Hybrid Bitcoin Casinos
The explosion in popularity of Bitcoin in the past two years has led to an increase in the adoption from a number of traditional fiat based industries. For example, blogging giant WordPress.com now accepts the crypto-currency as payment. Even furniture can be bought with Bitcoin, as online furniture retailer Overstock.com now accepts it as well.
While these companies still largely deal in fiat currencies, like the US Dollar and Euro, their adoption of emerging digital currencies has gotten them some positive public relations and increased business. One area where more and more businesses are accepting Bitcoin for both deposits and withdrawals is the online casino industry.
However, like their non-gaming related counterparts, most of the larger mainstream online casino operators operate exclusively in fiat money. Only within the past year or so have some traditional online casinos began accepting Bitcoin for deposits and withdrawals.
There is one key difference between these sites and online casinos that conduct their operations exclusively in Bitcoin. At these established sites, the bitcoins are converted to common currency once players make their deposit, essentially making them into “hybrid Bitcoin casinos.”
How It Works
Users familiar with using Bitcoin will have no trouble depositing their bitcoins through the standard cashier of their favorite online casino, provided they offer the currency for deposits. The Bitcoin deposit method will be listed with all other types of deposit options, including e-wallets, credit cards etc.
Once players send their bitcoins to the specified address given by the online casino operator, they will be converted into a fiat based currency at equal value. For instance, if Bitcoin is currently valued at $570.00 USD per coin and a player deposits 1.0 BTC into their online betting account, then their coins will effectively be “converted” into the fiat currency on their choosing. So, in this case, since one Bitcoin equals $570.00, they would receive that amount in their casino account.
There is no processing fee or charge to convert bitcoins into traditional currency, nor is there a fee for depositing or withdrawing via Bitcoin. It’s important to remember though, players will not be gambling in Bitcoin but instead with their chosen fiat currency.
When a player requests a withdrawal via Bitcoin, the funds are converted back into bitcoins (at the current market rate) and processed back to a player’s Bitcoin wallet. There is no actual gambling that takes place with bitcoins.
Differences Between Bitcoin-Only Casinos
One of the main distinctions between casinos that operate uniquely in Bitcoinversus the sites that accept both bitcoins and fiat currencies is anonymity. Online casinos that just deal in bitcoins for deposits, withdrawals and wagering will not require players to give up personal information. In many cases, players don’t even need a login or an email address to wager at these sites due to the nature of Bitcoin.
Of course, this is not the case when wagering at a hybrid Bitcoin casino. They require your personal information, such as your home address and date of birth. They may also request scanned documents as proof of identification before you withdraw. If the near-complete anonymity of Bitcoin is especially important to you as a player, this may be something to consider.
Current Top Hybrid Bitcoin Casinos
Vera & John Online Casino: Vera & John have the distinction of being the first licensed and regulated casino to accept Bitcoin deposits and withdrawals. The Malta licensed site began accepting Bitcoin in late January 2014. Once a player makes a deposit, the coins are converted into Euros for casino play. They currently offer a 100% Bonus up to €100 for newly depositing players. The casino is EU-based and does not accept players from the United States. Visit Vera & John
America’s Cardroom: America’s Cardroom is the only US-based traditional fiat-based casino that accepts Bitcoin. While predominantly an online poker room, the site has an extensive online casino as well. They are one of the most trusted sites in the US casino market and the only one that accepts Bitcoin. They accept players from all over the world and offer first time depositors a 100% bonus up to $1,000. Visit Americas Cardroom