Bitcoin Gambling Pros and Cons in 2021
Bitcoin gambling has taken off shortly after the the crypto itself appeared in 2009. Digital casino players have noticed huge potential in BTC gambling right away, and now, this is one of the most popular solutions at virtual casinos. Bitcoin dice, Poker, Slots, and Roulette - you can try everything today.
BTC gambling is essentially the same virtual gambling, but you just use a different currency. However, this is not the same as using dollars or euros. Bitcoin is a virtual currency in the first place, which makes its usage a little bit different. It is an expensive currency and often grants huge payouts at casinos. In addition, it has more convenient depositing and withdrawal.
Is It Legal to Gamble with Bitcoin?
This is a question that does not have a definite answer right now. However, here is what we know for sure:
- There are currently no laws in the US specifically forbidding players to use BTC for gambling.
- The attitude towards cryptocurrencies and Bitcoin, in particular, can differ from country to country, and only a few places ban crypto usage completely.
- Certain licenses are designed to regulate BTC use, and casinos owning such documents can offer legal services.
Overall, the situation can differ in each country, but most places do not have laws prohibiting Bitcoin gambling, which technically makes it legal.
Of course, gambling with Bitcoin has its own benefits and disadvantages. Let us look at the pros and cons of using this crypto.
- Payout speed – financial operations with BTC are incredibly swift, especially in comparison with traditional money transactions. The latter could take up to a week to process, whereas BTC transactions can go through in less than an hour.
- Higher withdrawals – casino websites usually have certain withdrawal limits, which makes it inconvenient to withdraw large winnings. Luckily, Bitcoin users often have higher limits and can withdraw their money quicker.
- Anonymity – certain BTC casinos allow players that use this currency to gamble without identity confirmation. This is a great feature for keeping privacy.
- Transparent transactions – blockchain transactions are always so much more transparent, and they allow more security when playing at online casinos.
- Special promotions – many web casinos love to encourage their players to use Bitcoin by giving out special bonuses. There are many generous promos designed specifically for BTC users.
- Higher odds of winning – web gambling platforms, much like traditional casinos, usually have a slight advantage in their favor to receive profits. With Bitcoin, there is often a smaller advantage or even no house edge involved.
- Smaller selection – there are still not that many casinos that offer BTC gaming, which makes the choice quite limited for a gamer. Luckily, the variety of sites continue to grow.
- Required prior knowledge – gambling with cryptocurrencies requires knowing how to purchase them and use them for playing. You will need to set everything up beforehand to be able to place bets.
- High volatility – Bitcoin is a currency whose value changes every second. Of course, it could rise easily, but it could also decrease at any moment. This can affect your winnings as well.
Overall, there are more benefits to use BTC for gambling than disadvantages. And the cons are not very drastic to drop the idea of Bitcoin gambling.
If you want to try gambling with Bitcoin but do not know where to start, here is a simple guide for you. By following these easy steps, you can pick up Bitcoin gambling quickly and effortlessly.
Open a Cryptocurrency Wallet
The first step towards your BTC gambling goal is opening a special wallet. You can look up some of the most popular and secure online wallets for crypto and use one of them. Follow the registration guide and submit all the required information to open a wallet.
Buy Some Coins
After creating a wallet, you can go to online crypto exchange and purchase some Bitcoins. You can also monitor the prices for some time to have a better understanding of the market.
Pick a Site to Play with
When you finally have some BTC in your wallet, it is time to choose a gambling website. In this article, you will find some of the top Bitcoin gambling providers up to date. Pick one of them and play.
Make Your Deposit and Pick the Game/Sports
After finishing registration on a casino website, you will need to make your initial deposit. Use the wallet to transfer some Bitcoins to your account and go play your favorite games.
Picking a gambling provider is not an easy task, especially if you want to choose BTC gambling. But fear not, as we have made a list of trustworthy casinos with great benefits for you.
Tower.bet is one of the best crypto gambling destinations by far. This website has an incredible theme and unique design, which enhances your gambling experience. It offers fair gambling solutions and excellent customer care as well. Apart from BTC, this provider also accepts many other cryptos. You can withdraw cash from this website in three ways: slow, normal, and fast. Different fees are assigned to each option. Here are the gaming titles that you can access on Tower.bet to win huge Bitcoin prizes:
A very simple game that requires guessing whether the next card will be of higher or lower value. There are usually 52 cards in this deck. Gamblers can also place bets on Joker cards.
This is an appealing game with a low house edge and smaller minimum bets. However, it can grant huge payouts for players. Rules are fairly simple. There is a multiplier that gradually increases but can crash at any second. Players need to place bets and wait until they think they are going to crash. If you are lucky enough to cash out before crashing, you will take great winnings with you.
This is a unique game developed by Tower.bet. There is a wheel painted in different colors, and the gamblers can bet on them. Each color is a specific multiplier. If you manage to guess the color, you can win a cash prize with the respective multiplier.
Another special game created by Tower.bet. The wheel is divided into numerous different sectors. There are also different difficulty levels to spice up the game. Players need to spin this wheel and hope to land on a necessary sector.
This is a slot machine with a unique fantasy theme and stunning design. There are different symbols with certain values. They include As, Ks, Qs, Js, Tens, Dragons, Flowers, different weapons, and fantasy characters. Elves, wizards, fairies, warriors - everything a fantasy lover needs. Choose the amount of your bet and spin the reels to win.
This Bitcoin casino boasts a range of slot machines. More than three thousand games are available for users. This provider focuses heavily on crypto gambling and offers other crypto solutions as well. Various tournaments are held regularly for players to test their luck. Many promotions are available for new and returning players. It is possible to win gratis spins each Wednesday.
This casino is a great gambling destination with an amazing selection of games. There are currently no usual currencies supported; so, you will only be able to gamble with Bitcoin or other virtual currencies. Sportsbook is also available on this platform, which makes this casino convenient for gamblers and sports bettors.
Another heavily crypto-based casino is licensed by Curacao, and it offers great solutions for BTC gamblers. This website boasts an incredible VIP program with 7 different tiers. To grow your loyalty, it is only necessary to gamble on the site. This way, you can win even more prizes by simply playing.
This is one of the oldest Bitcoin gambling platforms that are still going strong. It has multiple licenses ensuring its legality and safety for players. There are more than a thousand slot machines and other games.
Although the number of Bitcoin gambling sites is increasing, it is still quite simple to choose a great option for you. In this article, you can see some of the best providers on the market, and it is always a safe bet to go with one of them.
Cryptocurrency casinos are known for their high stakes and amazing bonuses. These websites are meant for players that like to go big and win big. They often offer solutions unavailable for fiat currency users, which makes the experience quite exclusive. In addition, there are shorter payout times, and you can receive your winnings faster.
Here are some of the things you should look at when searching for a BTC gambling provider:
- Customer support – good support is crucial for high-quality gambling.
- Unique bonuses – casinos should offer special promotions for BTC users. Check out their offers beforehand.
- Reputation – a reliable casino should have a good reputation among players. Check some reviews online to find out.
- Transactions speed – verify that you can use Bitcoin and benefit from high payout speed.
Of course, always check the legality of a website first before going in there.
Bitcoin gambling continues to develop each day, and it is never too late to jump on this train. Gambling with this crypto grants numerous advantages and can take your betting experience to a new level. Buy some BTC and try these casinos out.
Is Crypto Gambling Legal?
Bitcoin gambling and other cryptos do not have specific or strict regulations currently. There are no certain laws forbidding players to Bitcoin gamble in the United States and most other countries. This means that virtually, crypto gambling is now legal.
Can You Gamble with Bitcoin?
Yes, Bitcoin is the main cryptocurrency when it comes to digital gambling. Many web casinos already offer BTC solutions and even special rewards for users of this digital currency. It is very convenient to gamble with Bitcoin and withdraw winnings in this currency as well.
What Is Bitcoin Online Gambling?
Bitcoin gambling online is a process of playing digital casino games and using BTC to place bets. To gamble with Bitcoin, it is necessary to make a deposit on your account via a BTC wallet and then use this money to make real bets on various casino games.
How Do I Buy Bitcoins for Online Gambling?
The best way to purchase BTC is through a cryptocurrency exchange. These exchanges are similar to common ones, but they offer to buy and sell different cryptos instead. To obtain Bitcoin for online gambling, you will also need to open a special cryptocurrency wallet to store your money there.