You may have seen or heard something about Bitcoin Casinos before, probably even right here on our site. There are many advantages to having a Bitcoin Casino over a regular one, as many casino players can surely appreciate, there is a simply unrivalled sense of anonymity and (if you know what you are doing) security.
Bitcoins are essentially a decentralised currency which is practically not governable by anyone, it is not subject to any corruption and is immune to inflation. It is based on Peer-to-Peer technology, which requires no intermediaries to facilitate transactions- literally cutting out the middle man.
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The obvious benefit of a Bitcoin Casino in particular is anonymity, we appreciate anyone’s need and right to privacy. If someone feels that they would rather keep their gaming private, they have the right to do so. Bitcoin casinos facilitate this, there is literally no possible way for anyone to identify to whom a Bitcoin belongs, they are simply a crypto-currency that isn’t subject to taxes. Oh that’s right, most importantly for players who belong to countries which have high taxations on casino winnings, Bitcoin casinos completely amend that issue.
We look forward to making several Bitcoin Casino reviews in the future, as this is a trending concept, we haven’t seen quite too many yet but hope that the trend continues to hold an upwards spiral as more casinos open their gates. However, the rise of Bitcoin casinos is coming and currently you’ll find them at established casinos such as Vera & John as well as very much Bitcoin focused casinos such as 7BitCasino; a relatively new addition to our pages. As this is a fairly new form of currency we’re likely to see more and more online casinos launching in 2016 focusing on Bitcoins.
As Bitcoins are so anonymous and so new, it’s important to be careful when choosing an online Bitcoin casino. Don’t go with just any online establishment that’s offering the payment method, but make sure they are safe and reliable. Check their license, check the country they are registered. So long as they hold an EU or Curacao license, you should be OK, but remember that an EU based license like Malta, UK or Gibraltar are always the safest with the most player protection.
Bitcoins are a newish form of currency available online and becoming more and more popular amongst online casinos. Most casinos are a bit wary of becoming Bitcoin casinos due to its anonymity, which opens the doors to complications in a market so regulated as online gaming but a few pioneers are leading the way. Bitcoins are a digital currency, meaning there is no physical embodiment like coins or notes. High tech encryption is used in order to regulate the currency, the generation of units and to perform checks on transfers. The most exciting thing about Bitcoins is that they operate independently of any central bank so aren’t subject to inflation, internal corruption and funds can’t just be frozen and taken away from you under any circumstances.
OK so we know that Bitcoins are an online currency, like online cash, but how do I use Bitcoins?
Simply find an online Bitcoin exchange, which is where you will open up a wallet, a lot like tradition e-wallets, Skrill and PayPal. From here, you can select how much you’d like to buy (in your local currency) and choose from a number of payment methods. You’re buying off other people who hold Bitcoins and most exchanges will rate users based on reliability, number of trades and so on, so be sure to select a trader with a good reputation before processing the sale. Once your payment has been processed and the seller has received your payment, the Bitcoins will instantly be released into your wallet for you to save or spend as you wish.
You should know that, in general, deposits and withdrawals from/to Bitcoin are free. Most payment methods make money by charging the casino for every transaction processed and many casinos put this charge onto the player so you end up paying a small fee on every deposit and withdrawal, but this is not an issue with Bitcoin casinos. Depositing to a casino with bitcoins is easy. Simply select the payment method, login into your wallet (which has a unique customer ID for all bitcoin holders) and select how much you’d like to transfer. Simple as that. Any casinos offering bitcoins will display an exchange so you can see how they compare to your local currency, which will help when determining things like deposit amount and stake.
As the player, you’re in the best position here. The real risk is only held by the casinos, as Bitcoins are totally anonymous. Whereas things like credit cards and e-wallets are held in the player’s name, Bitcoins only have a unique customer ID to identify the owner. Casinos often use payment methods as a way of verifying players and to ensure that no suspicious activity is taking place, so this cloak of anonymity provides an obstacle for them and is why only a few online casinos offer them.
As the player, you simply need to consider the usual things when picking your Bitcoin casino. The main check should be; is the casino licensed? An EU based license is always preferable with the UK and Malta being amongst the safest, with the strictest guidelines for the casinos. Any casino holding an EU license can be trusted and you can play, safe in the knowledge that there is a huge support network should anything go wrong, and that the casinos would be held accountable.
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