The rise of BTC betting – a Bit sized history
Bitcoin was ‘discovered’ in 2008 by Satoshi Nakamoto. No one knows who Nakamoto is (or even whether the name refers to an individual or a group of experts), but he (or they) was the author of an academic white paper proposing a design for a decentralised digital currency system.
2009
In 2009, Nakamoto and computer programmer Hal Finney made the first ever Bitcoin transaction, and the currency has grown exponentially since then.
2012
The history gets a little murky here but it’s generally accepted that the first
Bitcoin casino, Satoshi Dice, was created in 2012 by Erik Voorhees. This landmark site became something of a phenomenon for its transparency, and an astonishing 50% of all Bitcoin transactions were made on the casino. Bitcoin was not the first cryptocurrency, but was the one that really grabbed the public imagination.
2014
In 2014, Bitcoin sponsored the Super Bowl and, in 2015, a UK bank began accepting deposits made using Bitcoin.
After this point
Many online casinos began to accept Bitcoin as a legitimate payment method, and this number continues to grow. Around this time, there was also a huge expansion in the number of crypto specific casinos, who only accept Bitcoin and other crypto coins.
Bitcoin betting – how does it work?
There’s a big difference between conventional online betting sites that accept Bitcoin alongside other payment methods like debit cards or PayPal, and crypto specific casinos.
The latter started with Satoshi Dice but, in just a few short years, have exploded into their own distinct category, with unique characteristics.
Bitcoin casino vs Bitcoin accepting casino – what’s the difference?
Below, you’ll see the key differences between crypto casinos, and online betting sites that accept crypto as one of many payment methods.
| Bitcoin, or crypto, casino | Online casino and sportsbooks that accept crypto payments |
| Payments | Exclusively accepts cryptocurrencies including Bitcoin, Litecoin, and Ethereum.
Some crypto casinos will also allow players to buy Bitcoin using a third party app, which is a good option for newcomers trying out gambling with Bitcoin for the first time. | Accepts Bitcoin alongside other payment methods, such as debit/credit cards and PayPal. |
| Casino games | Crypto betting sites have an excellent selection of casino style games featuring slots, and the classic live dealer and table games such as blackjack and poker.
Bitcoin casinos are also famous for Crash crypto games. These replicate the rise and fall of cryptocurrency value and have a high speed play with the potential for big rewards if you hold your nerve. | Crypto accepting casinos have hundreds of games on their platforms. This covers slots, table games and live dealer options. There may be more emphasis on slots or a greater selection of table games than at an exclusively crypto casino. |
| Sportsbook | As you’d expect from a forward thinking crypto betting site, there’s a lot of emphasis on esports and virtual sports. But, if you’re after a bet on baseball, soccer, or tennis you’ll still find plenty of markets on Bitcoin sports betting sites. While the markets and choice of bet types may not be as diverse as other, non crypto sportsbooks, there’s still an impressive range of markets to choose from. | Crypto accepting sportsbooks give punters access to hundreds of potential betting markets and bet types. |
| Bonuses | Bonuses are displayed in Bitcoin and may have a higher limit. Types of bonus can include deposit matches, rakeback, no sweat bets, and free spins. | Bonuses will be outlined in a fiat currency equivalent but can be accessed using crypto. |
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So, is betting with Bitcoin worth it? Pros and cons
There are a lot of pluses to betting with Bitcoin. Just a few of the main advantages are:
Instant deposits and withdrawals
One of the biggest pros of using Bitcoin as a payment method for betting is its speed. As Bitcoin uses blockchain technology, rather than a traditional method such as online banking, payments are pretty much instant.
The second biggest advantage of Bitcoin betting is the extra security it provides compared to other banking methods. Transactions are anonymous and encrypted so there’s no risk to your funds.
3. Limited transaction fees
Some traditional casinos may charge you fees for making deposits or withdrawals with fiat currency methods such as debit cards, but you won’t find that at a Bitcoin casino. Transaction fees for Bitcoin are usually flat so it won’t matter how much you deposit, you won’t pay any more. Of course, this will vary across sites so check before you join.
4. Bitcoin specific bonuses
Bitcoin sportsbooks and casinos are well known for their generous offers. The welcome deal is the most common and often gives you a matched rate on your first deposit, sometimes even more. The sportsbook arm of Bitcoin sportsbooks often have no sweat bets for Bitcoin users too, while the casino side might offer you a rakeback on your losses, or the chance to participate in a daily or weekly leaderboard to win a share of a jackpot prize.
Disadvantages of Bitcoin betting
Bitcoin betting has many fantastic benefits which make it attractive, but it’s important to keep in mind that it does have some disadvantages too.
Changing values
In common with all currencies, Bitcoin is subject to daily fluctuations in value. These can be quite dramatic, and vary between the equivalent of tens of thousand dollars each day.
Difficulty recovering funds
As Bitcoin transactions are made on a decentralised network, it’s pretty much impossible to get your funds back if you make a mistake when inputting your wallet number.
Choosing the top Bitcoin betting sites – let me be your guide
You’re probably thinking that Bitcoin casinos and
sports betting
sites sound great, and you’d be spot on. But before you jump right in, there are a few things you need to be sure that every site provides to give you a safe and, more importantly, enjoyable experience.
Before playing at any betting site, you should always check that it’s licensed to offer gambling. There are unfortunately quite a few unlicensed sites who are the pirates in the calm seas of crypto casino sites. Get involved with them and you’ll end up marooned without 2 crypto doubloons to rub together.
Many Bitcoin betting sites have a licence issued by the Curacao Gaming Authority, which is pretty much a benchmark for reputable gaming across the industry. You can also judge the trustworthiness of a site by its game providers – if they have links with makers like Pragmatic and Evoplay, you can rest assured that you’re at a reputable site.
The best online BTC betting websites have a focus on customer service. They’ll make sure that whatever time you’re playing, there’s always someone to fix any issues. Whether you’re a bit of a night owl like me, or you’re an early bird, the best sites will have a live chat feature, detailed FAQs, and a dedicated support email address to deal with any ruffled feathers.
Bitcoin bonuses and VIP Programme
One of the defining characteristics of Bitcoin gambling platforms is their generous bonuses. These can take many forms but the most commonly observed
crypto betting bonus
specimen is a deposit match when you sign up. Some of the best Bitcoin casinos also have a VIP programme which lets you build up points when you play to go towards rewards like a cashback bonus or priority access to new games.?
First timer? Follow my tips on finding the best BTC sports betting sites
Had your Betcoin betting whistle whetted and looking for a site to join? Great, have a read through my tips to identify the right crypto casino and sportsbook for you from the banners on this site. Like a snowflake, each one is unique and very cool.
As well as sportsbooks, the best
crypto betting sites
will often have a casino full of slots, table games, and even live dealer games. It’s important to select a site that has the right mix of games for you, whether that’s megaway or jackpot slots full of free spins and bonus features, or live blackjack games that can give you a real life casino experience from your screen.
Now, one thing that may come as a shock is that not all Bitcoin sites have an app. For tech embracing, forward thinking sites, this seems a bit strange. But the simple truth is that many of the top online BTC betting websites were built with mobile use in mind first so there’s just no need for an app.
Playing at a crypto sportsbook doesn’t mean missing out on any features. As well as an excellent choice of sports betting markets, which is comparable if not superior to many traditional sportsbooks, you’ll still be able to enjoy live betting and live streaming on Bitcoin betting platforms.
How to get started at a Bitcoin casino – turning Bitcoin into Betcoin
Getting started at a Bitcoin casino is very quick and, even if you’ve got no prior experience of BTC betting, it shouldn’t take you long to get started.
Step 1
If you don’t have one, you’ll need to set up a digital wallet. This allows you to keep, send, and receive Bitcoin.
Step 2
Pick out your crypto casino or sportsbook of choice from my list of excellent options.
Step 3
Head to the site and press the ‘Sign up’ or ‘Register’ button. Enter your personal details including name, DoB, and address.
Step 4
Before you move on, make sure to grab any promos or welcome bonuses. You might need to enter a promo code or click a box to have the bonus put onto your profile.
Step 5
Now you’ll need to make your first Bitcoin deposit. You can do this by visiting the ‘Cashier’ section of your profile and selecting Bitcoin as your payment method.
Step 6
Once your Bitcoin has landed in your account, you’re ready to start playing.
Bitcoin alternatives
Bitcoin is probably the best known cryptocoin but it’s far from the only option.? Many sites also accept altcoins (alternative coins), including
- Litecoin
- Ethereum
- DogeCoin
- Tron
- Tether
All of these cryptocurrencies offer a similar experience to Bitcoin but have a different value and a few unique qualities.
Conclusion – what’s next for Bitcoin casinos?
The rise of cryptocurrency, and Bitcoin in particular, has to be one of the biggest changes in the betting industry in the last 20 years. Bitcoin is now accepted at many betting sites and it’s very likely that it will become a more and more widely used payment method heading into the future.
In this guide I’ve given you a close and personal view of some of the best Bitcoin betting sites, and provided the lowdown on? areas to consider when you’re choosing between them. I’ve also given you an insider’s look at some pro tips which should see you on your way to an enjoyable crypto betting experience even if they can’t guarantee you any more wins!
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Bitcoin betting FAQs
????? Is it legal to make bets with Bitcoin?
It is 100% legal to make bets using Bitcoin as a payment method. However , I would always recommend making sure that you’re only playing at licensed and reputable sites, such as the ones on my list.?
? How long do Bitcoin withdrawals take at online casinos and sportsbooks?
Bitcoin withdrawals are very quick and, once processed, could be in your account within an hour of the payment being approved. If it’s your first time receiving a payment you’ll need to verify your account, which can slow you down. Also bear in mind that payments might not be processed at weekends or on public holidays.
?? Will Bitcoin always be around to use on crypto casinos?
Bitcoin is a finite resource. Just like coal or diamonds, it is mined (although online rather than from the ground), and there are limited resources of it available. Thus far, around 19 million Bitcoins have been mined, out of a limit of 21 million. That might sound like a lot, but experts estimate that it will take approximately 120 years to mine the remaining coins.
?? What are the best Bitcoin casino and sports betting sites?
No one Bitcoin betting site can be said to be the best, as every individual will have different requirements. Some people love a site that has a balance between sports and casino games, while others might be more focussed on the sports side? only. Either way, my guide can give you the tools to judge each site and decide on the best one for you.
