Various cryptocurrencies, and Bitcoin, in particular, are taking over the gambling market. Casinos that offer Bitcoin as a payment method are popular for a reason. Learn more about Bitcoin casinos NOW!
The Next Generation of Online Casinos Is Here
The Japanese entrepreneur Satoshi Nakamoto presented Bitcoin to the world 10 years ago. Bitcoin is a virtual currency that came to replace the conventional currencies every person uses in their daily life, including cash, credit cards, and banks.
Not long after it was first created, Bitcoin casinos were introduced to the world. Ever since they became available online, those gambling venues attempted to replace regular casinos in the hearts of gambling fans.
The Advantages of Bitcoin Casinos
Thanks to the appearance of Bitcoin, casinos now can use cryptocurrencies instead of “real” currencies, and they offer many advantages that normal casinos do not:
- Using virtual currency is very convenient, and making deposits and withdrawals with Bitcoin is an easy and fast process.
- Casino members can now enjoy the complete anonymity that accompanies the cryptocurrency. Since Bitcoin isn’t supervised by the government or by banks, the gamblers using this currency do not need to reveal any personal details in order to play.
Traditional online casinos have defined payment in regular currencies, which enables the tracking and identification of the gamblers and the casino operators; Bitcoin, on the other hand, cannot reveal any of this, because the currency is unrelated to any governmental body.
- Since Bitcoin-related casinos are not under heavy influence and control of authorities, many games have tweaked and modified their rules for the enjoyment of the players, giving more variety to the available games in the casino. This is not the case with traditional casinos that are legally not allowed to do so, making Bitcoin casinos majorly popular.
Casinos that offer cryptocurrencies as a payment option have become a huge favorite among online gamblers. Some experts estimate that almost 60% of cryptocurrency trade goes through casinos, poker, and betting websites. More shocking is the fact that around 340 cryptocurrency transactions are executed every second by online gamblers.
And the best part? Most of those casinos offer zero transaction fees with unlimited daily transactions, whereas traditional casinos limit the transaction fees, blocking accessibility to heavy gamblers and forcing them to turn to casinos that accept Bitcoin. Besides, in the majority of cases, no tax has to be paid in Bitcoin casinos since the dealt currency is not a real authorized one.
The Legal Aspect of Casinos and Cryptocurrencies
Operating casinos that accept Bitcoin is illegal in the US. Because the government has no way of supervising and controlling their actions. Therefore, most of them are incorporated outside the US.
Many users from all around the world, including a significant user base from the United States, play in these Bitcoin sites anonymously. As a result, those players pose a big challenge for authorities to control and legalize the transactions.
The lack of open information on such anonymity-based business poses a challenge for gathering the information needed to enforce rules and for the time being, Bitcoin-style casinos are considered as completely legal in various countries around the world.
Casinos and gambling have always been a fiercely debated subject for ethical reasons, but the discussion of this article is not whether gambling is beneficial or not! The main point is that the acceptance of Bitcoin in gambling venues hasn’t not changed the way we look at gambling or the legitimacy to participate in the activity from ethical and financial motives.
What Bitcoin has done is increase the accessibility of online gambling, made it easier and more enjoyable and posed a larger threat to governments and authorities interested in eradicating the phenomenon of gambling. In other words, it took conventional online casinos and upgraded them in order to gain a larger user base and “take over” the market.