Bitcoin Casino - what is it and how does it work?

By
Tokeneo
-
3 min reading

Bitcoin Casino is a place where players can make deposits and withdrawals using cryptocurrencies - usually Bitcoin. There are many such platforms, some of which are flexible enough to allow users to operate both virtual currencies and fiduciary ones. What should you know about cryptocurrencies casinos? Here are the answers to the most frequently asked questions!

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Bitcoin Casino - what's it about?

Casinos focused on Bitcoin differ from traditional gambling platforms in that players can deposit funds in them using cryptcurrencies such as BTC or ETH. Users are increasingly using online casinos that support virtual currencies, mainly because they ensure the confidentiality of transactions - but this cannot be confused with anonymity. It is important to bear in mind that most platforms require their players to verify in accordance with the rules of the jurisdiction in which they have been licensed. 

Another factor that can attract gambling fans to these types of casinos is the speed of cryptocurrency deposits and the convenience. In this type of operation, the transaction costs are also lower, as all this is done without the participation of intermediate institutions.

In other respects, these types of gambling platforms are no different from those traditionally offered over the Internet. Through online casinos, users gain access to a variety of games such as poker, , roulette and many other. In order to diversify their offer, platforms focused on cryptocurrencies often offer bonuses, discounts, and run various types of games between players where the winner receives prizes.

It is worth remembering that gambling is highly risky, regardless of which platform we use and in which currency we make our deposits. Winning and losing is usually decided by chance!

Are cryptocurrency casinos legal?

Each country has completely different regulations for gambling, some are legal, others prohibited and others have a number of restrictions. Please note that it is your responsibility to check the laws in your jurisdiction. Such information can be found, for example, in the terms and conditions of service available at each online casino. When you register, you are asked to accept it - although many people do not read what you agree, this does not relieve them of responsibility for their own actions. It is they who break the rules, not the platform they are using. Some casinos may refuse to withdraw funds to them if, during verification, it turns out that they come from a country where residents cannot use the gambling services offered by that platform.

Do I have to pay tax on winning in a cryptic casino?

Although there are often opinions on the Internet that gambling is not taxed - I have to worry about you, it also depends on the country you are in. In most jurisdictions, players have to pay tax on their winnings, but there are some restrictions in some jurisdictions, for example you are exempt up to a certain amount. There are also cases where the casino deals with these matters and  customer doesn't have to worry about anything - so it's worth reading the rules and regulations where this information should be included. 

Are Bitcoin casinos safe?

Before depositing funds on any gambling platform, it is worth checking whether it is authorized to offer such services. If there is no information on the site regarding the license granted, it is better to avoid such casinos.

Before choosing the right place to gamble it is also worth reading the opinions about it - of course the real ones. It is often the case that the casino website contains false comments in order to gain the trust of the users, so it is worthwhile to try to get a good look at the platform before depositing money on it.

Do Bitcoin casinos provide anonymity?

Rather, it's just confidentiality. For coins like Bitcoin and Ether, all transactions are visible on their blockchain - because they are public, everyone has access to them. Although the addresses from which we send funds are not signed with your name, if the casino requires verification, it is easy to identify you.

Of course, there are privacy-oriented cryptocurrencies such as Monero and Dash, and in their case tracing the transaction history is a little more complicated. Even if the casino itself does not require verification and the user uses such coins, there are companies that work with law enforcement agencies to analyze data on the blockchain.

Although many of you have come across the opinion that casinos targeting Bitcoin deposits and withdrawals provide anonymity - in fact this is a myth that needs to be disproved!

To sum up, before using the services offered by online crypto casinos, you should read both their rules and regulations as well as those of your country. 

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