Discover Provably Fair Bitcoin Casinos
Bitcoin Casinos as a Result of Blockchain Revolution
Needless to say that Bitcoin and cryptocurrencies as a whole made a great breakthrough in various ways. The revolutionary blockchain technology that lies at its core made it possible to address several pressing issues in the iGaming industry, all at once. It's reasonable to say that the rapidly expanding nature of cryptocurrencies holds so much capacity for changing the future. And the potential that we've not yet explored with regards to how it could transform the entire face of the casino business, is significant.
The rise of crypto casinos, obviously, is fueled by the ability of operators to circumvent the strict requirements for traditional online casinos in the first place. But not everything is as rosy as it seems at first glance. Bitcoin has enabled casinos online to be free of some outdated rules and regulations. It is possible to argue that it has provided fake casinos the means to take advantage of the anonymity that goes along with Bitcoin as well as other cryptos. So, which online casinos are provably fair for real? We will try to answer this question here.
Fully Provably Fair online casino represents a decentralized open-source web application, launched in 2019 by Media Games Malta (EU) Limited. This platform accepts a variety of cryptocurrencies and allows users to deposit and withdraw them in a variety of ways. There are different wagering requirements for different sorts of games. Some online casinos may also provide a reload or first deposit bonus. 16 in-house casino games available.
Supported cryptocurrencies: Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Tether, Ripple - up to 50 cryptocurrencies
One of the pioneers among crypto online casinos, 7bitCasino was launched in 2014. It has an impressive number of slots, and other games, offers bonuses to entice new players and keep the regulars interested.All of the 7bitCasino games are provably fair. 7bitCasino features flawless customer support and a function called 7Bit Racing.
Minimum deposit: 0.00035 BTC/0.011 ETH/0.028 BCH/0.076 LTC/1235 DOG, and 10 USDT.
Supported cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, Dogecoin, Ripple.
Supported by Curacao eGaming License, mBit Casino is one of the first to offer provably fair gameplay to its players. The Bitcoin casino has a portfolio with more than 2,000 casino games, namely slots, table games, crypto live games and more. mBit boasts of instant deposits and withdrawals and pretty generous welcome and reload promotions to keep you entertained.
Minimum deposit: 0.0002 BTC, 0.001 BCH, 0.01 ETH, 0.01 LTC, 1 DOGE, 1 USDT.
Supported cryptocurrencies: Bitcoin, Litecoin, Dogecoin, Ethereum, Bitcoin Cash
What Is Bitcoin Online Gambling?
What exactly is bitcoin? Someone will call Bitcoin cryptocurrency to be some kind of digital gold. Bitcoin or BTC (₿) is a non-centralized digital currency that makes use of a P2P (peer-to-peer) service network to register transactions on a publicly accessible account record database, also known as a blockchain. Introduced in 2008, BTC sparked the movement towards decentralized finance.
Today crypto gambling is unquestionably gaining momentum with the advent of provably fair games, fast deposit-withdrawal payments make this method a top choice. Basically, whether you choose Bitcoin or another cryptocurrency, you will find a pool of online gambling destinations that either accept it as a banking option or provide a crypto integrated games at their lobby.
Cryptocurrencies imply a good deal of benefits for casino operators in their ability to surpass strict rules and offer better service, while iGaming players can have even more advantages in a form of increased privacy as well as lower fees, faster transactions, great bonuses, and the additional security that comes from blockchain technology. Let’s look at them more closely.
How to deposit with BTC?
Crypto-Friendly Gambling Sites and True Bitcoin Online Casinos
Bitcoin casinos can be grouped into two categories. The first one will merely accept bitcoin and other cryptocurrencies as payment methods. While the second, on the other hand, has chosen to integrate blockchain technology into their online gambling systems. Smart contracts that are utilized by pure online casinos enable public access to numeric data about casino transactions. This results in increased openness and the opportunity to examine the fairness of game outcomes.
All provably fair games’ mechanics are determined using a Random Number Generator (RNG). RNGs have generally been regulated by third-party agencies like the AGCO to ensure that casinos are not deceiving players. As a result, you don't have to put your faith in the honesty of casino operators or licensors.
Major Advantages of Crypto Gambling
Everyone has their own logic behind betting with crypto relative to what's important to them. Let’s break down in detail how crypto online casinos, including Bitcoin gambling sites, can outperform traditional and well-known brands.
Quick Payouts Without Restrictions
We must assume that online casino players prefer bitcoin casinos for their speedy deposits and withdrawals that are processed in a split second. It's faster than regular fiat currency cashout, and in most cases, it takes no time. This is possible due to the fact that the casino does not partake in the payment procedure itself - all the magic happens on the blockchain.
Nevertheless, before the actual bitcoin (or another crypto) transfer takes place, you must make a request to withdraw which, as a rule, takes from a few seconds to an hour.
Another lovely advantage is that bitcoin transactions in online casinos have no limits, in fact, meaning that players are free to transfer bigger amounts of Bitcoin, Ethereum, Dash, Ripple, etc, and should not care about the maximum withdrawal limits that other payment methods require.
No Commission Fees For Withdrawals
Unlike transfers via banking cards and e-wallets, cryptocurrencies like Bitcoin don't need an intermediary that imposes extra charges for deposits or withdrawals. Winnings are yours to keep. Few crypto casinos still may charge a fee to make a deposit. Nonetheless, when compared to average online casinos, these amounts are rather minimal. As a result, bitcoin gaming sites will have the lowest transaction fees. Most countries do not foresee taxes for Bitcoin taxation or regulate crypto in some way.
Anonymous and Private Transactions Guaranteed
When choosing a regular online casino you must be prepared to go through a number of KYC verification procedures to prove your financial identity. This involves sharing personal and financial information such as your name, bank account number, home address, and so on.
In bitcoin online casinos, on the other hand, all you have to do is transmit money from your crypto wallet to your crypto-friendly casino wallet in a form of a blockchain transaction that employs an alphanumeric key instead of your personal data. This is the privacy benefit both for a player and the casino operator - no one else is able to see your details.
All bitcoin transactions are safely sent to the crypto network via the crypto wallet that you have chosen or the exchange. After a transaction is approved it cannot be reversed - it eradicates the possibility of losing money when playing at a Bitcoin casino, just don’t forget to double-check your wallet address and make sure you're using a proven crypto wallet.
Exclusive Bitcoin Casino Bonuses and Crypto Promotions
New crypto casinos (especially crypto-only brands) are promoting the use of Bitcoin and other cryptos in online casinos. As a result, bitcoin gamblers have access to a wide range of enticing bonuses and promotions - usually much more profitable than with regular payment methods.
Safe Crypto Games
Crypto casino sites now give online gamblers the possibility of participating in highly monitored casino games with “engraved” crypto technology, a safe payment method, provable fairness of the games as well as quick withdrawals of winnings. This is possible by making use of the provably fair algorithm built on blockchain technology.
Provably Fair Bitcoin Casinos
We all have concerns over how fair the casinos are, and if this or that slot really represents the RTP that software companies claim. Provably fair means that both the player and the house are treated equally. When joining the online casino table or spinning the slot machine, the gambler must blindly trust what they are offered. You can observe when the croupier deals the cards or how the reels spin in a land-based casino. But who can assert that the game is not falsified when you know that the outcome is generated by some software's random selection of numbers? This concern of the foul play is particularly common, which is why online casinos provide live dealer games.
Blockchains have spawned a slew of ground-breaking innovations, including cryptocurrencies, smart contracts, initial coin offerings, and non-fungible tokens. Provably fair games are what blockchain has offered the online gambling business. But what exactly does it mean?
While the idea behind crypto casinos was to just adopt cutting-edge gaming technology as the payment option. Soon they were fast to address the issue of trustworthiness and applied a new game type known as Provably Fair. Players may now readily verify whether a game's result was fair.
The advent of blockchain technology gave birth to a new generation of real money games. Software companies like BGaming and others started to adopt crypto in their games.Now you can find crypto slots, Bitcoin online sports betting, Ethereum table games, and so on and so forth.
Common Concerns About Gambling in Cryptocurrency
Despite the in-your-face advantages of bitcoin online casinos, no one would blame you, if you’re preoccupied with cryptos stability in the future.
Here are some common concerns that arise while gambling with cryptos.
- Volatility - cryptos are highly volatile. The limited quantity of coins in circulation and the increasing demand for them lead its price to fluctuate every day. It is not suggested to hold considerable investments in Bitcoin or another cryptocurrency.
- Constantly changing - despite its relatively long history, the Bitcoin network keeps evolving. Bitcoin gets more accessible as its popularity grows, and its features and procedures become more refined. With such widespread adoption, the network, which was not designed to handle the present volume of transactions, has run into scaling concerns.
- Not a universal payment method. It is not always available as a payment option.
- It can't be traced. The anonymity of Bitcoin and other cryptocurrencies, considered as a benefit by many, is also a possibility for criminal conduct. Therefore, we insist that you use only verified Bitcoin online casinos for your own safety.
Largest Crypto Coin Types
If you are not familiar with cryptos just yet, the vast variety of possible options might confuse you a lot. While they all function similarly and may offer comparable advantages, they each have distinct characteristics. Here is the list of the most used and well-known coins that can be used for gambling online:
- Bitcoin - this is still the coin that people refer to when they talk about digital currency in general as the forerunner of the cryptocurrency era. The currency was launched in 2009 by its mystery creator(s) — purportedly Satoshi Nakamoto in 2008 — and has been on a roller-coaster ride ever since. But, no sooner than in 2017 the cryptocurrency gained its widespread acceptance. This is the most popular and valuable digital currency in the world. It's the preferable crypto coin type for online gamblers who want to bet anonymously and avoid some of the restrictions that traditional online casinos impose. When compared to other crypto coins, the bitcoin ledger uses a special approach to safeguard its users from fraud and has shown to be the most secure cryptocurrency over time. You can't go wrong with Bitcoin since the benefits are enormous.
- Ether - Ethereum is a term of the cryptocurrency platform and, probably, the second name to hear in the crypto world. The system allows you to use Ether (ETH) for a variety of tasks, but Ethereum's smart contract feature contributes to its popularity. . It’s a well-established crypto coin with a secure and proven wallet. The fundamental distinction between Ethereum and Bitcoin is that bitcoin's blockchain is fixed, but Etheruem's blockchain is programmable, allowing it to be used for a variety of digital assets, including NFTs, as a result, there’s a number of Ethereum casinos and Ethereum betting sites that you can choose to play for real money.
- Tether - due to the fact that the price of Tether is linked to the value of the US dollar, a specific asset, it is a stablecoin. As traders switch from one cryptocurrency to another, Tether is frequently used as a bridge - they use Tether instead of returning to dollars.
- XRP - formerly known as Ripple, was founded in 2012 and allows users to pay in a variety of real-world currencies. Ripple, which employs a non-custodial technique to allow payments, can be useful in cross-border transactions.
- Litecoin enables users to transmit low-cost, private, secure, and borderless payments to anyone, anywhere in the world, at any time. It was launched in 2011 as a primary bitcoin alternative. It is based on the original source code of bitcoin, however, it was created for everyday use with cheaper and faster transactions.
- Dogecoin is an open-source cryptocurrency that started as a mock-up for highly speculated crypto markets as a "meme coin" but soon became a solid option, especially in the online gambling sector.
- Monero - Unlike other blockchains, Monero transactions are anonymous thanks to a range of privacy-enhancing features. Monero is the crypto to use if you value privacy above everything else.
- Dash - once known as Xcoin and then Darkcoin, Dash is a bitcoin derivative that was built on the original source code with the goal of becoming a daily transaction currency. It is a privacy-focused technology with strong encryption capabilities. Dash gambling spreads across a good number of sites that allow you to bet in Dash coins - all provably fair.
- Bitcoin Cash - launched in 2017 with rising concerns about bitcoin's transaction processing time restrictions. BitcoinCash is based on the same system, however, it has a lower price for each coin. Additionally, BCH blocks can be up to 32 MB (while BTC blocks have 1 MB limits) allowing for substantially faster transaction processing.
Bitcoin Casinos Worldwide: Bottom Line
The combination of blockchain tech and casinos online has brought incredible benefits for gamblers who prefer crypto for faster transactions, increased security and anonymity with no withdrawal limit as well as lower fees. The gameplay environment is much more transparent. Although Bitcoin is still the most well-known digital gambling currency with an exchange rate that goes beyond understanding sometimes, you can discover online casinos that accept Bitcoin Cash, and Ethereum slots, Dash dice, XRP live casino, etc.
In the end, with provably fair games that operate using Blockchain technology, players don't need to trust blindly what they are offered and be in control of fairness for every game. Therefore, you can enjoy a relaxing, comfortable, and have fun playing at the best bitcoin casinos without worrying about sloppy betting.
Because the cryptocurrency market is a decentralized field, those interested in speculating in these digital coins should not risk more than they can afford to lose. The volatility of crypto-assets can be extreme, with prices moving dramatically even within a single day. Individual investors may also be trading against highly sophisticated players, making it a risky experience for inexperienced investors. So, be wise and choose the best bitcoin gambling destinations.