Bitcoin casinos came about for a variety of different reasons, but in essence there are many countries around the world that frown upon their citizens partaking in online casino gambling. Whether they are just trying to protect their residents or maybe just because they want their tax cut – either way millions of people haven’t been able to enjoy a simple wager in a virtual casino.The emergence of bitcoin changed that fact. Thanks to the cryptocurrency that is not regulated by governments or financial institutions, many people are getting back into the gambling swing of things. Bitcoin offers an anonymity that credit cards and bank transfers do not and the online casinos are taking full advantage of that fact.
Top Bitcoin Casinos
What is a Bitcoin Casino?
If you’re familiar with an online casino, you know that it’s essentially a virtual version of the classic hangouts you’d find in the ‘real world.’ At online casinos you deposit real money and play traditional games ranging from slots , blackjack to even lotteries and scratch offs. The only thing different about a bitcoin casino is that instead of dollars, euros, or yen you’re wagering with cryptocurrency.
Not to get confused, when you’re betting with bitcoin you are using real money. You take your local currency and convert it to bitcoin using an e-wallet. Then, you send the bitcoin to the casino address where it is deposited into your account sometimes in under an hour and you’re then free to wager with real money. If you’re able to build your bankroll, the withdrawal process then works basically in reverse (bitcoin to e-wallet to local currency).
Are Bitcoin Casinos Safe?
Bitcoin is a so-far unregulated cryptocurrency but that doesn’t mean all the bitcoin casinos that exist are rogue, black market affairs. In actuality, bitcoin casinos themselves are still licensed and regulated by their local governments which might include Curacao, Montenegro, and Costa Rica to name a few.
One thing to remember is that bitcoin transfers are irreversible so it’s very important to have the address of the casino of where you’re sending the coin exactly correct. Of course this also means that if a bitcoin casino wanted to, they could simply take your coin with no recourse. This isn’t exactly a wise long-term business practice however so for the most part bitcoin withdrawals and deposits have been pretty seamless.
Just like with any online casino, members have to do their homework to have the best success. You’ll want to search for the best variety of games, the most friendly player odds, and specials and promotions. This has nothing to do with bitcoin, it’s just a responsible practice for online gaming in general.
One thing that is reassuring is the fact that bitcoin casinos not only say they’re safe – they let the player prove it. This is a system called ‘provably fair’ to ensure results are genuinely random instead of predetermined. Players can test a special game script to guarantee game play (cards turned, dice rolls, etc.) is ending up as it should – randomly.
Are Bitcoin Casinos Legal?
OK, after determining that bitcoin casinos are legitimate and safe the next question that ultimately arises is if they are legal? One of the main things to know is that in countries like the United States, betting itself isn’t illegal – but using the federal banking system for online gaming is. Therefore if you’re just using bitcoin instead of dollars, you’d technically be in the clear.
Of course there comes the conundrum of turning your bitcoin winnings back into your local currency so you can use it on things like food, rent, …and gambling at your neighborhood casino. If you’re converting bitcoin into say, dollars, are you then utilizing the federal banking system for gambling purposes? This is where the anonymity of bitcoin is such a beacon of hope. Your bank or e-wallet doesn’t know if you got the windfall from hitting a royal flush – or selling one of your kidneys online.
As it stands now, bitcoin is genuinely considered as a commodity and not a currency. When you’re betting on a spin of the roulette wheel, you could very well be doing it with Pokemon chips just as likely as bitcoin. Of course you then cash in that commodity for a useable currency.
Why Play at Online Bitcoin Casinos?
Of course the biggest incentive for playing at an online bitcoin casino is first and foremost to win money. There are some supporting details that make the BTC version of casinos even more appealing even if your country does approve traditional payment methods for gambling. These include:
- Anonymous – Bitcoin betting is done anonymously and some online casinos only require you to create a user name an password. Some ‘regular currency’ casinos require credit cards, utility bills, and ID cards as a way to prove identity, fund your account, and ultimately withdraw winnings. Not everybody likes having that much info available to a random offshore casino employee.
- Cheaper Fees – when you deposit to online casinos with either credit cards, bank transfers, or money wires there are almost always processing fees to pay. Bitcoin transactions are usually free or if there are charges they’re often minimal.
- Access – some bitcoin casinos still restrict access for players from blacklisted countries but for the most part one of the big things that bitcoin does for players is simply get them in the game. You don’t have to sacrifice the thrill of a slot reel spin just because you’re country isn’t up to par on modern gambling methods and practices.
Getting Started With a Bitcoin Casino
For the most part bitcoin (and other cryptocurrency such as Ethereum, Litecoin & Dogecoin, etc.) betting is a safe and fun experience. What you’ll still have to do though is find the respected casinos to wager at. Make sure to pay important attention to our casino reviews and always read in detail the terms and conditions that the casino offers before depositing your money.