The In and Out of Bitcoin Casinos
With the increase in the reputation of bitcoin as a digital currency came a whole new world that flourished alongside the traditional fiat-based economy.
While transactions using bitcoin are becoming a globally popular activity, lottery, gaming, and gambling services are jumping on the trend. How? Well, by opening casinos that accept cryptocurrency and use blockchain technology.
After reading this article, you’re going to have an in-depth understanding of bitcoin casinos, how they work, and every other little thing you need to know about them.
What Is A Bitcoin Casino?
There is nothing complex about a bitcoin casino and if you want more detailed information, including legal facts, I recommend reading an in-depth bitcoin casino article written by an expert at icopulse.com. But generally speaking, they are like any other regular online casino. The main difference is that you make transactions using bitcoin.
As Bitcoin continues gaining ground, there is a need for vendors to accept the cryptocurrency as a payment method. It is noteworthy that unlike your fiat transactions that might take a while for financial transactions to be verified on multiple platforms since they are controlled by third-parties, bitcoin transactions take lesser time.
Bitcoin casinos adopt bitcoin transactions as a mode of withdrawals and deposits. This way, transactions get handled in only a matter of minutes instead of weeks or day.
Some of the popular bitcoin casinos are 7BitCasino, BitStarz, CloudBet, BobCasino, VegasCasino, Betchan Online, and BetChain.
These casinos operate from different parts of the world. And with bitcoin transactions, you get a wide range of options to bet on like:
- Spread betting
- Casino games
- Online lotteries
- Sports bases betting
- Gambling games
How Do Bitcoin Casinos Work?
Technically, bitcoin casinos are software that functions with little to no human interferences whatsoever. Plus, they are designed to randomly deliver results, which makes it a transparent and easy way that you can earn extra cash.
However, you should be careful because not all bitcoin casinos have a transparent method of online gaming. So, it’s best that you go for one that is provably fair.
To recognize bitcoin casinos that are provably fair, check if they display their algorithm for you to check and see that the results are selected at random. This way you know there’s no hanky-panky.
What Makes Bitcoin Casinos Unique?
It’s simple! Bitcoin casinos are easy to use and access which is what makes them unique and popular.
It only takes about 10 seconds to register in some bitcoin casinos. Plus, there are reduced transaction fees.
However, one thing that makes bitcoin casinos stand out is anonymity. Well, this is expected since the aim of bitcoin is to allow untraceable transactions. So with bitcoin casinos, you can engage with the platform and still maintain your privacy.
Taxes are attached to the casino winnings. However, transactions with bitcoin allow you to avoid getting taxed on huge amounts.
It’s easy to make extra income from bitcoin casinos, but then, it all depends on if you see it as right or wrong. Plus, there’s a certain level of complexity that comes with bitcoin transaction which makes bitcoin casinos a bit challenging.
While online gaming can be exciting, you should make sure you carry out enough research before you dive into it.