In the past decade, online gambling has been on the rise, but there is one novelty — there are online casinos that offer using cryptocurrencies instead of real money. If you want to understand what crypto gambling is, first you need to learn about digital currencies. Also, you need to do extensive research in order to find a legal crypto casino where you actually can obtain money through crypto gaming.
In this article, we will provide you with the information what is a crypto casino, because there is stuff that you must look for in order to have a smooth experience which virtual currencies can offer you. What’s more, we will give a list of the best crypto casinos out there.
History of Cryptocurrency
Bitcoin appeared in 2008, and it was the first stable cryptocurrency. Around 2011, bitcoin established its first exchange rate — 2300 BTC was equal to $1 at the beginning. Everything seemed to be great until 2013 when the FBI has taken down Silkroad, which was a deep web marketplace.
Luckily for the players who want to use this currency, in 2014, Microsoft has announced that they will accept bitcoin as a legitimate currency. Nowadays, people can use bitcoin in several ways, and using it in casinos is also possible.
Cryptocurrency — Important Information
If you want to start playing at cryptocurrency casinos, it’s wise to learn about cryptocurrencies first. Instead of using fiat currency, these casinos use virtual money, which is impalpable. This kind of money is transferred from one user to another by using a blockchain, which documents all transactional information in chronological order. The good thing about them is that they provide fast and secure transactions, anonymity, and low fees when withdrawing your money.
Digital Currencies out there:
- Bitcoin — This is the first electronic money that was used in the gambling world. People also call it the first decentralized digital money. The sole purpose of bitcoin is to evade banks and third-party institutions with blockchain technology.
- Bitcoin Cash — This currency is derived from bitcoin in order to increase the bitcoin block size.
- Litecoin — It is one of the favorite digital currencies, which is reliable. It isn’t managed by a third party.
- Etherium — This virtual currency incorporates a function which is controlled by the blockchain technology.
Choosing a Casino
Now when you understand digital money, it is time to pick out a casino to play at. You need to make a distinction between casinos and choose a reputable one. The first indicator that you should look for is whether a casino has a gaming license or not. Good casinos display their license or licenses so that everyone can find them without looking too much.
If it happens that you cannot find the gaming license, try asking customer service agents to tell you if they possess one. In case they don’t, maybe it is better to try your chances elsewhere.
Licenses are not the only thing that you need to focus on. You should check under which jurisdiction the casino operates. If you have found that the casino you chose has a UKGC, MGA, Antigua and Barbuda, Ireland Revenue Commissioners, or Gibraltar, that it is safe to make your deposits there.
So if you have asked yourself, “Is starting crypto casino legal?,” the answer is that it is as long as a casino has a license and they follow regulations that are set out.
States Which Allow Bitcoin:
States Which Doesn’t Allow Bitcoin:
- New Hampshire
- North Carolina
Best Blockchain Casinos
Best Casinos That Have Bitcoin as an Option:
Deposits and Withdrawals
Namely, there are casinos that have no other payment option except for bitcoin. It is the most frequently used currency, and that’s why those casinos are called Bitcoin Casinos. Due to their recent emergence on the internet, their reputations might be questionable, so it advisable to do thorough research.
On the other hand, there are casinos that have usual payment methods, but also they offer bitcoin cash as an option. Casinos that have this as an option are the better choice in our opinion because they have a reputation that can be easily checked.
At a number of casinos, players can opt for one of several payment methods (Mastercard, Visa, Skrill, bitcoin, etc.). It is up to you to decide which one they want to use. In order to deposit bitcoins at this type of casino, you must you crypto coin e-wallets. There are several e-wallets that you can choose from.
You need to:
- Register at the e-wallet that you chose
- Copy the crypto-reference code from the deposit page from the website
- Paste the code to your wallet’s withdrawal section
Bear in mind that if you choose bitcoin, you can expect an immediate transfer, which is why players decide to use this method. But you must make sure that you have picked out a reputable casino in order not to have unpleasant situations.
There is no need to wait for the bank to approve the transaction, refuse or drag out the payouts. As we mentioned before, you will instantly get your payout because, when using bitcoin, transfers are immediate. That is one of the positive things about this kind of casinos. They don’t have to wait for their money like people who use credit cards or regular bank wire transfer.
With the rise of crypto gambling in previous years, a provably fair system was developed. Its sole objective is to offer completely fair gameplay. Nonetheless, it is only possible to gamble by using bitcoin. Even though the provably fair system of video poker and dice games may vary, the objective remains the same.
Casino Games in Crypto Casinos
Casino sites that offer cryptocurrencies offer more games. Casinos in Europe offer more online games because they are not limited by regulations like American casinos. What’s more, European casinos in their library of games have more than 1,000 games.
Aspects of Gambling With Cryptocurrencies
As we have asserted above, using cryptocurrency has its perks. Here is the list of positive things:
- Lower fees — Certain casinos made a decision to pay the fees instead of players, which makes it more affordable for them.
- Privacy — There’s no need for players to put forth a lot of information, particularly if you have chosen a casino with cryptocurrencies only.
- Promotions — Crypto casinos offer better conditions and free rewards
- Security — Make sure that the e-wallet you picked out is secured and that you won’t be a victim of cyberattacks. Moreover, you don’t have to share your personal details if you use digital money.
- Speed — No need to wait for the bank to process the transaction. It is almost instant. Also, players can deposit or withdraw funds in the course of one day.
- Untaxed — For the time being, bitcoin is tax-free, which gives you the freedom not to pay taxes to the country you live in.
Not so Favorable Ones:
- Volatility — The worth of bitcoin is changing from day to day, which is not so good.
- Not User-Friendly — There are people who are not familiar with technology and who might run into problems with bitcoins. In order to avoid issues, many sites are doing their best to make e-wallets plainer.
- Unpredictability — Authorities are making efforts to control the laws regarding cryptocurrencies. Therefore, the use of bitcoin in the future is open to question.