Bitcoin can’t be compared to any other online payment form created prior to it. It has certain similarities with e-wallets and traditional currencies, but it works very differently. This brings various advantages, but also disadvantages. In this article, we will review the strongest and weakest points of Bitcoin.
|No limits||Requires tech knowledge|
|Anonymity||Few merchants use it|
There are lots of advantages of the cryptocurrency over traditional payment methods and that’s the reason for the growth of the user base. We will cover the main points that make Bitcoin so popular, but there are also other interesting smaller benefits.
There are no limits
With Bitcoin, you can instantly send and receive money to and from everywhere in the world. Countries don’t matter, borders, bank holidays or anything else either. Just go to your wallet, add the address of the receiver and the amount you wish to send. Quick and easy.
Very Low Fees
We all know that banks and e-wallets charge every single transaction. The fees sometimes can be pretty big and this has been an issue for years now. That’s not the case with Bitcoin, though. There is no fee for most transactions and even when there is, it stays within 1% max.
Even if you are looking for an option to convert BTC to fiat currencies, most services won’t charge you much. In fact, this is one of the main reasons for the Bitcoin revolution.
In terms of online gambling, this is really huge. Normally, the traditional bookmakers cover the fees for payment processing for you, but this affects the odds you are being offered. Bitcoin sportsbooks don’t have such costs and are capable of providing markets with lower margin.
The shared block chain is one of the fundamentals of Bitcoin. It shows information for each Bitcoin transaction out there and everyone can see it. In the same time, personal information is hidden, so there is no risk in terms of your security. This makes transactions easy to follow and verify at any given point.
You Stay Anonymous
As we said in the previous point, your personal information always stays hidden. This mean no one can know who you are, unless you want to. This also protects you from identity theft.
This advantage is especially useful for online gambling. Lots of countries such as the United States have various legal restrictions that prevent local citizens from playing online. Bitcoin bookies don’t care about that as they don’t require any personal details. This means customers from all over the world are welcome.
As we already mentioned, all Bitcoin transactions go through the blockchain which means it is verified by thousands of computers around the world at the same time. No central authority is required and the banks are replaced by a cryptographic system that secures all payments. In fact, getting rid of banks and governments was one of Bitcoins main objectives.
Of course, Bitcoin is not perfect and there are some negative sides of using the cryptocurrency. The good thing is that the community is working to make things better all the time.
Here are the biggest downsides:
If you want to use Bitcoin properly and make sure to take advantage of most of the features, you need some technical knowledge. You’ll have to spend some time making yourself familiar with the way Bitcoin works, how to secure your funds and stuff like that. The truth is that the average person nowadays can hardly handle this on his own and that’s one of the reasons Bitcoin hasn’t spread even further.
The Bitcoin price changes frequently and is much more volatile than the fiat currencies. This creates a certain risk of losing value quickly at any given moment if the Bitcoin price suddenly drops. However, many Bitcoin wallets have the option to lock your cryptocurrency to a fiat currency like USD at a fixed rate. A decent solution if you fear you might lose the value of your Bitcoins.
Bitcoin still remains an experiment with uncertain future. It is successful so far, but it is too early to say if it will survive forever. There were already some hard spots that endangered the existence of the cryptocurrency. The good news is Bitcoin survived them all and came back even stronger. However, we can’t say for sure it’s here to stay.
Many Merchants Don’t Use Bitcoin
The list of goods and services you can buy with Bitcoin is constantly growing, but there are still many merchants that refuse to integrate it. The volatility is probably the main reason for that decision. Yet, this is changing by the minute and the long-term expectations are positive.
Bitcoin might be a bit hard to use from a technical point of view and hold some risks, but the positives are overwhelming. You can move money quickly, with no fees and limitations and that’s the reason behind the Bitcoin revolution. In addition to that, the cryptocurrency is evolving all the time and the whole Bitcoin community is working very hard to resolve any issue that pops up.
If we narrow things down to gambling, Bitcoin and betting seem like a match made in heaven. The cryptocurrency resolves many issues in the industry such as payment processing and local law restrictions.
One of the questions that concern most people who are entering the Bitcoin gambling world is whether it is legal to bet online with the cryptocurrency or not. This is a bit of a gray area as most countries do not recognize Bitcoin as a currency and haven’t included it in their laws and regulations. That’s why Bitcoin casinos and sportsbooks haven’t been prosecuted so far.
The legal status of Bitcoin betting can be split in two main cases: for countries where online gambling in general is legal and such where it is not or is required to meet certain criteria. In this article, we will review how things currently stand as well as what could happen in the future.
Countries with Liberal Gambling Law
There are jurisdictions around the world where the laws are pretty liberal and online gambling is completely legal. In such places, Bitcoin gambling should be considered perfectly legal as well. There is no reason to worry that betting with the cryptocurrency will have a different status than the already allowed fiat currency. Even if the governments decide to specifically include Bitcoin in their online gambling regulations it would make no sense for it to be illegal. If you live in a place when betting is currently allowed, you have nothing to worry about.
Countries with Restrictive Gambling Law
Many countries in the world have a rather restrictive legislation when it comes to gambling. The measures against it can vary from very strict requirements to a complete ban as in the USA for example. The matter with Bitcoin gambling is more complicated in such jurisdictions. However, since they do not consider Bitcoin as a currency there is no reason to believe gambling with it is against the law. Furthermore, Bitcoin provides anonymity and these states have no way to determine if their citizens are actually participating in online gambling. For example, there are no cases of US customers that have been prosecuted for Bitcoin betting. Considering how backwards most politicians are, it’s hard to see them even start thinking about the cryptocurrency in the near future.
Let’s assume the worst-case scenario – the country you live in bans Bitcoin gambling and starts applying measures to prevent it. From a player’s perspective, there is no danger whatsoever. In the history of online gambling, customers were never targeted by the law. Charges and restrictions were always applied to the gambling operators instead. This means you face no risks whatsoever from a legal point of view as all the blame and consequences will be faced by the bookmakers.
As you can see, there are no dangers from a legal point of view at this moment and there is no reason to believe there will be in the future. The regressive attitude of politicians and lawmakers around the world has left Bitcoin outside regulations right now. Even if this changes, it would be almost technically impossible to pursue or close the Bitcoin gambling operators due to the anonymous nature of the cryptocurrency and the lack of centralization. This makes Bitcoin betting safe among the other advantages it brings.
The Bitcoin betting world has lots of similarities to the traditional online gambling industry, but many differences as well. The cryptocurrency has lots of advantages, but since the market is largely unregulated, there are certain risks too.
In this Bitcoin betting article, we will make a list with the biggest potential dangers out there and how to make sure to avoid them. Read it carefully to protect your funds.
Scams and Frauds
This is one of the biggest risks in online betting in general and it is no surprise it is the same when it comes to Bitcoin. Simply put, certain websites can attempt to steal your money. It has happened before and will most probably happen again in the future. The lack of regulation in the Bitcoin world makes this a bit easier compared to the traditional bookmakers.
How to Reduce the Risk
The best thing you can do is to research the gambling operator before trusting him with your money. Check if it holds a license from a respected gambling commission, this reduces the risks immensely. Another good sign is the time spent in the industry. Most Bitcoin bookmakers are rather new, but the most respected and secure of them are on the market for at least a year.
Volatility and Risky Future
Bitcoin is a relatively new phenomenon and that’s the reason there is a certain level of uncertainty. This applies both to the short-term and long-term future of the cryptocurrency. This leads to some risks in terms of its value.
The volatility in the rate to fiat currencies such as USD is the most accurate example. Sometimes it could drop quickly within just a few days and eat your profits. Of course, there is the chance that it will actually rise. Nonetheless, this is a legit concern for each person that holds Bitcoins.
The same principle applies when it comes to the future of Bitcoin. We don’t know for sure what will happen in 6 months or a year. The price could be much lower than the present moment and there’s even a slight risk that Bitcoin will be gone.
How to Reduce the Risk
The good news is that most Bitcoin wallets give you the opportunity to convert your Bitcoins to fiat currencies and vice versa at any given moment. This means you can keep your money in USD or EUR and use Bitcoin only when necessary. There is no such protection in the bookmakers themselves, though.
You Can’t Recover Stolen or Lost Bitcoins
When your credit card gets stolen, you can call the bank and freeze it. Even if the thief already spent some cash, there’s a good chance you will be able to get it back. That’s not the case with Bitcoin. If you lose your money or they get stolen, there’s almost no way to recover them. This means you need to be extra careful.
How to Reduce the Risk
There are multiple ways to reduce the risks of losing your Bitcoins. Try to choose wallets that provide good security like two-factor authentication, for example. You could also keep your Bitcoin in a cold storage that provides additional safety. Don’t use easy passwords, don’t share your data with untrustworthy people and be careful when sending Bitcoin.
Most governments haven’t reacted to Bitcoin yet and there are no regulations related to the cryptocurrency. There is the possibility that some of them will try to forbid it or, at least, limit Bitcoin gambling. There are certain steps in this direction in the likes of China and the USA, but other countries actually have reacted positively. It’s hard to foresee the future and that carries a certain risk.
How to Reduce the Risk
This is one of the minor dangers related to Bitcoin. The anonymity and lack of limitations mean that it is nearly impossible to understand who has Bitcoins, how much, where is it stored etc. Even if certain governments decide to ban, tax or limit it in any other way, there is no technical opportunity to do it.
As you can see, handling Bitcoin hides some risks for the customers, but that applies to everything on the Internet nowadays. The majority of them are easily avoidable if you are just being sensible. Don’t trust unreliable merchants and services, use safe passwords and you should avoid trouble.
Bitcasino.io was among the first Bitcoin operators to obtain a gambling license. It is regulated in Curacao and has the reputation of the best and safest Bitcoin casino out there. The company offers a great variety of games, solid promotions and a mobile version. Also, Bitcasino.io accepts players from all over the world – even countries like the USA, who are usually restricted.
At Bitcasino.io the sky has no limit. You will be offered great promotions, that can be used on numerous games. Bitcasino.io also offers live casino, so are you looking for even more excitement, pay the live casino a visit.
As you play and if you play a lot your loyality will definitely be rewardet. By becoming a Bitcoin Referral VIP player you will not only get invitations to exclusive events, you will also get the chance to winn fabulous prizes, like Iphones, a huge Samsung Smart Tv and much more.
There are more than 200 games available at Bitcasino.io with all popular choices well-covered. You will find hundreds of slots with different prizes, jackpots and designs. Other games include BlackJack, roulette, table games, video poker and many more. Just go to the Casino Games section and make your pick. The user interface is intuitive and you can easily find what you are looking for. Here’s a screenshot of one of the features lots:
The other interesting section is the Live Casino. There you can select a live dealer and play lots of different games such as keno, BlackJack, card games, baccarat and others. Here’s what the live games look like:
Bitcasino.io is one of the best when it comes to promotions. The welcome bonus to new players is 100% of the first deposit for up to 1 BTC. There is an ENABLE button at the deposit page, make sure to click on it before funding your account. You will receive the bonus instantly and you have 30 days to wager the bonus at least 35 times in order to be able to withdraw it.
There are also many other reload bonuses available that are launched frequently, just make sure to follow the Promo page regularly to take advantage.
There’s also a VIP club that offers multiple rewards like bonuses, custom packages, gifts, better bonus requirements. Just keep playing on the platform and when you reach a VIP status, a Bitcasino.io representative will contact you.
Bitcasino.io is one of the best in almost every aspect. They offer a staggering amount of games, lots of cool promotions and good customers support. You can get that on their mobile platform as well which makes Bitcasino.io a top choice if you are looking for a reliable Bitcoin casino.
The mBit casino successfully combines the best practices from the Bitcoin world and the variety of the traditional services in the casino industry. Users from all over the world including the USA are accepted and can take advantage of more than 200 different games or try the live dealers. In addition to that, mBit holds a gambling license from Curacao so your money is safe with the company.
The huge number of games available on mBit should satisfy everyone’s taste. Many types of 3d video slots, table games, poker, roulette, blackjack, keno are all just a click away. The graphics of most of them look really great and there are many different themes that guarantee some fun. Just browse through the top navigation bar on the mBit page and you see them all split in the relevant categories. Here’s how the Stone Age slots looks:
If that’s not enough for you, mBit also has live games and dealers available which is not common for a Bitcoin casino. The section includes the most popular options such as blackjack, baccarat, roulette and there’s a real person handling it. Most of the time it is a nice female with a big smile which is much more pleasant than just watching some graphics and animations. Here’s how the live games look like:
Each new customer at mBit can get an exclusive 110% first deposit bonus of up to ฿1. Just open an account, fund it and contact the support. They will credit you with the extra money, but you’ll need to cover some rollover requirements prior to withdrawal.
The other interesting promotion is the mBit VIP club. You can win cash prizes, iPads and even a Maldives holiday. Just contact the support and they will explain you how to qualify for the loyalty program.
If you are searching for a solid Bitcoin casino with lots of interesting games, mBit is one of the best options out there. Lots of games, some good promotions, live dealers and fast transactions are the main advantages of the gambling operator.
7bitcasino is a Bitcoin casino operator that also allows you to use fiat currencies such as EUR and USD. The company is incorporated and licensed in Curacao which means the local gambling commission is the regulatory organ behind it. 7bitcasino is known for probably the highest number of games available and decent promotions for their customers.
This is where 7bitcasino excels as the operator offers more than 2,000 different games. You will find some of the best products of well-known developers such as Microgaming, Amatic, Betsoft and many more.
Slots are the undisputed leader in terms of variety with countless different options available. They have various designs, prizes and jackpots that should satisfy any taste. Here’s how the Immortal Romance slot looks like:
7bitcasino also offers many other games such as roulette, BlackJack, video poker, table games. There are multiple variations available such as the European Roulette Flash shown below:
You will find some interesting bonus options at 7bitcasino. The starting one is for 100% up to 1 BTC and 175 free spins. Just fund your account with at least 0.05 BTC and the casino will match that automatically. You will also receive 25 free spins for each of the next 5 days. The bonus and the winnings from the spins must be wagered 40 times prior to withdrawal. It is important to know that video slots contribute 100% of the wager size to this requirement while other games only 5%. There are some additional requirements, for example, you have 14 days to play with the bonus or it expires and the max bet until the wager requirements are fulfilled is 0.05 BTC.
There are other bonuses available and they change frequently, so make sure to check the newest offers before depositing.
7bitcasino is one of the best in terms of variety of games and many of them are provably fair which means no risk of cheating. The only notable miss are live games, but everything else is there. The operator also offers great customer support, decent promotions and three different currencies which makes it a very viable option.
FortuneJack does not only offer Bitcoin as an option, but many other cryptocurrencies such as Dogecoin, Litecoin, Darkcoin and many more. The casino is licensed in the Saint Kitts and Nevis and has already earned quite a reputation despite the fact it’s rather new on the market. You will find plenty of games, interesting promotions and a good customer support.
Some of the games at FortuneJack are provably fair and you will find hundreds of different products. The list includes lots and lots of slots, video poker, roulette, BlackJack and many other options. Here’s an example of one of the most successful slots of the casino, Gems and Stones:
There are also games with live dealers available. There is roulette, BlackJack, poker and other. See the BlackJack table below:
The FortuneJack casino has good offers for both new and existing customers. Their first deposit bonus is 100% up to 3 BTC which is among the biggest out there. It is released in increments and each of them equals 2.5% of the initial deposit. In order to withdraw the bonus, you have to wager it 40 times. Stakes on Keno and slots count for the full amount, but that’s not the case with other games where just a certain percentage counts.
Other FortuneJack promotions include weekly specials that change regularly and a loyalty program with various benefits for the most active customers. Another interesting offer is Jack’s favourite – try all the game sections in the casino with at least 0.2 BTC and you will get an exclusive package that includes free spins on slots, bonus money for keno and a bingo token.
FortuneJack is among the best in the Bitcoin casino business with lots of games, cool promotions and decent customer support service available. There are also many currencies to choose from and the whole platform is really user-friendly.
DirectBet is one of the most intriguing Bitcoin bookmakers out there as it offers unique betting platform. You don’t need to open an account, but just send your wager to the Bitcoin address provided by the operator. If you win, the money is returned directly to your Bitcoin address. This means you don’t have to deposit and keep funds at DirectBet. The sportsbook also offers good odds, a VIP program and a decent number of events in its coupon.
Odds and Markets
DirectBet has a good variety of sports and leagues available on their platform. The most popular European football competitions, the US-based NBA, NFL, NHL, MLB, tennis, horse racing, golf, cricket, rugby, MMA and many more are covered. The number of markets is a bit limited compared to the traditional bookmakers, but you will still find money lines, Asian handicaps, spreads, correct scores and other popular choices. Live betting is also available on the biggest sports and events.
Additionally, there are also e-sports and politics sections. DirectBet gives you the opportunity to place bets on various elections around the globe and occasionally offers other unconventional markets. For example, the Oscars and other significant awards in different areas.
There is no min bet at DirectBet and the limit is ฿5. The margin is about 4-5% on most markets which is about the average in the industry.
There are two additional features available. You can negotiate and try to get a better price when placing your wager. Also, you can choose to roll a provably fair dice for and double up your winnings or lose them.
As most Bitcoin bookmakers, DirectBet does not offer a first deposit bonus. However, there is a VIP program available and you can earn up to ฿10 each month. Just add your email when you place your bets and you will earn loyalty points. Each ฿0.001 brings you 1 point and there are 10 milestones that bring you awards. The first one is at 5,000 points and if you reach 1,000,000 points within a month you get the whole ฿10 bonus.
The mBit platform is known as one of the best Bitcoin casinos out there, but the gambling operator recently launched sports betting service that is equally good. Despite the rather awkward design, mBit offers good variety of sports and events, decent odds and all the advantages you could expect from a Bitcoin based sportsbook. The only issue is the lack of promotions, but this is the case with most Bitcoin bookmakers out there.
Odds and Markets
You can find a good variety of sports and leagues in the mBit betting coupon. Among the top priorities are European football competitions such as the English Premier League, the Champions League, the Spanish La Liga, the German Bundesliga and the Italian Serie A as also the US-based NFL, NHL, NBA, MLB. Other sports include tennis, boxing, MMA, cricket, snooker, darts, volleyball and other. There are lots of pre-game markets available for all of them and also a live coupon for the most popular events.
mBit made sure to include e-sports and if you want to bet on major StarCraft 2, DOTA 2, Counter Strike or League of Legends tournaments, this is the place for you.
The min bet at mBit starts at just ฿0.00001 and the max goes all the way up to ฿5. The margin is about 4% on most markets which is good for a Bitcoin bookmaker.
Security has been an issue with some Bitcoin gambling operators in the past, but mBit made sure to protect its customers in this regard. They use a 2-factor authentication that keeps customer accounts safe against hack attempts.
This way they manage to keep other big advantages of Bitcoin like anonymous betting from all over the world, fast transactions and low fees without compromising the security of their players’ funds.
Nitrogen Sports is a Bitcoin bookmaker that was established in 2013 and is based in Costa Rica. The gambling operator has earned quite a reputation in the industry and has quickly become one of the leaders in terms of customer base. Nitrogen Sports offers good odds, quick payments and high level of security. There are also decent promotions and the platform is mobile responsive which makes a great choice for Bitcoin betting.
Odds and Markets
The most popular sports and events are well-covered in the Nitrogen Sports coupon. You will find plenty of markets on the biggest soccer tournaments, US-based leagues and other sports such as tennis, horse racing, MMA, cricket, rugby, Aussie Rules, badminton, snooker, darts. Besides pre-game betting odds, there is also in-play wagering for the most popular sports and leagues.
Nitrogen Sports made sure to include an e-sports section as this industry is constantly growing. If you want to place a bet on Counter Strike, League of Legends, DOTA 2 or StarCraft 2 they’ve got you covered.
Most Bitcoin bookmakers don’t have a first deposit bonus and, unfortunately, Nitrogen Sports is not an exception. However, they do have some other interesting promotions that provide a good opportunity for added value.
The Parlay Jackpot can be very juice if you like to bet on parlays. There are three separate leaderboards and the top 7 users with the highest wins receive cash prizes each month. You just need to win an accumulator with at least two winning selection and not more than one void/canceled bet.
Nitrogen Sports has other offers like Survival Pool for NFL fans and constant flow of challenges. Since the conditions change frequently, we recommend you to check the Challenges page regularly to see what’s available.
If you are looking for anonymity, fast payments and great security, Nitrogen Sports will provide. The sportsbook requires very limited information and accepts players from all over the worlds, the USA included. The banking is as fast as it gets with 0 confirmations for deposits and instant withdrawals. On top of that, all player funds are kept in cold storage to guarantee the best protection against hack attempts.
Betcoinsports is a Bitcoin bookmaker located in Costa Rica. It is in the business since 2013 and has established a reputation as one of viable choice in the Bitcoin betting industry. Betcoinsports has all the advantages of a Bitcoin sportsbook with fast payments, low fees and anonymity. The only disadvantage is the lack of promotions, but the operator matches traditional bookmakers in terms of odds, limits and customer support. The site is also responsive on mobile devices and the general verdict is that Betcoinsports is one of the best Bitcoin platforms out there.
Odds and Markets
Betcoinsports covers all major sports out there such as the biggest European football leagues like the English Premier League, the Champions League, the Spanish La liga, the US-based NFL, NBA, NHL, MLB and also many other sports such as tennis, boxing, MMA, volleyball, snooker and others. There are plenty of markets to choose from for both pre-game and live betting.
If you are interested in e-sports, Betcoinsports got you covered. You will be able to place a bet on the likes of League of Legends, DOTA, StarCraft, Call of Duty and others.
The min bet is ฿0.0001 for most markets and the maximum is ฿2. However, you can contact the support if you want to place more on a certain event. The margin is about 6-7% which is around the industry average.
Registration and Banking
As you could expect from a Bitcoin bookmaker, the registration in Betcoinsports is easy and requires you to fill in only username, email and password. This means you can play from any country in the world included otherwise restricted ones like the USA. Also, there are also no annoying Know-Your-Customer procedures.
When it comes to payments, Betcoinsports requires only 1 confirmation on deposit, so you will get your money in your account instantly. The withdrawals are also very fast and usually require minutes. Besides Bitcoin, you can also use Litecoin as a payment method.
Cloudbet is one of the best and most trusted Bitcoin bookmakers out there. The company has been around since 2013 and has built a reputation of providing a great Bitcoin betting platform. Cloudbet offers great odds, quick transactions, tasty promotions and good customer support. As you could expect from a Bitcoin sportsbook, there are no country restrictions whatsoever which means even US citizens can join.
Odds and Markets
When it comes to sports and events offered, Cloudbet is one of the leaders among Bitcoin bookmakers. You will find all major football competitions, the US-based NFL, NBA, NHL, MLB and also tennis, golf, snooker, volleyball and many others. The variety of markets is also great and can compete with most traditional betting operators out there.
In terms of betting limits, you can get huge amounts on the most popular markets and the min bet is just ฿0.001. The bookie’s margin is about 3-4% which is better than the average in the industry.
First Deposit Bonus
Cloudbet offers a great 100% first deposit bonus of up to ฿5. Just open a new account, make a deposit and the bookmaker will match it with bonus cash that is released in ฿0.01 increments. It is one of the largest offers for new players out there and you have 356 days to clear it.
The Cloudbet platform can be accessed on mobile devices as well as their website is responsive. All the betting markets and promotions are available on your phone or tablet.
The bookie also made sure to protect the funds of its customers as they are kept separately in a cold storage. This creates an additional safety net against hack and theft attempts. However, it doesn’t affect the speed of transaction from and to Cloudbet as the company also keeps Bitcoins in hot wallets to cover the needs of the users.
Bitcoin and mobile devices share a lot in common in the past few years. Both have experience a rapid development and both are becoming increasingly important part of the online gambling industry. Under the circumstances, it is no surprise that you can gamble with Bitcoin on your phone or tablet nowadays. There are various products available: some are on mobile-responsive site while others come as dedicated applications:
Mobile Poker with Bitcoin
If you are a fan of poker and want to play with Bitcoin, we have good news for you.
There are some decent options available:
BetCoin poker is one of the biggest Bitcoin rooms out there and their platform is available on both iOS and Android. Their software is based on Flash, so you’ll need to download and install the Puffin browser. It’s completely free and can be found in the iOS App Store and on Google Play.
The BetCoin poker room is part of the Winning Poker Network and this means you’ll find pretty decent traffic for both cash games and tournaments. Some of them are shared for the whole network while others are exclusively for BetCoin players.
The room also offers some good promotions, in fact much better than most Bitcoin poker operators. You can get bonuses on your first three 3 deposits. The percentage starts from 100% on the first one, is 50% for the second and 25% for the third. Each of them is for up to 1 Bitcoin. Unfortunately, this offer is not eligible through the mobile version. However, you can earn points for the VIP club or play the guaranteed tournaments Betcoin has to offer.
An additional advantage of the poker room is that it accepts customers from all over the world. This means even users from restricted countries like the USA can open an account.
Lucky Flop is another Bitcoin poker room that is available both on iOS and Android. You don’t have to install anything, just go to the website from your browser and you will be able to open their client. It’s not the best in terms of design and usability, but if you don’t play on more than 1 table, it’s good enough.
One of the issues of Lucky Flop is that the room is independent. This means less traffic, especially outside the rush hours. However, there are some cash tables and tournaments available on the lower levels most of the time.
Lucky Flop offers a first deposit bonus of 2000 mbc that comes in the form of 10% rake back. It is released daily based on your rake. There are also lots of freerolls available every few hours. Other promotions include a Bad Beat Jackpot, a Royal Flush Bonus and reward points that can be used to register to certain tournaments.
Again, players from all over the globe are welcome, including the USA. Lucky Flop might be not as good the traditional mobile poker rooms, but is a viable Bitcoin option.
Mobile Sports Betting with Bitcoin
You won’t find many applications for Bitcoin sports betting, but fortunately there are lots of bookmakers with mobile-responsive websites:
Cloudbet is one of the leaders in the Bitcoin betting industry and it is no surprise the sportsbook has a mobile-responsive website. This means you can bet on the go from your Apple or Android device. For more information about Cloudbet, check our review section.
Another industry leader that made sure its web page is mobile-responsive. This way you can get access to the Betcoinsports platform from iOS and Android devices. Check our full review for more details about Betcoinsports.
Mobile Casinos with Bitcoin
Most BTC casinos provide at least some of their games for mobile as well. Here are the top 2 options that support both iOS and Android:
The mBit casino offers most of its games on mobile as well and this includes even some live dealer options. Just visit their website on your device and you’re good to go. The only condition is to have flash available.For more information what games and promotions are available, go to our mBit casino main review.
Another viable option when it comes to mobile Bitcoin casinos. BitCasino.io does not support live dealers, but a fair share of the operator’s games are available on your phone or device.Read our full BitcoinCasino.io review for more information about the room.
If you want to enter the Bitcoin betting world and start using the cryptocurrency, the first thing you need is a Bitcoin wallet. It has very similar functions to bank accounts as you can use the wallet to buy and sell Bitcoins, send money to other users, buy products and services, or even trade on the Bitcoin exchange.
There are various viable options for a Bitcoin wallet that provide different service depending on your needs. Some concentrate on high-level security, other are still safe but easier to use and more appropriate for Bitcoin newbies. One of the biggest differences between the various wallets is whether they require the installation of additional software or can be used through the provider’s web platform.
The former are usually safer, but require more effort and a higher level of technical knowledge.
Here’s a list of some of the most popular and secure wallets from both types out there:
Cloudbet is among the most popular Bitcoin wallet services out there and for a good reason. It is web-based which makes it easy to use and appropriate for newcomers in the Bitcoin world. The user interface is intuitive and smooth, so you can easily work with Coinbase.
The owners of the company are well-respected US entrepreneurs, so safety is guaranteed. This is probably one of the biggest advantages of Coinbase as there have been cases of fraud before.
The registration process is similar to web processors such as PayPal and Skrill. It takes less than 10 minutes and you will have to provide a valid ID. After that, you have to add a payment method to be able to buy and sell Bitcoins. The options available depend on your country, but bank transfers and credit/debit cards are the most common ways to move money on the Coinbase platform.
You can also trade Bitcoins at the Coinbase exchange, but the rates are higher than the industry average. If that’s your main incentive to get a Bitcoin wallet, there are better options out there.
The overall verdict is that Coinbase is a viable wallet option especially if you are just starting to work with Bitcoins.
This is one of the leaders in the Bitcoin wallets industry as it combines a good user interface with strong security. You can use the Bitgo service through the company’s website, but also install the additional software on your computer. This makes the wallet appropriate for both newbies and more sophisticated Bitcoin users.
The reputation of the Bitgo brand is also impeccable. It was founded in 2013 and there were no user complaints ever since which is a good indicator that your money is safe with the company. This is a big plus in the rather uncertain Bitcoin environment.
When it comes to security, Bitgo has proven to be one of the best in the business. The wallet gives you full control of your funds and uses additional measures such as 2-factor authentication. This makes theft virtually impossible. In fact, Bitgo is among the first companies to use this type of security, so they know what they are doing.
Other useful features are the multi user access option as well as the spending limits. When you add the simple and intuitive user interface, the wallet management is great in terms both of functionality and navigation.
Bitgo is definitely one of the best Bitcoin wallets out there and you should consider it when making a decision where to put your money.
This is the first Bitcoin wallet ever and it’s still running strong today. It’s open source and the whole Bitcoin community has contributed to the project which makes it one of the best services out there. BitcoinCore gets updated on a regular basis, so it’s becoming better and better all the time.
It’s only available as a desktop program which makes it a viable choice for users with at least some experience in the Bitcoin world. Just download the BitcoinCore software from the wallet’s website and install it on your computer. The process is easy, but the program requires more resources than usual. You will need at least 20 GB disk space and a decent machine to run it smoothly.
The reason for this is that it is directly connected to the block chain. This provides much better security as BitcoinCore does require third party processors. The service also protects your privacy and is one of the best on the market in terms of security and anonymity.
The overall conclusion is that BitcoinCore is not the best for newcomers in the Bitcoin world as it requires some level of sophistication and more resources than most of the other wallets out there. However, it beats them in some of the most important areas: security, transparency and stability.
If you are looking for a desktop based wallet and BitcoinCore seems too heavy and complicated, MultiBit HD is probably your best choice. It is a direct successor of the MultiBit wallet and its main priorities are speed and usability. The program does not download the whole block chain and requires fewer resources than most desktop wallets, thus enabling superb speed.
This does not mean the MultiBit HD is not secure enough, though. The software is designed to look after your funds carefully and provides great protection. Even if your computer is lost or stolen, you can recover your money using the wallet words.
Another proof that it’s meant to be easy is that MultiBit HD is available in 40 languages. This provides a great opportunity to use the software in your native language.
The overall impression is that MultiBit HD is one of the best desktop wallets out there. While the other similar products are for geeks, this one provides an easy platform that won’t make you scratch your head. Another bonus comes from the lightweight nature of the software. At the same time, safety is not ignored which makes the wallet one of the best on the market.
We decided to include Trezor in our list since it serves fundamentally different purpose compared to the other suggestions so far. It’s an extremely secure hardware solution that is great if you want to store a large amount of Bitcoins.
Unlike other wallets, it comes not as a software product, but as a tiny additional device that fits in your pocket. It does not require internet access and contains all the data you need, including your funds. You have to connect Trezor to a computer via USB and his security system is built in a way that protects you even if the computer is compromised.
Trezor costs $99 which is a bit of a downside, but if you are planning to store lots of Bitcoins, it’s totally worth it. The device is relatively new, but has gained lots of admirers already. You should be able to set it up pretty quickly as well.
Trezor is truly a unique Bitcoin wallet that is not for everyone. However, it provides the best security available and is certainly your best bet if safety is your top priority.
Bitcoin is the world’s more popular cryptocurrency and a global phenomenon that has the potential to change the future of payments forever. It eliminates the needs of central authorities and leaves everything in the hands of the users. Whether Bitcoin will be the final form of this new trend remains to be seen. But that’s enough for the future. Let’s see how the cryptocurrency got to this point.
2008 – Bitcoin Is Introduced to the World
According to most sources, the idea was born in 2007 when the mystical figure Satoshi Nakamoto started working on the Bitcoin concept. However, the first steps came in the second part of 2008:
- In August the domain bitcoin.org is registered at anonymousspeech.com;
- October 31 – Satoshi Nakamoto publishes a white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” that explained the fundamentals behind the cryptocurrency;
- November 9 – the Bitcoin project is registered on SourceForge.net. The website serves as a platform for collaboration on the development of open source projects.
2009 – Baby Steps
After the concept was already announced to the world, it was time to start implementing it. That’s exactly what happened in 2009:
- January 3 – the first block, the “Genesis”, is established and this meant the Bitcoin mining can start;
- Just six days later, on January 6, Bitcoin version 0.1 is released and on January 9 the first ever Bitcoin transaction was registered. It was between Satoshi Nakamoto to Hal Finney;
- October 5 is the day when Bitcoin is actually published at the New Liberty Standard and an exchange rate is established. At the time, 1$ equals 1,309 BTC;
- December 16 – Bitcoin version 0.2 is released;
- December 30 – this is when the first increase in difficulty happens. It means Bitcoin mining now requires more resources.
2010 – Things Are Getting Serious
Up to 2010 Bitcoin was known only to a few geeks and to be honest, it seemed like an extravagant project that would hardly grow dramatically.
This was bound to change as there were some major events that showed signs something big is happening:
- February 6 – dwdollar establishes the first Bitcoin Market. It serves as the first Bitcoin currency exchange;
- May 22 – this is when the first real-world purchase with Bitcoin happens. US-based developer Laszlo Hanyecz buys pizza for 10,000 Bitcoins which is worth about $25 at the time. It is delivered to his home by another user on the Bitcoin forum and he sends him the Bitcoins;
- July 7 – version 0.3 is released and on July 11 the popular portal Slashdot mentions Bitcoin for the first time. This drives lots of new users which raises the value of the cryptocurrency about 10 times on the next day: from $0.008/BTC to $0.08/BTC;
- August 15 – the Bitcoin world is shaken for the first time. A vulnerability in the system is exploited and 184 billion Bitcoins are generated. This decreases the value of Bitcoins significantly;
- September 29 – Bitcoin takes another hit as another exploit with microtransactions is discovered. It delays the release of version 0.13;
- October – the Financial Action Task Force, an inter-governmental group issues a warning that Bitcoin can be used to finance terrorist groups. It’s the first time governments actually recognize the existence of the cryptocurrency;
- November 6 – the Bitcoin economy surpasses the $1 million mark. This milestone leads to another rise of the price up to $0.50 per Bitcoin;
- December 9 – the difficulty reaches 10,000.
2011 – A Revolution Is Starting
After reaching some important milestones and hitting some brick walls, Bitcoin survived and grew stronger. This resulted in an even bigger growth in the eventful 2011:
- January – The Silk Road is launched. It’s an online platform for selling and buying drugs. It uses Bitcoin because the cryptocurrency is untraceable;
- February 9 – Bitcoin reaches parity with the USD for the first time;
- April 23 – Bitcoin passes parity with EUR, the economy is now larger than ever;
- April 30 – the Bitcoin generation difficulty reaches 100,000;
- June 8 – the price of Bitcoin reaches an all-time high of $31.91 and the market capitalization surpasses $200 million;
- June 12 – just four days after the peak, the Bitcoin price drops to $10 which percentage-wise is the biggest one in the history of the cryptocurrency. This event was called The Great Bubble of 2011;
- June 13 – Bitcoin takes another hit as a Bitcoin Forum member reports that 25,000 BTC were stolen from his account. This is the largest theft so far;
- June 19 – the bad news can’t stop. One of the biggest exchanges MtGox suffers a breach in security. Chaos rules for a while and the price on the exchange is down to $0.01 per Bitcoin;
- June 29 – BitPay launches the first mobile Bitcoin wallet;
- August 5 – MyBitcoin is hacked and loses a total of 150,000 Bitcoins;
- Rest of the Year – the price and the difficulty keep increasing, there are no other major issues.
2012 – A Quiet Year
After a turbulent 2011 the next year is a bit steadier with no major changes:
- March – there is a security breach at the web hosting company Linoed which leads to the largest Bitcoin theft so far;
- May 8 – Bitcoin gambling grows as SatoshiDICE becomes responsible for more than 50% of all Bitcoin transactions;
- May 9 – an FBI report on Bitcoin is leaked. The agency believes the cryptocurrency could be used for trading of weapons and narcotics;
- May 11 – another Bitcoin exchange, Bitcoinca is hacked;
- June 12 – Coinbase is founded in the USA. It’s currently one of the most popular Bitcoin wallets;
- July – BoostVC, the first Bitcoin startup accelerator is launched;
- September 3 – The fourth largest Bitcoin exchange Bitfloor is hacked;
- September 27 – the Bitcoin Foundation is formed. Its scope is to oversee Bitcoin and improve the protocol;
- December 6 – the Bitcoin exchange Bitcoin Central is licensed as an European bank.
2013 – Bitcoin is unstoppable
In 2013 Bitcoin exploded and surpassed the $1,000. Here’s how it happened:
- February 19 – version 0.8 is released;
- February 22 – Bitcoin reaches $30 for the first time since 2011;
- March 11 – a glitch causes halt of the Bitcoin transactions. It hits the price, but it quickly recovers;
- March 21 – Bitcoin reaches a new all-time high of $74.90;
- March 28 – the Bitcoin market cap reaches the incredible $1 billion;
- April – the price of Bitcoin breaks the $100 barrier for the first time;
- April 10 – the growth continues and a new record of $266 is achieved;
- April 20 – Bitcoin Central is hacked and the price of the cryptocurrency drops with almost 50%;
- May 2 – the first Bitcoin ATM is introduced in San Diego, USA;
- May 18 – PrimeDice.com launches a Bitcoin casino;
- August 6 – a Texas court declares Bitcoin currency for the first time;
- September 14 – PrimeDice.com generates $15 million turnover in its first three months;
- October 2 – the FBI shuts down Silk Road;
- October 14 – the largest search engine in China, Baidu starts accepting Bitcoin;
- November 6 – another all-time high is set at $269;
- November 17 – the growth continues and Bitcoin price breaks the $500 barrier for the first time;
- November 19 – Bitcoin is unstoppable as it reaches the incredible price of $1,242;
- November 27 – Shopify starts accepting Bitcoin;
- November 29 – the first Bitcoin Black Friday takes place;
- December 2 – one of the biggest thefts in the Bitcoin history takes place as 96,000 are stolen from Sheep Marketplace;
- December 5 – China’s Central Bank bans Bitcoin transactions;
- December 17 – the price drops to $500 after further measures by China.
2014 – Temporary Decline
After the record-breaking 2013, the next year was much steadier and the price of Bitcoin even declined:
- February 28 – MT.Gox files for bankruptcy after losing $450 million worth of Bitcoin;
- September 23 – PayPal allows its merchants to accept Bitcoin;
- December 11 – Microsoft announces that it will accept Bitcoin for certain products;
- End of the year – Bitcoin enters 2015 at a price of about $300.
2015 – Business loves Bitcoin
Despite the decline in 2014 that lead to some negative expectations, Bitcoin actually had a good 2015. More online merchants and services than ever implemented the cryptocurrency and the total investments reached $1 billion.
What Does the Future Hold for Bitcoin Betting?
It’s really hard to predict what will happen next. As you can see for yourself, there are lots of ups and downs in the history of Bitcoin. The good news is that the cryptocurrency managed to overcome every single issue so far. Considering the amount of businesses that are now using it, it seems Bitcoin is here to stay.