Are you looking to gamble with Bitcoin? Then this is the section for you! In this section, you will find articles about Bitcoin games such as bitcoin poker, bitcoin casinos, bingo, sports betting, lottery, and dice – to name a few.
The iGaming industry is usually the first industry to jump on new trends, and even though we would not consider cryptocurrency and blockchain as a trend per se, it is surely a trendy topic that will impact the way we live our lives in the long-term. One of the first aspects is that you actually can use Bitcoin on casino, betting and gaming sites.
Bitcoin Gambling Explained
Now, seeing that Bitcoins are new to many, the very first thought that pops up in the minds of many is the potential difficulty involved in learning how a new system of currency works. True, while this is a genuine concern, the truth is that Bitcoin gambling is not all that different from online gambling.
The main difference between the two is probably the payment and transaction processing speeds. Given that Bitcoins are unregulated, meaning transactions occur between two individuals directly and not through a third party institution, the transfer of funds is faster. Actually, you can compare Bitcoin transactions to cash payments as opposed to using credit cards, bank accounts, and debit cards. But unlike cash, Bitcoin is safer and is verified better.
Another benefit is that since Bitcoin is decentralized and does not deal with financial companies, the fees incurred during deposits and withdrawals are low – the lowest in the industry. Adding to this, the Bitcoin transactions are encrypted and therefore have no paper trail. Sure you can see every Bitcoin transaction that goes through, but the names of those behind the transactions are not available to the public. It is the beauty of using blockchain and a peer to peer network. So in few words, Bitcoin allows you to participate in online gambling, get real money but never disclose your identity.
Is Bitcoin Gambling Legitimate?
Being an online gambler who loves being on the right side of the law, you must be wondering whether gambling with Bitcoins is legal or not. Of course, you would not want the law enforcement banging on your door because you have broken the law.
But here is the thing; the issue about Bitcoin gambling legality is not direct as we are not dealing with a single country. It, therefore, is not practical to conclude whether Bitcoin gambling is legal or illegal as a whole, we would have to break it down into the different jurisdictions.
And even then, we would need to dissect and interpret the different laws in addition to observing their activities towards online gambling.
All in all, it is safe to say that no single country in the world has a specific law against Bitcoin gambling. As such, the legality of Bitcoin gambling can only be derived from the consideration of laws affecting online gambling.
There are two aspects that mainly affect the legality of Bitcoin gambling. These aspects are;
- The legal status of the cryptocurrency (bitcoin) as a currency
- The legality of online gambling as a whole.
The good news is that not many countries have come out and outrightly illegalized Bitcoin or made its use illegal. That said, there are very few reasons why you cannot continue playing Blackjack, poker or roulette online and make your payments with Bitcoins.
Why should one use Bitcoin games?
The pros of using Bitcoin to gamble is that, if you think the Bitcoin price will continue to rise, it’s one way to make more Bitcoin. We all know that playing in a casino is not the most secure way to make money, but it sure is possible. Imagine winning a Bitcoin lottery and the prize just keeps on growing as the price of Bitcoin does. Even a small win can turn into a lot of money in the coming months. Then imagine a huge win.
We will dig deeper into the different games there is and what to consider when you are looking for Bitcoin gambling in the articles below. Click on the one you find most intriguing and enter the world of Bitcoin games!