The Bitcoin may not be fully integrated into our daily lives as a means of payment, but on the internet it is a whole lot different. Web shops and payment providers that focus primarily on digital payment options have embraced the Bitcoin and other cryptocurrencies for some time. Even the best online casino websites offer more and more their players the possibility to add money through their Bitcoin wallet and there are even already casinos where one can only play in Bitcoins. In this article we will explain in detail how these special Bitcoin Casinos work and what you as a new player at a Bitcoin Casino should pay attention to.
What exactly is a Bitcoin Casino?
A Bitcoin Casino is an online casinothat only accepts payments when they are made with Bitcoins or other digital payment coins, better known 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 stated in Bitcoin. In addition to the real Bitcoin Casinos, there are also the regular casinos where you can pay with Bitcoins, but there amounts of bonuses, deposits and your playing balance are simply displayed in euros. When you add credit to your casino account and use Bitcoins, they are first converted by the casino to the currency of your account (usually the euro or dollar) and then credited to your casino account.
What are the benefits of playing in a Bitcoin casino?
There seems to be no end to the popularity of the Bitcoin. More and more people do, think, trade and pay online in this digital currency. Due to the very volatile price of the Bitcoin, it can be a very lucrative investment in addition to a convenient payment method. This has not escaped the notice of the online casinos and after a successful introduction of the Bitcoin in the regular online casinos, for very logical reasons, casinos were started where you can only pay with the Bitcoin. One of the most important advantages of playing in a Bitcoin Casino is that it is completely anonymous. You do not have to enter your personal data, you do not have to confirm your identity, because everything revolves around the Bitcoin and such data is unnecessary.
Nobody needs to know that you play in an online casino and in some countries you can even save a lot of trouble. It is not allowed to play in an online casino in every country. In the United States, an estimated 2 million people gamble daily in an online casino, while in many US states this is not permitted at all. Players from these countries have to squeeze all kinds of turns to play in an online casino. However, players who choose to play at an online Bitcoin casino do not have to. They can play without any problems and nobody will be able to find out. For countries where playing in an online casino is no problem at all, playing in a Bitcoin casino can offer a completely different benefit. Because no one knows that you are playing in an online casino or how much money you win in the casino, it is possible to hide profits from the tax authorities. Officially you have to play winnings from online casino, namely declare it as wealth tax. But whoever plays in a Bitcoin Casino can therefore completely withdraw from that obligation.
What are the disadvantages of playing in a Bitcoin Casino
Playing in a Bitcoin casino not only has a number of advantages, but also some disadvantages. As we indicated earlier, the price of the Bitcoin fluctuates enormously. That also means that the balance on your casino account is worth more natural money one day than the next. It is of course very frustrating to discover that you have made a big profit at the Bitcoin casino the moment the Bitcoin price has taken a big dive. Another practical disadvantage is that the range of games in Bitcoin casinos is still somewhat limited.
Playing in a Bitcoin Casino is a relatively new concept and as a result there are not many games that are suitable for dealing with the display of Bitcoins, for example. This will undoubtedly change in the coming years, certainly when one eventually becomes convinced that the Bitcoin is a virtual currency that will no longer disappear. Another disadvantage of playing in a Bitcoin Casino is the legislation for this type of casino that is currently missing. Playing in such casinos is not encouraged by governments, partly because this can encourage some nasty practice. Consider the aforementioned tax evasion or money laundering. Until good and sound legislation is available,
What do you pay attention to when you play at a Bitcoin Casino?
When you consider playing roulette, blackjack or other games in a casino that only accepts Bitcoins you must first of all convince yourself that you are dealing with a real Bitcoin casino and not with an ordinary online casino that accepts the Bitcoin as a payment method. 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 are stated in euros, dollars or other currencies, then you are not dealing with a Bitcoin casino. Remember that playing at a Bitcoin casino must be completely anonymous. If the casino asks you for all sorts of personal details, it may be that (despite the amounts being stated in Bitcoin) you are not dealing with a purely Bitcoin Casino. Consider trying the Bitcoin casino, trade with wisdom and do not deposit too much Bitcoins in your online Bitcoin wallet. Try out the casino with a small amount and only pay more into your casino account if you have been able to withdraw from your online casino wallet at least once.