Cryptocurrencies have gained much popularity across the world as alternative forms of currency to traditional paper currencies. While many such cryptocurrencies have emerged on the world markets, only a handful have gained sufficient popularity and trust to be adopted as a form of payment by merchants and online sales sites. Bitcoin is one of the original cryptocurrencies and has become accepted as an official global currency.
Even though it has been a popular trading vehicle for some time, it has taken a while to be embraced in online gambling circles, but this is slowly changing. In this article, we will cover 5 of the best Bitcoin gambling sites that accept this modern electronic currency on their sites.
Cryptocurrencies are sometimes called digital currencies because there are no paper notes or coinage associated with the currency. There is no physical aspect to the currency and they are generated, stored, and transacted entirely on the internet.
Bitcoin has been around since 2009 when it was first announced to the world. It took a bit of time to be taken seriously, but then ascended in popularity and became a serious contender in world financial markets.
After its initial slow start, the digital currency boomed unexpectedly and some people became extremely rich very quickly as a result. This caused the financial world to sit up and take Bitcoin seriously as a legitimate worldwide currency.
Bitcoin has several advantages, but like normal currencies, it also has some disadvantages. The advantages of Bitcoin include the following.
- Bitcoin transaction fees are lower than other online payment currencies and methods
- Bitcoin is not controlled by a single government or financial authority
- The currency is created, traded, and distributed by a decentralized system called the blockchain. The decentralization provides security to the currency, preventing a potential attack.
- Your Bitcoin is kept in a digital wallet which is almost impenetrable to thieves who don’t have the relevant keys/passwords.
- Bitcoin transactions are anonymous due to the decentralized processing, which is a positive for some online gamblers.
- Bitcoin transactions are fast, so the transactions are processed quicker than with traditional currencies.
- Currently, most Bitcoin transactions are tax-free, although you will have to check this legality in the country you live in.
As mentioned previously, Bitcoin also has several disadvantages.
- The value of Bitcoin is highly volatile and can increase or decrease in value at a rapid rate. Therefore, the value of your Bitcoin needs to be monitored more closely than traditional currencies.
- Bitcoin does not cater for refunds.
- The lack of a governing authority means that Bitcoin scams and fraud are not generally investigated by mainstream law enforcement authorities.
- Bitcoin is not accepted universally by merchants or stores, online or otherwise.
The good news for gamblers who have Bitcoin is that there are a growing number of online casinos that are accepting the cryptocurrency to play the various games on their sites! The rate at which Bitcoin is being accepted by gambling sites means that you can now use the currency to bet on anything from online sports betting to online casino games.
In fact, several online gambling sites have been developed that exclusively accept Bitcoin for gambling. There are, however, some unsafe Bitcoin gambling sites in the market. For this reason, it is wise to make sure you are using a reputable and safe Bitcoin gambling site!
Doing your due diligence on your chosen online gambling platform is important to ensure the platform has the correct licensing and a genuine, solid reputation in the marketplace. Not doing these checks may put you at risk of getting scammed. While this warning applies to online sites that accept traditional currencies too, some unscrupulous operators may specifically use the lack of understanding of cryptocurrencies to take advantage of unsuspecting gamblers.
If you are new to online gambling with Bitcoin, you may want to stick to provably fair games. Provably fair games are ones where the gambling platform provides a method to verify each spin of the game, and the random number generator used on the game. This ensures your safety and gives you a path of recourse should you wish to query a transaction.
As part of your investigation into the safety, security, and reputation of sites that accept Bitcoin we have provided a list of 5 best of the best Bitcoin gambling sites. These are reputable sites that have been operating with cryptocurrencies for some time and have a proven reputation in the marketplace.
mBit it is another cryptocurrency currency only online gambling site. Six of the most popular cryptocurrencies, including Bitcoin, Litecoin, and Ethereum are accepted on the site.
MBit online casino offers more than 2000 games, including slots, blackjack, video poker, roulette, and baccarat.
New members are offered phenomenal deposit bonuses and there are various promotions available on the site for all members to spice up your online gambling experience. You can participate in tournaments via the mBit Races option where you compete on a leaderboard for prizes!
This site comes highly recommended and we suggest you check them out if you have cryptocurrencies you would like to use for online gambling. They can be found at www.mbitcasino.com.
BitStarz is an online gambling site that provides for multi-currency gambling. They support traditional currencies as well as Bitcoin. They offer over 2600 games to their players with fast cashouts and offer online support in the form of a live chat facility.
BitStarz offers great incentives to new members with deposit matching benefits up to the first 4 deposits, free spins, and freerolls.
They also offer regular free giveaways with various prizes, one recent one has been the giveaway of a Tesla Model 3 car!
This is a highly recommended site that also offers provably fair games. You can check them out at www.bitstarz.com.
1xBet not only offers online casino games to the gambler but also offers sports betting on sports from soccer to cricket, tennis, basketball, ice hockey, and table tennis in many countries around the world. They also offer speciality bets on entertainment, celebrities, politics and even the weather.
The amount of casino games available to play on this online gambling site is almost overwhelming in its variety! The massive choice of games available ensures that you will find a game that will provide you with excitement and adventure on this site!
1xBet also offers generous welcome packages to new members with bonuses and free spin options! Multiple currencies are accepted on the platform, including cryptocurrencies. This is a truly international site, allowing members to view the site in 60 different languages, making the site accessible to non-English speakers as well!
We recommend you check out this site for your Bitcoin online sports betting and casino gambling requirements. You can find them at www.1xbet.com
Betchain has been an established online betting platform since 2013 and has proved to be a reliable and reputable site! They offer multiple currencies from some popular traditional worldwide currencies to cryptocurrencies, but the main focus on the site is Bitcoin.
Betchain offers mostly casino-style games on its platform, but also offers an online horse racing facility. They also offer good benefits to new members, including 200 free spins on your first deposit and percentage deposit matching bonuses up to your third deposit. Cashback bonuses are offered on Tuesdays and reload bonuses on Wednesdays. You can also participate in online tournaments for a share in a generous prize pool!
If you would like to check them out, you can visit the platform at www.betchain.com
CryptoWild is a comprehensive online casino platform that offers a wide spectrum of games including 3D Slots, Baccarat, Bitcoin Dice, Blackjack, Card Games, Craps, Horse Racing, Minesweeper, Netent Pooled Jackpots and Live Dealer games. This is a cryptocurrency only site that accepts the most currently popular digital currencies such as Bitcoin, Litecoin, Ethereum, and others.
With over 1150 games in total, you are sure to find many satisfying options on this top-class cryptocurrency-focused online gambling site!
CryptoWild offers excellent bilingual support together with prompt withdrawal processing. Customers are treated to fantastic bonuses such as 35% cashback on Sundays, 50% bonus on your first deposit on Fridays and up to 50 free spins every Wednesday! Start your CryptoWild journey with an incredible welcome offer of 150% deposit bonus up to an astounding 1BTC!