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Bitcoin Casino — What Is the Concept?

Bitcoin casino — all you need to know about crypto gambling

Register at any legal Australian Bitcoin casino and play for cryptocurrency staying anonymous; pay no taxes when gambling for cryptocurrencies.

More than 10 years have passed since that time when the first cryptocurrency called Bitcoin appeared. Everything has changed during this short period — BTC (the abbreviation for Bitcoin) has reached dozens of thousand USD, and it seems that it is still going to the Moon. Naturally, many BTC traders understood that they can make more crypto while gambling. Now, no one is surprised when he meets any Bitcoin casino in Australia or overseas.

Bitcoin casino — what is it?

Today any gambling site that uses fiat and crypto or only crypto for deposits and cashouts can be called a Bitcoin casino. You can find the information about some of them on Spin-Paradise. In Australia, the majority of vendors have already started using BTC for money operations. Betting agency, which also uses BTC refers to this category of casinos.

The huge BTC gaining speed made people, who are even far from gambling think that playing for Bitcoin: they can make really good money. Most casinos offer their customers a choice: what to pick — crypto or fiat. Those, who play for AUD or USD, have a right to exchange their wins for BTC. Meanwhile, to do it, the user must have his personal unique Bitcoin wallet.

As soon as 1 Bitcoin is a large sum now (not like in 2010 when it was several cents only), casinos operate such a term like mBTC, which is 0.001 Bitcoin. Actually, those, who know much about crypto, count in “Satoshi”, 0,00000001 BTC. This name comes from the name of a mysterious inventor of the first cryptocurrency Satoshi Nakamoto.

The working process of BTC casinos

Actually, each Bitcoin casino operates like traditional casinos that use fiat for money operations. Everything is the same unless it comes to a special crypto wallet, which must be created and registered before the person takes a decision to sign up to a casino. When a person wins, the prize (in mBTC) goes to this wallet.

The gambler chooses the same slots and games that fiat players pick. However, some casinos in Australia that use cryptocurrencies, offer the so-called “Bitcoin games”. These ones can be slots or table games (everything here depends on the choice of the casino).

Besides, certain vendors attract newbies with Bitcoin jackpots. These are the largest possible wins in the history of online gambling. Some of these jackpots can reach 500 BTC!

When the game is over and the gambler knows he won, the prize goes to his in-house wallet. Further, the player has a right to transfer this money to his private wallet. Meanwhile, some casinos have limits for withdrawals. Therefore, it would be cool if a newbie first read everything about this moment.

The secret of Bitcoin casino popularity

The first and the most popular leading cryptocurrency popularity is explained by several moments. First of all, it is anonymity. All BTC transactions and operations with Bitcoins are secured and protected. No one can track them on the internet. The details of the operations are known only to the owner of a BTC wallet. Besides, the speed of these transactions is extremely high.

Another cool moment is the fee for BTC transactions: it is zero! Thus, when you play at a Bitcoin casino, using cryptocurrency and cashout your wins, you pay nothing for it! Besides, everyone, who plays for crypto, has the right to convert BTC into AUD, USD, Euro, or some other currency he likes directly on the casino site.

Bitcoin casino’s popularity is also explained by the fact that these gambling resources often offer huge jackpots. No one traditional casino that uses fiat has these prizes.

Some casinos, which offer players to use cryptocurrency for gambling, have a set of special Bitcoin games with different rules and payouts. This is also a great plus of any BTC casino. Besides, still people that play for BTC do not pay taxes for their wins, and this is probably, the most attractive moment in this story.

The legality of Bitcoin casinos

Bitcoin casinos do not differ a lot from their “fiat gambling brothers”. They can be legal or not (it depends on the country and even the region in some countries).

Since Bitcoin is not legally supported anywhere (no laws still exist), it creates some problems. For instance, several authorities (international regulators) have already issued stances against cryptocurrency casinos.

If we take some English-speaking countries, here, the USA can be an example of a prohibition of any Bitcoin casino. For instance, it is not allowed to run any crypto gambling house on the territory of the United States. Nevertheless, these operations can be done overseas, and USA citizens can simply use offshore Bitcoin casinos.

Some casinos that use Bitcoin for operations let their customers use nicknames during registration. It cannot be ever done when fiat is used (especially, when we speak about a bank card). Nevertheless, even in this case, the “nickname” person can be identified for his cryptocurrency transactions.

Australian gamblers should always follow the country laws and play at any Bitcoin casino legally.

What is waiting for BTC casinos?

Probably, the future of these casinos will be not connected with Bitcoin only. Since that time when the first and the main crypto appeared on the market, the so-called altcoins (alternative coins) were invented. They also show volatility, but most of them are gaining. Monero, Zcash, Litecoin, Dash, Binance Coin are still very popular, and some crypto casinos like to use them. They are cheaper than BTC; therefore, sometimes it is more profitable for a player to gamble for these altcoins.

Besides, Ethereum with its smart contracts can offer a great alternative to a Bitcoin casino. These smart contracts have their own benefits, and they can be very attractive both to casinos and gamblers. Probably, soon, we will see how internet gambling houses implement these “smart contracts” and make their gambling activities even more effective than ever.

 

Image by Thorsten Frenzel from Pixabay

The post Bitcoin Casino — What Is the Concept? appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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