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We've developed bitcoincasinoreviews.net to help our fellow gamblers learn the ropes of bitcoin gambling sites, bitcoin dice games, satoshis and everything else important to know when it comes to bitcoin casino gambling. The rise of Bitcoin's value in 2016 shows us that not only is Bitcoin here to stay, but that its likely going to become an even more commonly used alternative currency and also as a store of wealth. While there are other cryptocurrencies such as LiteCoin, Eretheum and Monero to name a few, it is Bitcoin that has the first to market advantage and it is Bitcoin that the online casinos have started to accept.
Why Bitcoin? This is a great question and one that many people find themselves asking. And if we take a closer look, we will soon discover how useful Bitcoin has become as a utility. As a form of payment and transferring value, it has already succeeded on its mission t become a new digital currency and that in its own right is remarkable. However in moving beyond this, Bitcoin has not only become a viable payment method, it has now become an asset class in an of itself, performing as the top appreciating currency in 2015 and 2016. With international diplomatic ties on the rocks and an uneasy international economy, Bitcoin is becoming a safe haven against political and economic uncertainty, inflation, currency adjustments and the lot.
Before you start taking advantage of using Bitcoin to wager at bitcoin online casinos, it is important that you have a full understanding of exactly what Bitcoin is, how it works, and more specifically, how to get started at a Bitcoin online casino. If you already have a funded bitcoin wallet and are ready to start wagering, you will find updated reviews immediately below. If you would like to learn more about bitcoin, we recommend visiting our Bitcoin 101 section.
Bitcoin Casino Reviews
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What are bitcoins?
Bitcoin is a digital currency that was created in 2009 by a mysterious creator that used the pseudonym Satoshi Nakamoto. In essence, it is a software system that is generated on a large network of computers known as bitcoin miners, These high powered computing machines work to build the blockchain that supports the exchange of bitcoins. And in return, these miners are awarded by receiving new bitcoins in an incremental way over a finite period of years.
Essentially, bitcoins are long digital addresses that include the information about the exchange recorded on a decentralized ledger called the Blockchain. The rules that govern Bitcoin is rooted in cryptography. When you possess bitcoins, you own a private and unique cryptographic key that’s linked to an address on the internet that contains a balance on the public decentralized ledger. This address, and the private key that digitally represents your bitcoins, is what enables you make transactions with them. The most essential part of this process is that encrypted key, in essence, if you lose it, you lose your bitcoins.
Every time a transaction takes place, the public network of peer-to-peer processors, known as the Bitcoin Miners, uses their computing power to decipher the math associated with each key and address involved. If the math, or digital information associated with each key does not present a viable exchange then the transaction is rejected.
There are programs known as “Wallets” that can store and safeguard your encrypted key and address, and they can be accessed via applications on your phone and computer. Making purchases and transferring money with your Bitcoins is incredibly simple via the internet, but there is also the growing capability of making in-person purchases. If a vendor has a tablet that supports a Bitcoin application, they can present your bill as a QR code that you then scan using the Bitcoin application of your cell phone. There have even been instances of Bitcoin enthusiast implanting a chip in their hand that stores their Bitcoin codes and using it to make purchases via a scanner.
When you’re interested in using Bitcoins, we recommend first setting up a wallet and then exchanging some currency for bitcoins. You can use a website like Coinbase, which sets you up with a wallet and links to you bank account and then when you want to exchange some of your funds for Bitcoins it will do so for a 1% processing fee. And then when you want to exchange your bitcoins for USD or EUR they will do that for you too and deposit the amount into your bank account. There are also local Bitcoin meetups that you can attend where you can exchange cash for bitcoins with a person face to face.
Keep in mind that using a service like Coinbase does mean you give up your anonymity to some degree because you have to provide identification and your banking account tracking info. Also, whenever you are relying on an online service to store your bitcoin address and key, your bitcoins are vulnerable if the site were to ever become compromised. Some people, particularly those with large sums of bitcoins coldstore a majority amount at an address along with key on physical tokens, or rings, or metal dog tags that they then keep in a safety deposit box, a personal safe, or on their body.
Bitcoins are like digital cash in a way, so if the key to access them is acquired and the address is given a command to transfer into another account, it will, and it would be like your Bitcoins evaporated into the ether. The same goes for if you were to lose or forget your address and key. You would have no way to access your bitcoins so for all intents and purposes they would exist for you any more. These are among some of the reasons why people with large amount of money in bitcoins will be sure to diversify their savings on different addresses that they will store in different places, and only keep a small amount liquid on a digital wallet for easy purchasing use.
But, as the value of a single Bitcoin has soared upward, many bitcoin owners seem to be abstaining from using the currency for normal everyday purchases. A 15 dollar lunch that you would have spent 1 Bitcoin on in 2013 would be worth roughly $1,000 today. I hope that burrito was mighty tasty. But using your bitcoins to purchase other value stable items, like gold or jewels can be a smart move to lock in a high exchange value.
When people describe Bitcoin as being decentralized, what they mean is that it is not owned and operated by a single company, corporation, or agency that can control its production or manipulate its value. A network of computers support the system, and even though account holders can remain anonymous, every transaction is visible to the entire network, making it far less vulnerable to fraud or counterfeit.
An entire economy has sprung up around Bitcoin that includes minors and equipment manufacturers, processors, and vendors. Speculation has also had a huge impact on the growth of Bitcoin. In many ways purchasing Bitcoin has more in common with gambling and or ForEx, than with traditional investing. Bitcoin’s value still has a tendency to fluctuate dramatically, and many analyst can’t fully predict how its valuation will react as it winds down to the end of its production cycle in 2140. But it has started to enjoy some good faith from the financial industry. Three of Japan’s mega backs are now investing in Bitcoin. And at the end of 2016, Japan also registered approximately 4,200 vendors who are all now operating in chorus with the Bitcoin blockchain platform, and they are projecting that the country will have nearly 20,000 merchants by the end of this year.
The United Kingdom on the other hand has not been nearly as warm to the digital currency, despite its government voice support for the potential in the blockchain innovation overall. One of the only bitcoin exchanges allow to operate in the UK currently, CoinFloor, is hindered by having to use international transfer company Swift which requires a minimum exchange of at least 1,000 pounds, making much hard for the currency to grow in the more casual retail sector. But to work around this restriction, many Brits who are Bitcoin enthusiasts are utilizing peer to peer site that match buyers and sellers in order to do exchanges in person. The banks and payment processors seem the most wary of not seeing a clear way to steer a Bitcoin economy into their own favor.
Regardless of how tradition processes drag their heels in some corner of the world, the Bitcoin economy is estimated to have 6 billion USD in value in its circulation. And more innovations building on the blockchain technology has infused the industry with more validity and enthusiasm. Branching into all areas of commerce and technology bitcoin is giving rise to a new era of digital currency and a more efficient decentralized global economy.
The first step to joining the digital currency revolution is to acquire Bitcoins. Here are the best ways that we recommend for you to get Bitcoins of your own.
Direct Trade Sites – websites like LocalBitcoins.com function similar to a Craigslist for Bitcoin exchanges. You post the exchange that you would like to make and in what local currency, and then an individual replies that they would like to fulfill your request, either in person and in cash or in direct banking deposit.
Bitcoin Kiosks – often misidentified as “Bitcoin ATMs”, these machines facilitate exchanges of bitcoins and fiat currency. Keep in mind, that this method tends to incur the highest fees in the industry but a convenient option if you are in a bind and near a kiosk.
Bitcoin Meet-Ups and Swap Meets – In a growing number of cities individuals who own Bitcoins are gathering for cryptocurrency meet-ups and swap meets. This is a great way to become a part of the growing community and also arrange barter exchanges with people face-to-face.
Mining – High powered computers are used to solve advances cryptography equations and are then awarded with new Bitcions for doing so.
Exchanges - being able to exchange fiat currency for Bitcoin and vice versa is an important element of the increasing value and proliferation of Bitcoin. It is important to take into consideration things like liquidity, fee schedule, and the jurisdiction where the exchange is headquartered. There is a range of choices, from exchanges that offer more advanced features like Kraken, and once that are great user friendly entry level exchanges like Coinbase.
Opening an account with a Bitcoin Exchange Service usually consists of the following these steps:
- Provide the required information.
- Your identity will then need to be verified, usually consisting of a government issued form of identification.
- Your banking account information will then need to be verified via a micro deposit that you will need to confirm.
- You will then utilize the funds in your banking account or credit card to exchange for your desired amount of Bitcoins.
WHAT IS BITCOIN?
Bitcoin is the original digital Cryptocurrency. It was created in 2008 based on the mathematical technology of cryptography. It is created from a network of decentralized high powered computers which use their processing power to solve complex math problems in order to create new Bitcoins using a digital infrastructure known as blockchain.
Bitcoin is a decentralized currency, meaning that their is no government of central bank that determines its value of distribution. Because Bitcoin was programmed by it creator to be a finite resource, some predict that Bitcion will become a “unit of measure” as the global financial system becomes more digitized. Similar to gold during the colonial and industrial age.
WHY USE BITCOIN?
Universal Decentralized Ledger - Bitcoin transactions are all stored simultaneously across the entire network on the Blockchain ledger. This ensures transparency and dependable transaction verification.
Privacy - Bitcoin can be used while maintain security over your personal information which protects against identity theft.
Free - Bitcoin bypasses the usual banking system which liberates your funds from fees and overhead costs; you can send and receive Bitcoins free of charge. There are also digital wallet systems that offer more features and convenience for a percentage charge that is on average much lower than traditional banking fees.
International convenience - sending and receiving Bitcoins is across international lines is convenient and devoid of federal exchange rates and fees.
HOW CAN I GET BITCOIN?
Mining - Bitcoin was designed to be “Mined” by individual computers. These computers are awarded with new bitcoins for use their processing power to confirm and verify transactions as they are being added to the Blockchain ledger.
ATM - There are limited amount of Bitcoin transaction machines scattered across the globe. You are able to exchange cash, or credit or debit for Bitcoins.
Barter - Bitcoin users often utilize trading goods and services in exchange of Bitcoins.
Local Exchange - Many people also arrange face-to-face Bitcoin swaps, in which the Bitcoin community in a local area get together and exchange cash or goods for bitcoins.
Online Exchange - You are able to search for individual Bitcoin owners looking to exchange. There are also online exchange services that may charge a small transaction fee in order to purchase bitcoins to add to your digital wallet.
HOW CAN I SELL BITCOIN?
Though many Bitcoin purest argue that you should never sell your Bitcoin in order to take advantage of its potential as a unit of measure in the future and increasing value, many people also want to capitalize on the current favorable exchange rate for traditional fiat currency.
In Person Swaps - Bitcoins owners are able to attend swaps where other individuals may be looking to purchase Bitcoins.
Online Exchanges - Convenient services allow you to exchange Bitcoins for the currency of your choice. Keep in mind that these services using involve some sort of transaction fee.
HOW DOES BITCOIN WORK?
Bitcoin functions on a massive decentralized ledger which is build using a blockchain architecture. Each block on the blockchain consist of all of the digitized information in each transaction; the digital addresses of each member participating in the transaction and the amount being exchanged and the time and date of the transaction.
Each block is connected to block before it, and connects to those following it. This chain of information is what the computers use to verify whether each transaction is viable. This verification is determined by solving complex math problems, and then the answer is shared with the entire network. The complexity of the math means that it takes roughly ten minutes to confirm each transaction.
With each conformation, the computer that succeeds in solving the math is awarded with new bitcoins. The award amount decreases by half after each four year cycle, culminating in a final total amount of 21 million created Bitcoins. Currently the reward for each block added to the blockchain is 12.5 Bitcoins, and approx. in 2021 the reward will be 6.25 Bitcoins for four more years.
IS BITCOIN SECURE?
Bitcoin by it’s nature is very secure and impervious to fraud. But, it is important to note the the digital wallets used to store Bitcoins are potentially vulnerable to malware. This is why it is very important to do your due diligence when deciding upon the most secure wallet to use. Otherwise, the only other security risk would be from potentially losing or forgetting the key for your Bitcoins.
WHAT IS THE BLOCKCHAIN?
The Blockchain is the decentralized public ledger that stores every transaction that has taken place by using Bitcoins. This ensure that every transaction can be universally verified as viable before it is confirmed.
WHAT IS MINING?
Mining was designed as the primary means to maintain security and legitimacy to all of the transactions that take place on the Blockchain. The computers solve complex cryptography equations and confirm that each transaction is viable. This ongoing maintenance is carried out by a network of computers with advanced processing ability. In the early days of the digital currency much of the computing was able to be carried out by individual computers, but now much of the processing is done by mega-banks of computers. The people who operate these processors and are awarded with new Bitcoins for contributing their resources are called, “Miners”.
WHERE CAN I SPEND BITCOIN?
Vendors who have the ability to take Bitcoins are becoming increasingly more available. Bitcoins are now accepted by such well known establishments like Subway, Home Depot, and Kmart. And there are many restaurants, bars, and cafes that are incorporating Bitcoin capability. The travel and luxury industry has also been an early adopter of Bitcoin.
IS BITCOIN ANONYMOUS?
Unlike credit and debit cards, Bitcoins transactions are not linked to personal information, which maintains privacy. However, every Bitcoin transaction is publicly accessible on the Blockchain, which means that every transaction associated with an address can be tracked allowing someone to deduces identity if they went bent on doing so. This is why some people recommend that if anonymity is a top priority, to use a new address with each transaction.
ARE THERE ANY TRANSACTION FEES?
The Bitcoin Blockchain naturally functions without incurring fees. But If you utilize certain digital wallets and currency exchange services, you may need to be prepared to pay fees. These are usually a reasonable percentage, but always be sure to do your due diligence to ensure the fee is something your are willing to pay for the service.
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