Perhaps you’ve decided to gamble in an online casino using Bitcoin. Having a Bitcoin Wallet is essential for this and, in this article, we will tell you everything that you need to know about it and the 793 casinos that accept Bitcoin Wallets as a payment method. You can always click on the country filter in order to see the 217 casinos you can play in from Kenya.
Licensed Bitcoin Casinos for Kenyan Players
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What Are Bitcoin Casinos?
A Bitcoin casino is a casino that allows you to deposit, play and withdraw BTC. You must first buy the cryptocurrency through an exchange, and then transfer it to the casino with Bitcoin as a payment method.
BTC has gained a lot of popularity in the last few years. More and more people are using it, and most online casinos have adapted and allowed Bitcoin and other crypto payments.
No Deposit Bitcoin Casinos
The great thing is that you can start playing even with no money at all, as there are plenty of no deposit Bitcoin casinos. Some will require a bonus code, while you can earn other bonus codes when you create an account for the first time.
How to Use Bitcoin in Online Casinos - Deposit & Withdrawal
After you get the small technicalities required for crypto payment sorted out, casino Bitcoin deposits and withdrawals should go fast, smoothly, and with no security issues. Now let’s talk a bit about each of these processes:
Casino Bitcoin Deposit
First of all, you must sign up for a crypto exchange, and buy some BTC. We won’t go into details about this here, but you can find plenty of helpful information and tutorials on the big exchanges like Binance, Crypto.com, and Coinbase.
These large exchanges also work as wallets, so technically you could send the money to an online casino, but the thing is that most of them do not accept gambling transactions.
So in this case you must first transfer the Bitcoin from the exchange to a decentralized wallet first, such as Blockchain.com, Coinomi, or MetaMask. After that, you will be able to deposit into any BTC casino.
Casino Bitcoin Withdrawal
This process is basically the reverse of the deposit:
BTC withdrawals are usually instant on most Bitcoin casino sites (or they take a few minutes). The biggest exchanges also have quite fast withdrawal times from the moment you send funds from their website to your bank account (a few minutes to a few hours).
The Mechanics Behind a Casino With Bitcoin
In case you are wondering how Bitcoin casinos work, well they are not very different from regular ones. The only difference is in payment processing. The best thing about this is that there is no need for a third-party processing company (like PayPal or a bank). The funds go straight from your wallet to the casino and the other way around.
When it comes to your bankroll when betting or playing games, some Bitcoin casinos convert your BTC into KES (or USD), and you wager just like on a regular casino. But when it’s time to withdraw, you can only take out Bitcoin.
Reasons to Play at a Bitcoin Casino Online
Here are the main benefits for users when playing Bitcoin casino online:
- Instant payouts
- No limit deposits
- More security
- More privacy
- Better bonuses
- Lower fees
- No deposit casinos
Bitcoin Casino Taxation
People might be tempted to think that if Bitcoin is not owned or controlled by a bank or a government, then you won’t pay any taxes at all. That might be true if you only keep your earnings in BTC, but when you convert them into your local currency and withdraw them to your bank account, then you are obligated to pay taxes.
These taxes differ from one country to another. But be careful that most casinos do not withhold the taxes and you are obligated to declare and pay them yourself.
Play At Trusted Bitcoin Casino
Here, we want to make sure that our visitors only play on legit crypto casinos. We have a selection of some of the best Bitcoin online casinos, and we also have a list of those to avoid.
In the Bitcoin casino list above, go to the “Tags” section and select “Warning” and “Blacklisted”. Now you will see a list of the casinos that were reported by users with various problems, including not sending payouts to players.
Online Casino Bitcoin - Advantages & Disadvantages
Bitcoin (and cryptocurrencies in general) offer an alternative to payment processing on online casinos, without the regulations and restrictions of banks and governments. Here are some of the main pros and cons of using Bitcoin casinos online.
Bitcoin Pros
1. Worldwide Acceptance
Crypto enthusiasts are using various quotes to support their cause, and one of them states the idea that in case of a war or disaster in your country, you can’t take all of your gold with you and travel far away. But you can easily take all of your Bitcoin and go anywhere in this world.
So regardless of the country you are living in (except for some countries that have completely banned crypto), you can use your crypto to deposit, play, win and then withdraw your casino earnings.
2. Decentralization
The main characteristic that differentiates cryptocurrencies from fiat money is that they are not owned or controlled by a bank or a government. They are decentralized, as opposed to centralized fiat currencies.
With crypto, you are in control of your money, and a bank cannot block or freeze your account. You can transfer your funds at any time, without being watched by a bank, a government, or a local tax authority.
3. Fees
Banks and payment processing companies (such as PayPal), are always taking a small percentage of each transaction, whether from you or the online casino (or both). And these fees are particularly higher for gambling purposes.
But when using Bitcoin or other cryptos, these fees are usually much smaller. This means that you are left with more money to play when you deposit, and more money to spend when you withdraw.
4. Privacy
Even though all crypto transactions are visible on the ledger, other people can only see your wallet address. Your personal information is not visible to anyone, unlike when making a transaction with a bank or Paypal, and all of your personal info is visible to the company (full name, address, phone number, etc.)
And that’s not all! Any transactions you make with Bitcoin at an online casino will not appear on your credit card and bank statements, and will not affect your credit score either.
5. Verification
If you are facing a delay in your fiat withdrawal and the online casino states that they’ve sent the money, you just have to take their word for it. There is no way for you to check if they have really sent the payment to you or not.
But when using Bitcoin, all the transactions are visible on the public ledger. This way you can check if a casino sent a BTC payment to you, and you can also prove that you made a deposit.
Bitcoin Cons
1. Volatility
When using regular money, if you deposit $100 today and you withdraw $100 a year from now, it’s still worth $100 (minus the inflation, but that’s another story). But with crypto, you can deposit $100 now and one year from now that same 100 might be worth $1,000.
That’s a great thing you might say, but in the same way that $100 can turn into $1. This is particularly true for smaller crypto units and altcoins which can fluctuate a lot from one day to another.
What are Altcoins?
Altcoins refers to any digital currency – or cryptocurrency – that is modeled after Bitcoin. The term literally means “alternative to Bitcoin”.
The biggest cryptos like Bitcoin and Ethereum will not suddenly drop or rise overnight, but over a longer period, the price differences can be substantial.
2. No customer support
If you have a payment issue at a regular casino (in fiat money), then you can easily contact their customer service and most likely solve the problem. It’s the same if there was an issue at the bank. You contact them and have it solved in a few days.
But with Bitcoin and other cryptos, there is no customer support, and once you make a payment it can’t be changed or reversed. You can also lose your funds to theft, and if you lose your seed phrase there is no way to recover it, and access to the wallet is lost forever.
3. No chargebacks or reversals
If you make a credit card payment by mistake or someone else used your card for a purchase, you simply contact the bank and they can reverse the transaction or do a chargeback.
But this is not possible with Bitcoin, and if a transfer has been made, it can’t be undone. If you want to deposit 0.001 BTC but you accidentally type 0.01 and the transaction is completed, then you can’t do anything about it.
4. Technical difficulties
Nowadays anyone can use a credit card and make a payment, but with Bitcoin, the process is a bit more complicated. You first have to use a crypto exchange and buy the desired amount, and then transfer it to the casino.
You need to copy-paste long wallet addresses, and the withdrawal process is also not that straightforward. A person that is not very tech savvy, might find this process overwhelming (at least when making the first transactions).