For some time now there have been several casinos that accept Bitcoin as a payment method, to the delight of fans. For those who are not practical, Bitcoins are nothing more than a cryptocurrency, or a digital currency, which has come into use in recent years for its practicality.
Being a payment method independent of governments and banking groups and consequently being completely decentralized, Bitcoins are perfect for quick, direct, and anonymous transactions, aspects that make them immune to fraud. Bitcoin casinos, therefore, had the opportunity to securely expand the payment options, attracting the attention and trust of players.
One of the most important details to pay attention to when choosing which casino to play is that it has an official license, that is, it complies with the rules. Since Bitcoins are difficult to control, we must in fact be careful where we are going to deposit them, in order not to lose them by an unregulated casino.
How to make deposits in casinos that accept Bitcoins
In most Bitcoin casinos, you can play by making deposits and withdrawals via Bitcoin or another cryptocurrency on a par with traditional payment methods: just register, log into your account, and select the “payments” item. Once you have viewed the various possibilities offered by the casino, simply select BTC as the default option for the various transactions, which can also be done via QR code.
It is therefore easy if you already have a cryptocurrency, but otherwise, we have two ways to get it: “mine”, or extract these coins with a rather difficult peer-to-peer process, or buy them from a provider. By choosing the second option, simpler, we will then have to create a virtual wallet (or eWallet) among the different ones offered by the web.
The advice is to choose a “lightning wallet”, i.e. a wallet that uses lightning technology. This technology is applied to Bitcoin transactions to speed up the passage of money, creating a network between users to take advantage of open payment channels in a more efficient, cheaper, and faster way.
The transfer is almost immediate and, knowing this, the choice becomes very simple: it is now possible to fill our Bitcoin wallet by purchasing the selected cryptocurrency and investing the amount most congenial to us to start gambling. After connecting our Bitcoin wallet to the chosen casino and selecting how much to deposit to unlock any welcome bonus, we can now start playing.
Cryptocurrencies accepted by Bitcoin casinos
In a few years, Bitcoins have seen their value increase exponentially. In the wake of this innovative idea of virtual currency, numerous other cryptocurrencies were born such as Litecoin, Tether, Cardano, Dogecoin, etc.
With the intention of keeping up with the times, the best traditional and online casinos have begun to accept Bitcoin as a payment method, expanding the earning possibilities for themselves and their customers. We can therefore consider many online casinos as real Bitcoin casinos, which differ mainly in the choice of accepted cryptocurrencies, since they follow different protocols.
In comparison, Bitcoin is seen as an international virtual currency, but carries with it the limit of having a maximum production quantity. Ethereum, on the other hand, is only accepted for digital applications that run on its network, but it gives the possibility to charge commissions for transactions and does not have a release limit quantity.
By focusing our attention on the main digital currencies used, we will obviously find Bitcoin, followed by Ethereum. Both cryptocurrencies have a decentralized nature and are “reserves of value”, that is, they depend exclusively on the supply-demand ratio of the market and are based on a technology called blockchain, which allows PCs to keep a history of transactions.
Can local players access online casinos that use Bitcoins?
There is in fact no law in our country that does not make it possible to play or bet in an online casino using BTC, Ethereum, or another digital currency as a form of deposit and/or withdrawal. Indeed, it is recognized that Bitcoin is an “alternative currency to the traditional one”, therefore “the purchase and/or sale of Bitcoin in exchange for Dollar/Euro is to be considered a currency exchange operation, not subject to VAT.
For us, therefore, there is no prohibition on the sale of Bitcoin or other cryptocurrencies. It is certainly a lesser-known form of payment than the use of physical currencies recognized and administered by the banking institutions of the various states, but this does not in any way make it illegal.
Today not all online casinos are Bitcoin casinos, but times are changing quickly almost everywhere, so much so that more and more BTC can be used for online transactions and some physical stores are also emerging in America and Europe that accept bitcoin as a payment method. Online Bitcoin casinos are therefore becoming more and more numerous and offer the possibility for their players to use Bitcoins and other digital currencies to deposit and withdraw.
In some countries, secure Bitcoin casinos are based abroad, most commonly in Cyprus or Curacao, where there are fewer tax restrictions, but they are no less reliable as platforms.
Games available in a Bitcoin casino
Now that we are convinced of the reliability, legality, and efficiency of Bitcoin, we have created a Bitcoin wallet that must be linked to your account in the Bitcoin online casino and we have chosen cryptocurrencies among the deposit and withdrawal methods, we can start to play and have fun. The first step is to make the first deposit, check if we can get any welcome bonuses, and open the list of available games.
As Bitcoins are considered to be on par with any other virtual currency, we have no limits before us: the range of games of the Bitcoin casino will be complete with all its normal gaming options. Whether it is sports betting, table games, slot machines, card games or others, the choice of Bitcoins will not affect the variety of games available. Are you interested now? We would recommend you to read the InsideBitcoins guide. Good luck!