Bitcoin. It is popular, and it is leading the way in cryptocurrency. Earlier in 2021, as many as 46 million Americans owned bitcoin.
Some believe that bitcoin and other crypto coins will become legitimate currency across the world one day. Others believe that it is already on its way.
One way to do this is to gamble with bitcoin. Yes, there is such thing as a bitcoin casino online.
How does it work? This is your guide.
What Is a Bitcoin Casino Online?
It is exactly what it sounds like, meaning you can play in an online casino and instead of gambling with your local currency, you use bitcoin to do so. You must deposit some amount of bitcoin (minimums vary) into the wallet that the casinos offer, and then you can use what you have to gamble on the games offered.
The catch is that with some casinos, you need to be careful about how much bitcoin you deposit in their in-house wallet.
Why? Because some have rules about how much you can take out at once. Meaning, if you happen to need to sell your bitcoin immediately, and you have too much put in your wallet, the casino may not let you remove all of it right away, and you could miss out on an opportunity.
You need to choose the best bitcoin casino if you believe you might run into this situation.
Why Use An Online Bitcoin Casino?
There are two main reasons why bitcoin casinos are very appealing for some gamblers, with both having to do with the value of bitcoin itself.
1. Fewer Regulations
The first is that internationally, bitcoin has fewer regulations attached to it than local currencies. So, if you were to win a significant amount in an online poker tournament, that could be noted down for tax purposes in most countries and even be counted as income.
With bitcoin, that is a lot more difficult to enforce in most places, so it is possible to have your profits tax-free in cryptocurrency in a lot of countries.
2. Bitcoin Prize Potential
Another appealing reason to join certain bitcoin casinos is the fact that some casinos offer jackpot prizes in bitcoin. In some cases, this can be hundreds of bitcoin.
Say you won a jackpot that was 100 bitcoin today. Well, today’s value would put that around $4.8 million, with the chance of it increasing very much possible. Last year, there was a point where that would have only been worth $1 million.
Are Online Bitcoin Casinos Legal?
Some may be questioning if bitcoin casinos are exactly legal. The answer is, it depends on what country you are located in.
For instance, in the United States, someone cannot own and operate a bitcoin casino on US soil. But in other countries, it is more of a gray area, as some do not have written laws specifically for bitcoin because it is a newer concept.
It is best to do further research on this depending on what country you are located in to be safe.
The Bottom Line
If online Bitcoin casinos are legal in your area, there are many benefits including the ones listed above to play a bitcoin casino online. Now, you just need to take a look at bitcoin casino websites and choose which one is best for you.
If you enjoyed this article, read other similar articles on our website in the Bitcoin section.