Bitcoin has many upsides. From lightning-fast transactions to one of the most innovative investment vessels out there. But if the world of economic checks and balances is far beyond you – or you simply couldn’t care much – then you will be happy to find out that Bitcoin is actually quite widely used as a viable currency in gaming. Whether you are new to blockchain gaming or already know what it’s all about, it never hurts to refresh your knowledge and find out a little more.
- Cut Deposits and Withdrawals Down to Split Seconds
One of the main pet peeves many players have experienced throughout the years in iGaming has been the speed of financial transactions. For reasons that have to deal with the established financial order and quite often – heavy regulations – withdrawing in the matter of minutes was for a long while just a myth.
But since Bitcoin was adopted as one of the main currencies, things have looked up. Thanks to the public ledger technology, there is no need for Bitcoin casinos to double-check anything regarding payouts due to its natural trail of honesty a decentralized blockchain provides.
Every last transaction is duly noted down before an audience of peers who automatically verify the transaction and with that trust comes the facilities to offer players larger welcome bonuses when it comes to ledger-based cryptocurrencies like Bitcoin. As a result, there is a quick rise of sites reviewing the top US-friendly crypto casinos and taking advantage of the opportunity for USA players that the rise of Bitcoin in casinos essentially offers.
Now, with this said, some casinos may still put a slightly larger processing window on your payout, as they could still insist to manually check if everything is alright with the transaction. The good news is that most operators will always make sure to expedite the process that makes them worthy Bitcoin casinos in the first place.
- Drop the Costs, Forget about the Risk
Navigating the intricacies of the financial status quo can often be daunting, especially if you are looking to perhaps shave off some of the costs. Bitcoin offers free, around-the-world, carried-out-instantly transactions that will carry none of the usual charges you might incur for bank fees.
But how is this possible? Once again, this is down to the underlying technology known as blockchain. It effectively knows no financial and physical boundaries, which quickly reduces the distance between any two points in the world in financial terms.
All that is needed for a transaction to clear is the nod of approval of fellow Bitcoin owners, which is not some arbitrary permission either. Quite to the contrary, the hive is automated to automatically grant approval as soon as sender and receiver authorize the transaction on their end. Not least of all, you can withdraw up to $100,000 via Bitcoin.
- The Volume of Bitcoin Gaming Rising Since 2012
A surely positive development in the Bitcoin ecosystem applied to iGaming has been the fact that the volume of transactions using this cryptocurrency for the stated purposes has been growing steadily and news of its gambling coverage doesn’t look to be slowing any time soon with Bitcoin poised to grow more prolific in casinos.
Convenience and accessibility have played a crucial role as well, but even more importantly, operators’ ability to comply with legal matters has proven the surest gateway to further adoption of the cryptocurrency.
- A Few Legal Matters to Address Nevertheless
Once everything else has been sorted, Bitcoin casinos are increasingly having to comply with active regulation. The good news is they have done an outstanding job of meeting all regulator norms to a fault.
In other words, Bitcoin is not really a clandestine, under-the-table payment method at all. It stands scrutiny and has received regulatory approval to be used as a viable payment option.
Of course, as things change and the status of cryptocurrencies is debated time and again, most casinos run vast compliance teams who look specifically to meet changes and fluctuations in the jurisdictions they operate in so far as Bitcoin goes.
- A New Variety of Games
While slot makers have mostly focused on a rather traditional casino gaming experience, you will be absolutely thrilled to know that Bitcoin, and specifically the blockchain technology, are occasioning a rise of more and better individualized games that can truly make a difference to how we perceive gaming.
The press-a-button-to-spin-the-reels concept has definitely been one of the key drivers to success for the entire iGaming segment, but things are finally changing. The so-called Dapp solutions have arrived to create games that are more flexible and have an alternative gameplay to begin with.
This means that you won’t be limited to pressing a Spin button, but rather explore a few extra twists and turns that might even resemble a classic gameplay found in video games.
- Anonymity – Myth or Truth?
Blockchain does offer anonymity in the sense that your identity is usually kept under tight wraps. However, you need to understand that as soon as you join а casino, you are already agreeing to participate in an industry that has a very clear-cut legal rules of operation.
Identity verifications and checking the source of your money are just two of these things. Yet, to effectively carry out any of these actions, the casino will need to know who you are, which defeats the idea that blockchain – and Bitcoin for that matter are completely autonomous and anonymous.
Nevertheless, the level of encryption and safety that is inherent to Bitcoin seems to be a notch up above any else security technology that you can think of today, so don’t give this a pass.
- Usually Not Subject to Tax
Bitcoin is usually not taxable, which gives you just a wee bit more legal wriggle room. That makes it truly worthwhile in the sense that you can keep playing and what you win will be allocated to your wallet without the need to pay back anything.
Now, there is a but here. Since Bitcoin is more and more entering the mainstream, it’s coming under question whether all Bitcoin casino winnings are free of tax. The short answer is – they are not, but this will depend specifically on your jurisdiction.
Bitcoin carries immense upsides to iGaming, but there are a few caveat emptors – may buyers beware – that we still need to acknowledge the somewhat challenging aspects of this cryptocurrency.
Yet, Bitcoin’s volume continues to skyrocket and specifically in relation with gaming operations. If you need to pay tax, though, you can rest assured that this will only apply to your winnings at the time of receiving payment.