The exponential rise of bitcoin has resulted in a new opportunity for cryptocurrency gambling through online casinos like BC Game.
With less regulation by many of the major financial institutions in the world, there is little doubt that this type of gambling is rising in popularity. More and more people are becoming familiar with regular transacting and the use of crypto, so gambling can be a fun way to grow your digital assets, provided you play responsibly.
For anyone interested in cryptocurrency gambling and bitcoin casinos, we will give you the low down on it all in this article. Walking away with the right knowledge will help you to get in on the action safely.
Are Bitcoin Casinos and Cryptocurrency Gambling Legal?
In terms of federal laws in the United States regarding gambling, operating a bitcoin casino on American soil is prohibited. Many of the popular and legally accredited BTC gambling sites for the US market are hosted in countries with more favorable gambling laws.
However, in many parts of the world, for example, Asia and Europe, cryptocurrencies are less regulated and restricted. It is in these countries that embrace the evolving financial world, where many of the most popular bitcoin and crypto casinos can be found.
The Rise To Popularity Online
The internet is a popular place that comes with security risks. A person’s privacy can become compromised when they transact online and have to divulge their personal information. However, the beauty of transacting in crypto at an online casino is that you don’t need to hand over your personal information to anyone.
While traditional online casinos usually require you to register your credit and/or debit card details on your casino account before transacting, BTC casinos run on software that is supported by blockchain, which is virtually impossible to hack.
Additionally, bitcoin casino software typically operates without any human interaction, although some software does require a human dealer.
Many people are skeptical about gambling online and have a preconceived notion that they are vulnerable to hackers and personal information being leaked. On the contrary, bitcoin casinos allow players to remain anonymous and have proven to be more secure than any traditional gambling sites.
Since no personal information is required for crypto gambling, there is no opportunity for your information to be leaked. Moreover, you can remain anonymous, and you can play without concerns of others finding your identity.
How Do Bitcoin Casinos Work?
Like all online platforms, the software is an essential element of cryptocurrency gambling. Many of the bigger sites have developed their own gaming software, while the emerging casinos choose to either rent or purchase it from a provider. This is typically customized with a range of unique features to make each casino stand out.
The casino games are run by software and require no human involvement at all. In most cases, specialized software also serves as a dealer.
Due to the digital nature, bitcoin casinos make every effort to let their patrons know that they operate a fair and transparent business. This is done by giving gamblers insight into their software algorithms. Additionally, they entice players to gamble with competitive and unique offers and bonuses.
Bitcoin casinos are becoming increasingly popular amongst gamblers who enjoy quality online entertainment and want to use their cryptocurrency to pay for it. Players can transfer their digital assets into a wallet and then easily withdraw it in the same manner.
Many platforms offer various currency transaction options, including both fiat and cryptocurrency, while others might choose to specialize in just one currency, like bitcoin.
Although poker is thought to be the most popular choice when it comes to cryptocurrency gambling, casinos like BC Game offer a plethora of options. We have online slots, roulette, blackjack, and keno among others – take a look at what we have on offer.
When gamblers place bets, funds are deducted from their casino wallet. Depending on the outcome of the game and the bet, each gameplay will result in a win or loss. Any winnings from a hand are sent to the player’s wallet held at the casino.
From the casino wallet, the player can choose to transfer it to their personal wallet or preferred method of storage or keep it there for future gameplay.
It is important to bear in mind that some bitcoin casinos impose withdrawal limits that may prevent you from cashing out all your funds in the event of a big win.
Advantages Of Bitcoin Gambling
There are incredible advantages to gambling in bitcoin at an online casino.
1. Fast Transactions
The rise in popularity in crypto meant a rise in popularity in gambling (see our section below on BTC markets). All of a sudden, players could process withdrawals and withdrawals much quicker than at traditional venues.
While the processing times of transactions in regular banking institutions can easily take up to four to five days, using crypto through wallets or exchanges cuts this down to a matter of seconds or minutes at most.
Processing time within the casino itself is almost instantaneous. By significantly reducing the pending time for transactions, this means more time gambling and less frustration at managing your funds.
2. Safe and Secure Platform
Because cryptocurrencies like bitcoin run on the blockchain, they are extremely secure. With every transaction being verified by the collective network, hackers stand very little chance of gaining access to your information and funds.
The thing you do have to be careful with is your wallet key, which is essentially similar to your ATM pin. Also, be wary of storing your wallet directly on your hard drive without any sort of encryption to block unauthorized access.
Bitcoin casinos enable players to gamble with maximum discretion, keep requests for personal details to a minimum, and only need an email address in the event of password recovery for your account.
3. Enjoy Anonymity
No other payment option gives you the luxury of remaining completely anonymous. With more traditional payment platforms like wire transfers or checks, your name, address, and account details will be required. Cryptocurrencies, on the other hand, only require your wallet ID that consists of a long string of numbers that cannot be traced to an individual.
4. Lower Transaction Fees
While traditional methods of online payment transactions were developed for purposes relevant at that particular time, technology has evolved exponentially since. Many traditional online casinos still use wire transfers, credit cards, and checks that people would regard as obsolete in this modern era.
Although they were created to facilitate efficient and safe payments, they have ingrained flaws such as high transaction fees and casino restrictions that won’t allow you to withdraw money into some channels.
At traditional online casinos, where Bitcoin is supported together with other currencies, the deposit and withdrawal processes are different. Typically, gamblers that make a deposit using Bitcoin will be asked to select a fiat currency, such as US$, to use when playing at the casino. They may, however, be allowed to withdraw using Bitcoin once their online entertainment session is complete.
In terms of web platforms such as PayPal and Neteller, these payment solutions were intended for online shopping. Transacting with these providers usually incurs steep transaction fees and may come with transaction restrictions, depending on your location and local laws.
Cryptocurrencies like Bitcoin, however, were created with a freer, less regulated, and global financial system in mind. As such, fees are lower and more transparent. On the flip side, the currencies can be more volatile than your traditional established fiats such as the USD and Euro.
5. Greater Rewards For Bitcoin Users
In traditional casinos, rewards are often lower, banking fees higher, and any winnings are taxable. It’s not to say that crypto winnings aren’t taxable, as many are, and you should do your homework on this. However, the fact that there is no central system with rules dictating outcomes makes cryptocurrency gambling attractive to players.
The bitcoin casinos have none of the imposed bank fees or tax liabilities that traditional houses do. As such, they can pass on greater rewards to players, and this shows in the bonuses and incentives they have to offer.
Aside from the bonuses we mentioned, the payout percentages on games are proportionally higher in favor of the players when compared to traditional online casinos. You can read more about this phenomenon known as the house edge in this article.
How Is A BTC Casino Similar To A Real World Casino
At a traditional physical casino, when you go in to play a table game, there is a requirement to cash in chips before you can play. This part of a traditional casino was probably conceived to encourage gamblers to part with their money unconsciously, as chips are technically not real money.
Players at bitcoin casinos often view their digital currency as chips, and this makes the experience of playing at that casino very similar to one in the real-world.
Despite this striking similarity, playing with BTC gives players much more versatility. Funds from their casino account can be transferred to their preferred method of storage and can then be used at various other vendors who accept the currency.
Do Casinos Affect BTC Markets?
Although there is not enough public data available to show how bitcoin casinos influence the cryptocurrency market and the number of transactions processed, it has been suggested that gambling can increase the general activity. A famous example is the launch of SatoshiDice.com in 2012, which shot up the number of daily transactions five-fold.
This seems to be an indication that the bitcoin market and online bitcoin casinos are very well-connected.
Other Cryptocurrencies Used For Gambling Online
BTC is not an exclusive cryptocurrency used by online casinos, although it does tend to dominate in popularity somewhat. This is understandable considering that the crypto is widely used and was the first to hit the market and gain huge popularity.
Many cryptocurrency gambling casinos also allow players to use some or any of the following currencies:
- Ethereum: This is the chief competitor to the father of cryptocurrencies. It is a platform that powers decentralized applications based on blockchain-based distributed software.
- Litecoin: Although this cryptocurrency bears remarkable similarities and is a competitor, its value is nowhere as high as Bitcoin.
- Dogecoin: This currency is growing steadily, with more online crypto casinos introducing it as an option for playing.
- Bitcoin Cash: This currency came about as a result of a hard fork in the founding crypto in 2018.
- Monero: An emerging solution to address the privacy issues that some users have with cryptocurrencies in general.
- Ripple: a gross settlement system that is often compared to Ethereum.
- Dash: formerly Darkcoin and not as widely accepted as Monero, this decentralized network offers fast and anonymous transactions.
The Bottom Line
Since its introduction in 2009, Bitcoin has experienced an explosion of growth. It has earned the recognition of many large organizations, leading software providers, and traditional online casinos.
As more people begin to accept it globally as a valid form of currency, we’re seeing the instances of it being used for transacting online increasing. Due to its anonymity and fast processing times, this cryptocurrency only stands to earn greater exposure as more casinos introduce it as an option to transact.
Worried about if you are being taken for a ride? Don’t! Cryptocurrency gambling sites go the extra mile to show players that they are transparent and fair. As a result, confidence is growing, and more and more gamblers are flocking to the sites that offer BTC games.
Compared to regular online casinos that transact in the traditional manner, bitcoin casinos tend to be more receptive and facilitate seamless payments. Moreover, allowing users to remain anonymous gives bitcoin casinos a big advantage as no personal information is necessary to play.
When players make the move to gambling online, they discover an entirely different gaming experience. Not only is there more privacy, but the entertainment is endless and can be done from just about anywhere in the world.