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Start using Bitcoin with a Withdrawl from an Online Casino
There were times when Bitcoin and other cryptocurrencies were considered as a joke. No one believed that these will make such a huge impact on global financial markets, but it seems that with each new day we have incredible developments.
Despite the fact, that many still don’t believe that cryptocurrencies are here to stay, there are many aspects proving that these exact same people are far from being right.
So how come?
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Let’s use some numbers to put things neatly into perspective, shall we? Well, according to estimates, the world’s entire regulated industry is worth $468 billion in 2019. This can easily be translated to $62 per each person in the world! Some other estimates claim that grey and black gambling market might be worth 10 times more…
…but let’s stick with the regulated share of the market for now. In 2013, approximately half of Bitcoin transactions were actually related to gambling. Several years later, it’s surely a lot more than 50% but have you ever stopped and wondered why?
It all starts off with the increased need for anonymity. At times like these, everything is traceable, especially when money transactions are concerned, so people have growing concerns when they are prompted to leave their personal info with some party or company. Cryptocurrencies can override this to a certain degree, but even these can’t guarantee you full and uncompromised anonymity.
In fact, it was the very iGaming industry that helped the rise of popularity of cryptocurrencies, at least to a certain degree. But what is Bitcoin after all, and why should you care at all?
The Starting Point
Bitcoin is one of the most popular cryptocurrencies and it is generated by computer encryption techniques.
It is a fully decentralized currency and there is no governing body to rule over it. Most users prefer it because it offers them increased levels of anonymity when compared to other methods of payment, but the security and speed of the transactions is also often high on the list of reasons to make a switch to crypto world.
There are no fees involved, all the transactions are secure and are usually much faster than other methods of payment or withdrawal. What else could you ask for, right?
Withdrawal Gets You Going
Did you know that one of the easiest ways of getting into the crypto world is by making a withdrawal at one of your favorite casinos? Of course, it goes without saying the venue needs to accept cryptocurrencies to make such an offer, so you might have to spend some time to research and find one, but once you do so and score some winnings, you’re all set to make a first venture into the world of Bitcoin.
First, when you go to your account and demand a withdrawal, you will be prompted with a choice of payout method. Choosing Bitcoin will then be followed by a request for your wallet info.
Did you know…
…you can’t really store any Bitcoin or other cryptocurrencies without a wallet?
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Wallet options are numerous, and some of these services are desktop only, while some feature mobile versions, as well. We suggest you stick with the most popular ones, such as Electrum or some other reputable service.
Once you create your wallet, simple share the required info with the online casino and you will receive your first cryptocurrencies. It is really as simple as that!
Not that you’re all set, we urge you to take some time and learn all about Bitcoin by sifting through are comprehensive list of pros and cons:
Pros and Cons
It is obvious that there are numerous good aspects of using Bitcoin for online casino money transactions, and here are all of them.
Pros:
- High levels of anonymity – The public domain can only get hold of your purse number. As there are no regulations, no operator will care about the origin of currency. This is why it is easy to make any money transactions using Bitcoin.
- Independence – You are your own bank accountant, and yet you are an integral part of the system. Decentralization provides a huge advantage.
- No fees involved – This isn’t always the case with online casino transactions.
- Lightning fast transactions – In most cases the transactions are instant and there are no tedious pending processes.
- Unique perks – Some online betting venues have unique bonuses and other promo offers for Bitcoin users exclusively.
Even though it is very tempting, Bitcoin still does come with certain shortcomings, so make sure you read about them, as well:
Cons:
- Low security levels – No regulatory instruments means it’s all very chaotic and there is no Bitcoin police to turn to in case of trouble.
- Password is king here – If you lose your passwords you might end up losing all your funds as well.
Forecasts For The Future
There are still several different aspects of use of Bitcoin in online casinos that remain unclear. For example, jurisdictions and license can be quite limiting in some cases, and when a player choose to use such an anonymous payment and withdrawal option, it may impose quite a few challenges on the venue itself.
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If future developments tend to lead to less anonymity due to jurisdictions and local laws, cryptocurrencies will become meaningless.
In Summary
The impact of cryptocurrencies is quite strong, and it can’t really be ignored anymore. The number of online gamblers switching to this payment method is constantly growing for obvious reasons.
It is now easier to enter the cryptoworld than ever before, and you’ve just been met with one of the easiest and most beneficial methods of doing so. Either way, it is still unclear which direction will the Bitcoin take in the forthcoming future, so it isn’t really safe to make any assumptions.
Bitcoin casino – Do you need a gambling license?
Its a very common question we get daily from people who want to run their own crypto currency online casino and sportsbetting website.The legislation in the area of Bitcoin gambling is very immature and leaves a lot of space for speculation.
Operators starting their online casinos that will accept Bitcoin are often confused by controversial facts and ambiguous decisions of authorities in regards to the cryptocurrency.
Key facts on Bitcoin gambling legality
As of today there are no single, straight forward answers to the questions above. However, here are some useful points that need to be understood regarding bitcoin casino:
21 nova casino no deposit bonus. 1) In general there are no specific laws regulating Bitcoin gambling. It is neither officially allowed nor prohibited.
2) Attitude of different authorities to Bitcoin is changing quite rapidly, with more and more countries looking at Bitcoin positively and discussing regulation of cryptocurrencies and blockchain-based services. However, most governments today are still not referring to Bitcoin as to real currency. If it’s not a “real” currency, any regulations around traditional (fiat currency) online casinos should not be applied to Bitcoin gambling websites.
3) Despite the above, in countries where gambling is strictly prohibited, like the United States, the authorities may still take strong measures against Bitcoin gambling websites and/or gamblers who make wagers with Bitcoin.
4) Bitcoin gaming websites offer the benefit of increased anonymity to players. Bitcoin payments combined with anonymizing techniques like Tor make it extremely hard for the authorities to trace gamblers.
5) A few reputable gambling jurisdictions already issue licenses to casinos accepting Bitcoin (notably, Curacao and the United Kingdom), which means they accept the responsibility of controlling operation of cryptocurrency websites. As long as the online casino is following the rules and regulations of the chosen jurisdiction, it operates legally.
Should your Bitcoin casino have a gambling license?
It is important to understand that a gambling license is absolutely necessary for an iGaming business to pass the application for a merchant bank account and to officially work with electronic payment systems.
When the casino website is working with Bitcoin, all of payment processing can be performed internally with no third party services involved that can control the crypto payment infrastructure. Deposits and withdrawals are transferred almost instantly and Bitcoins move directly between the player’s and the casino’s Bitcoin wallets. Thus, the necessity to present a gaming license to any financial institutions is eliminated. Therefore one could argue that when it comes to working with Bitcoin, a gambling license is optional or at least not a prerequisite to accepting payments.
On the other hand, a lot of players perceive a Bitcoin casino in the same way as any traditional online casino. They want to be sure that they bring their spare funds to a reputable and secure online environment and that their rights are protected by an independent authority. In this case, a valid gambling license from one of the gaming licensing jurisdictions becomes an important marketing tool that contributes to player loyalty and considerably increases the casino’s reputation.
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