What Exactly Is A Bitcoin Casino?
The title Bitcoin Casino is incredibly descriptive – a bitcoin casino is nothing more than a casino or betting institution that accepts BTC as a valid form of payment and/or allows players to request their winnings in Bitcoin. This is not a complicated process, despite the volatility of the BTC/fiat exchange rates, given that the casinos will merely pay out according to the exchange rate at the time. Whilst the introduction made it seem like Bitcoin casinos were always online casinos, the truth is that several land based casinos also accept BTC as both an incoming or outgoing currency. However, this is rare and the majority of BTC casinos are online.
Going Into The Weeds Of Bitcoin Casinos
Casino.com, StrikeSaphire, BitLotto, bc-casino.com, Switchpoker and Satoshidice are all examples of online casinos that use BTC exclusively – what one might call “true” Bitcoin casinos. Most online casinos, however, accept payment in several fiat currencies, as well as Bitcoin, and will allow it to be used to make bets and receive winnings. BTC as a wagering vehicle is not limited to online casinos – many sports betting companies, online slot machines and poker rooms have also expanded to BTC friendly models. One of the benefits of BTC, like most cryptocurrencies at the moment, is that it is possible to use it completely untracably, making it extremely attractive to entities looking to dispose of funds gained unscrupulously. However, most players using BTC for this purpose are merely looking to avoid tax legislation in their home country, or even just looking to be able to gamble online (several countries in the Asian markets, as well as several others around the world, have made online gambling illegal). Whether or not this benefit will last long term, with numerous legislations around the world looking into a convenient means of taxing BTC earnings, is debatable.
Is Bitcoin Gambling Legal In The US?
Bitcoin casinos, for the most part, ask for very few, if any, user details. This, in conjunction with the decentralized nature of BTC makes BTC transactions/gambling incredibly difficult to police. For this reason, it is illegal to incorporate and operate a BTC casino in the US. For this reason, the most popular Bitcoin casinos (including those listed above) operate and are incorporated outside of the US, despite the considerable user base based right in the USA. Despite the largely innocent nature of BTC gambling, the difficulty local authorities have in policing BTC gambling does create scope for abuse, whether now or in the future.
How To Choose The Best Bitcoin Casino
Ten of the best BTC casinos available currently are:
1) mBit Casino
2) BetChain online Bitcoin Casino
3) BitStarz casino
4) Konung Casino
5) Dasist Casino
6) CloudBet Casino
7) 7Bit Casino
8) Bitcoin Casino US
9) BetChan Casino
10) Argo Casino
However, there are a host of really top quality BTC casinos that aren’t included in this list, as well as several less-desirable options. This list is increasing all the time and it is therefore important to know what to look for when selecting a Btc casino. As such, we have prepared a short list of tips to help you in this regard.
1) Can you make deposits and withdrawals in BTC?
All Bitcoin casinos allow for deposits in the cryptocurrency – that’s kind of part of the deal. However, not all BTC casinos allow for withdrawals in BTC, given the difficulties in legislating for the fluctuating USD/BTC exchange. If you are truly looking to take advantage of gambling using BTC, you will really want a casino that allows you to facilitate the entire process in your cryptocurrency of choice. As such, make sure that your prospective BTC casino lists BTC as both a deposit and withdrawal option.
2) Have a look at the promotion options and whether they are BTC friendly
For the most part, when looking to play on a BTC casino, you are looking to play the game in BTC as well, not just deposit and withdraw in same. As such, when investigating a prospective new online casino, make sure that it converts any promotional offers into BTC too, so as to prevent you needing to play in/convert from USD/Euros when making use of the promotional offers.
3) How big of a reputation does your prospective casino have?
A simple google search of any potential BTC casino will usually reveal a host of reviews on the casino, with both good and bad elements laid out before you, objectively. If you find only bad reviews (or worse, no reviews at all) it may be in your best interests not to risk your hard-earned BTC on that forum.
4) How big is your bonus
Offering bonuses at online casinos is nothing new, given that online casinos need something to differentiate themselves from other similar offerings, and attract customers to deposit with them, almost sight unseen. These bonuses usually take the form of a deposit bonus or a combination of deposit bonus and free spins. If you are trying to choose between several casinos, have a look at the bonuses offered to new players, in order to maximize your winning potentials. Be sure to check the fine print on what is and isn’t permitted with those bonuses, too!
5) Customer service
Good customer service is vital to being a good online casino, as you will want quick responses should anything go wrong. It is therefore a good idea to test the customer service/helpdesk option before making a deposit. Is the response fast? Does he/she understand your question?
How To Use Bitcoin To Play At A Casino
Playing with Bitcoins at an online casino, once you’ve found a suitable forum, is as easy as one two three!
Step one: Make sure you have a BTC wallet. There are several different wallets available (mobile, desktop, hardware) and several providers from which to choose. Make sure you do your research so that you can choose the perfect wallet for your needs.
Step two: Once you’ve picked up your wallet, you’ll need some Bitcoin. This is no longer a difficult process as BTC can be obtained on a BTC exchange, direct from a friend, or even from your bank account/ATM.
Step three: Once you’ve populated your wallet with Bitcoin, pick your Bitcoin casino of choice, create an account, link it to your Btc wallet, select your deposit size and bam! You’re ready to play.