Bitcoin may not yet be fully integrated into our daily lives as a means of payment, but on the Internet it is quite different. Web shops and payment providers that focus primarily on digital payment options have embraced Bitcoin and other cryptocurrencies for some time now. Also, the best online casino websites increasingly offer their players the possibility to add money through their Bitcoin wallet and there are even already casino sites where one can play exclusively in Bitcoins. How these special Bitcoin Casinos and other crypto casinos work and what you as a new player at a Bitcoin Casino should pay attention to, we’ll explain to you in detail in this article.
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What exactly is a Bitcoin Casino?
A Bitcoin Casino is an online casino that only accepts payments when they are made with Bitcoins or other digital payment tokens, known collectively as cryptocurrency. Everything that happens at the casino is paid with the Bitcoin, and all amounts used in games, shown on the website, and offered in bonuses are listed in Bitcoin. In addition to the real Bitcoin casinos, there are also regular casinos where you can pay with Bitcoins, but there, amounts of bonuses, deposits, and your gaming credit are displayed in Euros. When you add funds to your casino account and use Bitcoins, they are first swapped by the casino to the currency of your account (usually the euro or dollar) and then credited to your casino account. So one of the most visible features of a Bitcoin Casino is that all amounts are listed as Bitcoins.
What are the benefits of playing at a Bitcoin casino?
The popularity of Bitcoin hardly seems to end. More and more people are doing, thinking, trading and paying online in this digital currency. Due to the Bitcoin’s highly volatile exchange rate, it can be not only a convenient means of payment, but also a very lucrative investment. This has also not escaped the attention of online casinos and after a successful introduction of the Bitcoin in regular online casinos, for very logical reasons, casinos were started where one can only pay with the Bitcoin. One of the main advantages of playing in a Bitcoin Casino is that it is completely anonymous. You don’t have to enter your personal data, you don’t have to confirm your identity, because everything revolves around the Bitcoin and such data is superfluous.
No one needs to know that you are playing in an online casino and in some countries that can save you a lot of trouble. It is not allowed in every country to play in an online casino. In the United States it is estimated that 2 million people play a gamble in an online casino every day, while in many states of the US this is not allowed at all. Players from these countries therefore have to wriggle around all kinds of bends in order to play in an online casino.
However, players who choose to play in a Bitcoin online casino do not have to do so. They can play without any problems and no one will be able to figure it out. For countries where playing in an online casino doesn’t pose any problems, playing in a Bitcoin casino can be a completely different advantage. Since no one knows that you are playing in an online casino or how much money you are winning in the casino, it is possible to hide winnings from the tax authorities. Officially, you have to declare online casino winnings as property tax. But if you play in a Bitcoin Casino, you can completely evade that obligation.
What are the disadvantages of playing in a Bitcoin Casino?
Playing in a Bitcoin casino has some advantages, but also some disadvantages. As we mentioned earlier, the Bitcoin’s course fluctuates enormously. This also means that the balance on your casino account is worth more natural money one day than the next. Of course, it is very frustrating to discover that you made a big profit at the Bitcoin casino when the Bitcoin’s price plummeted. Another practical drawback is that the range of gambling games available at Bitcoin casinos is still somewhat limited.
Playing in a Bitcoin Casino is a relatively new concept and therefore there are not many games that are suitable to deal with, for example, the display of Bitcoins. There is no doubt that this will change in the coming years, especially when one eventually becomes convinced that the Bitcoin is a virtual currency that will not disappear. Another drawback of playing in a Bitcoin Casino is the legislation for this kind of casinos that is currently lacking. Playing in such casinos is not stimulated by governments, partly because it can encourage some nasty practices. Think of the aforementioned tax evasion or money laundering. Until good and sound legislation is in place, you as a player run a certain amount of risk when you decide to play in a Bitcoin online casino.
What do you pay attention to when playing at a Bitcoin Casino?
When considering playing roulette, blackjack, or other games at a casino that only accepts Bitcoins, the first thing you need to do is convince yourself that you are dealing with a real Bitcoin casino and not just an online casino that accepts Bitcoin as a means of payment. This is quite easy to do by looking at the amounts indicated on the website of the Bitcoin casino. If these amounts are not marked with the Bitcoin symbol and stated in euros, dollars or other currencies, you are not dealing with a Bitcoin casino.
Keep in mind that playing at a Bitcoin casino should be completely anonymous. If the casino asks you for all kinds of personal information, it’s possible that (despite the amounts mentioned in Bitcoin) you’re not dealing with a purely Bitcoin casino. Consider giving the Bitcoin casino a try, act with wisdom, and don’t deposit too many Bitcoins in your online Bitcoin wallet. Try out the casino with a small amount of money and don’t deposit more into your casino account until you’ve been able to withdraw at least once from your online casino wallet.