The online gambling sector is one of the most aggressively competitive when it comes to attracting clients; this leads to the gambling destinations mushrooming continuously to offer distinct gaming services such as games, bonuses, client care, and money transfer. Among the main trends that have been adopted by casino sites is the use of Bitcoin to engage in real money gambling.
Bitcoin is a cryptocurrency that was the first of its kind, and it was launched back in 2008 by Satoshi Nakamoto. This type of money, also commonly known by its acronym BTC, exists in a virtual form on the web that allows a fast and efficient transfer, an element not common with most conventional methods. When BTC was first introduced, the gambling sector was skeptical about its adoption but did not wait too long to join the bandwagon with the fast rise of the currency use in other industries. BTC has inspired the creation of numerous other digital currencies that have made the business currently worth about three hundred billion dollars; this makes it one of the top twenty highest-grossing corporations in the history of man.
Even though BTC has established itself well in the financial sector, it is still finding its feet in the casino industry. Since the venture is a startup, Bitcoin casinos are avid in the allocation of bonuses and promotions to charm gamblers into indulging in their services. Some of these offers can be found in gaming entities that use regular currencies while others are specifically built for use in Bitcoin casinos.
Types of Bitcoin Casino Bonuses
Bitcoin casinos table a variety of incentives to suit different types of gamblers that visit their sites. Some of these rewards include:
- Bitcoin Casino No Deposit Bonus
Bitcoin no deposit bonus is offered to players once they register a casino account but before they can make a real money deposit. These offers give one a chance to explore the real money gambling experience of the gaming site without having to make a monetary commitment. These bonuses usually consist of various elements depending on the establishment, and some of them include:
- Free Spins - Bitcoin casino free spins are the most popularly provided bonuses online. These incentives are built for use in slot machine games and give gamblers the chance to spin the reels without placing a cash stake. Nonetheless, the wins that are collected transform into real money payouts. Wagering requirements do apply before the amount won can be withdrawn. In most cases, this bonus is restricted for use in one or more slots. Players are advised to use the freebies in the set with the highest variance.
- BTC - In some establishments, the no deposit offer consists of a small Bitcoin amount that is equal to a few Satoshi. This bonus can be used in a variety of casino game categories including slots, table games, video poker, and casual sets. Even though it can be used across a lot of games, punters should pay attention to the contribution rates of each set to see how high their clearance rate is. In most cases, slots have the highest clearance rate of one hundred percent. Other games with high RTP rates like video poker contribute as low as two percent.
- Free chips - Free chips are similar to free spins, but this time they are used in table and card games. The chips carry different values rated in BTC or mBTC. The free chips bonus is among the rarest offers.
- Bitcoin Casino Free Spins
Bitcoin free spins are bonuses that are provided to slot lovers, and they can be granted to both new and existing punters. These freebies can be as many as two hundred depending on the gambling establishment providing them. Players should pay attention to the spin value of these freebies, which is used to determine the wins provided. Mostly, this value stands at 0.01 credits.
Free spins can be given in no deposit, and bitcoin sports welcome bonus offers for both new and return clients. Their high provision is accounted for by the widespread demand of slot machine games even in BTC gambling destinations. The freebies are also commonly placed alongside match promotions. When a large number of them is provided, they can be given in sets of like ten at a go and have to be used up before the next one is made available.
Like with the no deposit free spins, terms and conditions apply to the use of this offer. A restriction can be placed on the games that the freebies can be used in, and some of them include:
- The wagering term that has to be met before a withdrawal request can be granted
- The minimum deposit used to trigger the amount
- The maximum winnings that can be won using the bonus
- Whether the offer is sticky or cashable
- The shelf-life of the bonus
- The payment methods that are used to trigger the reward.
Players should note that some bitcoin casinos do not place restrictions on cashing out before the stipulated playthrough requirement has been met. However, doing so will lead to the nullification of the bonus and any winnings it has collected.
- Bitcoin faucet bonus
This bonus is built for bitcoin gambling destinations, and cannot be found in sites that offer regular payment methods. BTC faucets are included in casinos as a system that rewards the gamblers for completing tasks set by the establishment; this could be spending a specific amount of Bitcoin in a game or acquiring a bonus within a set. This system works in the form of an application or a website, and payments are made in Satoshi, which is a very small fraction of BTC. The use of the faucets came into being in 2010, with the first faucet providing five BTC to each person joining the program. It was not until much later that online casinos used BTC faucets as bonus offers, and even so, they are still rare to come by.
The provision of Satoshi by a bitcoin faucet is predetermined by the establishment making the offer, and it works much like a comp points program. Even though the amount provided is very small, the currency adds up until it is substantial enough to be transferred to the gambler’s account. During the time of the Satoshi accumulation, each payment is stored in a separate ledger from Blockchain, which is the one used when tracking the transfer of BTC. The use of a separate ledger saves gamblers mining fees that would otherwise be incurred on Blockchain.
Depending on the gambling destination, bitcoin faucets can be given to new and existing clients. Some gaming establishments present them as free coins to newly registered clients for them to try out BTC gambling without having to make a monetary commitment. This provision has proved helpful in attracting gamers to try out cryptocurrency gambling since it is still a new idea in the online gambling realm. Once players are familiar with the brand, they can move on to make deposits from their wallets to continue with real money play.
Referral systems are also popular with BTC faucets. Gamblers that have already registered to the site and earn through the system can refer a friend to land even more Satoshi. In the beginning, the use of this referral program was refrained from considering the rise of pyramid schemes where payments are distributed right to the members at the top of the chain. Faucets, however, give a portion of the new member's earnings to only the person that referred them to the system.
Like with bitcoin, the use of BTC faucets will vary depending on the casino one registers in and their country of residence. The lack of jurisdiction of an institution that governs the application of these systems makes them easily changeable to suit the institution using them. Players should be keen not to disclose their faucet of BTC wallet details to avoid being scammed out of their earnings. One should note that bitcoin transactions are not reversible, much like when using physical cash; this makes them prone to hacking attacks, which is made easier by their online existence.
Bitcoin Bonus Codes
The claiming of bitcoin bonuses is done in different ways, one of them being the use of bonus codes. These codes have been in use since the rise of web casinos, and they are used to activate offers such as no deposit, welcome, and reload offers. Bitcoin casino bonus codes consist of letters and numbers which differ depending on the reward they are used to trigger. The promo codes are provided by the bitcoin casinos offering the bonus or their affiliate partners.
Aside from triggering an offer, bitcoin bonus codes are also used by gaming entities to track the use of an individual bonus. That way, they can establish which bonus attract the highest number of clients. Affiliate marketers also use the codes as a way to make cash through their referrals.
Bitcoin casinos are rising fast to become a popular option for a lot of gamblers, and the use of bonuses to attract clients is working on the favor of this gaming niche. It is advisable to assess the terms and conditions of these bonuses before laying claim to any of them.