Best Licensed Bitcoin Casinos in 2022
What is bitcoin? You have probably already heard about the new, digital currency that was launched in January 2009 and since then it has gained unprecedented popularity. So what are the differences between this currency and classic “fiat” money? There are three main advantages of digital currency: decentralisation, anonymity and the ability to transfer from anywhere in the world. Today, Bitcoin can be used to buy almost any physical commodity, as well as to pay for any product or service. Of course, in the gambling world, this type of money was welcomed as a new tool for development and bitcoin casinos began to appear almost immediately. However, this kind of institution is somewhat different from the classic online casinos that the player is accustomed to.
The popularity of bitcoin casinos
A significant advantage in favour of bitcoin casinos is the lack of commissions, which makes this type of deposit a priority for players over classic payment systems. This opens up new markets for the casino and opportunities for players that were previously unavailable. And slightly modified games, so that players can make use of all of their features, are under the scrutiny of regulators. On this basis, many establishments use the opening up of game algorithms to gain players’ trust or achieve it by developing new game content.
While we’re on the subject of how cryptocurrency casinos differ from classic casinos, there are a few features worth noting:
- Fast transaction execution in the bitcoin network. The high speed is due to the fact that cryptocurrencies are not involved in the banking system and work separately from it as a separate core. Now there is no need to wait several days for funds transfer because thanks to bitcoin transactions are instantaneous. You don’t have any limits on transfers and they are conditioned only by funds available in your wallets. Moreover, the request for withdrawal from the casino is processed instantly and do not need to pass multi-level verification. Order funds and they are in a couple of minutes in your wallet
- Anonymity. Apart from the fact that bitcoin is an anonymous payment instrument, online casinos also offer their users not to disclose any personal details and when registering you only need to enter your email address and an invented secure password
- An unformulated legal framework for bitcoin introduces some disadvantages for players. For example, many casinos do not have a licence to operate
- Online casino software developers such as NetEnt, Microgaming and others are only beginning to consider bitcoin as a unit of payment. As a consequence, they are in no hurry to redesign their gaming content for cryptocurrency. However, at the same time, Amatic is already working hard to release slot machines that support bitcoin and has launched the ability to bet in digital currency. And SoftSwiss and Slotegrator are actively launching sites with integrated payment capabilities not only in cryptocurrency but also in our usual “fiat” money.
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Differences of bitcoin casinos
All payments made via the bitcoin blockchain cannot be traced and as a result, online casinos have become available to players in countries where gambling is prohibited. Consequently, it is impossible to prove that the wallet from which a deposit was made belongs to you. Hence it follows that paying taxes on winnings is purely voluntary. And the lack of regulation of this type of asset removes administrative consequences from players. Because, without a legal framework, digital currency is not money.
It is worth noting that frequent and large winnings at bitcoin-enabled online casinos are standard procedure. In the struggle for customers, institutions use this type of attraction as the main one. And more generous bonus terms and increased payouts in the slot machines are another part of the loyalty program and the advantage of cryptocurrency casinos over classic ones.
The disadvantages of these casinos include a poor understanding among players of the blockchain technology on which bitcoin is based. On this basis, some users still view digital cash as a pyramid scheme. In addition, the preparations for using a full downloadable version of a bitcoin wallet take a long time. This is because Bitcoin Core, the Bitcoin wallet, has a large size and as a consequence, players prefer the web version of “blockchain.com” wallet.
Another disadvantage: Bitcoin’s heightened security and lack of transaction reversal means that forgetting your wallet password will cause you to lose it forever. There is no way to recover this information. With the growing popularity of cryptocurrencies, there are many fraudulent websites that steal information from users and then transfer your bitcoins to their wallets.