Bitcoin first saw the light in 2009 and was released by an unknown person, or a group of people, who were working under the name Satoshi Nakamoto. Simply explained, Bitcoin is an electronic decentralized currency. Being decentralized, meaning that there is no individual person or organization who controls the currency or its value. Compared to traditional currencies like Dollar and Euro, where there is a central bank. This guide is suitable for both complete beginners, who have never seen, or rather used, a Bitcoin as well as Bitcoin veterans looking for the best Bitcoin casino.

The benefits of a decentralized currency, or at least with Bitcoin, is that what governs the price or value is supply and demand. There is also no one who decides what types of transactions are allowed or not. The latter is seen by many as an advantage, while others have raised critical voices about the fact that no authority or other body can restrict the use. We will go deeper into how Bitcoin works, the legal aspect, its history and what benefit Bitcoin has today. But first we should take a look at the Bitcoin casinos.

BITCOIN CASINOS – EDITORS PICK

BitStarz Casino

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Are Bitcoin casinos legal?

Many people are wondering about the legal aspect when it comes to Bitcoin casinos, but also Bitcoin in general. The short answer is yes, Bitcoin casinos are legal!

But as with everything else, the reality is more complex than that. It is essentially two things that govern the legal aspects of a Bitcoin casino, or other crypto casinos for that matter.

Many countries do not recognize Bitcoin in the same way as one recognizes traditional currencies, so-called Fiat currencies, such as Dollar, Euro and the British Pound. Some countries have gone so far that they have banned Bitcoin completely. In the EU and Europe, there are no countries that have gone as far as banning Bitcoin, but legislation is still different from country to country. The same applies to North America, where the United States, Canada and Mexico have regulated the currency in various ways. In South America, the Middle East, Africa and Asia, there are countries that have total prohibited holdings and trade in Bitcoin and other cryptocurrencies. As a rule of thumb, the same legislation usually applies to Bitcoin as well as other cryptocurrencies.

Bitcoin being legal is not the only criteria that have to be filled to be sure that Bitcoin gambling or a Bitcoin casino is legal. The legislation on online casinos is one of the hottest topics globally. Many countries around the world have strict regulations when it comes to casinos online, while many are still in a grey area when it comes to online gambling. Some countries have gone so far that there is a total ban on online casinos, which of course also includes when it is done with Bitcoin and especially if they also have a ban on Bitcoin and other digital currencies.

Which Bitcoin casino is best?

Answering the question of which the best Bitcoin casino is, is not very easy. It depends on several factors such as where you live, what factors you as a player value high in a casino, and which side of the law you intend to keep. We always advocate for playing legally and sticking to regulated casino operators.

If you want to play on a regulated market, such as the UK, then it is not illegal to play using Bitcoin as long as the casino meets all other gambling legislation. The United States is a more complicated market, where federal gambling laws are a bit unclear. However, the legislation differs from state to state, and technically it is illegal to play at a Bitcoin casino if online gambling is illegal on state level. But there is no clear precedent yet. At the same time, more and more states are opening up a regulated gambling market online.

But to return what makes a casino less good, good or best, we would have first looked at whether the casino in question is regulated. Most Bitcoin casinos are licensed, and the most common is license is the Curaçao’s gaming license. But there are also cryptocasinos that operate without a license, although some use blockchain technology or smart contracts, while others simply operate in the shadows. Playing at such a casino can be at least as safe as a regulated one, but it can just as well be pure fraudsters. Below you can see some of our Certified Bitcoin casinos that all hold a gaming license.

Although many online casinos today use Bitcoin as one of the many payment options available, many players still do not understand how Bitcoins work and how they are used in the casino industry. So far, we have just scratched the surface, but in this article we are trying to write about everything that is worth knowing when it comes to the world’s most widely used cryptocurrency and the casinos where Bitcoins are used to make payments and withdrawals.

Top Bitcoin Casinos:

BitStarz Casino

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How Bitcoin works

Bitcoin acts as a peer-to-peer payment system that allows people to make payments for products, services or other types of transactions. This form of peer-to-peer payment is based on a technology called blockchain, something we should try to explain a bit more about below. The transactions being made are in principle anonymously, but it is a common misconception that Bitcoin would be an anonymous cryptocurrency.

How to use Bitcoin

To be able to make a Bitcoin payment you obviously need Bitcoins, but before you get Bitcoins you need a special wallet which holds your Bitcoins. Simply explained, a wallet is an app, either on your mobile, on your computer or on a website. There are also physical wallets that are more or less a purposive USB memory specially designed to hold Bitcoins or other cryptocurrencies. The latter, however, is not suitable for everyday transactions or if you want to play at an online casino, but can be better compared to a safe or a safety deposit box.

We would like to try to explain in more detail how a wallet and how Bitcoin addresses work. But before we do that, we must try to explain about how the blockchain works. In the block chain is something that can be compared to a traditional bank book, though this one applies to all transactions. Ever made.

It is called public ledger, this ledger is open for anyone to view and is stored in the blockchain. It cannot be changed or modified afterwards and is kept up to date by all nodes in the Bitcoin network.

Your wallet basically consists of a Bitcoin address, to which you can receive or send transactions. As soon as you have created a new address, the address is public in the blockchain along with your balance and all other Bitcoin addresses. What is not in the blockchain, however, is your password, your private key. You should never share your private key because whoever has access to it, can access your Bitcoins.

Bitcoin is not controlled by a central authority such as the Federal Reserve, the Bank of England or any other central bank for that matter. It is essentially unregulated, which is one of its greatest strengths. Thus, there is no easy way for any outsider, such as an authority, to monitor payments made with Bitcoins or transactions you have performed. However, it is not entirely impossible to track transactions, since all transactions are saved in the blockchain forever, one can always see a specific transaction that has taken place between two addresses. It is also not impossible to link a Bitcoin address to you personally, but as long as you keep your Bitcoin address secret, transaction is almost as private as it can be.

How to get Bitcoins

The easiest way to acquire Bitcoins is by buying Bitcoins from marketplaces or exchanges such as Coinbase, Binance or Kraken. There you can buy or exchange different cryptocurrencies. You can deposit the Fiat currency such as Dollar, Euro or British Pound to buy Bitcoins for the current rate. Most stock exchanges support many different currencies, including the most popular cryptocurrencies. Then you transfer the currencies to your wallet, via your Bitcoin address.

Another common misconception with Bitcoin is the price. In recent years, it has been possible to pay anything from $/€/£ 3000 up to $/€/£ 20000 for a Bitcoin, but of course you do not have to buy exactly one Bitcoin, but there is support for many decimals. For example, in the example below you can see that 1000 Satoshis equals 5 cents, when a Bitcoin costs $/€/£ 5000 . A Satoshi is thus the smallest unit on a Bitcoin, and at present a Satoshi is far less than a penny.

Example, when a Bitcoin costs $/€/£ 5000:

  • 1 BTC = $/€/£ 5000
  • 1 mBTC (millibitcoin) = $/€/£ 5
  • 1000 Satoshis = 5 cents

You can also earn in Bitcoins by providing services or selling products to third parties in exchange for payments in cryptocurrency.

But unlike traditional currencies, you can create your own Bitcoins through a process called Bitcoin Mining, which means that you use a special software called Bitcoin Miner to generate the crypto currency. It can be compared in a way to traditional mining activities, but it happens digitally and involves solving mathematical problems. Anyone who finds the right solution will be rewarded in Bitcoins. This is how the first Bitcoins were created, and today it is the only way to create new Bitcoins. Keeping on with Bitcoin Mining, however, is quite advanced, and far from everyone finds it profitable.

Your first Bitcoin Transaction

When you have your first Bitcoin and have moved it to your wallet, you ar ready to go. It certainly doesn’t matter if you are buying a pair of shoes online or playing at a Bitcoin casino, the principle is the same. At a Bitcoin casino, you click on deposit, choose Bitcoin as payment method and then choose the amount. Bitcoin addresses are often long, but a QR code is usually displayed at the merchant or the casino. With most wallets you can just scan the QR code to initiate the transaction. A Bitcoin transaction normally takes about 10 minutes, if you choose the recommended transaction fee.

When it comes to fees on Bitcoin transactions, it is voluntary, but transactions where you pay a fee are usually prioritized higher than transactions without a fee. Both wallets and casinos, for example, usually recommend which fee you should set to get your transaction through as soon as possible.

To keep in mind when using your wallet or Bitcoin address:

  • Bitcoin address, publicly visible in the block chain. Remains anonymous, as long as you don’t tell me it’s behind you.
  • Use multiple addresses. Bitcoin addresses are free. Use as many as possible, otherwise its easy for unauthorized people to see all your funds.
  • Private key, not public. Should never be shared, the one who has access to the key can transfer your Bitcoins.

Bitcoins history and future

Bitcoin is usually referred to as the world’s first cryptocurrency, which is debatable as there are several similar concepts and projects that are dated as early as 1983. But although Bitcoin might not be the very first cryptocurrency out there, it is the first to receive global impact and has so far taken a position that no one has even been close to.

The creator or creators behind Bitcoin is, as mentioned, unknown. The project are signed by Satoshi Nakamoto and one of the first traces to be found is the domain name Bitcoin.org, which was registered on August 18, 2008. On October 31, 2008, Satoshi Nakamoto released his white paper, the publication explaining how the technology behind Bitcoin works. A few months later, 3rd January 2009, the world’s first Bitcoin is created, through Bitcoin Mining. The code that the Bitcoin network builds and operates on was released as open source, so the technology itself is completely transparent. And anyone can create their own cryptocurrency, based on the same code on which Bitcoin is based. Which also happened.

As Bitcoin began to gain more and more attention, more and more cryptocurrencies have been released. Today, there are several thousand different cryptocurrencies, but Bitcoin still stands out from the crowd. However, there are fundamental differences between different cryptocurrencies. Many are reminiscent of Bitcoin in the sense that they are decentralized and can be created by so-called mining on a blockchain. Other currencies are completely centralized, in other words controlled by one or a few people or organizations, and in some cases they are not even on a blockchain. The latter are often referred to as tokens, or altcoins.

A common misconception to measure the success of a cryptocurrency is to check how much it costs. For example, when Bitcoin stood at the highest, a Bitcoin cost $/€/£ 20000. What many people forget to check is how many coins or so-called tokens there are in circulation.

To measure the success of a cryptocurrency, one should check on completely different factors. One of the best ways is actually to look at how many different people recognize a currency and its value. In other words how many and who owns the currency in question. But this is extremely difficult. Partly because you can create how many addresses and wallets you want, but also because it is not possible to see who owns which address.

In 2017 at the University of Cambridge, a study was made in which it was estimated that there were between 2.9 and 5.8 million unique users of crypto wallets. The majority were Bitcoin wallets. In December 2018, the number of Bitcoin wallets was estimated at 32 million, which, however, should not be confused with unique users. The number of active Bitcoin users was estimated to be over 7 million. The Coinbase marketplace where you can buy and trade with cryptocurrencies, is said to have 13 million users.

The easiest way to measure the success of a crypto is, however, to check how many market shares it has, usually known as market cap. Data from 2013 and up to the end of 2014 show that Bitcoins market cap was over 90%, with the exception of a few single dips. During the same period, the entire market grew from around $ 90 million to over $ 1 billion.

It was also during this period that the first Bitcoin casinos opened their doors, unfortunately we do not know exactly who was first. But we know that 2013 landed at least one operator, and even more Bitcoin casinos popped up in 2014.

From the end of 2014 until the end of 2016, Bitcoin continued to remain reasonably stable, with aproximately 80% to 90% in market cap, with the exception of a few dips. The total market cap for cryptos almost doubled during this period, to reach over $ 2 billion.

But it was in 2017 that the crypto market completely exploded. With a market cap around $ 2 billion at the beginning of 2017, all cryptocurrencies skyrocketed, with a crypto market reaching an estimated market worth over $ 500 billion at the end of 2017, when Bitcoin also reached its highest value ever, with a price over $ 20000 per bitcoin.

What happened next can almost be described as a crash, all major cryptocurrencies, including Bitcoin, fell. A very turbulent market followed, and it would take until third quarter of 2018 for the market to stabilize slightly, at a modest $ 100 billion compared to the $ 500 billion market we saw by the end of 2017.

But Bitcoin has always had its dominance. The currency that came closest to Bitcoin in market shares is Ethereum. This was in June 2017, and the difference in market shares were less than 10% between Bitcoin and Ethereum.

It may explain why this cryptocurrency – Bitcoin – still stands strong as the most popular one, even though there are many critics out there.

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