Top Bitcoin Gambling Sites of 2014
Bitcoin-based gambling has opened up a lot of new doors when it comes to how online casinos work and how it affects the people that play in them. Traditionally, it would take days or weeks to get deposits to a casino, and the same amount of time (if not more) to get it back out. With the invention of Bitcoin, however, this is no longer the same. Instead, deposits and withdrawals can be handled instantly and securely at any time of the day or night. Adding in things like security and anonymity really helps make Bitcoin shine.
Located below you will find the top gambling sites. We carefully tested over 35 different sites and determined these were the top. Read the detailed reviews and decide on which is the best to gamble on!
Top Bitcoin Casino Sites
Pros and Cons of Using Bitcoins to Gamble
While Bitcoin is a great addition to gambling and makes a massive difference in how things work, it does have its good and bad sides. Understanding these is key to realizing both the potential that Bitcoin has, as well as where it is lacking.
- It is cheap and easy to transfer
- It is anonymous
- It can be sent extremely quick, allowing for fast (or instant) deposits and withdrawals
- It is not tied to any specific currency, so they can be used on sites that otherwise would not be accessible to gamblers that are from other countries without having to convert from one form of money to another
- The values fluctuate quite often
- Due to the security aspect, some sites require time to manually process withdrawals
- Having funds on any site can cause losses if that site is hacked
Why Use Bitcoins Instead of Fiat?
A big reason for using Bitcoins instead of fiat is that you can send the funds to an online site quickly and securely. It also allows for withdrawing any amount you want without having to jump through extra hoops or wait for paperwork to be drawn and signed, or other verification methods that are part of the “KYC” rules. On top of this, it ends up lowering the costs associated with casinos accepting funds, which means players can join them with less money and withdraw amounts that are much lower than would be possible through a fiat-based casino.
Security also has a pretty big part when it comes to these sites. By allowing players to simply send funds through a Bitcoin wallet to the casino, there is no personal information needed from either party. In fact, some sites do not even allow accounts, and many more offer up the choice of either creating one or not. This security advantage is something that simply can not be found in the fiat-based casinos due to how the money transfers work.
Legality of Bitcoin Gambling
Using Bitcoin to gamble is no different than gambling with any other currency. Gambling is gambling, and should be treated as such. With that said, the anonymity aspect keeps people from knowing who is playing on what sites, how much they are playing for, etc. Unlike normal online casinos where a country can simply ban banks from allowing transfers to or from the casino’s bank, with Bitcoin all of the transfers are handled peer-to-peer. This gives the added safety of knowing that your transfers can not be dictated by a government. With that said, you should still be aware of the gambling laws and regulations where you are located at.
Security of Bitcoin Gambling
Bitcoin gambling is extremely secure. On top of the personal anonymity that is offered by using Bitcoin in casinos, there is also the massive change that these systems have brought to the gambling world: provably fair gaming. The vast majority of online casinos that accept Bitcoin offer up provably fair games. What this means is that you are given one or more seeds that you can control, and after the roll is finished (or the game, although they all rely on rolls in one form or another), you are able to verify that the result is as it should have been based on the hashes given. This ensures that the casinos are not cheating their players, and they give the ability to gamble more comfortably while knowing that everything is being handled fairly.
When we get in to the site security, there is another added benefit. If a site is hacked, they have none of the player information other than the deposit and (possibly) withdrawal addresses, neither of which gives them any identities or allows for taking the coins you have in your own possession. These addresses are public and are not tied to anyone, which means that letting the information get in to the public is meaningless.
It is important to understand that Bitcoin’s value is always fluctuating. From minute to minue and hour to hour, the amount that a single Bitcoin is worth is always changing. The reason why this is important is because it is possible to move funds to a casino and win money, only to find out that the fiat value has gone down. Conversely, it is also possible to take coins and lose them, only to withdraw what is left to find out that there is more fiat value. This is a concept that is not seen in fiat-based casinos, and it is something that any big gambler needs to be aware of since it really does make a difference on earning potential.
Bitcoin gambling is by far the safest way to play online. It opens the doors for lower stakes, instant deposits and withdrawls, secure play and even anonymity. All of these things together make Bitcoin the perfect solution for online casinos, making them much easier and faster to use than even the traditional ones. Tack on the fact that players can withdraw as much as they want and it has no impact on the cost of the transfers or the speed, and it just makes things that much sweeter.
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