Best Crypto Casinos That Accept Bitcoin (2022)

Bitcoin is the originator of the worldwide crypto craze that has been happening the last few years. It is the original cryptocurrency, and today it is widely used for all sorts of products and services-including those in the iGaming industry.

In this article, we will look at the best crypto casinos that accept Bitcoin. We’ll also investigate how this cryptocurrency originated, what the pros and cons of using it are, and everything else you should know before you start gambling with it.

History of Bitcoin

Created in 2008 by an individual or group known only as Satoshi Nakamoto, Bitcoin was the first cryptocurrency ever created. It was officially published under open-source coding in 2009 when people around the world started to mine the coin and spend it.

Soon after its launch, “Bitcoin” became a household name around the world, as countless people tried to profit from this strange new idea. Starting at almost no value-to the point where a man by the name of Laszlo Hanyecz once paid ₿10,000 for two pizzas-the coin has since skyrocketed in worth.

Today, Bitcoin is an incredibly volatile investment that can lose you money or earn you a massive wealth in almost no time. It is also widely accepted as a payment method in many online spaces-such as online casinos-and, increasingly, even in physical and retail outlets.

How Bitcoin Works

Understanding how Bitcoin works is a slightly involved process. Therefore, we are going to give a very basic overview of how Bitcoin is generated and transferred.

To mine Bitcoin, miners computers require massive processing power. This power is used to confirm and populate transactions in block form on the blockchain-the central public ledger that controls all Bitcoin transactions.

Each block contains a specific number of transactions that are logged, verified, and encrypted using an SHA-256 cryptographic hash. This block of transactions creates a verifiable number called a nonce. Once an acceptable nonce has been found, the block is accepted into the blockchain.

Blocks entering the blockchain confirm all transactions in the block release new BTC as payment to the processor that completed the block. The blockchain contains a limit of 21 million Bitcoin, and after these 21 million BTC are released by the blockchain new Bitcoin will no longer be released.

Each time that you send or receive Bitcoin, your transaction will enter into a forming block and await approval from the blockchain. Once the block with your transaction enters the blockchain, your deposit or withdrawal is confirmed.

This process, which takes only 10 minutes, is what makes depositing into your crypto casino account such a quick process.

Bitcoin Fees

One of the best things about Bitcoin is that the fees are relatively low. It also helps that almost all places (online and physical) don’t charge any service fees for transacting using BTC. Instead, all fees are charged by the Bitcoin blockchain.

Fees per transaction depend heavily on the load that the blockchain is currently experiencing. Higher demand for transactions increases the fees, while quieter moments drop the price you’ll pay.

The highest fee recorded was during the April 2021 crypto sell-off. Here, service fees reached US $62.79 per transaction. However, the average fee that is generally charged is much more reasonable: between US $2 and US $4 per transaction.

This fee is automatically deducted from or added to the amount of BTC that you are transacting with. An example is if you need to pay 1 BTC, the service fee will be added on top of this amount. However, if you are depositing into an online casino, the fee will be deducted from the final amount that is deposited into your player account.

Bitcoin Wallet Requirements

There are no specific requirements needed to store Bitcoin in a crypto wallet. In fact, almost all crypto wallets can store Bitcoin safely. However, there are recommendations on which wallet to use depending on the amount of Bitcoin you are storing.

Higher values of BTC are recommended to be stored using cold storage, a hardware wallet, or a paper wallet. These wallets offer the greatest security from hackers but may be trickier to use if you regularly fund your online gambling activities with BTC.

Mobile wallets, which are linked to your smartphone, have also grown in popularity. These allow you to always keep your wallet with you, rather than just stored on your PC at home. They allow quick transfers into crypto casino player accounts but offer slightly less security.

Pros of Gambling With Bitcoin

There are many advantages to using Bitcoin-especially in terms of online gaming. Some of the biggest pros include:

Anonymity

As an online casino player, you may not necessarily want your identity broadcast. Bitcoin helps you stay anonymous thanks to the inherent anonymity that the crypto offers. While not all BTC casinos allow you to sign up and play anonymously, there are some that do.

Security

Unlike traditional online casinos, which could potentially have their payment processors hacked, Bitcoin gambling is completely secure. This is because of the security offered by the blockchain that is decentralized and virtually impregnable.

Widely Accepted

Almost all crypto casinos around today accept Bitcoin as the very basis of crypto. This is because BTC was the original crypto and is one of the easiest cryptos to trade. Therefore, finding a site to gamble on that accepts BTC should take no time at all.

Speed of Payments

One drawback to traditional online gaming sites is the waiting periods sometimes imposed while waiting for your funds to clear into your player account. Because Bitcoin confirms transactions in new blocks every 10 minutes, deposits made using BTC are usually available either immediately or within a very short time.

Cons of Gambling With Bitcoin

While there are many perks to using Bitcoin, there are also some drawbacks:

Volatile Worth

One of the biggest drawbacks to gambling with Bitcoin is the volatility of the coin. Because it changes constantly in the market, depositing 1 BTC today may not be worth as much as depositing the same amount tomorrow.

Should this occur, you could lose more than you bargain to. However, this can also work in your favor if the value of BTC increases. This could make you richer without you even needing to play-giving you more money to try your luck with.

Irreversible

Another con to playing with Bitcoin is that transactions made using BTC are irreversible. This means that, should you accidentally enter the incorrect payment address when making a deposit, there is no way to reverse your deposit and claim your money back.

Not Accepted Everywhere

While this problem is slowly disappearing as Bitcoin grows in popularity, there are still many places-especially in the offline world-that don’t accept BTC as a payment option. This means that, should you win big whilst wagering your crypto, you may not have THAT many places to spend it unless you convert it into a fiat currency first.

Bitcoin vs. Popular Altcoins Comparison

For a quick overview of how Bitcoin compares to Bitcoin Cash and the various other altcoins that are commonly accepted by online crypto casinos, check out the table below:

Crypto Type

Block Processing Time

Average Transaction Fee (USD)

Specific Wallet Required?

Bitcoin

10 minutes

$2 - $4

No

Bitcoin Cash

10 minutes

$1

No

Litecoin

2.5 minutes

$0.03 - $0.04

No

Ethereum

12 seconds

$2 - $3

No

Dogecoin

1 minute

$0.65

No

Tether

Blockchain Dependent

$1 - $4

No

Bitcoin Gambling - Conclusion

Bitcoin has certainly revolutionized the way we view cryptocurrency and, in fact, currency as a whole. It is also becoming a much more widely accepted way to transact and trade in the modern world. Thankfully, this acceptance has also extended to the world of online casinos.

However, it is important to note that this crypto still has some limitations. From the limit on the total number of BTC available to the fact that it is not accepted everywhere, some things are still holding it back.

That being said, if you are looking to use Bitcoin to play with on your chosen crypto casino, it is still one of the best cryptocurrencies available today. This is because it is widely accepted, can suddenly be worth much more, and allows you to remain relatively anonymous.