Bitcoin Gambling Sites
Betting, casino, bingo, poker sites where you can gamble with Bitcoin. Review of online sites where you can play and bet using Bitcoin.
Gambling sites accepting Bitcoin
Bitcoin is the new money; an online payment system which bypasses the traditional banking systems. It is rising in popularity. Bitcoin transactions are done peer-to-peer directly, thereby needs no intermediary. Payments are done in an instant with very low processing fees.
Listed below are reviews of the best gambling sites that accept Bitcoin as a payment method and withdrawal method.
Important notes on Bitcoin
What is Bitcoin
Bitcoin is an online digital currency. It was invented by "Satoshi Nakamoto". The real name and person who invent this cryptocurrency is still a mystery. Some opine that it can also be a group of programmers. Bitcoin was introduced to a mailing list of cryptographers on 31st October, 2008. It was subsequently released as an open-source software in the year 2009.
What are the advantages of Bitcoin
Bitcoin operates as a peer-to-peer computer software having no central authority or banks. As a digital currency connecting directly through users on the internet, Bitcoin is not controlled or owned by anyone or group. Transaction carried out on Bitcoin is very fast and direct. It has no geographical boundary. Processing or transfer fees are also very low.
How does Bitcoin payment work
To use Bitcoin, the first thing one needs is a Bitcoin e-wallet. These are free softwares which you can download and install to your computer, laptop or mobile. Eg. Multibit (multibit.org). This e-wallet will then produce a unique Bitcoin address for the user. Eg.1AlN6rPdrMuyKBGFDKR8k9A8SCkYaNgXhty. This unique address can then be used to receive or send Bitcoin currency to any other Bitcoin address in the world.
How does one obtain Bitcoin currency
The original way to obtain Bitcoin is by a computer software process called Mining. It involves using expensive super-fast computer hardware and using highly technical knowledge of cryphtography and algorithms. Due to the complexity of this process, Bitcoin mining is usually done by a select group of experts working together as a team.
For the novice and common man, the only ways to get them is to buy them online at a Bitcoin exchange website or if someone sends you. One can also get them by working for some websites that pay in Bitcoin.
How to make payment on Bitcoin Gambling Sites
Payment of bitcoin is done by transferring the balance from your Bitcoin e-wallet to the Bitcoin address of the betting, casino or poker sites. On clicking the button or link for deposits, the sites will show you their Bitcoin address. These can also appear in the form of a QR Code for mobile devices. In that case, all you have to do is scan the Code with your mobile device with e-wallet installed. You can then enter the amount and make the transfer from your e-wallet to the sites.
How fast is the transfer of Bitcoin
Most of the time, your transfer will be done instantly irrespective of the distance. In some rare cases it may take up to 24 hours.
What are the transfer fees or processing fees of Bitcoin
Most of the gambling sites do not charge processing fees on deposits. Some do deduct a very low fee on withdrawals. The Bitcoin network will charge a very low processing fee on transfers of bigger amounts. This too is very different from bank transfer fees. The charge does not depend on the amount of transfer. Instead it is fixed by the size of the data. So a million dollar might cost 2 cents only.
What is the exchange value of Bitcoins
The current value of 1 Bitcoin (BTC) is around USD 980. The value usually fluctuates more than the paper currency of countries. It reached a peak of nearly $1200 in 2014 and slides back to less than $300 in 2015.
How much time does it take for withdrawal of Bitcoin on gambling sites
Most of these sites claim to process withdraw of funds within 24 hours. Some of the sites however insist on 2 to 5 confirmations on the Bitcoin networks which can take more time than a day.