Play casino with Bitcoin
Fifty years ago, the idea of trusting a machine to play poker against you, fairly, was unimaginable. Thirty years ago, the idea you would send money from your credit card to a company, which would then allow you to play games against that same company, on a site they set up themselves would seem far fetched, let alone that this industry was booming online! Ten years ago, nobody had heard of Bitcoin, but now it’s a huge part of the online casino business, and it’s only going to get bigger.
This is usually the point in an article where I would put a statistic about how many people or how much cash is used every day to play casino with Bitcoin. The last good numbers I could find is that $4.5billion was gambled between 2014-17. But for reasons that will become clearer as you read on, it’s hard to pin down exactly who’s done what, or how much of it,when we’re talking about playing casino with Bitcoin.
What is Bitcoin?
Bitcoin is a secure cryptocurrency that was invented by a semi-fictional person or persons named Satoshi Nakamoto in 2009. It is decentralised and secured by the Blockchain. This means no individual or government is responsible for its value, that value comes from what people are willing to pay for it on open exchanges via the internet. Each Bitcoin has a unique and insanely complex identifying code, and each Bitcoin transaction also has a unique code,which makes all Bitcoins and transactions securely traceable, but also anonymous, as no other information than your Bitcoin wallet code and the amounts to be transferred are required to make Bitcoin deposits and begin playing casino with Bitcoin!
Advantages to playing casino with Bitcoin
The biggest advantages of playing casino with Bitcoin are bound up in that simple anonymity behind all Bitcoin transactions. Combined with the security of the blockchain, which keeps a record of all the trades done to maintain security and avoid theft. This combination makes Bitcoin the perfect currency to play casino games online. Especially in places where gambling or online gambling is illegal or tightly controlled. The anonymity and security of cryptocurrencies can be ideal for those situations. Especially as banking institutions and/or credit card companies might not facilitate making deposits to casinos, whereas anyone can deposit Bitcoin, instantly, to an online casino that accepts it and begin playing casino games with Bitcoin.
When you’ve finished playing casino with Bitcoin and it comes time to withdraw your winnings from the casino, the transfer back is also instant and secure. Plus that added layer of anonymity, and decentralised control of Bitcoin itself, means that winnings from playing casino with Bitcoin are essentially tax-free!
Disadvantages to playing casino with Bitcoin
No country or territory controls or even lays claim to being the home of Bitcoin. Even online casinos need licenses issued by some state or another. That’s not necessarily the case for casinos that accept Bitcoin, however, as they can exist entirely outside of anyone’s
jurisdiction. If this lack of regulation concerns you, we recommend looking for a casino that accepts both Bitcoin and regular currency, as they’ll be more likely bound by the law.
Chances are that you’ve heard of Bitcoin on the news due to some massive swing in its value, either up or down, depending on the factors involved. This is a potential disadvantage(though it could also be a boon if you’re extra lucky!) – you could come out ahead on the tables and behind on the exchange rate! But overall in past years, there’s been a trend of growth in the value of Bitcoin.
Though almost all Bitcoin transactions are completely instant, there are a few casinos that,because of the new tech and legal/security procedures, process the transactions of people who play at their casino with Bitcoin ‘by hand’ – meaning you could need to wait for someone to get to the office the next day. Check the terms and conditions of playing with Bitcoin at any casino you use, and try to choose to play somewhere that seems to have a lot of Bitcoin traffic.
People are choosing to play casino with Bitcoin because its anonymous, secure, convenient and futuristic! There’s a chance your Bitcoin could lose value, and there’s a lot of legal grey areas involved in cryptocurrencies in general. But it does seem like the perfect new technology for playing casino games online and as long as you do your due diligence, pick a site that you trust and knows what it’s doing in terms of playing casino with Bitcoin, you should consider giving it a go too!
Check out our guide to playing casino with Bitcoin here
Remember to play casino with Bitcoin responsibly!