Mega Moolah Bitcoin
If you have extra bitcoin to spend and you want to play Mega Moolah, you're in luck, because recently some of our casinos have started to accept bitcoin deposits via third party.
Note that you cannot deposit bitcoin directly to the casinos mentioned in this article. The depositing of bitcoin works through third party, which you will find out later in this article. Now let's first look at an introduction to bitcoin and how you can get some.
The basics of bitcoin
Bitcoin was the first cryptocurrency ever invented. Today there are hundreds of them but bitcoin is still king in terms of trading volume and popularity. The trading volume of bitcoin is 3-4 times greater than the then second most popular crypto; Ethereum. It's difficult to imaging bitcoin being replaced by another in the near future.
The currency itself is not hard currency, which is to say that the inventors of bitcoin do not mint coins and bills to pass out to consumers. It is neither something that can be created arbitrarily such as dollars or pounds for example. The "ceiling" is 21 million bitcoin and after that the supply will essentially stop, unless of course bitcoin's protocol is changed to allow for a larger supply.
Bitcoin only exists as bits of data on a worldwide and public ledger. That ledger is known as the blockchain. It is interesting to note that blockchain technology did not exist prior to bitcoin. In fact, the inventors of bitcoin invented blockchain specifically to support the currency. Blockchain design is so revolutionary that it can be used to create all sorts of ledgers for various accounting and software development purposes; it is no longer limited just to bitcoin.
Completing transactions in bitcoin is as simple as can be; you just transfer the desired amount from your wallet to the receiver's wallet. Transactions clear in a matter of minutes.
Every time a transaction is conducted, information about that transaction is coded and sent to various computer nodes located around the world. Those nodes are managed by Bitcoin Miners tasked with breaking the code in order to verify the transaction. Once every node has completed the verification process, the transaction is added to the chain and made permanent.
Here's what you need to know about transactions; miners have to be paid for the work they do. Bitcoin mining is not a cheap endeavour by any means. So every transaction incurs a small fee that goes to reimburse miners. Keep that in mind; it will come up again later in this article.
How can I get bitcoin?
You can acquire bitcoin very easily and you don't need to be a techie to do so. Whatever amount you purchase is stored electronically in what is known as a 'digital wallet'. Basically you just need an email address and head on over to a bitcoin wallet such as Blockchain.com or BTC.com from your mobile or desktop/laptop computer and follow the straight-forward instructions to get started.
Opening a bitcoin wallet is easy - buying bitcoin isn't always that simple. Let's find out...
The easiest way: Purchasing bitcoin at an ATM
You can purchase bitcoins in a number of different ways. More often than not, purchasing through a Bitcoin Exchange takes place using a bank transfer. Besides this there's a ID verification process that takes place before you can buy bitcoin from an exchange.
There is an easier and much faster way to buy bitcoin; purchase through a Bitcoin ATM. These machines are known as BATMs. You can simply ask google where your nearest Bitcoin ATM is located.
Technically, a BATM is really not an ATM. It does it connect to a bank or financial network. Instead, a BATM connects to a Bitcoin Exchange. You must have a bitcoin wallet before you can purchase bitcoin from one of these machines. Again, see Blockchain.info or BTC.com how to open your wallet.
As far as the transaction itself is concerned, it is pretty simple. You let the BATM scan your bitcoin address QR code from your mobile screen and then start feeding cash into the machine. The machine will tell you the exact steps to take. When you are done, you simply tap the screen and the machine returns an on-screen receipt showing the amount of cash you used to buy bitcoin and how many bitcoins were transferred into your wallet. It's a good idea to take a photo of the screen so you have the confirmation number. It will take a few minutes to be processed and once done you can use your bitcoin however you wish.
Another way to get bitcoin
In the absence of a Bitcoin ATM, you can purchase bitcoin currency using a smartphone app or desktop computer. Again you must first create a bitcoin wallet, followed by setting up an exchange account. There are couple of ways to do this. The first is to find a wallet provider online such as Blockchain.info and then follow the instructions how to purchase bitcoin. The wallet provider will have partnered with an exchange that you will be referred to when purchasing bitcoin.
The other option is to go directly to an exchange such as Coinbase.com or Kraken.com where you can sign up for both a wallet and an account at the same time. Only after your account is live can you begin purchasing bitcoin. You will need to verify your account with these exchanges so it is not something you can do instantly, easily or as anonymously as opening a bitcoin wallet with your email address and using a BATM to buy bitcoin.
However if you are willing to go through the steps you can start to buy lots of bitcoin using bank transfers. Note that creditors have cracked down on bitcoin credit card purchases. The credit card companies claim that due to the high volatility of bitcoin is the reason for banning bitcoin purchases -- they could have put a max limit on those purchases instead.
There's also a great community website called LocalBitcoins.com where members can buy and sell bitcoin. Members selling bitcoin often accept various payment options such as PayPal, Neteller, Skrill, WebMoney and more.
Depositing bitcoin with casinos
Now that you understand how to obtain bitcoin, let's talk about making an actual bitcoin deposit with an online casino.
There are two types of casinos that accept bitcoin. The first one is a 'pure bitcoin' casino, which does not accept fiat currencies such as dollars or pounds. They only accept bitcoin deposits and bitcoin withdrawals. These casinos are not "required" to present a gambling licence. Having said that, a few reputable gambling jurisdictions do issue licences to casinos accepting bitcoin (notably, the United Kingdom).
At the moment none of the pure bitcoin casinos have a licence to host the Mega Moolah game. Please don't fall for false advertising on this matter.
The second type of casino that accepts bitcoin is the licenced Microgaming-powered casino. Either one that is dedicated to Microgaming games, such as those presented below, or a hybrid casino having games from multiple casino game providers including Microgaming. These casinos accept bitcoin deposit only through a third party such as Skrill or uPayCard.
When you deposit bitcoin through Skrill or uPayCard, remember that charges apply. This is where using bitcoin to play Mega Moolah can be a bit challenging. Always read the fine print so that you fully understand how much you will be charged for using bitcoin through Skrill or uPayCard. It may not be an ideal solution if you plan to deposit a small amount, say, 100. It's not unusual for charges to exceed deposit amounts when gamblers choose to start with small deposits. Do one large deposit, rather than multiple small ones. We recommend your bitcoin deposit through Skrill or uPayCard is at least around 1,000.
The other thing to consider is that bitcoin miners dedicate their resources to the most valuable transactions first in order to maximise their own pay. As such, they may not even look at a transaction valued at just five pounds. Such small transactions usually lead to casinos converting the Bitcoin to cash and then, once they have enough accumulated Bitcoin to make a transaction worthwhile, selling that Bitcoin via their own exchange accounts. They pass along the charges to customers. So once again, it will likely cost you more than your deposit if you deal in small numbers.
For example, we know of one particular casino that will let you start playing with a cash deposit of just five pounds (or euros or dollars). If you were to attempt to deposit an equal amount in bitcoin, the charges required to process the transaction would cost you more than deposit itself. There really is no value to using bitcoin in such an instance, so we recommend much higher bitcoin deposits.
Casinos accepting bitcoin deposits via third party
Below you will find a short list of some we know already accept bitcoin deposits via Skrill or uPayCard. All are licenced by the UK Gambling Commission. Included in the descriptions are some of the offers the casinos are making. Available offers may differ based on where you live, though. You'll find more info about the offers these Mega Moolah casinos offer on our rewards program page.
- Blackjack Ballroom - Blackjack Ballroom is a classy looking site that offers a 500 welcome bonus offered in three stages. You get a 100% matching bonus of up to 150 on your first deposit, a 50% bonus of up to 200 on your second deposit, and a 25% bonus of up to 150 on your third deposit. The casino offers a combination of slots and table games along with progressive jackpot titles.
- Casino Action - The welcome bonus here is similar to the one offered at Blackjack Ballroom inasmuch as it is paid out over numerous deposits. The main differences here are the size of the bonus and the number of deposits. With five consecutive deposits, you can earn a total welcome bonus of up to 1250. Casino Action also offers a combination of video slots and table games.
- Casino Classic - Get a 500 welcome bonus from Casino Classic by making five consecutive deposits that the casino will match at rates ranging from 25% to 100%. Casino Classic offers safe and secure transactions backing up a great inventory of table games, video slots, and progressive jackpots.
- Golden Tiger Casino - This is another casino offering a rather sizeable welcome bonus. Here it is worth 1500 paid out over five consecutive deposits. Depositing is easy, but you must deposit a minimum of 10 to get started. You will find all your favourite video slots and table games here.
- Luxury Casino - Make a series of five deposits and earn matching bonuses that could equal 1000 when all is said and done. Luxury Casino offers blackjack, roulette, a range of video slots, and progressive jackpot games. It is a clean and modern online casino that you can play directly from your browser or through downloadable HD software.
- UK Casino Club - Last on our list is UK Casino Club, an online gambling site offering up to 700 in welcome bonuses earned through five consecutive deposits. Just visit the casino's banking page after registering to make your first deposit. Note that there is a 10 minimum deposit requirement.
See the above-mentioned casinos on our loyalty and rewards page. It is possible to play your favourite online slots using bitcoin as your currency. Just be aware of the charges involved. The more you understand about bitcoin and the casino bonus offers, the better able you will be to separate a good casino from those you do not offer value.
If you do choose to play with bitcoin, also note that the value of your wallet can fluctuate rather quickly. It's a good idea to know the approximate value of the bitcoin you hold before your deposit. After your bitcoin deposit to Skrill or uPayCard the fluctuations no longer matter as your bitcoin has already been converted to fiat currency.
If you have any questions about using bitcoin to play Mega Moolah please don't hesitate to contact us.