Bitcoin Casinos

How do we rate online bitcoin casinos?

As long-time gamblers we have a lot of experience when it comes to analyzing and reviewing new casinos. I believe all of us have learned in one way or another to not fully trust the words of a casino. A better strategy would be to simply look at what gets delivered. It has come to a point where a lot of the sites doing reviews get paid to rank certain casinos better. In other words, when you try to research a specific casino you might end up reading a paid advertisement without any disclosure. This is something we would never even consider. That is why we anonymously sign up, deposit and play at each casino ourselves before we rank anything. By staying anonymous we can mimic the experience our readers would have as closely as possible. Here’s some of the stuff we look at when we analyze an online casino.

Security, licensing and provably fair odds

The term Bitcoin Casinos is generally speaking pretty new to the gambling market. Being based on the blockchain, bitcoin casinos are known to be safer and more secure than a regular online casino. This, however, does not mean that every crypto casino is safe. For a gambling site to be considered trustworthy, it has to have the proper licensing and security measures in place. Licenses are distributed by gaming authorities all around the world, many with different terms and conditions. Some of the famous authorities when it comes to online gambling are the ones located in Malta, UK or Curacao.

We recommend you to never play on an online casino that does not have a license from a gambling authority. Without a license the casino can’t easily be held responsible, which puts your money and data at risk. There would be no guarantees regarding how your data is being handled or if the user terms are fair. You also need a third party that can verify the fairness of the games being offered.

When we here at hotcryptocasinos review an online casino, one of the first things we do is verifying the site’s licenses. We also take the extra step to make sure that the individual license is valid, and we verify it with the authority who issued it. As far as the security goes, we also make sure that all the personal details of players are encrypted with at least SSL 128-bit encryption. The payment system and additional security measures are also taken in to account, such as a two-step verification.

Bonuses and Promotions

There is no question that a lot of players playing online casinos like to have bonuses and promotions offered to them. Playing with a bonus gives you a great head start and the chance to enjoy higher stakes than usual. How one uses the bonus offered is of course up to the player themselves, and some like to simply extend their gambling session with the increased budget instead of going wild on the stakes. Generally speaking, bitcoin casinos are held to a higher standard than regular casinos when it comes to bonuses and offers to the players. That’s why we try to only list sizable and worthwhile bonuses for our readers. What’s more is that readers from here at hotcryptocasinos get access to exclusive bonuses, negotiated by us with the casinos themselves.

Accepted Cryptocurrencies

Of course, it is essential to us that the casinos we review offer deposits with cryptocurrencies. The big majority of the casinos we review have at least three cryptocurrencies that are accepted for both deposits and withdrawals. The most common ones are Bitcoin, Ethereum and Litecoin. However, as the space is getting more crowded, more currencies are starting to get accepted. We’re happy to see more diversified methods and coins you can play with on a single casino.

What is Bitcoin and what are the advantages to crypto & bitcoin gambling?

In this day and age, there are tons of people out there trying to control you, your data and your financial assets. One of the main selling points of cryptocurrencies in general is that you, and only you, have complete control of your assets. When it comes to gambling with your crypto, you can summarize it as virtual coins that provide an alternative way to process value payments without the restrictions of FIAT currencies. However, this is not the only advantage to using bitcoin blockchain based technology. Let’s take a closer look at what Bitcoin is, and what problems it solves.

What is Bitcoin?

Bitcoin is a digital cryptocurrency that relies on blockchain technology in order to create a trustless, anonymous and seamless digital currency. This can be achieved by hosting a completely open public ledger that houses all of the information going through the network. In other words, all addresses and transactions are stored publicly for everyone to see. While eliminating the need to rely on a third-party to facilitate a payment, automatic and pre-coded open source contracts do this for you. Together with everything being open source and publicly viewable to everyone, while at the same time protecting everyone’s privacy, Bitcoin can achieve its goal of being a private and seamless peer-to-peer currency.

Decentralization

One of the best advantages with virtual crypto currencies such as Bitcoin is the fact that they are decentralized. This means that there is no centralized entity that has more power than anyone else. A centralized entity would be the government or your bank in regards to FIAT currencies. While maintaining your identity and privacy, no one can block or freeze your assets, and you can transfer funds without the need of a third party facilitating your payment.

Transaction Fees

Another unique advantage to cryptocurrencies is the fact that the transaction costs are very low. Many e-commerce companies make money through the transferral of funds, meaning everytime you make a deposit or withdrawal. There are multiple conventional payment methods that tend to come with high fees when you make a deposit or withdrawal through an online casino. Fortunately, a blockchain transaction is both cheaper and much safer than the traditional payment methods used. What’s more is that the fee is minimal no matter how much you try to transfer. If you wanted to, you could make a multimillion dollar transaction with unbeatable security for a single digit fee. This is not possible with FIAT currencies.

Anonymity

Bitcoin and most other cryptocurrencies are pseudonymous, meaning any personal data is hidden. When you use bitcoin, you have your own wallet address consisting of a bunch of random letters and numbers. While every transaction is visible to everyone, there is no data to be extracted except the amount transferred and the involved addresses. This means you can play all of your favourite games without having to disclose any personal information at all. Of course, these transactions will never be recorded on your credit card or bank account statements.

Global Payment Solution

One of the main goals of cryptocurrencies, specifically Bitcoin, is to provide a worldwide payment system that works on a peer to peer basis. In other words, creating a system for value transactions without the involvement or control from a bank or a government. There is no one that has the power to keep printing bitcoins like the government does with FIAT currencies, and the rules are the same for everyone no matter which country you reside in.

Crypto Wallets

The first thing you will need to do if you’ve decided crypto is for you, is to create a wallet to store your cryptocurrencies in. There is a wide variety of crypto wallets to choose from, and it’s important to choose a reliable one. The first thing that is good to have in mind while choosing a wallet, is if two factor authentication is supported. This makes it way harder for hackers to get into your account. Since there are tons of wallets without two factor authentication, most attacks are targeted here since it requires less effort.

The second but most important thing to keep in mind is your keys. This is usually a seed phrase given to you that can be used to access your wallet from anywhere without the password. Don’t share this phrase with anyone, and keep it in a secured location (preferably your mind only). In fact, the only thing you should ever share concerning your wallet is your public address, which is used to send funds to.

Typically, there are three different kinds of wallets. Web based wallets that are accessible via your web browser, local wallets opened with a downloadable program, or a hardware wallet (cold wallet) which is a physical object. Below you will find some of the most popular and reputable wallets available worldwide.

Coinbase

Coinbase is possibly the world’s most popular crypto wallet. It is one of the most convenient wallets out there, allowing you to buy and store all your coins in the same place. With an easy to use mobile app it’s a great way to go if you’re using digital cryptocurrencies for the first time.

Keep in mind that Coinbase has a verification process that might take some time to complete, and require tons of personal information.

Electrum

Electrum is a user-friendly wallet that offers simple two factor authentication for its users. It also has a simple validation system that gives you control over transaction fees. This is one of the oldest and most popular wallets available today, despite not being as versatile as other crypto wallets it is a great option for user-friendliness and high security standards.

Blockchain.com Wallet

The Blockchain.com Wallet offers users access through both a web browser and mobile app. It is quick and easy to use and you can both buy, sell and trade your crypto here. With over 78 million wallets created it is one of the most popular choices there is.

Disadvantages of gambling with crypto

As with all things, there are always two sides to the coin. Where there are advantages there are also disadvantages, and crypto gambling is no exception. Some people don’t like change, and usually stick to the methods they are used to whatever it might be concerning.
To make sure all of our readers get the full picture of crypto gambling, here’s a few things that you should be aware of before you start playing with cryptocurrencies.

No reversals

When you have sent a transaction and it has been confirmed by the network, there is nothing you can do to undo the transaction. This means that if your funds have left your wallet you cannot get them back yourself. If there is a problem with a casino, you can’t do a chargeback like you might be able to do with a credit card. This is one of the reasons that makes playing at a trustworthy and reputable crypto casino so important, like the ones we recommend here at hotcryptocasinos.com.

Inherent Volatility

Something that cryptocurrencies are famous for is their inherent volatility, which usually leads to high fluctuations in price. While this can be a big advantage if the price of said crypto increases, it will also work the opposite way.

If you play at an online casino that offers play in bitcoin itself, you will only be affected when you exchange into a fiat currency. There are however multiple sites that credit your account with FIAT currencies after a deposit, which once again can be both good and bad depending on your timing in the market. That’s because the market price of Bitcoin can change rapidly, netting you either more or less bitcoin on your withdrawal.

It’s worth noting that people who believe in Bitcoin and the technology behind it usually look at the amount of bitcoin they have, and not the current market price (since it changes often).

No insurance or recourse

If you run into a problem with a transaction or your funds, you’ll struggle to get it resolved. This is because no one “owns” the blockchain. You will need to be responsible with your funds, choosing a good and secure wallet and storing your seed phrase somewhere safe. If you were to get robbed of your coins, there is nothing that can be done to get your funds back.

Bitcoin Casinos – Bonuses

As mentioned before, if you are a fan of big bonuses and being rewarded while you play, you’ve come to the right place. Bitcoin Casinos will outperform the majority of offers available on the regular gambling market. Almost every Bitcoin Casino has a built-in cashback function that repays a part of the player’s wager. In most cases you can expect 10-20% of cashback, available to claim straight to your account balance.

Along with the default cashback, you can expect to find a wide range of different generous bonuses. Just like with any offer from a casino, you’ll want to make sure that you understand the basic terms and conditions before accepting a bonus. Let’s explore the different types of casino bonuses you can expect to encounter playing with cryptocurrencies!

Matching Deposit Bonus

A matching deposit offer is the most common type of bonus being offered by online casinos. It is a match percentage bonus, with the bonus being valued based on your deposit. As an example, you can get offered a 100% match bonus up to $500. This means that you can get an additional 100% on your deposit, up to $500.

No-Deposit Bonus

What is a no-deposit bitcoin casino bonus? Just like the name of the offer hints, a no-deposit bonus is where you can claim a bonus without the need of having to make a deposit. This type of bonus is usually used in order to try out a new crypto casino, as it is often small in size and limited by a max cashout. All you need to do in order to claim a no-deposit bonus is to create an account and try out the casino!

Free Spins

Free Spins is an alternative to the matching bonus. It is common to receive Free Spins as a part of a welcome bonus or simply a gift from the casino. In some cases, you do not need to make a deposit in order to receive Free Spins. These come in a set amount of spins you can use on a slot machine within the casino. The game is most of the time predetermined by the casino, but usually they offer you a range of games to choose between. The wagering requirement (if any) is determined on the amount won after all the spins are completed.

Wager-free bonuses

Almost all offers coming from a casino have wagering requirements put in place. This means that you need to wager your bonus a certain amount of times before being able to withdraw your winnings. With a wager-free bonus, you do not have to worry about meeting a wagering requirement to be able to withdraw. These bonuses, along with the no-deposit bonuses, are the most sought after bonuses a crypto/bitcoin casino can offer.

Reload Bonuses

Reload bonuses are offered as a bonus for a 2nd deposit. These offers are usually smaller than a regular welcome or deposit bonus, but otherwise it works the exact same. Reload bonuses match your deposit with a range from 20-100%.

Loyalty Programmes

One of the best things about crypto or bitcoin casinos is their generous loyalty rewards. Like we mentioned before, it is common ground for a crypto casino to give all their players 10-20% cashback. However, the cashback function is not the only thing you can benefit from by being loyal to a crypto casino. Most sites also give their players XP or Points that can be redeemed for different things like bonuses or credits.

If you’re a highroller, there are tons of generous VIP-programs that you can benefit from. These programs tend to offer larger bonuses, exclusive promotions, random gifts (like a birthday gift) and invites to exclusive events. You don’t want to underestimate a loyalty program from a bitcoin casino, as they tend to be very generous.