Bitcoin Casinos 2015
Bitcoin today is the number one most commonly used decentralised currency in the world. It only exists in the virtual world of ones and zeros. The crypto currency has the largest user base with more then one million people using it trading thousands of dollars per-day.
Bitcoin is still its teething stage of evolution, but due to its simplicity it is arguably the most cost-effective way to deposit and withdraw money on any online casinos accepting Bitcoin.
Best Bitcoin Casinos 2015:
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Short history on Bitcoin
Bitcoins were invented by Santoshi Nakamoto, who launched the online currency in January, 2009. Since then it has seen record highs of $1,000 per Bitcoin in (2013) to its current value of $240 in January, 2015.
As of today more than 1,000 different merchants are accepting Bitcoin, including several online casinos. There is still a lot of debate on where Bitcoin will go next and whether it will cement itself as a ‘real’ currency or whether it will fadeout and die.
Popularity of Bitcoins:
Where can I get Bitcoins?
You have two options for obtaining Bitcoins, they are:
Mining – This is bably not a viable option for anyone who doesn’t have a lot of computer processing power or time on their side. Bitcoins can be ‘mined’ using a peer-to-peer networking system. To know more about mining for Bitcoins read here.
Buying Bitcoin – A Bitcoin can be bought from several online exchanges such as MT Gox and Coinbase. The value of Bitcoin is constantly moving and for the latest prices visit Bitcoin.To.
Buying Bitcoins have no transfer fees or middlemen, so a $200 Bitcoin will cost you exactly $200 and not a cent over.
Depositing using Bitcoins
To deposit at various Bitcoin friendly online casinos you will need their Bitcoin wallet information. This can usually be done via the online casino software and deposits are processed instantly.
There are no fees for depositing using Bitcoin. Most casino will convert your Bitcoin to whichever currency they use or break each Bitcoin into smaller fragments. Be sure to understand the current exchange rate offered by your selected online casino to get the best deal.
Pros and cons to using Bitcoin as an online payment method
Pros with using Bitcoin include:
No fees – As Bitcoin is a decentralised currency there are no middle men involved meaning there are no fees. You can deposit and withdraw as many times as you like and face no fees.
Legality – At the time of writing this article (January, 2015) there are no legal regulations for Bitcoin. This means that players from any country in the world can play and gamble at Bitcoin casinos, including US players.
Anonymity – Bitcoin casinos do not ask for any personal details when you deposit or withdraw using Bitcoin. Most require you just to provide an email address and a password. As a result Bitcoin casinos will not make you jump through hoops to verify your account with withdrawals being super fast from our own experiences.
Volatile currency – The price of a single Bitcoin can shift as much as $40-$100 per day. You could purchase a Bitcoin today at $240 and within 6 hours it could be worth $350 or $190. There is still a lot of speculation about Bitcoin and where it will be in the next 1-5 years. This speculation has a direct impact on the price movements.
Lack of options – Very few casinos accept Bitcoin as a payment method which limits your choices. The casinos that do accept Bitcoin usually have a limited selection of games.
Wallets can be lost – Bitcoin are just numbers on your computer. If you don’t backup your Bitcoin wallet and your computer is infected with a virus you may never be able to access your money again.
If you are using Bitcoin make sure to backup your wallet on an external device or the cloud.
There are a lot of questions surrounding Bitcoin and what it holds for the future. At this moment in time more people than ever are using Bitcoin as a way to pay for goods online, send money and play for real money at Bitcoin casinos.
The digital currency makes more sense for US players who have limited options in finding US friendly casinos. Every online casino listed in this article accepts players to deposit and withdraw using Bitcoin.