Bitcoin Gambling – How To Use Cryptocurrencies With Casino Games
Bitcoin Gambling – How to Gamble with Bitcoin
Using bitcoin as a means of funding your online casino account is growing in popularity. In fact, bitcoin gambling online casinos seem to be appearing in the marketplace on an almost daily basis. For all you fans of cryptocurrency, this is great news. You’ll often find that all reputable online casinos that support bitcoin, like King Billy Casino, tend to be more tech-friendly and are willing to offer even greater incentives and bonuses to players who make use of cryptocurrencies as their chosen online funding option.
If you wish to gamble with bitcoin then you’ll find the whole process simple and straightforward. A quick Google search will reveal which online casinos are happy to accept bitcoin as a viable payment option. Going back a few years, there were only a handful of sites willing to do so. But today most reputable online casinos are happy to accept bitcoin as legal tender. You’ll also find casinos that accept other cryptocurrencies including Litecoin and Ethereum.
More Bitcoin Casinos Appearing
This is thanks to both the software providers and the game’s operators being happy to feature bitcoin as one of their available currencies. All the programming necessary to integrate this method of funding has now made it commonplace. This means that anyone wishing to gamble at online casinos with bitcoin is now spoiled for choice. You may well come across some online casinos which have a dedicated bitcoin game section. Many of these jackpot games support digital currency without the necessity to make fiat currency conversions beforehand.
Is Bitcoin Gambling Legal?
Absolutely! All gambling with bitcoin is legal, though we do suggest you always read the small print and terms and conditions of any casino you’re thinking of playing on. Simply because they might have some restrictions on cryptocurrencies as stipulated by their gambling licences. For many online casinos, cryptocurrency is considered in the same manner as fiat. Meaning that it’s a totally acceptable means of funding your online casino account. Not only that, but you’ll find many sportsbooks are also happy to accept crypto as well.
Look For The Casino’s Licence
But do take some care when looking for online casinos to win the jackpot using your crypto. You may find that the vast majority of them are actually unlicensed. This means that should somebody go wrong, then there will be no regulators able to intervene on your behalf. If you choose to gamble at a casino without a reputable licence, then you could be in for a whole lot of hurt should any problems arise, especially with receiving any payouts after you win the jackpot online.
Pros and Cons of Using Bitcoin Gambling
Over the last few years, making use of bitcoin as a means of gambling has become a big trend. And generally, you’ll find many gamblers are perfectly happy to use cryptocurrencies. Of course, bitcoin does have a reputation of being widely popular which makes it very accessible for most people around the globe. With this in mind, let’s have a look at some of the advantages and disadvantages of using this form of currency in an online casino environment.
Bitcoin Gambling Pros
Probably the two most important factors for using bitcoin in online casinos is the accessibility and speed of transactions that take place. When using a bank or another third party to process and fund your account, then the decentralised nature of bitcoin is a huge advantage. All transactions are instantaneous. And from anywhere in the world. Also, you can be sure that the transaction will be completed instantly.
Cheaper Transaction Costs
Another fact that many gamblers like is that transactions are completely anonymous. In fact, you only have to submit your bitcoin wallet address. Also, we should point out that bitcoin casinos do not charge any extra fees when they carry out a transaction. If you consider just how much banks charge, and how slow those transactions are, then this funding method is a huge advantage for all bitcoin casino players.
You’ll also find that bitcoin is one of the world’s most trusted currencies. Though the value of the coin has fallen considerably since its heyday, there are still many players who continue to prefer bitcoin over other regular fiat currencies. Yet there are still some people who consider bitcoin and cryptocurrency, in general, to be rather difficult to understand. But in truth, with a little bit of research, you can be up to speed and use cryptos to fund all sorts of things within just a couple of hours.
Bitcoin Gambling Cons
Bitcoin has many excellent qualities, though there are some factors that you should keep an eye out for. For a start, it’s important that you know how to store your bitcoin, as well as how to sign up to the correct wallet. If you’re looking to buy bitcoin, then we suggest cryptocurrency exchanges are the easiest place to go to. Some players prefer to store their coins on the actual exchange itself. But this can imply that the coins do not belong to you. Unfortunately, there have been many cases where exchanges have simply run away with customers’ crypto. We strongly suggest that you keep your cryptocurrency in a cold wallet, which is one that’s not connected to the internet until you wish to use it. This will reduce the chance of suffering any sort of hack.
Bitcoin Is Highly Volatile
Another important factor is that this cryptocurrency has extreme volatility. In many ways, it’s just too volatile to be considered to be a serious currency. After all, in the late 2020s, bitcoin was trading under $20,000 per coin. Yet in the early stages of 2021, it shot up to over $64,000 per coin. Right now it’s resting at about half of this value. So it’s important to consider these massive price fluctuations. Make sure that they align with your spending limits. Especially if you’re going to be converting fiat to crypto or vice-versa.
No, You Will Not Be Anonymous
You’ll often hear many players talk about how wonderful crypto is thanks to the fact that you can remain anonymous. Unfortunately, that cannot happen with an online casino. By law, they require all customers to fill out a KYC (know your customer) form which will require your personal and banking details. Obviously, how can an online casino pay out any winnings if they don’t have the real identity of the actual player? So, though it may be difficult to track your transactions on the blockchain itself, your name will be forever associated with any cryptos that you move either to or from the online casino.
Types of Bitcoin Gambling
When it comes to using cryptos online you can use them with casinos, card rooms or sports betting. Simply choose the gambling activity you wish to take part in and then check to see if that particular establishment takes cryptocurrencies. A casino accepting bitcoin like King Billy Casino, has a huge number of casino games, including roulette, blackjack, slots and jackpot poker, just to name a few.
Bitcoin Casinos
Bitcoin casinos are the latest variety of online casinos to spring up over the last decade. They work in a slightly different way than the more traditional online casinos. That’s because your regular casino will convert fiat money into bitcoin before allowing you to bet. You can still see the fiat currency, though your bankroll will be updated in bitcoin. In truth, this is a rather messy solution to an easily fixed problem.
Be Wary Of Offshore Bitcoin Casinos
With many software developers and casino operators now adding cryptocurrency as a supported unit of funding and betting, then it is only natural that online casinos should spring up which cater solely for players who wish to make deposits or withdrawals in bitcoin. Just be wary of the jurisdiction of these entities. Many will be “offshore” meaning that they’re operating without a license. We strongly suggest that you stay well clear of any online casino without a reputable gambling licence from the UK Gambling Commission or the Malta Gaming Authority. Better to be safe than sorry!
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