Bitcoin online casinos are on trend in the gambling world, since they take gamblers’ experience up a notch with the higher level of anonymity and greater yield. The trend has been rising over the past years, since the Bitcoin crypto currency gained its worldwide popularity.
It emerged in 2009 as the first decentralized peer-to-peer payment system focused on giving more freedom, privacy and security to online customers and sellers. Since 2010, the system and the same-name crypto currency has been used for purchasing real goods in addition to multiple online services, and nowadays it is accepted across the globe.
While e-commerce sites continued to enjoy the benefits of Bitcoin, the gambling world just couldn’t stand on the sidelines any more. Thus, the first Bitcoin slots appeared, offering their users to top their accounts with bitcoins, as well as to get their wins and to withdraw them in the same crypto currency. Today’s Bitcoin casinos aren’t much different from other online gambling platforms accepting e-money or bank payments. Usually, they provide gamblers with the same wide choice of casino games, including various slots, roulette, poker, Black Jack, baccarat and other popular dice, card and table games.
Actually, all range of services and games available in any online casino is also accessible to users of Bitcoin casinos. Bitcoin gambling is all about payment service rather than about games, since it doesn’t require the development of specific gambling software. Theoretically, any online casino can integrate a payment service that supports Bitcoin and allows direct transferring of the digital currency from a client to the resource and back into its platform. All it takes from gamblers is to have a Bitcoin e-wallet, so that they will be able to make payments in the system and to withdraw their winnings. Aside from that, traditional and Bitcoin casinos are like-for-like, delivering their users free spins, bonus games, welcome bonuses and other benefits of decent gaming websites.
So, why shift to a Bitcoin casino, if it is similar to a traditional one? The answer lies in the features that led to Bitcoin popularity in the modern world.
Bitcoin transactions don’t require processing by any third parties, as they are based on a peer-to-peer computing architecture, implying direct transactions between users without any intermediaries. All other payment methods, including traditional e-money, involve a third party, having control over transactions made in the system. Not only the third party control the transactions, thus being able to track them and to establish or change rules of the game, but also governments can oblige the intermediary to keep track of "suspicious" transactions and to provide government agencies with access to users’ transactions and accounts. Thus, a crypto currency casino allows gamblers to avoid this intrusive control, which is especially advantageous, since in many countries gambling is prohibited, while in others taxes on gambling winnings are imposed.
There are several ways for gamblers to increase their gain when playing at Bitcoin casinos. As mentioned above, gamblers from countries, where taxes on gambling winnings are imposed, can save their large wins in their Bitcoin wallets thanks for the system decentralized architecture. Bitcoin casinos for US players allow saving more than 50% of the winnings, otherwise withheld in both federal and state income taxes.
Also, since no third party is involved in the transaction processing, there are no fees for transferring and withdrawing funds charged by the intermediaries. As for the Bitcoin system, it doesn’t provide for a fee, though some client programs can charge a small fee. However, these fees are incomparably lower than usual transaction fees that make up 2%-20% of deposit amount, and as a rule, they don’t exceed 20-30 cents.
And for another thing, users are not limited to spending their funds at a casino on casino games. Keeping winnings in their Bitcoin wallets without withdrawal, users get a nice chance to profit off of Bitcoin rise. Despite some volatility, the rate has been showing an amazing growth and thus, the crypto currency is considered to be a promising investment option.
If you are not one of the proud owners of bitcoins, you need to start with creating your personal e-wallet. It is required for you to deposit the currency on Bitcoin casinos and to withdraw your winnings from gambling platforms. Generally, Bitcoin wallets work like usual online bank accounts or other digital wallets, providing their users with a personal interface to the Bitcoin network.
There are several types of the wallets:
Upon choosing a wallet, you can buy bitcoins through online exchanges paying for the crypto currency in your national currency and selecting a preferred payment method among those available on the exchange. Usually, the exchanges accept debit and credit cards, as well as bank transfers, while some of them even accept cash deposits. Also, some Bitcoin wallets like Blockchain or Coinbase are attached to the exchanges.
Besides, there are several other options of acquiring bitcoins:
US citizens can play at legal Bitcoin casinos without any restrictions. Moreover, exactly Bitcoin allows more freedom to both US gamblers and casinos. In particular, some online casinos don’t accept US gamblers because of difficulties with the payment processing, since US banks are prohibited to handle gambling transactions. However, due to the specifics of this crypto currency, US citizens can play at UK Bitcoin casinos, as well as in other jurisdictions, taking advantage of untraceable transactions.
When compiling our rating, we evaluate each gambling platform based on a number of criteria covering both personal experience and objective factors:
Choose top Bitcoin casinos from our non-biased review and enjoy your hassle-free online gambling!
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