Bitcoin Casinos – BTC Bonus + Free Spins

Wrapping Your Head Around Bitcoin (BTC)

If we were honest, getting into the technical side of Bitcoin and how it works is not important. Most people don’t know how government banks decide how much money to print or why one foreign currency is more valuable than another, so why worry about Bitcoin’s inner workings? As long as it has a monetary value and gives you a payment solution that suits your needs, then that’s enough for most! Therefore, we will not make this an essay as to exactly how Bitcoin works. However, we will give you a brief overview for those that what a basic, but not intricate, overview.

• Overview: Unlike traditional currencies like euros, dollars, sterling, Rupees, and Rands, Bitcoins are not issued by a central bank, and there is no physical format – the coins are purely digital, so each one is essentially a piece of code attached to a private key!
• Issuing BTC: BTC miners basically mine each one into existence. Once a miner has mined a Bitcoin, it is tied to a private key for ownership! However, mining will eventually become obsolete because there is a maximum of 21 million Bitcoin available and no more will be issued. Many analysts predict that once this day comes, due to the dynamics of scarcity, a single BTC could be worth between half a million to a million Euros, Dollars, or Sterling. That being said, no one really knows where Bitcoin will end up once this time comes!
• Ownership: BTC uses 2 key encryption. The first one is a private key. Bitcoins tied to a private key remain there until the owner of that private key issues a transfer command. Only those that know the private key code can access the Bitcoin tied to it. If someone else discovers your private key, they can access your BTC and transfer, which is why this must always be kept secure and private!
• Private Key Vs Public Key: Your private key identifies ownership, and only those with access to that private key can transfer the Bitcoin tied to it. This is where the public key comes into play. When you transfer BTC, you need the other person’s public key. Now the ‘public key’ is used so you do not have to give out your private key, which would make no sense whatsoever!
• Public Ledger: To keep track of all these Bitcoins, billions of nodes (devices) across the internet voluntarily keep a snippet of the Bitcoin public ledger stored in their memory. The public ledger pieces the entire ecosystem together, but it’s not stored in one place. This is what makes cryptocurrency so secure because no one could possibly gather all the information across billions of highly encrypted nodes.
• Summary: This is an oversimplified explanation of how Bitcoin works. The key elements for you as an online casino player are your private key and your public key. You must keep your private key safe at all times, while you will use your public key to make withdrawals and the casino’s public key assigned to your casino account to make BTC deposit so you can play online casino games.

When you open a Bitcoin wallet, always save your private key and keep it private. Also, do not lose it, because if you do, you will never be able to access those funds again. In fact, there are so many people that have lost their private key or died without telling anyone their private key, there is estimated to be 3-4 million bitcoins lost forever. For a more detailed over of Bitcoin and how it works, check out this BBC guide here!

Exciting Times: There are a variety of Bitcoin Casinos Out There!

When it comes to Bitcoin casinos, there are thousands to choose from. Some of them are purely Bitcoin casinos and others are what we call hybrid Bitcoin casinos, while there are those that accept a multitude of cryptos and others that don’t even ask you for any ID or personal information whatsoever. Below we will quickly take you through the variety of BTC casinos available to you!

• Hybrid Bitcoin Casinos: A hybrid BTC casino accepts both Bitcoins and fiat currency. Fiat currency is the technical term for traditional currencies like UK Pounds (GBP), Euros (EUR), New Zealand Dollars (NZD), South African Rands (ZAR), Canadian Dollars (CAD), and so on! You can keep a balance in your domestic currency, and you can keep a crypto balance. Although some casinos will restrict you to just a single balance, so you will need to choose crypto or fiat.
• Bitcoin Only: This is self-explanatory. Bitcoin only casinos accept only BTC. This means all the games are valid for BTC only which can be quite useful if you are a Bitcoin casino player. This is because hybrid casinos can be deceiving. What we mean by deceiving is not something the casino is trying to do; it is just the casino advertises all the games in its games’ portfolio to show off the full range. However, not all the games you see will be available for cryptocurrency bets after you sign up to the casino!
• Multi–Crypto Casinos: This is the most common type of cryptocurrency casino out there. It does not accept any fiat currencies, but it does accept BTC plus an array of other cryptos. I.e., it will have BTC, BCH, LTC, DOGE, ETH, USDT, XRP, Dash, and a list of other cryptos. As with hybrid casinos, looks can be deceiving at these multi-crypto casinos too. We say this because not all games at these casinos are valid for ‘all’ cryptos. In general, you can expect 99.9% of the games to accept BTC, while not all of them will accept other cryptos such as ETH, DOGE, or LTC. I.e., if you choose to deposit using DOGE, your game selection will be far less than using BTC!
• Casino With No Sign Up: Some Bitcoin casinos do not require you to sign up and play. Instead, you simply request a public key to deposit to, play using your BTC, then withdraw at the end of your session. This is highly anonymous casino gaming. As a side note, you will find a mix of ‘Hybrid Bitcoin Casinos’, ‘Bitcoin Only’, ‘Ethereum Only’, and ‘Multi-Crypto Casinos;’ that fall under this category – check out our full ‘casinos with no registration guide’ for more information!
• Username Only BTC Casinos: Some online casinos require you to sign up with a username but will never ask you for ID, KYC checks, or any personal information. The reason a username is required is that the casino wants to issue you with a crypto wallet public key address so you can deposit and withdraw. That’s it!

Licensing: You will find that casinos licensed under the Curacao eGaming and/or Antillephone license offers all the above casino types. These casinos also accept players from Ireland, Australia, South Africa, Canada, India, and New Zealand (but not the UK). As for UKGC and MGA licensed casinos, these will only ever fall under the ‘Hybrid Bitcoin Casinos’ category as there are currently no ‘pure Bitcoin’ casinos licensed by these authorities as of yet!

The Pros & Cons of Using Bitcoin

There are very few cons to cryptocurrencies, but like all deposit and withdrawal options, there will always be a downside. For example, if your wallet or online casinos do not have a QR code to help you deposit and withdraw, then there is always a risk of losing your BTC if you manually enter the public key incorrectly. Also, cryptos fluctuate heavily, and a bad day can see 5% to 15% wiped off the value of cryptos like BTC. However, as you are playing at an online casino, a bad day at the tables or on the slot could also result in heavy losses so most crypto players are not fazed by price fluctuations.

BTC Quashes Exchange Rate Fees: The final pro to using BTC is for those that want to play at an online casino that does not accept their domestic currency. Usually, you will need to choose USD or EUR and pay extortionate exchange rate fees and get lower than market rate exchange rates. However, when you buy BTC, move it in and out of your casino, and cash out back into your domestic currency, the fees are often as low as 1% of the amount you would pay in exchange rate costs!

BTC Alternatives

BTC Alternatives: There are numerous other cryptocurrencies accepted by online casinos. BCH, LTC, XRP, DOGE, USDT, ETH, DASH, and more. However, Bitcoin is the most widely accepted and has the largest number of video slots, table games, and live dealer titles configured to accept BTC bets whereas many game developers have not yet configured their games to accept bets using cryptos other than Bitcoin. Also, quite a few crypto casinos will only include BTC in the bonus offer, but there are still plenty of RTH, BCH, and LTC bonus offers out there if you prefer to use another crypto. Aside from cryptos, if you want to transact with a casino without transactions showing up on your bank statement, try using NeoSurf or Paysafecard. You will also find an array of other alternative casino deposit and withdrawal methods payment via our online casino payment methods guide!

Bonus Reviews: Check our online casino reviews attached to the casinos on the recommended Bitcoin casinos lists found on the Bitcoin payments guide. Our review team will let you know which cryptos the casino accepts and which cryptos the casino includes as part of the bonus offer. We also dissect the bonus terms so you know what the max bet is while the bonus is active, how long the bonus is valid for, wagering requirements, and much more!