Wondering which crypto casino accepts Bitcoin and provides a corresponding bonus for it?
Unfortunately, you currently have to do without Bitcoin as a player in Malaysia casinos with a license. As soon as there are providers, you will find out here.
Until there are crypto casinos with a Malaysian license, use one of our top casinos from the table above or the best Ewallet Casino Malaysia list. There you can pay with well-known and proven payment services such as VISA, Mastercard, PostFinance or Twint. If you want a little more anonymity, you can use the Paysafecard until crypto casinos are available in Malaysia.
In any case, we are already preparing for this and will give you all the important information about crypto casinos in this article.
Background info: How cryptocurrencies work
Cryptocurrencies are a brand new concept for means of payment, the details of which are not yet well understood by many. The topic as a whole is very complex, but I would still like to go into some detail on a few points here.
What is Bitcoin anyway?
Bitcoin is a decentralized means of payment that exists as a peer2peer network on the Internet. In the blockchain, the so-called ledger, all transactions are listed publicly in blocks. Every 5 minutes, a new block with current transactions is added. Cryptographic encryption mechanisms prevent the entries from being changed afterwards. Anyone can use Bitcoin at no cost. Via so-called wallets (purses), one can create and use any number of accounts (Bitcoin addresses/public keys) oneself at no cost. Bitcoins themselves must either be bought in an exchange and sent to your own wallet or you can participate in Bitcoin mining (not recommended for beginners).
Important cornerstone for the new financial instrument is decentralization, where no institution or government has control over transactions and balances. At the same time, there is a technical limit to the maximum number of bitcoins issued (21 million), which should prevent future inflation. The smallest possible unit is the so-called Satoshi, 10 million Satoshi make one Bitcoin.
The future – Will cryptocurrencies crash?
This question cannot be answered, no one can look into the future and there are arguments for a crash as well as for success. Therefore, I cannot and do not want to make a prediction. But if you decide to invest in the future of Bitcoin, I can only recommend, as with any type of investment, to spread your capital. That means one should not invest everything in cryptocurrencies and also not everything exclusively in Bitcoin. Nevertheless, crypto’s remain an interesting speculative investment for those who lack long-term confidence in our current financial system and believe that Bitcoin & Co. could provide a non-manipulable alternative.
Other cryptocurrencies – Which ones can you deposit with at online casinos?
In crypto casinos, you can no longer deposit only with BTC for a long time. Some alternative cryptos that already have a very high market capitalization are also often accepted as payment methods. Some prominent examples are Ethereum, which became big and well-known mainly due to its smart contracts and tokens features, or Ripple, which was developed as a balancing tool for the large international financial market. Nevertheless, any user who has these (and other) coins can deposit in a casino that accepts the respective cryptocurrency.
Who invented the alternative currency?
Satoshi Nakamoto is known as the inventor. However, no one knows who is really behind this name, even though there is an official paper on Bitcoin as a decentralized currency. This promotes rumors about him as a person as well as his motivation for inventing this revolutionary concept, which has the potential to turn the global financial system upside down. We can only speculate about the real reasons and maybe we will never really find out.
BTC price development – is it worth investing?
Predictions are difficult, especially when they concern the future. The last few years have shown that cryptocurrencies definitely have the potential to establish themselves as parallel means of payment. Especially in the faltering financial system, which is causing concern with massive money printing, negative interest rates and bank failures, cryptos can develop as a safe haven for one’s funds. This has the potential for huge profits if one now already significantly in Bitcoin & Co. Invests. However, it is not certain that it will happen and that much of his investment will be lost. At the same time, the concept of mining and block time and block size has not proven to be mass market ready. Here, several alternatives have been established in recent years that improve these disadvantages of Bitcoin.
Advantages
Bitcoin is not the easiest of all payment methods, so why do casinos as well as players want to use this payment option? Here I would like to list you a few good reasons why it makes sense to use Bitcoin and other cryptocurrencies for gambling as well.
- High security through strong encryption
- Full transparency through blockchain technology
- No dependence on banks or payment service providers
- Easy mobile payments with mobile wallets
- Very low transaction fees
- No taxes or other costs and fees
The great independence and low incidental costs are nevertheless offset by some disadvantages that somewhat cloud usage (especially for new Bitcoin owners). However, much of this is negligible with some experience in the field of cryptocurrencies. By the way, the top mobile casinos in Malaysia also allow depositing with Bitcoin. If you want to learn more about mobile gaming, be sure to follow the link to our extra page!
Disadvantages
A major disadvantage for Bitcoin is that it is accepted as a means of payment, but not as a currency. A currency has the characteristic of having to be accepted everywhere as an official means of payment. Since this is not true for cryptocurrencies, their acceptance is also only optional and not universal.
- Bitcoin is still not accepted everywhere
- Waiting times for payment confirmation depend on the block time
- Bitcoin is not anonymous (at best pseudo-anonymous)
- Bitcoin price still fluctuates too much for a payment method
- Bitcoins are not legal to use in some countries
- The security of the credit is solely the responsibility of the owner
- There is no support as with a bank account
- Bitcoin is still partially under development
The biggest stumbling blocks for beginners, according to our crypto Casino experiences, are understanding the importance of the keys. The private and public key pair is the only way to access a balance that is stored in the blockchain at a specific address. Anyone can view the balance of any address (public key) ever used in the blockchain, but only those with the correct private key can send Bitcoins. However, the private key cannot be changed or reset like a password. If the key falls into the hands of someone else, there is no protection for your credit on this address. If you lose this key, it cannot be recovered because of the cryptographic procedure. Therefore, it is strongly recommended to make a backup of the key pair.
How to deposit in a crypto casino
The casino deposit by Bitcoin runs a little differently than other payment methods. However, there are significant differences only in individual steps, otherwise everything remains as usual. Those who are already familiar with sending Bitcoins will find their way around very quickly. Just follow the steps listed here:
- Click on the cashier area in the casino
- Select the Bitcoin payment method when making a deposit
- Copy the BTC address or scan the QR code with your mobile wallet
- In your own Bitcoin wallet, enter the address and confirm payment
- Wait until the transaction is confirmed in the blockchain
- The funds will now appear in the casino account
The actual duration of the transaction mainly depends on the payment confirmation on the blockchain. Namely, in cryptocurrencies, payments are first sent to the blockchain network, where the payment is verified by miners and added to the next block. Since there is only one new block every 5 minutes for Bitcoin, you have to wait at least that long for the payment confirmation.
Crypto Casino: Conclusion
The already quite good spread of Bitcoin, both among users and casinos, cannot hide the fact that payment in online casinos with cryptocurrencies still ekes out a niche existence. Only very few of the large and established casino providers even offer a way to make a crypto deposit via Neteller, which then appears as a euro amount on the casino account. The market of crypto casinos is therefore plowed by rather unknown casinos, which are now making a name for themselves in the industry – and the gaming offers of these reputable crypto casinos need not hide in any case before the big ones! Unfortunately, lawmakers and regulators still have a hard time with cryptocurrencies, mainly due to their status as a means of payment rather than a currency, as well as the more difficult (but not impossible) prevention of money laundering.
But on the other hand, there are already some crypto casinos – and there are even some very good ones that offer a real Bitcoin bonus on top of that and where the games are also settled in Bitcoin. If you, as an experienced Bitcoin user, already know the peculiarities and first stumbling blocks of this payment method and know how to deal with them, nothing stands in the way of a crypto casino deposit.
The now initially still cautious trend will also continue. The cryptocurrencies themselves still need some time to be fully used as a payment method. However, the BTC casinos will be quicker to woo customers with this still more or less unique selling point. Bitcoin gamblers will therefore see a significant upward trend in the near future, because not only my personal crypto casino experiences were consistently positive.
Frequently asked questions
Due to the still quite limited distribution of Bitcoin and other cryptocurrencies in online casinos, there are accordingly many questions among players. Here I would like to answer some of them for you and thus provide further insight into this topic.
Is a crypto casino safe and reputable?
Again, the answer is that a crypto casino is safe and reputable if it is the casino is licensed, the payment method used is beside the point. If the provider has a gambling license, it has already taken all the necessary steps to prove transparency and security to the regulatory authority in order to obtain it.
Is gambling with Bitcoin legal?
The legality of gambling depends primarily on a valid gambling license and not on the currency used. If the authorities can trace money flows in a payment method as part of money laundering prevention – and this is the case with Bitcoin – its use for gambling is perfectly legal. Unfortunately, however, no online casino in Malaysia currently offers Bitcoin payments.
Are Bitcoin payments anonymous?
No, even though the individual Bitcoin addresses look very cryptic and no names appear, Bitcoin is not anonymous. Every transaction is publicly viewable and money flows can be clearly traced from the beginning of the blockchain. Addresses can be matched to people through all possible points of contact from payments. Bitcoin exchanges or even online casinos, for example, have to establish the identity of their customers (KYC), if something is bought somewhere online, there is also always a delivery address, if you receive money on your wallet, you have shared the address with someone before. It is sometimes a bit more effort to find out, but complete anonymity is by no means given with Bitcoin.
How long do Bitcoin payments take?
Deposits depend largely on the Bitcoin network and blocktime. Every 5 minutes, a new block is added to the blockchain with the latest verified transactions. Only when the payment has been listed in the blockchain is it considered final. This typically takes between 5 and 30 minutes. If there are more transactions pending right now that do not all fit into the next block, the payments with the higher fees are prioritized first. Therefore, it is quite possible that it will take correspondingly longer if the fees are set very low. Modern wallets can scan the Bitcoin network for utilization and suggest the amount of the fee.