Everything You Need To Know About Betting With Bitcoin
If you are someone who owned Bitcoin around 10 years ago, you probably did not feel too good about it. After all, back in the day, cryptocurrency is something that not a lot of people knew and cared about. Some even treated the crypto community as some sort of a cult, with only a handful of people into it. However, things changed, and Bitcoin started to skyrocket in value. What used to be almost nothing in value suddenly became what most people now consider as the new “digital gold.” Now, a guy who used to have nothing in owning Bitcoin is suddenly a whole lot richer–and anyone who used to ignore it is suddenly regretting the opportunity that they let slip from their hands.
Since then, Bitcoin, or simply BTC for short, has been used for a lot of things. It became a currency accepted for online shopping, people invest in it, and users also can now make a deposit in India, and online gambling sites are starting to embrace the use of BTC as a form of payment. With the difference in the way, money works with BTC, people who are betting online find the concept of using it for gambling an appealing one.
Here is everything you need to know about how Bitcoin can be used in gambling, and what difference it makes and brings both to the players and the betting site owners.
How it works
Bitcoin is a form of cryptocurrency. Right now, there are many other types of cryptocurrencies in online circulation such as Ethereum, Litecoin, Dogecoin, and many more, each having their own corresponding real-world currency equivalent. Many of these cryptocurrencies come from what is called the blockchain. Simply put, this is the online ledger where information about this digital money is kept.
A betting site that works only on Bitcoin it accepts Bitcoin as an additional payment method works like any other site or app–it offers games, it gives bonuses, accepts deposits, and pays customers out depending on their winnings or profits. The difference is in the sue of Bitcoin as compared to traditional ones, such as a debit or credit card.
In using a debit or credit card, you cannot avoid providing personal and financial information. Whereas on the other hand, using Bitcoin would only require that you input your Bitcoin wallet information–nothing more.
Is it legal?
There are this grey area wherein BTC lies. In general, most countries do not regard cryptocurrencies as illegal, although it is not treated as legal tender but rather, “property.” However, the question of whether it is legal to use it as a form of payment is something that no one–not even current laws–is unable to fully address so far.
Why are Bitcoin casinos so popular?
Bitcoin casinos and betting sites are popular for a lot of reasons, and here are some of them:
Since you do not need to provide any personal information to have a BTC wallet, you do not need to give out your info in using one as well. This is perfect for people who give high importance to the privacy and security of their personal and financial information, especially in online transactions.
You have complete freedom in using it
Since BTC is not considered as legal tender, it is, therefore, free from audits and non-taxable, too. Although this approach and perspective to Bitcoin may cause to raise some brows for some, it is still one interesting thing why someone would consider the option to use it instead of traditional payment methods.