Bitcoin Casinos have been around almost since the day the cryptocurrency first launched, and while online gambling and Bitcoin has caused controversy in certain licensing jurisdictions around the world, today, it’s easier than ever to gamble at a Bitcoin casino – legally – and in this post, we’ll be looking at some of the ways in which you can familiarise yourself with Bitcoin gambling.
It’s fitting, of course, to begin this post by looking at what exactly Bitcoin is – so let’s get started!
Bitcoin is a form of digital currency – also known as a cryptocurrency, or “crypto”, and while only a small number of online casinos currently accept Bitcoin for a deposit or withdrawal method, it’s becoming more popular thanks to the ease at which it can be used.
For example, Bitcoin transactions are completed instantly; this means there’s no longer bank wire waiting times, or withdrawal holds from the bank.
In short; when you make a deposit, your funds reach the casino in seconds, and when the casino have processed your withdrawal, it will be available inside your Bitcoin wallet almost instantly.
While it can be easy to think that Bitcoin casinos would be a lot different from regular online casinos, they’re actually fairly similar, and the only real difference you’ll see is the fact that the cashier section of the site features a Bitcoin depositing/withdrawal options.
Dependant on the casino in question, you may also be required to bet in Bitcoin – although where this is the case, you will actually bet in mBtc – with 1,000 mBtc equating to 1 Bitcoin.
Generally speaking, there’s no reason why Bitcoin casinos are any more – or less – safe than regular online casinos, although of course, Bitcoin isn’t traceable like many conventional payment methods, so if you were to choose to play at a rouge casino, you could find yourself out of pocket.
There’s also some questions about regulation, although there do exist a number of reputable Bitcoin Casinos today, that are both licensed and fair.
That depends on the casino!
Every type of game you’d find in a regular online casino can be found in a Bitcoin casino, and even progressive jackpot slots can be found!
Plus, don’t think you’ll be limited to a small handful of unknown software providers, either; developers like NetEnt, Microgaming, Quickspin, and Betsoft Gaming have all partnered up with Bitcoin casinos… and we’re likely to see even more partnerships emerge, as the popularity of Bitcoin continues to rise.
There’s a couple of reasons, and the most relevant is probably the fact that – as long as you abide by the casino’s terms and conditions, you can play from anywhere in the world.
Of course, this is mainly news that Americans will want to hear, as they’ve been banned by the US Government from participating in online gambling – and Bitcoin casinos allow players to easily circumvent the restrictions by depositing and withdrawing in Bitcoin.
Bitcoin at Casino are also gaining popularity thanks to their anonymous nature. While the major Bitcoin casinos will likely require you to submit proof of identification before being able to make a withdrawal, many of the smaller outlets don’t require this – and this proves attractive for those not wanting to leave any form of trace.
The question generally isn’t whether the casino is legal or not, but whether online gambling is legal from your jurisdiction.
For example, in the United States it’s not actually a crime for a citizen to gamble online – but it IS a federal offence for Visa and Mastercard Debit/Credit card companies to knowingly process online gambling transactions.
Compare this to the stance of – say, Saudi Arabia, where online gambling is punishable by up to 15 years in prison, and you see almost immediately the differences between countries.
If you want to gamble online at a Bitcoin casino, always do your research prior to joining, and make sure that it’s legal to play from the country you reside in.