Online casinos have for long supported a wide array of payment methods to help you make deposits and withdrawals as you play the games they offer. One method that was not popular for quite a while but has gained significant traction in recent times is Bitcoin.
Bitcoin is a digital currency that has generated a directly bipolar response across the world. Many view it as a refreshingly new and honest payment method that takes away the dependency on government-regulated banks and financial institutions and ensures extremely speedy and secure payments in real time. Many look at it with extreme suspicion. One thing is certain: its popularity is growing exponentially and it is here to stay as a viable payment method.
The Benefits of Using Bitcoin
There are a number of reasons that make Bitcoin such an appealing payment method. It is completely secure, extremely fast, and not bound by regulation by the administration, banking, or government. All other payment methods are regulated by the rules and laws laid down by financial institutions and government agencies: there is a dependency. With Bitcoin, there is no external dependency or legal tangles to get through.
Another reason for the increasing popularity of Bitcoin payments is the simplicity and ease with which you can open an account. The burden of proving identity is minimal. This allows you to transact anonymously, something that no other payment method permits. All you need is an Internet connection, a Bitcoin wallet, and a receiving address to receive your Bitcoin payments.
The third major reason is the low cost involved. Almost every other payment method comes with a fee, most of the time substantially large. With Bitcoin, there is no such fee that will burn a hole in your pocket or reduce your winnings drastically. Any fees involved are minimal and paid directly to Bitcoin miners, i.e. the people who generate Bitcoins.
The final reason is the speed of transactions. Most other transaction methods ensure instant deposits, but take a while – sometimes weeks – when it comes to withdrawals. This is because of the verification steps in the withdrawal process and the need for compliance with the existing laws. There is no such process when it comes to Bitcoins. All transactions are therefore almost instant and completed in minutes, literally.
All these reasons make Bitcoin a very viable and therefore popular option as a payment method at a number of South African online casinos today.
Best South African Bitcoin Casinos
How to Acquire Bitcoin
There are different ways to get your Bitcoins. One of the options is Bitcoin mining, but we will not discuss that here as it is a very technical process and not usually preferred by the lay player. We will also not consider the possibility of you earning your cash in Bitcoins. We discuss different ways here that you can use to get Bitcoins for cash.
The method you choose to get Bitcoins depends on what you want to use them for. The best option is to visit a Bitcoin exchange and buy them there: you can buy Bitcoins anonymously or otherwise as well. If you are not too finicky about maintaining your anonymity, you can visit one of the sites like CoinBase. Regardless of where you go, you will need to open an account with them and a way to fund your account. If you are buying Bitcoins for the first time the wise thing to do is buy in small amounts. This allows you to familiarize yourself with the buying process.
If you like your anonymity, the best option is the peer-to-peer route. There are platforms where you can meet peers – private sellers. Make sure you use a new e-mail id that does not have your actual personal details to remain anonymous. Most sellers do not bother about identity because they are there only to sell. The rates of exchange may be slightly higher than at any of the other sites as well because of the anonymity factor. Using a VPN is a very good idea as it ensures security and safety. A good option to try out is LocalBitcoins.
If you are using a peer-to-peer platform safety is a major issue, especially if you are meeting a seller at a physical location. You have no way of verifying the seller’s identity until you actually meet. The standard risks that come with meeting strangers apply here as well, including extortion, blackmail, or even muggings. Therefore, when meeting someone at a physical location ensure the meeting place is one you are familiar with and is a public space with people around.
After choosing your method of purchase, the next step is to set up a Bitcoin wallet to keep your Bitcoins. Open a wallet before buying Bitcoins to ensure complete security. Relying on Bitcoin exchange to ensure safety may not be the best option: that becomes akin to leaving your money in a bank, except that the rules are lax.
How to Cash in Your Bitcoin
Buying Bitcoins and using them to make payments or withdrawals is one part of the whole process. The other part is if you want to convert Bitcoins back to standard currency, also referred to as ‘fiat’ currency. You can do this at the same exchange where you bought Bitcoins.
In case you used a centralized exchange where anonymity is not much of an issue, you can send the funds to the exchange and put together what is called a ‘sell order’ where you pick the currency you want to transact it. At the end of the process you receive the money in the bank account from where you had paid to fund your Bitcoin purchase.
If you are using a platform that offers anonymity, like a peer-to-peer platform, the transaction is conducted just like a Bitcoin purchase, only in reverse. You become the seller and offer to sell your Bitcoins for cash. You can meet the person at a physical location and make the exchange – your Bitcoins for their cash. You receive the cash and transfer Bitcoins to them through the network. The transaction is complete once the exchange is confirmed.
Bitcoin Casinos are Usually Provably Fair
One of the best features that Bitcoin casinos across the world, including South African ones, offer is the concept of being ‘provably fair’. For a player at the casino this is a superb feature because it allows them to check that the outcome of a spin or a deal of cards is random using cryptographic hash functions.
A good and reputed Bitcoin casino will allow you to check the provably fair claim and the method used to achieve this. The casino will ideally list the method used on its site. It is imperative that you check for games being provably fair because a casino may just use the buzzword to promote itself and attract players without actually implementing the principle.
There are different ways of calculating the outcome of a game and determining that it is probably fair. The following is a simple method that is used to achieve this:
- The server creates a secret and random seed.
- The random seed is hashed and sent to you.
- You, in turn, provide your own random seed.
- The two seeds together help calculate the outcome of a roll of dice or a deal.
- The original seed is then revealed and you check that it matches the hashed seed.
Bitcoin Casino FAQs
How does a Bitcoin casino help me in terms of making deposits and conducting withdrawals?
There are some major advantages of playing at a Bitcoin casino in terms of the entire payment experience. You do not need to deposit large amounts of money on a centralized Bitcoin exchange or server. You have the flexibility of making small deposits at frequent intervals. Another major advantage is that you can withdraw frequently. To make things even better, withdrawals are fast compared to the time taken by other payment processors like credit cards or e-wallets.
Would I need to provide my personal details?
There is no premium on personal details at Bitcoin casinos. Registration is possible usually with just your e-mail id. This is regardless of whether you use a centralized exchange or a peer-to-peer trade. That makes this a very good option for you if you are a South African player looking to gamble online hassle-free.
Are all South African Bitcoin casinos secure?
This is difficult to answer, though the standard assumption is that most of the well-known and reputed operators will ensure complete security. Because Bitcoin is a new payment method and there is not much of regulation there is a possibility of a few bad eggs using this to make a quick buck. Different ways you can check if a casino is secure is to take a look at their licensing data and also read up reviews of the Bitcoin casino you want to play at.
Will I be able to claim the various deposit bonuses at a South African Bitcoin casino?
You will find a range of excellent deposit bonuses at the various South African Bitcoin casino. As in any other online casino, all bonuses come with specific terms and conditions and it is important that you read them carefully to be able to utilize them well and cash out winnings.
What is the minimum amount I need to deposit at a Bitcoin casino?
There is no general minimum deposit amount at South African Bitcoin casinos. Most casinos usually have a minimum deposit amount for the different payment methods depending on the fees that the payment provider charges for transactions. This issue is almost non-existent, which is why many of the casinos do not have a minimum amount for Bitcoin deposits. However, the casino may have a general policy that requires you to make a specific minimum deposit for all payment methods.
Are there mobile South African Bitcoin casinos that I can play at?
There are quite a few mobile South African casinos that accept payments in Bitcoins. The best way to find the best of them is to read the reviews at the different review portals featuring South African online and mobile casinos.