Bitcoin No Deposit Casinos
Bitcoin gained global recognition in 2017 and clearly emerged as the number one cryptocurrency. Hitting meteoric highs, it stumbled towards the end of the year but has since been in recovery mode. Bitcoin has been around for eight years now and has become more widely accepted during the last 12 months. Some financial analysts think that it is a scam and too speculative to become a real currency, while others disagree and believe that Bitcoin will change how people will transact with each other in the future. Whichever side you lean towards, one thing is certain is that Bitcoin isn’t going to disappear anytime soon.
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There are a couple of reasons why people like to carry out transactions with Bitcoin. First, there is the fact that Bitcoin allows people to do transactions online without needing a central authority like a bank. Normal banking will require someone to submit documents to confirm their identity so that the bank is sure that a person is real or is the actual person they are claiming to be. This is especially so when it comes to online transactions where fraud is prevalent. Bitcoin only requires people to have a connection to the Internet, a Bitcoin wallet, and an address to send the Bitcoins to. This skips over the middleman when it comes to carrying out financial transactions. Usually, you will need a bank or something similar to Paypal to pay for online services or receive money online. Bitcoin sidesteps all of this.
Second, since there is no middleman when it comes to Bitcoin transactions, it is a lot faster and cheaper than other financial transactions. When people send money internationally, it can get expensive. Money transfer services often have a lot of fees attached to them. Besides that, there is also the usual processing time when can sometimes take a few days. Bitcoin avoids all the delays and fees. People can have their Bitcoins in minutes. The only fees that are paid, are to miners who are people who secure the blockchain network. The fee is minimal and costs less than the fees charged by banks or wire transfer services
No Deposit Bitcoin Casinos
Players who only want to try out an online casino for the first time often think twice about depositing their Bitcoins as they are not sure about the trustworthiness or reliability of the online casino. This is why the concept of a no-deposit casino has become popular. All that a player needs to do is sign up at the online casino which offers a no deposit Bitcoin bonus. This allows them to use the bonus and test the online casino without having to deposit their own Bitcoins. Players need to usually wager a certain amount before they can cash out their Bitcoins. For example, if a casino gives a 0.001 BTC no deposit bonus on sign-up, a player can use this and play at the online casino. However if the player wins any money, then they cannot cashout immediately. Players will usually have to meet wagering requirements specified in the bonus terms and conditions before cashing out. The wagering amount varies with each online casino but is generally very high.
No Deposit Free Spins
No-deposit bonuses do not just come in the form of Bitcoins or credits. Some casinos have a different bonus in the form of free spins. Slot games are a popular feature in many online casinos. With no-deposit free spins, players automatically get free spins on specific games. For example, when a player signs up for an online casino, they may get 25 free spins on a specific slot game. They can then use these spins to play the game without wagering any of their own money. If they manage to win any money, they can cash out after meeting the specified wagering conditions. This is a great way to try out online casino games without spending any Bitcoin.
To start wagering at a Bitcoin casino, players are going to need Bitcoins. The most basic ways are mining Bitcoin or earning it as payment. However, those who want to get Bitcoins immediately, will not those two options very convenient. The only way to quickly acquire Bitcoins is to buy them.
Just about anyone can sign up for an account on a Bitcoin exchange. The process is similar to registering for an e-mail account and can be just as fast. This is the simplest way to create an account, since exchanges have easy-to-use interfaces and options that make buying Bitcoin quick and easy. Those who are just starting out are advised to buy small amounts at first so that they can learn the ropes.
For those who do not want to go through any middleman, they can directly buy from individuals who own Bitcoin. There are several peer-to-peer forums where people advertise selling Bitcoins. Players can sign up at these forums using disposable e-mail addresses to ensure further anonymity. These are a bit risky though, with reports of muggings and extortion attempts during meetups. However, for those who value not leaving behind a digital trail behind them, it is worth the risk and usually incurs an extra fee.
Players will have to also create a digital wallet before carrying out any Bitcoin transaction. Having your own wallet is important. Leaving Bitcoins on a third-party site or exchange like CoinBase is risky. When Bitcoins is stored in a person's digital wallet, it is much safer and only the owner will have access to it.
Converting Bitcoins to Cash
Players who win large sums of money at a Bitcoin online casino have a couple of options when it comes to converting their winnings into real world "fiat" currency. Bitcoin is accepted by a few online sites directly and you can make purchases directly at these sites. However fiat currencies have a lot more buying power so you will end up doing the conversion eventually.
The easiest option to convert is to sell your Bitcoins on an exchange. All that one needs to do is to set-up a sell order. The exchange will facilitate it and when it goes through, the money will be put into the exchange account. It can then be withdrawn to a normal bank account.
The more complicated option is to do a peer-to-peer transaction. A player first needs to find someone willing to buy their Bitcoin and then arrange a meet-up. A person initiates the transfer once they receive the cash payment.
One of the things that quite a few Bitcoin casinos boast about is that they are "provably fair." Using the cryptographic functions in the blockchain, an online casino can prove that all the results it generates are completely random. This is important for many online gamblers since there is always a suspicion that the house is cheating them in some way. With provable fairness, players can check each result and be sure that no unfair practices were followed.
Different sites have different methods. Here's an example of how some online Bitcoin dice games prove that they are fair:
- The server generates a secret and random seed.
- This is sent to the player in hash form.
- The player's computer also generates a random seed.
- The results of a random roll are the result of the combination of these seeds.
- The original seed is then revealed and the player can then check whether it matches the hash.
It sounds complicated and some casinos take advantage of that and just use the "provably fair" buzzword to attract players. Visitors may wish to read and review these sites to see for themselves if the site is "provably fair."
Bitcoin Casino Q&A
How secure are Bitcoin casinos?
Not all Bitcoin casinos are of the same quality, so this is a difficult question to answer. A lot of the Bitcoin casinos out there are very secure and also feature provably fair games. However, there will always be a few bad apples. Before you place your trust in a Bitcoin casino and send them your money, it would be best to do some research. Check their license and what is the general consensus from review sites.
Thanks to Bitcoin though, you don't need to risk big bankrolls. Since Bitcoin transactions are quick and do not have a large process fee, you can load up a casino account with precisely the amount of money you need. This way, if the casino is not on the up-and-up, you don't lose much.
How much personal information do they require?
One of the great features of Bitcoin transactions is that there is no need for anything more than an e-mail address. This is a big change from requiring real names and other pieces of personal and financial information. Players can pretty much play anonymously with Bitcoin casinos.
Is there a minimum deposit?
This mostly depends on the casino operator. However, Bitcoin casinos don't actually need minimum deposits. Ordinary casinos require minimum deposits because they need to pay processing fees. The minimum deposit is what they collect in order to make sure that it is worth their time to pay the processing fee. Bitcoin transactions don't have large processing fees, so a minimum fee is not strictly needed.
Are deposit bonuses available?
Deposit bonuses are available at Bitcoin casinos. Depositors get an additional amount of money depending on their deposit. Bitcoin casinos offer a number of welcome bonuses and players are encouraged to read the terms and conditions of the Bitcoin casino before proceeding.
Are Bitcoin casinos available on mobile?
Yes, there are a number of Bitcoin casinos that have mobile apps.