Bitcoins in Online Gambling

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Bitcoins in Online Gambling

Although the popularity of Bitcoin is steadily growing, it seems to us that many websites are still pretty much ignoring the effect this trend is having on the online gaming industry. We have to admit that we’re a bit baffled by that, but, at the same time, it’s giving us the perfect reason for writing an article about Bitcoins in online gambling, so here we are. If the topic sounds at least a bit interesting, give the following lines a read – there’s a good chance that you’re going to learn something new.

The Current State of Affairs

Chances are that you’ve never really paid attention to Bitcoins in online gambling, so let’s give you a brief rundown of where things stands at the moment. Put simply, there are three types of online casinos out there right now – ones that don’t care about Bitcoins, ones that are happy to process Bitcoin payments and ones that are running solely on Bitcoins.

The first of those categories is naturally also the biggest one, containing virtually all the online casinos that are focusing on the European markets first and foremost. Since it’s currently very easy to deposit and play at an online casino for the vast majority of Europeans, there simply isn’t much that would be forcing those casinos to innovate and adopt Bitcoins. Examples of online casinos falling into this category include Royal Vegas and BetVictor.

The second of those categories is considerably smaller and it’s packed with US-friendly casinos that want to have something available for players that want their deposits and withdrawals to be quick and hassle-free. It’s just an additional payment method – nothing more and nothing else. Examples of online casinos falling into this category include Sloto Cash and Ignition Casino.

Finally, there’s the very small – but also very interesting – category of online casinos that have already made the big jump to operating solely in Bitcoins. The vast majority of them are US-friendly in the sense that they don’t have any lists of restricted territories and that they don’t really care about who their users are. What they are doing might be in the gray area of legality in many countries, but that’s for the casinos to sort out, not for the players. Examples of online casinos falling into this category include Nitrogen Sports and BitCasino.

Reputation Is What Counts

Since Bitcoin transactions are inherently anonymous in that they aren’t ever tied to any concrete names or addresses, many Bitcoin-only online casinos and bookmakers are adopting a completely hassle-free approach to account registration. Put simply, you typically don’t need to enter any personal details while making an account at a Bitcoin-only online casino, although it’s highly recommended to enter at least an e-mail address (in case you’ll ever need to recover your password).

Since this naturally goes against plenty of traditional rules, it’s currently impossible for such online casinos to get one of the highly-rated gaming licenses (say, from Malta or Gibraltar). What this means for the players is that there are little to no guarantees on the security front, which translates into word of mouth and reputation being much more important than official announcements and promises.

Is that a good thing or a bad thing? Well, we’re sure that some will say the latter on the account of there being little customer protection, but we think that the advantages actually outweigh this particular issue. After all, how often have we seen fully-licensed casinos go rogue and how often were the authorities able to recover the funds of the players?

The reputation-based system should lead to players being more careful from the get-go – and there are so many community forums and portals nowadays that we’re certain that all shady dealings will get a lot of publicity. It should also lead to online casinos having to deliver on their promises, as it’s the general opinion that counts, not the backing of an authority.

Of course, we’ll all have to sit back and see how things are going to unfold in the near future, but there’s something very appealing in this back-to-the-roots attitude that’s more about delivering a fine service than about getting all the right licenses and certificates.

Are Bitcoins the Future of Online Gambling?

One of the hotly-debated topics in the online gambling scene nowadays is whether Bitcoins are indeed the future or whether traditional currencies will continue to be the mainstream choice. As far as we’re concerned, the answer to that question is obvious – unless the global economy collapses, Bitcoins aren’t going to overtake traditional currencies anywhere.

That said, we do believe that Bitcoins will establish themselves as a very popular alternative to traditional currencies at online casinos that cater to players from countries that aren’t very friendly to online gaming as such – and it must be highlighted that the number of those countries seems to have grown over the last couple of days.

Everyone who’s ever tried to get the full online gaming experience from the United States knows how hard it is to get an actual withdrawal processed – not only can it take more than a week, but there might also be a hefty fee tacked onto it. Bitcoin can solve all of that, allowing for easy deposits and withdrawals – and the real kicker is that there’s nobody who could possibly block these payments, which is what some authorities are now requiring banks to do. If the regulations get even stricter, we can imagine more and more players getting into Bitcoins, fueling the growth of Bitcoin-friendly casinos in the process.

Should You Start Gambling in Bitcoins?

Now for the final – and perhaps also the most important – question. Is this the right time for you to start gambling in Bitcoins? Well, the decision algorithm for the answer to that isn’t too complicated as far as we’re concerned. If you’ve ever experienced serious issues with deposits and withdrawals, you should definitely consider giving Bitcoin online gambling a go – the best Bitcoin-friendly online casinos are almost as good as the best regular ones. If you’ve never had such issues, it’s largely down to your personal preferences, but we’d nonetheless urge you to at least consider dipping your toes into the scene.

Before you run away to buy a few units of the cryptocurrency, we would like to warn you about one particular risks that you simply have to be aware of if you want to use Bitcoins for your online gaming ventures. The thing is this – some of the big Bitcoin sellers (Coinbase is the biggest offender, but there might be others) do track the Bitcoins they sell for a while and they will block your account if they find the usage shady. They don’t really define that term anywhere in their terms and conditions, but we can tell you that it does include sending your Bitcoins to addresses that are associated with online gaming. Just get your Bitcoins elsewhere – the big exchanges are your best bet, but the peer-to-peer marketplaces should do as well if you don’t want to buy the currency in huge quantities.