BitCoin has been around since 2009 and has steadily increased in
popularity, but it has only recently been adopted as a banking method by online casinos (from about 2015 onward).
At first only a handful of casinos were using it, but now they nearly all do and it's rapidly becoming the norm, rather than the exception.
What is BitCoin?
When you first read about it, this seems like quite a complicated system (not helped by the strange terminology used), but basically in simple terms it is a virtual currency. i.e. a currency that does not physically exist as coins or notes – but in our modern electronic world you could almost say that about all currencies!
The best way to visualise it, is the same as buying and selling shares on the stock market: There are a fixed number of shares (BitCoins), so as demand increases, so does the price.
This is why the price of Bitcoins varies so much and so quickly.
But in essence, you simply use your own £, € or $ to buy BitCoins, then use your BitCoins to buy £, € or $ in the casinos. Withdrawing is the same process in reverse.
Strange exchange rate...
Due to the supply and demand explained above and because of its massive rise in popularity, one BitCoin (Btc) is now worth a LOT of money.
In January 2017 they were about US$1,000 each, but toward the end of the year they rocketed up to nearly $20,000! (December 9th, 2017). Now in 2019 they are around $8,000 - $9,000 each.
BUT the good thing is, you don’t have to buy whole ones – you can just buy 0.025Btc,
0.01Btc, 0.005Btc, etc… however much you like. i.e. Just £/€/$20, 50 or 100 worth, etc...
Why use BitCoin?
For players in the USA and Australia Bitcoin is rapidly becoming the only viable way to get cash into & out of casinos quickly and without problems.
The two main benefits are that it’s virtually Anonymous and FAST!
Your Bitcoin reference number is all the casinos will see – there is NO link whatever to any of your bank or credit card details, making it one of the safest ways to deposit & withdraw online.
Just like the web-wallets which are very common in Europe and the rest of the world, BitCoin deposits and withdrawals can be processed instantly. So once your casino account ID has been fully verified you can get paid out in minutes, not days or weeks!
(Note that not all casinos process withdrawals 24hrs a day – so it may take several hours in some cases).
How does it work?
1. You buy Bitcoins and put them in your virtual
2. In your chosen casinos, you select Deposit using Bitcoins and say how much.
3. The casino software generates a unique transaction code which looks like this example:
4. You select "Send Bitcoins" in your wallet, and copy and paste that code into the box.
5. The transaction should go through virtually instantly.
6. Withdrawing is the same process in reverse.
Sloto'Cash released the short YouTube video below in 2016 to show how BitCoin works at their casino. This method is still the same today for any RTG casino, and very similar at other brands.
Where do I
Visit the official BitCoin website: http://www.bitcoin.com
On that site they explain how to get a free, totally secure "wallet", which is where you store your coins. Wallets can be provided by 3rd party companies, or you can have your own on your own personal computer.
Internet fraud is a big problem worldwide – please only use official sites and never be tempted to try any unknown site which may claim to be officially linked to BitCoin, but could be a scam. A little research could prevent problems later.
Which casinos accept BitCoin?
All of our casinos recommended for the USA and Australia accept BitCoin.
A few others may also offer it - please see our review pages.