Can you gamble online with Bitcoin?
If you have spent some time trying to find a casino that would suit your tastes the most, you have certainly encountered some excellent websites, but also those that were a bit shady, to say the least. Apart from that, some of the online casinos have excellent welcome bonuses for beginners, whereas others excel in retaining their customers by offering great promotions on all types of casino games.
For those who don’t want to risk losing any money, even for the price of not being able to win any money as well, there are free casinos. You could say that there is something great for every taste.
However, the possibilities don’t end here; according to the experts at My Bitcoin Slots, if you have either mined or bought Bitcoin, you could start using this cryptocurrency in some of the online casinos. Is it true? Let’s find out.
What Is Bitcoin?
If you aren’t keeping with trends in the world of technology, you might not know what Bitcoin is. In short, it is a decentralized cryptocurrency that has, since its creation in 2009, gained a lot of popularity among internet-savvy users. Why? There are several reasons why Bitcoin and other cryptocurrencies are now used by millions of people.
Quick Transactions
Transferring money from one bank account to another can be quite time-consuming, especially when both bank accounts belong to different banks, or even more if users are residents of different countries.
However, it doesn’t necessarily have to be like that. One way of reducing the transaction times is by taking the banks out of the equation. With cryptocurrencies, users can transfer funds directly to each other, without having to go through a third party first.
Anonymity
Anonymity is probably the most important reason why cryptocurrencies have become so popular in recent years. There are no banks that can stop your transactions, or even freeze your account – you are free to use your Bitcoin or any other cryptocurrency exactly as you want.
Why Do People Play in Bitcoin Casinos?
Even if you might understand why people have started using cryptocurrencies instead of real currencies for a variety of purposes, you still might be wondering why someone would use Bitcoin while playing in an online casino, f.e. BitCasino.
Depending on your country of residence, and the local laws regarding gambling, even if you manage to find a website that will accept visitors from your area, you could face another issue. Namely, when trying to withdraw money from the account, your bank could prevent the transaction from proceeding, or your bank account could be frozen.
If you play in a Bitcoin casino, you won’t be facing similar problems, for a simple reason: there won’t be any banks involved in the transaction.
Additionally, we have previously mentioned the speed of transactions while using cryptocurrencies, and it also applies if you would like to play in a Bitcoin casino. In a regular online casino, it would take several days for your funds to get transferred to your casino account. Similarly, if you would like to cash-out, you would need to be even more patient than that.
Those issues are simply non-existing in the case of Bitcoin casinos. That’s because all the transactions would be nearly instantaneous, and after several minutes your funds would be successfully transferred to your casino account. Similarly, you wouldn’t be facing any problems when withdrawing your funds – they would be at your disposal in no time.
Okay, and what about the disadvantages? Surely Bitcoin casinos must have some of these as well, right? You are indeed, correct.
The problem with casinos that only accept cryptocurrencies is that they don’t need to hold a license, meaning that finding a trustworthy casino that only accepts Bitcoin, Ethereum, or Litecoin could take some time. That’s why it is best to stick to the most popular brands, or simply play in casinos that accept cryptocurrencies but also real currencies, and require a license to operate.
Conclusion
Though Bitcoin was created just 11 years ago, it has since then attracted millions of users. This alternative to the traditional banking system provides users anonymity, making it a perfect choice for those who would like to keep their online habits hidden.
However, cryptocurrencies can be also used in online gambling. Bitcoin casinos function similarly to regular online casinos, with one exception: instead of using real currencies, players wage bets with cryptocurrencies. One of the advantages of doing so is that transactions take up to several minutes instead of days or even weeks, which is the case in regular online casinos.
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