Beginners Guide to Iceland Bitcoin Casino Gambling in 2022

This guide will go over everything you need to know about crypto gambling sites, including the best Iceland Bitcoin casinos. We discuss the advantages of Bitcoin for online casinos, including game fairness, anonymity, and unique crypto promotions. Finally, this guide covers getting a crypto wallet and exchanging fiat currency into BTC.

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Overview

The OnlineCasinoReports.is team loves exciting new technologies. However, we are well aware they can be daunting, especially when it comes to our money. The creation of the Blockchain and cryptocurrencies is a significant step forward for digital money, with Bitcoin standing a cut above the rest.

If you are interested in gambling with Bitcoin, this guide is for you. We walk you through everything you need to know to get started in one of our recommended crypto casinos. Follow the steps laid out, and you will quickly become a digital currency pro.

How Do Bitcoin and the Blockchain Work?

The Blockchain is a new technology that divides information into countless tiny data blocks. It uses a web of servers to ensure any information is never stored in one location, which is helpful for security.

Alongside spreading your information across different servers, the Blockchain encrypts each data block separately. This approach makes it very difficult for any hackers to steal your data. That is why this system is the world’s most secure online platform, possibly even safer than your bank.

Bitcoin is a digital online currency that exists on the Blockchain. No country controls Bitcoin, and banks do not set its value: users do. It is impossible to hack Bitcoin. There is also a limited supply of that cryptocurrency. All these factors play a role in establishing Bitcoin as one of the most popular and valuable commodities.

Note: While our guide talks about Bitcoin as one unit, you do not have to buy a whole “Bitcoin” to use it. As with other currencies, cryptos have smaller increments. Decide how much you want to spend in króna, and buy the corresponding amount of Bitcoin. The exchange you are purchasing crypto in will transfer the funds to your crypto wallet.

Playing Online with Bitcoin

Bitcoin has made accessing your favourite gambling games that much easier, whether you play casino games, sports betting, or something else. Its Blockchain approach and secure service allow you to enjoy your hobby without limitations.

Bitcoin brings instant deposits and withdrawals with next to no fees. Traditional banks are not involved in these payments, which speeds up transaction times.

Despite new technology driving Bitcoin forward, using it in an online casino is straightforward. Playing with Bitcoin is identical to playing with króna.

You add to your casino balance by using the Deposit tab, selecting your Bitcoin wallet instead of your bank card. Enter how much you want to deposit and approve the transaction. Once the crypto transfers into your account balance, you can use it to play your favourite slots, table games, and other exciting releases.

Deposit and Withdrawals

You do not need to know anything about Blockchain or cryptocurrencies to use Bitcoin to play casino games. Bright minds have made the process fast and user-friendly.

To deposit money, you have to:

  1. Open the banking section of your online casino
  2. Copy the operator’s unique blockchain banking address
  3. Send the amount you want to deposit from your Bitcoin wallet to that address

The crypto should land in your account instantly, allowing you to start playing without delay.

Withdrawing funds is even simpler!

  1. Paste the blockchain banking address from earlier into your wallet’s receive money section
  2. Go to the casino’s banking section and enter how much you want to withdraw
  3. Pick your Bitcoin wallet as the withdrawal option

The Blockchain’s peer-to-peer nature means withdrawal requests can get carried out as quickly as five minutes after the website approves the cashout. Withdrawal times are lightning fast compared to fiat payments, which can take several days to reach your bank account.

Pros & Cons

Pros
Lightning fast payments.
Private and anonymous.
Affordable fees.
Highly secure.
Cons
Highly volatile
Uncertain legal status

Tips

How To Pick The Best Icelandic Bitcoin Casino? After getting some Bitcoin in the wallet, it is time to give crypto gambling a go and see what the fuss is about. For that, you will want to find a trustworthy online casino that accepts Bitcoin. You should keep the following tips in mind when looking for a website to play:

Getting Started

How to Buy Bitcoin for the First Time? After finding a crypto exchange to carry out the transaction, follow these steps to buy your first Bitcoin (or part of it):

1 Open an account with the exchange

The first step to buying Bitcoin is registering an account. Make sure to select a strong password and keep it safe. You will need to verify your account through an email, so make sure you enter it correctly.

2 Pick Bitcoin from the menu

Crypto exchanges deal with several cryptocurrencies, not just Bitcoin. When buying crypto, select Bitcoin as your currency and then choose the banking method you want to pay with.

3 Buy crypto

All that is left is authorising the transaction with the selected payment method. After the transaction goes through, you will have Bitcoin in your wallet. The corresponding amount of króna will get deducted from your chosen banking method.

4 Confirm the transaction

Go to your wallet and make sure the cryptocurrency has safely reached it. The transaction should not take long to clear. If something goes wrong, contact customer support to resolve the problem.

Bitcoin Casino vs Standard Casino

Let's Review the main differences between BTC & Standard Fiat currency casinos:

Bitcoin Casino Standard Casino
Supports Bitcoin and cryptocurrencies Accepts króna and other fiat currencies
Ensures high level of security Good security level
Provably Fair allows you to test fairness personally Requires third-party fairness verification
Top Bitcoin Casinos

Do you want to know more about Iceland’s Bitcoin Casinos? Our guide covers top-rated BTC casinos rated and reviewed by our experts.

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Crypto Wallets

The Best Wallets for Bitcoin and Cryptocurrencies: We have already discussed using your Bitcoin wallet as a way to deposit in online casinos. Crypto wallets function similarly to e-wallets, storing digital cash in one spot. You can download these online wallets and use them on your personal computer and your mobile phone. Crypto wallets come in two storage types: hot and cold. Whether a wallet is hot or cold depends if it has internet access. Cold storage is more secure as it is not connected to the internet. These wallets are USB drives with special security software that requires entering a pin to access your Bitcoin information. If you prefer convenience, ‘hot’ crypto wallets may be a better fit. You should consider the following popular wallets based on player experiences and online reviews:

Coinbase Wallet

Free and tied to one of the largest crypto exchanges on the planet. It has low transaction fees.

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Exodus Crypto Wallet

Free to use and features top-tier customer support. It supports all major cryptocurrencies, including Bitcoin.

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Mycelium Crypto Wallet

Mycelium Crypto Wallet is one of the best mobile-first crypto wallets and exchanges.

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Ledger Nano X Wallet

Has a purchase fee. A security-focused wallet that has a cold storage option for interested users.

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Trezor Crypto Wallet

Trezor Crypto Wallet also has a purchase fee. It is one of the most secure crypto wallet providers.

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Bitcoin Exchanges

A crypto wallet is useless without Bitcoin to put into it. The easiest way to do this is to buy crypto from one of the many available exchanges. An exchange is an online market where people buy and sell cryptos such as Bitcoin. The top three exchanges available to Icelanders are:

Coinbase

Coinbase is both an exchange and a crypto wallet, combining both to be a perfect starting point for first-time buyers.

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Kraken

Kraken is a regulated exchange based in the US with an excellent reputation for safety. However, Kraken’s downside is that it does not accept credit cards.

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Binance

Binance is one of the largest digital exchanges in the world, with support for Bitcoin and other cryptocurrencies. The exchange accepts bank cards and third-party payment methods.

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FAQ

Cryptocurrencies are electronic currencies generated using encryption techniques. Cryptocurrencies are decentralised and use Blockchain technology instead of a central authority to verify transactions. Bitcoin is the first and most popular cryptocurrency.

Bitcoin and other crypto wallets are digital accounts that store encrypted digital currencies. You can also use them to send and receive crypto funds. When paying, you transfer held Bitcoin from your wallet. Meanwhile, receiving funds moves Bitcoin into your wallet.

The first step to buying Bitcoin is to get a crypto wallet. Then, you buy Bitcoin using another payment method, such as bank cards, bank transfers, etc. You can also buy, sell, and transfer Bitcoin from other Bitcoin users. Blockchain banking addresses allow anyone with a crypto wallet to send Bitcoin to other users.

Yes. Many places started accepting cryptocurrencies as payment, and you can convert cryptos like Bitcoin into any currency. You can also turn Bitcoin or other cryptos back into króna and spend them on anything you want.

The Icelandic Central Bank points out that Bitcoin and other cryptocurrencies are unregulated. As such, it does not recognise them as legal tender. However, cryptocurrencies are not illegal to trade, meaning Icelanders can buy, sell, and use them where they are supported.

The unregulated nature of Bitcoin and other altcoins means there is no legal precedent for taxes. Other countries tax cryptocurrencies as income tax or capital gains, and we can see Iceland going for either approach eventually. The government is also debating adding a tax on mining Bitcoin, as some of the world’s largest Bitcoin mining facilities are based in Iceland.

There is no single entity that controls Bitcoin. That is by design, as the cryptocurrency uses Blockchain technology. The network processes all crypto transactions following pre-defined software algorithms. The people in control of Bitcoin are its users, as no one person can make edits to the network.

Most crypto casinos operate in Curacao under the Antillephone N.V. license. The casino should display the regulator’s logo on the website if one is present.

Yes, you can exchange different cryptocurrencies. Many trading platforms and wallet services allow you to trade Bitcoin for other crypto coins. Similarly, you can exchange your altcoins to get Bitcoin. After registering with a trading platform or wallet service, you can convert your cryptocurrencies.

Bitcoins are entirely digital, unlike treasury bonds, stocks, or foreign currencies. Because of that, there are no physical Bitcoins. However, you can store your Bitcoin physically in a digital wallet gadget.

Bitcoin and other cryptocurrencies are more anonymous than using e-wallets or bank cards. Transactions do not relay your personal information, which is better for privacy. That said, crypto funds are usually purchased through a digital online wallet service or crypto exchange. You have to confirm your personal information when buying through them.

Many financial institutions must follow through on know-your-customer procedures. That includes crypto exchanges. Online casinos also have to verify your identity to prevent underage gambling. Some casinos allow you to get past identity verification, but such websites are not legal. Because of that, we recommend sticking to trustworthy websites, even if you have to share personal information.

While rare, some online casinos have no deposit bitcoin bonuses you get when opening an account. These offers come with strict terms and conditions you have to follow before you can withdraw money.

Provably Fair Gambling uses the same Blockchain technology that powers cryptocurrencies to verify game fairness. That is in contrast to traditional casino games, where licenses by trustworthy regulators are the only way to be sure games are fair. Provably Fair games all follow a similar layout. They allow you to check how a game came to that outcome and confirm that each result is genuinely random.

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