in four variations that can be classified as hardware, desktop, online, and mobile. However, each method is increasingly difficult to use which is why we would recommend that beginners stick to online wallets.

Before you’ll be able to access a cryptocurrency exchange, you’ll need to register and sign up for an account. Once this has been done, you’ll be able to use your debit or credit card to buy Bitcoin or other forms of cryptocurrency from the exchange. The same process is followed when you decide to sell your Bitcoin. The moment you receive Bitcoin in your crypto wallet, you can proceed to a Bitcoin online casino and complete your first deposit.

The Process of Completing Bitcoin Deposits

Before you jump into making your first Bitcoin deposit, you must know that there are a variety of no deposit BTC casinos that will offer you different types of bonuses once you sign up. Even though the bonuses are awarded to you before you make your first deposit, it’s vital to bear in mind that some terms and conditions come with them and if you want to generate a profit from these bonus offers, you’ll need to meet these requirements.

The wagering requirements are generally stipulated in the terms and conditions at the casino.

Get started by following the steps below:

  1. Choose a casino
    Before you make your first deposit, you’ll need to choose an online casino. This might sound like a simple decision; however, there are many factors that you’ll need to consider before you commit to an online casino. Luckily, you’ll find plenty of great online casinos that cater to the use of various cryptocurrencies on this page.
  2. Sign up with your bonus
    Sign up with the casino that you’ve chosen. This process is quick and easy and can be completed in a matter of minutes. Upon the completion of the sign-up process, you’ll then be credited with your bonus offer which is the result of signing up. The best part of these no deposit bonuses is that you’ll be able to play for free!
  3. Play with Bitcoin
    When you’ve completed the bonus, you can start playing for real cash and this also means that there’ll be no more wagering requirements to deal with. To deposit cash into your account, head to the cashier section of the casino and select the option that allows you to make a BTC deposit.

Making a BTC deposit at an online casino

Here’s how to make a deposit using Bitcoin at your chosen casino:

  1. Select Bitcoin as your preferred deposit choice.
  2. Choose the name of your BTC wallet.
  3. If the BTC wallet that you’re using isn’t listed as one of the options, choose “Other”.
  4. Copy your BTC deposit code.
  5. Access your BTC wallet and specify the amount of cash that you’d like to deposit.
  6. Enter the BTC deposit code that you’ve copied from the casino and proceed with the payment.
  7. Exit the BTC wallet and head to the online casino.
  8. The funds should now be in your account.
  9. The successful completion of this deposit process will allow you to play real money online casino games.

The Simple Process of Bitcoin Withdrawals

Seeing that you have a clear understanding of how to conduct a successful BTC deposit into your casino account, the completion of a Bitcoin withdrawal should be just as simple. All that you’ll need to do is head to the cashier section of the casino and select the option to withdraw your funds. Then you should enter the amount that you wish to withdraw.

Once again, you’ll need to provide your unique BTC code that had been used to complete the deposit process. Once this has been done, hit the cash out button and this should complete the process.

Upon logging into your BTC wallet, you’ll find that the amount that you’ve cashed out from the casino is credited to your total balance. The great thing about BTC withdrawals is that there are no security checks needed, hence the transactions can be processed immediately.

 

The Rules of No Deposit BTC Casinos

Regardless of which BTC online casino you decide to sign up with, we cannot stress the importance of reading and understanding the rules below. These rules are regarding the wagering requirements that must be met before you’ll be allowed to withdraw the winnings you’ve earned while you’re enjoying your bonus.

The wagering requirements that are provided will differ from one casino to the next.

Below are some of the most common bonus rules that need to be followed:

Wagering Requirements

The wagering requirement will be provided by the online casino. Wagering requirements will require you to play through the amount that you’ve been given by the casino a particular number of times before you’ll be able to make a successful withdrawal.

Maximum Cashout Limits

The amount that you’ll be able to walk away with at an online casino is generally capped by the casino. This is especially evident with no deposit bonuses.

Account Ban

The account ban is the last thing that you’d want to experience regarding your online gaming journey and this could easily happen if you opt to attempt a withdrawal by disregarding the wagering requirements. If it’s stated within the policy of the casino, there’s nothing that a player can do to stop the ban from happening.

Proof of ID

It’s generally part of the KYC (Know Your Customer) process that a casino needs which helps the casino verify that the players are who they claim to be. So, before you try and process your first withdrawal, ensure that you have the documentation ready for the customer support team.

Restricted Countries

While there are plenty of online casinos that provide exceptional no deposit bonuses to clients that are new to their platform, there are particular regions that are excluded from the list as these are generally areas that are banned.

If you stick to the aforementioned rules, you’ll experience no issues and you’ll have the best gaming experience while taking advantage of excellent no deposit bonuses.

The Pros and Cons of Using Bitcoin

Like any aspect of online gaming, there are a handful of pros and cons when it comes to using BTC as a currency. While there are plenty of reasons why you should use it, there are a few factors to consider as you move forward with using cryptocurrency.

Below is a list of pros and cons that you’ll need to consider:

Pros

  • No Banking Restrictions - With Bitcoin, you’ll never need to worry about your bank not accepting your deposits and withdrawals due to banking restrictions. By using Bitcoin, you can successfully deposit and withdraw cash without a third-party agency getting involved. There’s also no need for the use of credit and debit cards to complete transactions.
  • Instant Transfers - Due to the high level of security that comes with using Bitcoin or any other form of cryptocurrency, there’s no need for deposits or withdrawals to undergo any security checks. This means that you can receive your cash via an instant deposit, which was once unheard of in the online casino industry.
  • Taxes - Due to Bitcoin not being recognized as a real currency, taxes on Bitcoin work differently. While it’s not seen as a currency, the IRS does classify Bitcoin as property and is subject to capital gains taxes. Ensure that you check how much you’d be required to pay based on the amount of Bitcoin you own. It may be very little, due to how capital gains and losses work.

Cons

  • Casino Availability - One of the major downfalls of using Bitcoin as your primary banking method is the limited number of available casinos. While there are more Bitcoin casinos today than there were before, the numbers are dwarfed in comparison to what’s offered to standard currency users. Hopefully, more Bitcoin casinos are established in the future.
  • Volatility - It’s no secret that the price of Bitcoin and other forms of cryptocurrency is extremely volatile. This means that the exchange rate switches very quickly and could be detrimental to you if you’ve bought at a high point and selling at a low point.

 

Our Verdict

Using cryptocurrency such as Bitcoin for online gaming can be an incredible experience, especially if you’re able to take advantage of a no deposit bonus when signing up. However, there are particular rules that you’ll need to stick to and this could make or break your experience. Ultimately, you’ll likely have a great experience.

FAQ's

Can I win at online casinos with Bitcoin?

Yes! At times, a casino will automatically convert your BTC to standard currency; however, when you withdraw, it will be converted back to BTC.

Are there major differences between BTC casinos and standard casinos?

No, the only difference is the way that payments and withdrawals are done.

Can I play BTC casinos on a mobile device?

Yes, the casinos should be accessible on your mobile device as the only major difference is the banking methods.

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Jenny Landsdowne Written by Jenny Landsdowne