How Bitcoin casino differ
Casinos that offer the opportunity to play for bitcoins can be divided into two types.
The first group includes the so-called hybrid casinos, where you can pay with both bitcoins and regular money. In principle, they are no different from their fellows in the shop.
The second group includes the actual bitcoin casino, the game in which is conducted only for cryptocurrency. They have a number of fundamental differences. It is these operators that will be discussed in our review.
How to choose a Bitcoin casino
First, decide on the type of operator to whom you will entrust bitcoins. Hybrid casinos boast licenses and contact details. But you will have to go through the standard registration and identity verification procedure. Bitcoin casinos have all of the above “pros” and “cons”. The choice is yours.
The algorithm for choosing a casino to play for bitcoins is identical to choosing a regular online casino.
The first thing to start with is to carefully study the age and reputation of the gambling operator.
Second, compare the bonus policies of different operators that are trustworthy.
The third parameter is the range of games in the lobby. Evaluate the quantity and quality of video slots, the quality of graphics and gameplay. All bitcoin casinos are free to play, but you will most likely have to download and install the casino to access slot machines. By the way, the choice and quality of games is an indirect sign of the reliability of the establishment: outright scammers will not bother buying high-quality gaming software.
Bitcoin casino advantages
Anonymity is the main advantage that bitcoin casinos provide to their customers. To register, you don’t need anything other than an email address. No scanning of documents, bank statements, utility bills and other documents that European casinos require for account verification.
The speed of transactions is simply cosmic, because they take place without the involvement of banks with their clumsy system. It takes from a few seconds to half an hour to wait for the receipt of bitcoins on the account. At the same time, the volumes of payments made are not limited by anything other than your own solvency.
The commission for transactions in bitcoins is minimal, and in many cases it is completely absent. And now let’s compare: a regular online casino, most often, pays the bank commission for depositing and withdrawing player’s funds from the deposit itself. Imagine that you made a deposit of € 200, and half an hour later you requested a withdrawal without making a single bet. Rest assured that the support team will notify you of their dissatisfaction. For the player, all operations are conditionally free, but the casino should still make a profit, therefore, it compensates for the player’s transaction fees through a slightly less generous bonus policy or the percentage of return of bets by slot machines.
The absence of commission for operations with a deposit gives the player and the bitcoin casino new opportunities. The player can replenish the account and withdraw money without any restrictions on the amount and the number of transactions per day. The casino, which no longer pays for banking services, is pursuing a more beneficial policy for the players.
All Bitcoin-only casinos appeared quite recently, not earlier than 2009, which is due to the young age of the currency itself.
Bitcoin has appeared in the free internet space, but the more it looks like real money, the more legal issues arise. The legal framework around cryptocurrency is just being formed, and in some countries, it is not even considered money. However, in the next year or two, the situation will change, for example, in the United States, transactions in bitcoins are taxed on an equal basis with everyone else. Such a vague legal status of bitcoin allows residents of countries where online gambling is prohibited to play in casinos without breaking the law. Provided that the country’s authorities do not recognize cryptocurrency as money.
Unfortunately, the legal amorphousness of bitcoin creates problems for the player. The main one is that most bitcoin casinos do not have a license. Operators are trying to solve this problem by partially revealing work algorithms. However, the lack of control by the gambling commission raises some doubts.
A feature of many bitcoin casinos is the need to download and install their content on their computers. It was once a common practice for all online operators, but those days seemed to be long gone.
The largest manufacturers of the best gambling software are only looking at operators working only on bitcoin. Let’s analyze the pros and cons of bitcoin operators.
- Bitcoin wallet payments are not traceable. This provides virtually unlimited opportunities for players from countries where internet gambling is prohibited. The inability to identify either the payer or the recipient of the payment will seriously complicate the work of “fighters” against the illegal gambling business.
- For the same reason, paying income tax on winnings in a casino becomes a purely voluntary matter, because it is impossible to prove that bitcoins belong to you. And given the fact that in many countries, bitcoins are not yet recognized as money, no legal responsibility for transactions with them is assumed at all.
- In addition to anonymity, bitcoin casinos can offer the player an instant payment speed unavailable in conventional casinos.
- Bitcoin only casinos are much more generous than their online competitors. This is due to the active policy of attracting players to a new type of gambling establishments, as well as the absence of a bank commission for payments. However, it must be remembered that not everything is in the power of the casino: the mathematical expectation from card games or roulette cannot be changed, it will be the same in any casino. On the other hand, an increased percentage of return on bets in slots or a soft wager for bonuses is an advantage of a bitcoin casino.
- Bitcoins won at casinos can be spent on purchases in online stores, the number of which is increasing every day. Or it can be saved, because the bitcoin rate, despite the volatility, is steadily increasing.
- Perhaps the main disadvantage of the Bitcoin system is its complexity and confusion for ordinary players to understand. Many people still consider Bitcoin to be an idea of scammers. Several years of existence of the currency refute such judgments, but the average player still has many questions. In addition, the full version of the wallet must be downloaded and installed on a computer, which many users have already lost the habit of.
- The strictest anonymity also has disadvantages: if the user has forgotten the password, it will not be possible to recover it, and you can say goodbye to the money.
- Bitcoin payments cannot be verified or canceled. This circumstance, in addition to anonymity, opens up a wide field of opportunities for fraud, both on the part of operators and the players themselves.
As stated, many bitcoin casinos are not licensed. Their honesty depends only on the policies of managers and owners, and this is clearly not enough for complete trust on the part of the player.