Cryptocurrencies are no longer a cult-like industry, unlike how it was viewed by a lot of people decades ago. Back in the day, there was a huge misconception about how cryptocurrencies work: some people used to believe that they are illegal, that you could get in prison for using or for merely owning it, that it is used to pay for illegal transactions like drugs, counterfeit money, and others. Now, those misconceptions have been long-debunked, and the use of cryptocurrency is currently widely accepted in various sectors and industries. Cryptocurrencies, specifically Bitcoin, are now accepted as a form of payment for online shopping, trading, lotteries, and even in online gambling.
With the increasing popularity of Bitcoin came the rise of Bitcoin casinos and apps. This type of online casino is either dedicated to accepting the only Bitcoin as a form of payment or offering Bitcoin as an additional form of payment. People flock and sign up on these sites and apps, each of them has their reasons why they chose to join in a crypto-based betting site instead of a traditional one.
But what are Bitcoin casinos and how do they work? Are they even legal to operate and play on? Is there a catch to playing on one? Those and more, as we give you everything you need to know about Bitcoin casinos.
What are Bitcoin Casinos?
Bitcoin casinos are online gambling sites and apps that accept cryptocurrency, or Bitcoin specifically, as a form of payment for transactions. Some accept Bitcoin in addition to other traditional methods such as a credit card, a debit card, or an e-money wallet. On the other hand, there are also “bitcoin only” casinos that solely workaround Bitcoin and nothing more.
A Bitcoin casino is no different than the usual online casino that you can find on the internet. They also offer the usual casino games–slots, poker, blackjack, roulette, and others–as well as other forms of betting such as sports betting or a live casino betting.
The only difference is that you need to have a Bitcoin wallet to play these games. However, you do not need any special kind of wallet–any wallet would do, so if you already have one that would be good enough for playing.
Why is it popular?
If the games played are just the same as compared to others, why would someone choose to play with Bitcoin in a casino? There are a lot of reasons why someone would choose to play on a Bitcoin casino instead. Here are some of them.
One of the most common concerns of online gamblers is their privacy and the safety of their personal information. In a Bitcoin casino, this would never be the worry. Since there is no personal or financial information attached to any Bitcoin wallet, there is no room for cyber attackers for stealing.
No transaction fees
As opposed to using the usual payment methods, Bitcoin has no transaction fees collected for every payment or deposit made. Additionally, it is usually aster in processing as opposed to a bank transfer or a card transfer.
The concept of a Bitcoin casino may be awesome for a lot of people, but there is a catch–it lies in a grey area on whether it is legal or not. In the US, this type of online casino cannot operate legally. On the other hand, laws, and regulations on other countries vary from one place to another.
Bitcoin, in itself, also lies in a grey area for most of the world. Although there is no law stating that it is legal and safe to use, there is also no law stating that it is a valid currency and has a monetary value.
Thus, it is always best for you to research the specific laws and regulations of your law or state.