A Complete Guide to Bitcoin Casinos
Great article from Delton Rhodes
Bitcoin Casinos: The Future of Online Gambling?
As written previously, bitcoin casinos oftentimes offer better odds for players through provably fair algorithms. Although this technology does provide new opportunities for user adoption, there are other factors to consider.
For example, regulations in the United States have made it practically impossible to establish online casinos accepting fiat payments, much less bitcoin casinos. Still, most locations (US included) allow players to participate in this new form of gambling. As technologies and regulations continue to change, bitcoin casinos have the potential to realize major increases in user adoption.
Important Factors to Consider Before Placing a Bet
When considering any service, especially one where you are betting large amounts of money, it’s important to thoroughly read user reviews. Just as with any online casino, a bitcoin casino could possibly be fraudulent. Thankfully, there are a few different sites that have created bitcoin casino blacklists to caution potential users. Complaints can range from sub-par customer service to unsavory business practices and slow payout times. At the same time, there are a number of bitcoin casinos with 4+ star reviews from a large number of users.
Yes, it is possible that players who lose money on betting are biased against a particular casino. Just because an online casino has bad reviews on one website does not mean that it isn’t one of the best options. This is why it’s essential to read a number of reviews on various sites. This will help a potential user make a better judgment before starting to gamble.
Because many bitcoin casinos are located offshore, it can be difficult to determine which offer good security. However, regulations are beginning to change this. In locations that have thorough background checks and approval processes for bitcoin gambling licenses, players usually have at least have some degree of legal protection.
The best casinos will have information regarding their business licenses listed on their websites. Still, it’s important to also check to try to verify that these claims are legitimate. The best way to do this is to look for information on the government regulatory agency’s website. Oftentimes, approval documents or announcements regarding each approved online casino will be listed on these sites as well.
Beyond this, it’s also important to make sure that the site itself is secure. SSL encryption, certificate of trust, and provably fair games are all positive signs that a site is legitimate.
Odds of Winning
Generally, many of the same rules used in traditional gambling apply to bitcoin gambling. Some games are more fast-paced and/or require player skills. Others are slow paced and/or have randomized odds of winning.
Typically, bitcoin casinos offer much lower house edges than both land-based casinos and traditional online casinos. Of course, odds can vary depending on which bitcoin casino you choose and the type of game. Still, any user should consider that bitcoin casinos are trying to make a profit just like any traditional casino.
According to one website, house edges are as follows: blackjack (1-2%), craps (1.14% to 1.41%), video poker (as low as 0.5%), live poker with other players (0%).
Bonuses and Offers
While it’s essential to consider the above-mentioned factors as top priorities, bonuses and offers are also important to understand. Since this market is quite competitive, most top casinos provide good bonuses and offers for new players.
For example, many offer free spins without having to deposit any cryptocurrency funds. Others give bonus spins for users that deposit over a certain amount of cryptocurrency. There are also many bitcoin casinos that offer bonuses whenever a user wins a particular game. Payouts on free spins can be quite low. However, most of these bitcoin casinos offer provably fair gaming.
Which Cryptocurrencies Are Accepted?
For some, the term bitcoin casino might be a little confusing. While almost every bitcoin casino does accept BTC as a form of payment, there are a number of other accepted cryptocurrencies. Ethereum, Litecoin, Bitcoin Cash, Dogecoin, and others are also popular amongst bitcoin casinos. Some accept US Dollars or Euros as well. We are also seeing more bitcoin casinos that have a native gambling-focused cryptocurrency.
Users should consider how easy it is to receive payments from the casino. Many casinos now offer instant payouts. Some bitcoin casino payouts are slow, which could negatively affect the value of winnings. Generally, these sites should be avoided.
Legality of Participating and Taxes
Just because bitcoin casinos are not allowed to operate in your native country does not mean that you are not allowed to participate as a player. In the US, for example, players can legally play offshore games. In other nations, it could be illegal to participate in bitcoin casino games or online casinos altogether. If you are allowed to participate, it’s also essential to look at tax regulations regarding cryptocurrency and profits gained from bitcoin gambling. Tax laws can be quite complex and require players to conduct diligent research.
Popular Bitcoin Casinos
Similar to blockchain technology and the cryptocurrency market, the bitcoin casino market is always changing. This means that more options could enter the market at any time and offer better services. Note that this list of was compiled on August 2, 2018. Sites are not listed in any particular order, and individual user experiences may vary.
It’s important to realize that gambling of any kind always presents potential risks for players. For those considering bitcoin casinos as a new option for online gambling, there are a variety of factors to consider. By following the above criteria and trying a few different sites, it’s possible to earn large cryptocurrency profits.
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