People who are looking for the best Bitcoin gambling on the internet are probably already aware of what Bitcoin is and how it works.
But it’s a new enough banking option that I thought a guide to the best Bitcoin gambling might be helpful.
Using Bitcoin for your online gambling banking needs has multiple perks. One of the best of those is that it’s incredibly friendly for United States based real money players.
Another perk is that the value of Bitcoin keeps going up–especially when compared to the value of a U.S. dollar.
Below, I’ll explain what Bitcoin is, how it works, and why it’s such a boon for online gamblers. I’ll eventually expand this post with suggestions and opinions about the best Bitcoin gambling sites.
What Is Bitcoin and How Does It Work?
Have you ever thought it would be cool to have a type of currency that didn’t need middle men? In other words, when you use PayPal or a credit card, there’s another entity involved–a company or bank.
Also, did you ever think people might want to use some kind of currency that isn’t associated with a government entity? If you’re using United States dollars or Great British pounds, you’re using money that’s issued by the government.
Bitcoin, on the other hand, is a peer-to-peer currency. It’s also entire virtual. Its value is based on the supply and demand of its many users.
This new type of digital currency has been around for almost a decade now.
How Bitcoin Works
Bitcoin, like a precious metal, is mined.
But instead of being mined out of the ground, Bitcoin is mined virtually when people process payments on the internet. The ledger for this mining is public. Users then get their transaction fees paid to them in Bitcoins.
Unlike precious metals or gems, though, we know how many Bitcoins there are in a given “vein”. Only with Bitcoins, they’re called “blocks”. A new block used to be created every 10 minutes, but now only half of that is created every 10 minutes.
This process will continue until 21 million Bitcoins have been mined. That won’t happen for another couple of decades.
How Bitcoin Derives Its Value
Anything with a finite supply has a value, even if it’s tiny. Supply and demand are the 2 factors that create financial worth for anything.
As I write this post, a Bitcoin is worth about $9400, but the price fluctuates wildly. Compared to other currencies, Bitcoin’s price is volatile. (Being volatile means the price goes up and down by large amounts–and sometimes quickly.)
Gamblers enjoy this volatility by the way. Not only are you gambling with money via slot machines and blackjack, you’re also gambling that the value of Bitcoin will rise or fall before your next withdrawal or deposit from the online gambling site.
Buying and Selling Bitoins
You buy Bitcoin from a Bitcoin exchange–it’s like a stock exchange or any other financial marketplace. The difference is that Bitcoin exchanges only deal in Bitcoins.
Here’s a list of exchanges that are friendly to United States users:
- 247 Exchange
- Bitcoin of America
- Digital Securities Exchange
- Local Bitcoins
That’s a list of Bitcoin exchanges–you can BUY Bitcoins there. It’s NOT a list of Bitcoin gambling sites.
Another way to buy Bitcoins is directly from other Bitcoin users. I don’t recommend this unless you know the other user personally and trust them. You can find horror stories about people who’ve suffered from chargebacks because of dishonest Bitoin users.
Once you’ve bought a Bitcoin, you need a place to store it. You can’t just put a bunch of Bitcoins in a sock and store them under your bed. There’s no actual physical coin to store.
Since it’s a virtual currency, you have to store it in a virtual wallet. Here’s a list of Bitcoin wallets:
- Bitcoin Core
- Bitcoin Knots
- Green Address
You can think of any of these services as being like PayPal, the most famous online wallet. The biggest difference is that PayPal deals in regular currency, while these Bitcoin wallets only deal in Bitcoins.
So What about the Best Bitcoin Gambling Sites You Promised to Tell Me About?
Don’t worry. I haven’t forgotten that this post is about the best Bitcoin gambling sites. I’ve organized information about gambling websites that welcome Bitcoin by category below:
- True Bitcoin Gambling Sites
- Other Sites that Accept Bitcoin
A “True Bitcoin Gambling Site” is one that handles both deposits and withdrawals in Bitcoin. These are sites that use Bitcoin exclusively.
You make your deposit in Bitcoins, and you get your withdrawals in Bitcoins. When you place your bets, you’re betting Bitcoins.
These sites don’t convert Bitcoin into another currency.
These are not the most common Bitcion gambling sites, but they exist.
“Other Sites that Accept Bitcoin” include any sites where you can place a deposit using Bitcoin. These sites operate in multiple currencies, and they’ll convert your Bitcoin into their preferred currency when you make your deposit. When you make your withdrawal, you can withdraw those funds in whatever currency you prefer. If you withdraw your money in Bitcoin, the sites converts it from its preferred currency back into Bitcoin.
Since Bitcoin is such a volatile financial vehicle, you could deposit Bitcoin, lose money, cash out, and still show a profit based on the rise in Bitcoin’s price.
On the other hand, the opposite could happen, too. You could win a small amount but be a net loser when you cash out in Bitcoin because of the price fluctuation of that instrument,
Why Would You Use Which Kind of Site?
If your anonymity is important to you–and that is one reason people like Bitcoin–using a “True Bitcoin” site is the way to go. That’s not the only perk. You also have faster and easier transactions, because you’re only dealing in Bitcoins.
The only real drawback to using “True Bitcoin” gambling sites is that they’re sometimes less well known than other gambling sites. You’ll have fewer choices if you restrict your play to those sites.
On the other hand, there are pros and cons to using other kinds of Bitcoin sites, too. For one thing, you lose the anonymity factor. You also might not be able to cash out in Bitcoins. It depends on whether the online gambling site has any Bitcoins on hand to pay you with.
You’re also at the mercy of market fluctuations, but that’s true at either kind of site.
The Best Bitcoin Gambling Games
Which gambling games are available at Bitcoin sites?
As it turns out, Bitcoin gambling games of all kinds are available on the internet.
You can find:
- Bitcoin bingo sites
- Bitcoin casino sites
- Bitcoin poker sites
- Bitcoin sports betting sites
Some of these sites offer multiple activities through one site. For example, 5Dimes offers all those gambling activities from a single site. But they’re not exclusively Bitcoin.
Bitcoin Gambling Sites and the House Edge
I’ve read some accounts that claim “True Bitcoin gambling sites” offer casino games with a lower house edge than other sites like 5Dimes. I’m skeptical of such claims.
But I’m also not convinced of how big a deal that is, either.
Here’s the thing about the house edge:
It doesn’t matter if it’s 50%, 5%, or 0.5%–if you play long enough, you’ll eventually lose all your money.
The difference mostly has to do with how fast or slow you’ll lose it. The other difference has to do with how likely it is in the short term that you’ll be able to walk away a winner.
Generally, the lower the house edge, the better your odds of walking away a winner.
Here’s what you need to know about the house edge, though:
It’s just a mathematical prediction. In the short run, your results will almost certainly vary from the house edge.
But over the long run, the closer your actual results will come to resemble the house edge. It’s the law of large numbers.
Make 1 bet, and you won’t see a loss equal to the house edge. It’s impossible.
Make 10 bets, and you probably won’t see a loss equal to the house edge. It’s almost impossible. You stand a pretty good chance of being a winner after just 10 bets.
In fact, even 100 bets isn’t getting close to the long run.
You don’t start getting into the long run until you’re placing 1000s of bets. Casinos are in the business of handling large volumes of bets. The math behind the games practically guarantees them a profit.
Provably Fair Bitcoin Gambling Sites
So how do you know if the games are fair if you’re probably not going to place enough bets to get into the long run?
At most casinos, you’re a little bit at the mercy of the casino. They’re audited by various organizations, but who knows, really.
But some “True Bitcoin Gambling Sites” participate in a program called “Provably Fair”.
You can read about this program here.
Basically, you’re allowed to see the algorithm behind the game and how it produced the results. This program is only available at Bitcoin exclusive gambling sites.
List of Gambling Sites Accepting Bitcoin
Here are some examples of “True Bitcoin Gambling Sites” to consider:
777Coin – This one’s a traditional online casino but one that operates exclusively in Bitcoin.
Betchain – Another site that offers traditional casino games and participates in “Provably Fair”.
BetCoin.ag – This is a newer site with little history. They offer multiple betting activities, including sports betting and casino games.
Bit777 – This site offers casino games, but it does not participate in the “Provably Fair” program.
Bitcoin.com – Did you know they offer casino games right there on the site? The games are located on a subdomain at casino.bitcoin.com.
Bitcoin Video – This site offers traditional video poker games using Bitcoin.
Bitzillions – They only offer a single game, but it’s cool. It’s called Satoshi Bones, and it’s a dice game.
Coinroll – You don’t even have to register to play at Coinroll. That’s unusual in the world of online gambling.
PrimeDice – This site is well-known for a robust social media presence and a user-friendly interface.
SatoshiDice – This is one of the sites participating in the “Provably Fair” program.
I also want to mention a couple of the best Bitcoin gambling sites that also allow you to use other types of currency:
- Cafe Casino
- Ignition Casino
- Wild Casino
That is by no means a comprehensive list, but those are some of the best and well-trusted gambling sites on the web.
The best Bitcoin gambling sites are going to vary based on what your goals are. If you’re looking for anonymity, you should focus on sites that use Bitcoin exclusively. On the other hand, if you’re just a United States citizen having trouble using a credit card, you might want to try some of the better know sites on this list which accept multiple currencies.
Bitcoin offers a lot of pros and cons for gamblers. The anonymity is a big part of it. Ease of use is another. Some gamblers probably enjoy the volatility inherent in using Bitcoin to fund their gambling. Others aren’t going to enjoy that.
The good news is that no matter what kind of gambling you like to do–bingo, casino games, poker, sports betting, etc.–you can find a site where you can engage in that activity and use Bitcoin to fund it.