All You Need to Know about Bitcoin Casinos

It is impossible to avoid the talk on Bitcoins. The latest value of this cryptocurrency as of September 2017 is $4211.98 USD, which is up significantly since January 2017, when it was worth $903. This means the value of Bitcoins has shot up by 366% in just 9 months in 2017! After reaching it’s all time high in late 2017 the price is currently.
That should tell you why this cryptocurrency is so popular. Bitcoins were only introduced in 2008, and since then have gone on to become one of the most lucrative investments one could make. They are also considered very safe and private, and are widely used as a payment option in the gambling industry.
While most online casinos make use of Bitcoins as one of the many payment options, not a lot of people really understand how Bitcoins work and how they are used in the gambling industry. This article serves as a primer for those who want to know all about Bitcoin Casinos, or casinos were Bitcoins are used for making payments.

What is Bitcoin and How Does it Work?

A Bitcoin is defined as a peer-to-peer payment system that enables people to make payments for products or services or to carry out currency transactions anonymously. Bitcoin is not controlled by a central authority such as the Federal Reserve or the Bank of England. It is essentially unregulated, which is actually its biggest charm. So there is no way for any authority to know about the details of the payments that you may have made with your Bitcoins or the transaction that you have carried out. It is as private as it gets.

How to Buy Bitcoins?

You can mint your own Bitcoins through a process called as Bitcoin Mining, which involves using a special software called as Bitcoin Miner to generate the cryptocurrency. An easier option is to acquire or buy Bitcoins from currency exchanges such as Mt. Gox, where you can exchange your currency, whether it is a USD, Euro or Pound for Bitcoins. You can also earn in Bitcoins by providing services or selling products to third parties in exchange for payments in the cryptocurrency.

How to Pay for Anything with Bitcoins?

Bitcoins are held within a digital wallet. You can hold your digital wallet on your computer in a secure and private spot or in the cloud, on a website that hosts Bitcoin wallets. You can have as many Bitcoin wallets as you want – the information is strictly private and nobody has a way of knowing.
You can make payments for products or services accessed online, or deposits into your online casino accounts from this Bitcoin wallet. A number of popular online casinos such as Vegas Casno, Bit Stars, Bit Casino and 7 Bit Casino accept Bitcoin payments only. There are many brick and mortar casinos such as in Las Vegas who accept Bitcoin payments for non-gambling transactions.

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Here’s why Bitcoins are so popular as a payment option – there is virtually no tax whatsoever on them. They are not subject to any taxation laws. However, you will still have to pay tax on income earned or on capital gains made from selling Bitcoins in certain countries.

What are The Risks?

The biggest issue with Bicoins is that the currency is still relatively new and nobody quite knows what to expect from it in the future. It could zoom to $10,000 USD in just a year from now, or crash to $1,000 or less – there is an element of uncertainty and volatility to Bitcoins which is both exciting and perplexing at the same time.
Another issue is that Bitcoins has been linked to many criminal activities such as Ponzi schemes and is the currency of choice in the black market. Even makers of ransomware such as Petya and WannaCry expected to be paid in Bitcoins. Since this currency is private and cannot be tracked, this is taken advantage of by certain criminal elements.

Top 5 Reasons to Play at Bitcoin Casinos

Let’s say you’ve got some time to spare. Why not spend a couple of hours at an online casino? It’s fun, and immensely relaxing. You can play a casino game on your laptop at home, or from a smartphone or tablet while on an airplane or in a hotel room. So, why play at Bitcoin casinos?

Reason #1: Bitcoin casinos are legal.

As long as you are accessing the casino from a country where online gambling is legal, then you don’t have to worry about the legality of the Bitcoin casino – it is legal too. Fortunately, regulators have decided to allow online casinos to operate freely and thrive without too many restrictions. Every so often there is a new Bitcoin casino coming up. You should know how to identify the legit ones from the not-so-legit ones. For that, you can depend on the casino reviews on this website.

Reason #2: There are a plenty of games available.

You can play the game of your choice at a Bitcoin casino, whether it is Roulette, Blackjack, Bingo, Poker or Dice. There is so much fun to be had!

Reason #3: Easy to set up your account.

You won’t have much trouble setting up your account at the casino. They are fast and responsive and allow for quick deposits and withdrawals. Since you will be making use of Bitcoins for all financial transactions, you won’t need to provide bank account details or credit card details when setting up your account. You can just pay by Bitcoins and your information stays confidential.

Reason #4: Fast deposits and withdrawals.

It is much easier to deposit and withdraw money with Bitcoins. If you win you can withdraw profits almost immediately in Bitcoins. Had you used credit cards, it would take at least 3 days for the payments to be processed. With Bitcoins, you can withdraw your winnings in just 12 hours! Also, you can gamble when you want and make payments when you want with Bitcoins. You are not restricted by banking hours. You can gamble on weekends or holidays if you like, with no restrictions of any sort.

Reason #5: You can afford to remain anonymous. Everything is confidential.

You may not know this, but credit reporting agencies or credit card issuing banks actually downgrade users for online gambling in some cases. Now, this may not happen every single time or with every issuer, but you cannot afford to take chances with your credit score. Instead, use Bitcoins for gambling online, as your information remains strictly private and confidential and nobody needs to know anything. You can use Bitcoins for online casinos and credit cards for everything else. This is a simple but effective solution.

Final Thoughts: The Future of Bitcoin Casinos

There’s no question that Bitcoin casinos are the new trend in the gambling industry and are immensely popular. However, Bitcoins are still a very new thing and not all online casinos accept it as yet. They are as yet unregulated but this may change soon.
The Nevada Gaming Control Board and the Nevada Gaming Control Board have been actively pushing for the regulation of Bitcoins to be used in the gambling industry. In fact, we are already seeing a massive increase in the number of online casinos that accept deposits made in Bitcoins and allow withdrawals in the same.
This offers a lot of hope to many Bitcoin enthusiasts who have always advocated the use of Bitcoins in casinos as they are safe, secure and confidential besides being convenient and easy to use. Don’t hesitate to contact us for more specific information on Bitcoin casinos.
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