Many players are concerned about stepping into crypto casino gambling while having the option of playing multi-types of cryptocurrencies for the very first time…
Whilst it is true that if you don’t have a proper understanding of all these cryptocurrencies which would include Bitcoins as well (how to obtain them and how they work, for example).
You will need to do a little background work first; crypto casino gambling is now rapidly on the rise, and there are several perks to play at Bitcoin casinos which you simply won’t find in standard run-of-the-mill betting sites.
If you’re still teetering on the edge of possibly giving crypto gambling sites a run for their money, then here are a few more reasons why you may want to try your luck at online casinos that offer payments and withdrawals through cryptocurrencies.
Beat the Restrictions
First and foremost, the obvious. Crypto casino gambling allows for a huge amount of anonymity. There are many countries in the world which have not legalised online gambling. If you happen to be living in one of those countries, you may find that tough law, ISP (Internet Service Provider) blocks or totally unregulated rogue casinos might hinder your chances of finding a top place to play. Bitcoin casinos provide you with a way around that.
Leading crypto casinos like Fortune Jack allow players to play anonymously (relatively speaking) and do not use third-party banking software, so none of your banking transactions will be flagged. If you use a VPN (Virtual Private Network) as well, you can access seemingly any crypto gambling casino, no matter where you are in the world.
Also, while many countries permit online gambling, they may not permit banks to allow connections to the financial services needed by online users to fund their accounts, and therefore fund their online wagering.
With Bitcoin, you do not need a bank as your money is held in software or a cloud-based app called a ‘Bitcoin Wallet’. When you want to pay the crypto casino you simply link your Bitcoin wallet with theirs and perform the transfer. There is no need to get your bank involved whatsoever.
Keep Your Money 100% Secure
Despite attempts at regulation, the internet remains some of a wild west frontier like the US in the 1880s. There is a cover of normality when it comes to the kind of internet that most of us get involved with, but lurking beneath there’s an underground of online activity. You may have heard of ‘the dark web’, which is a space on the internet that search engines such as Google are barred from entering.
You may think you are safe from what lurks in the dark web, but that’s not true as it is full of hackers and shady operators. They work to steal your identity; your bank account details – anything of yours that they think would be to their benefit.
You are much safer with Bitcoin. Your Bitcoins are held in an encrypted program that only you have access to. Banks take several steps to ensure that the money you hold with them is safe, but hackers may still find a way to access your account and suck out your funds.
Bitcoin is MUCH safer. If you want proof, then understand that Bitcoin is the dark web’s number one currency!
Speedy Deposits & Withdrawals
There are many top online casinos which offer speedy deposit and withdrawal options. However, none of them is as fast as Bitcoin banking transactions. Bitcoin deposits are completed instantly, but the same can be said of most deposit options. With Bitcoin withdrawals, though, you can often get hold of your winnings in under two hours, often less. There are very few eWallets or bank transfer options which can process your payments as effectively or as quickly as cryptocurrencies.
Keep your money out of the hands of the taxman
In many jurisdictions, money won via gambling does not count as income, but in many other jurisdictions, it does, which means you have to pay tax on it. It does not matter if you are paid in Bitcoin, dollars or your national currency – gambling income is taxed. It is, however, quite a complicated matter as you only pay tax on your gambling profits, and for your government to prove your gambling profits is too much paperwork for them, so many simply do not bother.
You can keep your cash out of the hands of the taxman though by keeping your winnings in Bitcoin or some other cryptocurrency. This means you are in effect ‘investing’ in currency rather than generating earnings in it. You can also spend your Bitcoin online at other places that accept it. Just be aware though if you go to your local supermarket and attempt to pay for your groceries in Bitcoin, expect to be greeted with sour looks!
No Longer a Fringe Market
Bitcoin gambling is no longer a fringe market. Sure, at first, most Bitcoin betting sites only offered a handful of proprietary games, but that is changing and changing fast. Now, software from the leading casino slot and table game developers can be found at Bitcoin casinos. They offer mobile gaming, sports betting and live dealer casinos, too, as well as a host of promotions, bonuses and top support. In short, the Bitcoin casino market has grown so rapidly, it is now able to offer you the same experience as a conventional online casino, with the added perks we have mentioned above.
How Bitcoins and other Cryptocurrencies work
One reason that people give when they say they avoid Bitcoin and other cryptocurrencies is that they don’t understand how they work. How can you have money that you can never cash out and hold in your hand, or that never sits in a bank?
Well, the truth is that ‘money’ doesn’t actually exist – it’s just a concept that everyone has bought into. Paper money is certificates that you can exchange for physical items or services of what is deemed to be equivocal value. Coins are handy divisions of paper money. Money in bank accounts is just a number held on a computer somewhere. Finances are an abstract concept – go back around one thousand years or so and there was zero (or very little) money in the world, but now there are trillions – how can this be?
Bitcoin is no different – it’s an abstract concept, but physically it does exist, albeit as bytes (electrical signals) on a computer. When you send or receive Bitcoin, the transfer is performed by an anonymous Bitcoin program known as a ‘Bitcoin miner’. Such programs are ‘rewarded’ by their work by being paid … in Bitcoin, of course!
You don’t really need to understand how cryptocurrencies like Bitcoin work, in the same way, you don’t really need to understand how money moves from your bank account, credit card account or eWallet account and into the account of the online casino, you are playing at.
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Is Bitcoin the Only Cryptocurrency?
It’s not controversial at all to say that Bitcoin is the most ‘famous’ cryptocurrency. Indeed, ask most people and they would say that Bitcoin is the only cryptocurrency. This is not true – there are in fact dozens and dozens of cryptocurrencies, and many of them are accepted by the same online casino that accepts Bitcoin. Here is a list of the most popular ones:
Ethereum: Around since 2014, Ethereum is a platform-specific cryptocurrency that’s part of a collaborative platform that can be used for multiple purposes. There is around one Ethereum ‘coin’ per ten Bitcoins.
XRP (Ripple): Launched in 2012, Ripple is unlike Bitcoin as it does not require the mining operations as mentioned above. All Ripple coins were available when launched, which is again different to Bitcoin as new Bitcoins can be mined.
Litecoin (LTC): When it comes to an online casino, Litecoin is probably the most commonly-accepted cryptocurrency that isn’t Bitcoin. Litecoin has been around since 2011 and is modelled on the same principles as Bitcoin – so much so that Litecoin is often referred to as the ‘silver’ cryptocurrency whereas Bitcoin is the ‘gold’.
Tether: Bitcoin is an extremely unstable currency. When Bitcoin launched, one Bitcoin was worth around $0.06. At its peak in 2018, One Bitcoin was worth over $14,000, but by 2019 had dropped to $3,600. Tether is a cryptocurrency (launched in 2014) that’s designed to be less volatile.
LIBRA: Libra has not yet been launched yet, but it’s the cryptocurrency proposed by Facebook. The launch date for Libra was 2020, but that is likely to be pushed back due to COVID-19.
While it is true that cryptocurrencies and crypto casino gambling have not yet really taken off, it could be a case of ‘watch this space’. The options for casino players when it comes to financial matters is becoming stricter and stricter, with most jurisdictions now going as far to ban the use of credit cards. It’s likely that more and more online casinos will start to seek alternative methods of payments, and one of those methods will surely be Bitcoin. Finally, the ‘Bitcoin Revolution’ may actually start to happen.
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Ari Waknine was born in Brooklyn, New York and was the founder of iGamble Group, an online gaming critique firm that helps players pick online gambling websites that fit their profile, as well as, helping them to increase their winnings. He is also the founder of NewCasinos.org, and is strictly focusing on this project making stronger and better than ever.