Read our article to learn about playing at online casinos using cryptocurrency and other useful information. Topics covered include the legality of Bitcoin casino online betting, differences between Bitcoin and classic casinos as well as some tips to improve your chances of winning.
What is the Best Bitcoin Casino?
Bitcoin casinos are basically casinos that accept cryptocurrencies as a means of payment. The best known cryptocurrency is Bitcoin but a Bitcoin casino may accept other cryptocurrencies such as Litecoin and Ethereum. While some Bitcoin casinos only accept cryptocurrencies there are others that accept fiat currencies as well. When seeking the best Bitcoin casino you will look for much the same things as you would for any other online casino. The site should be licensed by a respected regulator. They should also have a good selection of casino games to choose from. Check and see what bonuses and special offers the casino is offering. There is a growing number of online Bitcoin casinos and in order to play at the best one you will want to do some research to find the one best suited to you.
Are Bitcoin Casinos Legal?
Whether or not Bitcoin casinos are legal depends in part on where you are. In some parts of the world it is legal while in other parts it is not. A Bitcoin casino holding a license from an accepted regulatory body is legal where that license is accepted. In some countries Bitcoin casinos are legal while traditional online casinos are not. Many countries are still arguing the legality of Bitcoin casinos and whether or not they should be held to the same rules and standards as online casinos that accept fiat currency. To know for sure if a Bitcoin casino is legal or not you need to check the laws in your country of residence. There are many Bitcoin casinos in operation that are perfectly legal in many countries.
What is the Difference Between a Bitcoin Casino and a Classic Casino?
Obviously the biggest difference between a Bitcoin casino and a classic casino is that a Bitcoin casino accepts cryptocurrency. So what does this mean to users of the site? For starters using cryptocurrency gives players more anonymity which is the attraction of Bitcoin for many users. It also means that transactions are cheaper as often there are no deposit and withdrawal fees involved. It also tends to lessen the time needed to complete transactions which means you can withdraw your winnings faster.
Do Casinos That Convert Bitcoin to Fiat Currencies Process Withdrawals in Crypto?
The way Bitcoin casinos that convert cryptocurrency to fiat currency handle withdrawals depends on that particular casino. Most online casinos prefer that you withdraw from your account using the same method as was used to deposit funds. Thus if you deposited using Bitcoin, then withdrawals are made using Bitcoin.
Are There Any Verification Processes Involved?
Many people choose to gamble at Bitcoin casinos so they can remain anonymous and not have to provide a lot of personal information. However, the fact is if you are playing at a Bitcoin casino that has a legitimate gambling license you will still have to provide some information. This is known as the KYC or “Know Your Customer” process and is required by pretty much all respected regulators. There are some legitimate reasons for the KYC process which include prevention of money laundering, protecting player funds, abuse of sites affiliate program and verifying a player’s age. Bitcoin casinos that only accept cryptocurrency generally don’t have a verification process but they are also not licensed and regulated which can bring its own problems.
Tips to Win at Bitcoin Casino
Playing at a Bitcoin casino really doesn’t differ much from playing at a classic casino. You are never guaranteed a win but we do have a few tips that can improve your chances of winning.
Choose the right casino: Unfortunately when it comes to online casinos there are a lot of shady operators out there. Play at a properly licensed and regulated Bitcoin casino will improve your chances of winning.
Choose the right game: Some casino games give players better odds than others. Blackjack when played correctly only gives the house a 1% edge. On the other hand Keno has a house edge of around 25%.
Know the game you are playing: Learn the ins and outs of any casino game you play and develop a good strategy. Many online casinos will let you play games for free so take the opportunity to learn the game
Take advantage of bonuses and offers: Plenty of online casinos offer bonuses and offers to attract players. If you are going to be playing anyway why not take advantage of these offers. Some online casinos have offers aimed specifically at players using cryptocurrencies.
Manage your bankroll: Set a budget and stick to it. When you have hit your limit walk away. That applies to both winning and losing.