Bitcoin gambling is one of the most favorable things you can do in online casinos, yet many people don’t know why they would be doing themselves a favor if they gamble with bitcoin. People that are just getting started in the world of iGaming and even veteran members of the industry have struggled to make their peace with the idea that bitcoin gambling is as huge as it has ever been – and it’s set to continue growing. There’s a very good reason for it as well. Bitcoin gambling offers many benefits that regular gambling does not; both in the safety department as well as in its payment speed features.
Naturally, with as many benefits as bitcoin gambling comes with, we’re not too happy to see many gamblers letting it go by without ever trying it out. This piece serves to let you know about all the benefits of bitcoin gambling and why bitcoin casinos can be deemed as superior to other traditional gambling sites.
Bitcoin gambling is not only a fantastic way for you to make a killing in rewards and obtain fantastic bonuses. Safety, taxation, and playing liberties are just many of the reasons why you’ll be doing yourself a favor the moment you migrate from traditional gambling to bitcoin gambling as a whole. It’s easy to see why gamble with bitcoin can be a great idea if you simply take a look at this handful of reasons that we’ve managed to compile for you. Check out our list of 6 reasons why bitcoin gambling can be considered superior to regular gambling:
One of the most important features of bitcoin, and one that makes cryptos some of the most popular ways of payment in the world, is that you always have full control over your money when you use them. The extent of what you’ll have to pay goes as far as commissions between wallets and crypto markets, but you won’t have to pay banks any commissions.
Since the money itself is not part of the banking system and it’s not in your country, you technically don’t have to pay any gambling taxes on the cash either. You can rest assured that the money that you spend when playing online is fully yours – so be sure to make the best of it and spend your money in any way you see fit.
Crypto transfers are not regulated by third-party entities. Instead, you can make payments and withdrawals by giving your address or paying towards an address yourself. That means that you don’t have to wait ridiculous periods of time to receive your money when you make a transfer or when you receive it.
This translates perfectly to the iGaming world, as you will be able to get your casino winnings credited to your account as soon as the casino verifies the payment. In many cases, they’re automated! Cryptocurrency wallets are what make bitcoin gambling such a popular choice in the modern world. They are the one digital wallet that beats e-wallets in terms of payment times – including PayPal.
This goes in line with what we were saying about you being free to do as you please with the casino money. Since the money is not being regulated by a central entity in your country, you can basically do whatever you want with the money without having to report it to a central entity.
You need to be careful not to break any laws when doing this, though. There can be issues that arise if you freely sell your bitcoins or trade them for bank-regulated currency. Technically, as long as you use your bitcoins, no one should know where the money is coming from as the only thing that would increase is your bitcoin balance. There’s no need for you to make any declarations or get questions by anyone as long as you keep your cash in BTC.
Another huge aspect of not being able to have your money traced is that you can do as you want with your money and even win as much as you want without having to get it taxed. Why fill taxes on money that is technically not in your country, after all? This is one of the major reasons why so many high rollers opt to play with bitcoin instead of doing so with their own currency – even when people have a ton of cash to use as they please.
Change your money to BTC or simply opt to play directly with bitcoins and you’ll save yourself the trouble that comes with paying gambling taxes – even in countries that require you to fill taxes when gambling, like the US.
You can easily avoid country restrictions and play in casinos that you would otherwise wouldn’t be able to play if they only operated with traditional currency. For example, let’s say that a casino doesn’t block someone from France with geo-location, but at the same time you cannot pay any money to the casino with regular bank transfers. In that case, you can always resort to your crypto wallet to transfer all of the money that you require to your casino account, which will allow you to deposit as much as you like.
The benefits of bitcoin gambling are not only limited to the player. Online casinos also have plenty of reasons why they prefer their users to gamble with bitcoins than with traditional money. That’s why you’ll see that plenty of mixed casinos (sites that accept payments in both bitcoin and regular currency) tend to offer better incentives when you play with cryptos instead.
The fact that an online casino can do as they please with the bitcoins earned through player losses without having to report anything to banks is a huge benefit of the best current bitcoin casinos. That’s another reason why online casinos are so eager to let their players spend bitcoins instead of regular cash – no banks means much less hassle for the casino staff.
The fact that bitcoins are operated on a global scale and aren’t subjected to regional restrictions makes it quite easy for an online casino to accept players from all over the world. This open-market policy turns a casino that operates in a single country into a gambling hub capable of receiving players from all over the planet. More accessibility brings more players, more players play much more, and more playtime means more profit for the casino. It’s quite an easy but effective formula for the casino.
You’d think that quick payments and withdrawals is something that benefits the player, but casinos also win when monetary movements are processed quickly. Why? Because players can play more often. When players receive their money quickly, they get an extra incentive to bet more. As such, quicker payments are beneficial for the player as much as they are beneficial to the casino itself.
It’s not all perfect in the world of bitcoin gambling, though. There are many aspects to consider when you make the important decision to jump from classic gambling methods to bitcoin gambling. The pros far outweigh the cons, but that doesn’t mean that you shouldn’t take into consideration the negative aspects of gambling with cryptos.
We have compiled the two most important factors to consider, that may be deemed as negative, when playing with bitcoins in any gambling institution – no matter how reputable they are. Here they are:
Even though bitcoins have always been prone to upping their value, that doesn’t mean that they always have or that they will always do it. You will have to face market dips, which can be detrimental to your short-term profits. As such, even though you may be winning more bitcoins in an online casino, you may be losing dollars or euros if the bitcoin price is going down or crashing altogether.
If experience has led us to any valuable knowledge, that is that the best thing to do is to hold your bitcoin until the price goes up again. Naturally, it’s almost impossible to predict what will happen and the price may as well never raise, but keeping hold of your bitcoin until the price goes back up is the only way to counter this con.
Anonymity can be a positive aspect of online gambling for more than one reason. There are moments in the life of an online gambler where it can be a very detrimental facet, though. For example, let’s say that you get into a payment dispute with the casino because of some misplaced funds or an issue with the payout of any casino game. In such a case, you’d be basically fully dependent on the verdict of the casino. You cannot make any chargebacks, nor can you depend on anyone other than the casino regulator to come to a resolution.
Another huge reason why it’s so popular to gamble with bitcoin is that doing so is as easy as things can get – even if you haven’t used bitcoins before you begin your iGaming journey. In fact, there are only a few steps that you will need to follow in order to have a successful bitcoin experience, which are:
We know how easy it can be to get carried away when gambling online, which is what leads many players to choose to play in any casino without having an idea of how good the site actually is before they create their account. We don’t want you aimlessly wandering around looking for a quality casino, so we’ve made this list of the best bitcoin casinos on the planet for you to play in safe sites that don’t jeopardize the integrity of your cash whilst still offering you the finest of casino games:
|CASINO||RATING||SIGN UP OFFER||SECURE LINK|
||€500 (or 5 BTC) + 100 FS||PLAY|
||5 BTC / €500 + 180 FS||PLAY|
||Up to 5 BTC + 300 FS||PLAY|
||Up to €1800 + 175 Free Spins||PLAY|
||100% up to €350 + 100 FS||PLAY|
If you made it this far, then you no longer wonder why gamble with bitcoin. You now know that bitcoin gambling is an extremely popular practice that makes it really easy for players to make the best of their time and avoid paying extra fees with their winnings in the best online casinos on Earth. Where will your adventure begin? Read our bitcoin gambling guide, choose the best online casinos in the world and claim your bitcoin bonuses now – the money is there for the taking and the only thing that stands in your way is your decision of where to start!
April 2, 2021
October 13, 2021