By now the majority of South Africans know about virtual currencies and Bitcoin, or BTC, in particular. However, Bitcoin casinos are something most people don’t know about. They are one of the best ways to deposit and withdraw funds at online casinos. Bitcoin casinos are becoming a common feature in South African online casinos.
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What is a Bitcoin Casino?
To understand what a Bitcoin casino is, it’s important to first know what Bitcoins, or BTC, are. They are a cryptocurrency and most believe that it is the currency of the future. Bitcoins don’t actually exist in the real world like South African Rand or Canadian Dollars, only online, and aren’t regulated by a central bank. Bitcoin has lower transaction fees that other traditional online payment systems using regular currencies. Since its creation in 2008, the bitcoin’s popularity has grown exponentially. Online casinos, especially South African casinos, have realised the potential of bitcoins. There are two types of Bitcoin casinos – those that accept bitcoins as casino credits and other currencies for transactions, and those that only use bitcoins as casino credits for its payment methods.
Benefits of Bitcoin Casinos
Bitcoin casinos normally have a slightly lower house edge than other casinos at 1% to 2%. They also offer faster banking transaction times. You’re able to do both deposits and withdrawals using bitcoin which takes less time to process the transaction.
The Bitcoin casinos online also use ‘Provably Fair’, a system that verifies the fairness of a game by being transparent about the algorithms they use.
The most attractive aspect of Bitcoin casinos is the anonymity aspect – there is no exchange of personal data between players and the casino.
Since there is no third party involvement in transactions, the system is above any countries’ laws. Therefore, your funds are safe in South African casinos.
Best Bitcoin Casino Bonus
There are special bonuses available to players at Bitcoin casinos or online casinos that accept bitcoins. The common bonuses players get are:
Bitcoin Casino No Deposit Bonus
These are available to new players. The ones usually available to gamblers using bitcoin are:
- No deposits that require a few bitcoins when signing up.
- A free spin no deposit bitcoin casino bonus that gives players a set number of free spins on specific games.
Deposit Bonuses
These are for new and existing players at a Bitcoin casino:
- Welcome bonuses for new players which may be given with Bitcoin casino free spins.
- Referral bonuses for players referring friends to the Bitcoin casino after they’ve made a deposit into their casino account.
- Match bonuses for new and existing players.
- Cashback bonuses which are given to existing gamblers to help them recover some of their losses during gameplay.
Bitcoin Casino Guide
We use the same criteria for a Bitcoin casino as an online casino to find the best. Here’s what you should look out for when looking for Bitcoin gambling in South Africa:
- Player safety: Make sure the casino is fully licensed by the relative regulatory body. This assures the player that the online casino has been vetted and doesn’t rig its online casino games or treat players unfairly. This also make ensures transactions are secure and all information is encrypted.
- Game selection: Game selection is important at any kind of casino. Focussing on casino games and variety available means you can have the very best in entertainment. These must include a big selection of slot games as well as table games.
- Casino bonuses: When looking at top South African online casinos, casino bonuses are one of our main considerations. When looking at casino bonuses don’t just focus on the amount they’re giving but how fair the terms and conditions attached to the bonus are.
- Player support: Bitcoin casinos worth your time will have 24/7 customer support. They must be reachable through multiple channels and not just an email address or telephone number.
- Fast payouts: Casinos need to be able to pay you your winnings in a reasonable amount of time. Bitcoin casinos have the fastest transaction process so expect to get your cash in you Bitcoin e-wallet quickly.
- Banking options: We recommend using Bitcoin casinos that also offer other banking options. These should include credit and debit cards, e-wallets, and wire transfer.
How to Use Bitcoin Casinos
It’s just as easy as using any other South African online casino. Find a casino you like and create a casino account. Then you will have to get yourself a Bitcoin wallet. This is where players keep their virtual money. There are a number of Bitcoin e-wallet websites on the internet so you’ll have to do some searching before you find one you like. Then visit a site that sells the cryptocurrency and exchange your Rands for Bitcoins.
Then you can use your Bitcoins to play your favourite online casino games at your preferred Bitcoin casino. The cryptocurrency is now your payment method for joining
Bitcoin Payments at SA Online Casinos
Bitcoin has become a popular form of online currency since it was created. Because of the way it works, it is a favourite for online purchases and gaming at online casinos.
Bitcoin Deposit at Casinos
You will need Bitcoins and an online Bitcoin wallet to be able to make Bitcoin payments.
- Sign up or login to your casino.
- Go to the cashier section or banking section.
- Choose Bitcoin as the currency option
- Enter the number of Bitcoins you want to transfer into your casino account.
- Follow the instructions and confirm the Bitcoin payment.
- Finally, your casino account is now loaded with bitcoins and you are ready to win.
Online Casino Bitcoin Withdrawal
There are some mandatory requirements when withdrawing your bitcoins like having a Bitcoin e-wallet.
- Fill in the required details in the cashier section and click withdraw.
- Type or copy-paste the address of your Bitcoin wallet you’re depositing your winnings into.
- If you are using a mobile casino, scan the address as a QR code in Bitcoin casinos that offer this option.
- Confirm the transaction and receive your winnings.
You can then withdraw your winnings from your Bitcoin e-wallet and convert it to South African Rands to use for purchases.
Digital Currency vs. Cryptocurrency
A digital currency is the digital form of money and it can be issued by a central bank. Unlike virtual currency, which is basically a toy, digital currency can be redeemed for physical goods and services. There’s usually a middle man in the transaction.
There’s a lot more to cryptocurrencies like Bitcoin but we’ll look at the fundamental basics of it. Cryptocurrency is a currency that doesn’t have any middle man like a clearing house or central bank in the transaction. This is why there are no transaction fees and payments are fast and easy. You just have to understand how to use the wallet. Unlike digital or fiat (regular currencies in the form of real bank notes) currencies, the value of cryptocurrencies depends on supply and demand.
Bitcoin FAQ for South African Players
For more on South African casino banking methods, read our comprehensive guide.