Bitcoin

Although Bitcoin casinos are gaining steam in the international gaming market, Bitcoin isn’t a payment option at New Jersey online casinos. Unfortunately, it doesn’t appear that this will change any time soon. But don’t worry, we’ll tell you the whole scoop and give you some great alternatives to Bitcoin in this review.

What is Bitcoin?

Bitcoin is a digital or virtual currency. Balances are kept on a public ledger known as a blockchain. This is a decentralized virtual currency which means that it operates independently of a central bank.

Company

The algorithms that support what we know today as cryptocurrency can be traced as far back as the 1980s. There is a mystery surrounding the actual identity of the creator of Bitcoin except that the person or persons go by the name Satoshi Nakamoto.  The domain name “bitcoin.org” was registered in 2008 and the Bitcoin software was released on 12 January 2009.

Bitcoin didn’t get mainstream recognition until 2012 when major companies began to take note of the possibilities afforded by crypto transactions. WordPress was the first to get into the fold and was followed by other major companies including overstock.com, Expedia, and OkCupid. There are now roughly 400,000 daily Bitcoin users and around 200 Million Bitcoin wallets.

How it Works

Despite the technical jargon that often accompanies Bitcoin explanations, the process is actually quite simple. First, you have to install the Bitcoin Wallet onto your phone or computer. You can then buy Bitcoin with cash from vendors or accept Bitcoin payments from clients. Alternatively, you can “mine” Bitcoins on your computer by solving complex mathematical equations. You can also make purchases or receive payments online with Bitcoin just as you can with fiat currency.

Tips on using Bitcoin

Although you won’t be able to fund New Jersey casinos using Bitcoin, it is still useful to learn some tips and tricks for secure and hassle-free transactions.

1. Authentication data

   Just as you would with a regular e-wallet, encrypt your Bitcoin wallet with a strong password to make it harder for people to break into. Also, consider using the protection feature that requires multiple signatures before a transaction can be approved.

2. Spending

   You wouldn’t carry thousands of dollars in your pockets in public, so try to minimize the amount of Bitcoin that you keep in your wallet for everyday use. Additionally, only transact with reputable casinos, merchants, or services to ensure that you do not lose your Bitcoin to theft or keylogging hardware.

3. Shopping online

   Many online merchants accept Bitcoin, including big brands such as Dell, Microsoft, and Overstock, so you shouldn’t have trouble spending Bitcoin online. A great tip for shopping at online stores that don’t accept crypto is to buy gift cards for the store using Bitcoin and then redeem these at the store for the items that you want. There are plenty of third-party merchants who exchange gift cards (like Amazon gift cards) for Bitcoin.

Depositing at Online Casinos with Bitcoin – Fees and Limits

Once more, you won't be able to play at NJ casinos using Bitcoin, we can still let you in on how the depositing process works. We have used offshore casinos that accept Bitcoin as an example.

For casinos that accept Bitcoin:

1. Log into your casino account.
2. Go to the cashier page and choose “Deposit“.
3. Choose “Bitcoin" from the dropdown menu.
4. You should see the casino's Bitcoin address, which will allow you to make a payment from your Bitcoin wallet. Alternatively, you can scan a QR code if you are paying from your tablet or Smartphone.
5. Ensure that you have entered the right information before confirming the transaction.
6. Confirm that you have completed the transaction in the “Cashier" page and wait for the Bitcoin amount to show up in your casino account. This should take about 24 hours.

Withdrawing at Online Casinos with Bitcoin – Fees and Limits

You might be hoping to be able to at least withdraw your casino winnings in Bitcoin. Unfortunately, this isn’t an option at NJ online casinos.

To withdraw Bitcoin from a casino that supports it:

1. Log into your casino account.
2. Go to the “Cashier" page and click “Withdraw“.
3. Enter your Bitcoin wallet address.
4. Enter the amount of Bitcoin you wish to withdraw and confirm the transaction.
5. You should receive your Bitcoin within 24-48 hours, depending on the casino.

For casinos that accept Bitcoin withdrawals, it is one of the fastest methods.

Why use Bitcoin to play online?

New Jersey gamblers are missing out on a lot because of Bitcoin restrictions. Here are some of the benefits that gamers with access to Bitcoin deposits and withdrawals are enjoying.

Safety and trust

There is an inherent risk associated with online transactions, but Bitcoin is incredibly secure. You can keep an offline Bitcoin wallet and an online wallet where you keep the Bitcoins you wish to use. This is an option that you don’t get with other e-wallets. They are online all the time and vulnerable to attack.

Ease of use

The technology behind Bitcoin can be difficult to explain, but the process of using the cryptocurrency is quite easy. The process is much like using an e-wallet like PayPal. You get a Bitcoin address that you use to receive funds. The only difference is that the address is unique for every Bitcoin transaction, unlike regular e-wallets where you use the same email address for every transaction.

Speed

Depositing crypto into your gaming account takes about 24 hours. Withdrawing Bitcoin from your casino account also takes about a day or two, which is much faster than many other payment methods.

Privacy

Bitcoin is one of the most private options for funding a casino account. The only thing that is public is your Bitcoin address, which is just a series of random numbers. There is no personal information attached to these numbers, so fraudsters cannot get their hands on your private data and steal your identity.

Mobile Bitcoin Casinos

Although you won’t see these in New Jersey, there are mobile casinos out there that accept Bitcoin. This is convenient since you can fund your casino account and play games on your phone without switching devices. These casinos come with many games and features found at your favorite casinos.

How to Use Bitcoin to Play at the Casino

Why can’t you use Bitcoin to play at New Jersey casinos?

First, Bitcoin isn’t technically legal tender but rather a digital store value. The New Jersey Division of Gambling Enforcement only licenses casinos that use currency regulated by the federal government.

The other issue is that crypto payment processors are classified as Money Service Businesses. As such, these kinds of businesses are not allowed to support any kind of gambling activity including online casinos under US law. An MSB found circumventing these regulations could easily lose its license.

While there are offshore casinos that support Bitcoin payments, it is illegal for Americans in The United States to gamble at these casinos. It is best to stick with New Jersey casinos that you know are licensed and regulated. There are multiple alternatives for funding your account that are just as good as Bitcoin.