Uses of Bitcoin in Japanese Online Casinos
Online casinos are becoming more popular in today’s era not only because they are convenient to play but also because one online casino website offers more games than one land-based casino, so online casinos tend to provide variety that a lot of casino goers love. Most players in these online casinos would often top-up or put money on their digital wallet using their credit card or e-pay apps like PayPal, but there are some players that use a different kind of currency called bitcoins. What are bitcoins? And what are its uses in Japanese online casinos? The answers to these questions will be revealed as we take a look at some details regarding bitcoins and Japanese bitcoin casinos.
What are Bitcoins?
In simple terms, bitcoins are digital money, which means that it only has value within computers and on the internet. There are no physical representations of bitcoins, but you can purchase these bitcoins using money in the real world.
As its name suggests, a bitcoin can appear in the form of a coin that is shown on a computer or phone screen, so it is quite similar to the coins or money that you would usually see in video games. However, while video-game money can only be used within that game, bitcoins can be utilized to purchase almost any item online, like grocery items, toys, poker chips, and online slot coins. There are several Japanese online casinos and some of the top ranking online casino sites that allow the use of bitcoins, so international players can actually play in those casinos without converting their money to Japanese yen.
Advantages of Using Bitcoins in Online Casinos
There are several reasons why bitcoins are becoming more prominent in the online casino scene, and these reasons would usually pertain to the convenience that bitcoin provides for players in online casinos. Here are some of the pros or benefits of using bitcoins in Japanese online casinos.
Safer to Use
Using bitcoins as money is actually a safer way to play in online casinos, as you won’t need to give your credit card information to get coins or chips on the website. You simply have to top up your digital wallet with the bitcoins that you have in Blockchain or other trusted crypto companies that handle your bitcoins.
Instant Deposit and Withdrawals
While many payment options provide instant deposits, withdrawals could actually take longer for most of them. With bitcoins, not only will you be able to get instant deposits, but you will also have the ability to withdraw your coins in an instant. This is specifically advantageous if you need your bitcoins on the online casino for emergency purposes, as you will be able to get those coins without the need to wait for hours or days.
Almost No Taxes
What’s interesting with bitcoin is that no country recognizes it as real money, so it is actually not subject to taxation in almost every nation in the world, except countries that have recently applied laws to cryptocurrency. So, if you use bitcoins in online casinos, there is a high chance that you won’t need to pay for fees or taxes. Besides paying no taxes, bitcoins is also a universal digital currency, so you won’t need to exchange it for currencies exclusive to countries (like Japanese yen) since it will automatically be accepted in some online casinos.
Exclusive Bonuses and Rewards
Some Japanese online casinos give out exclusive bonuses and rewards whenever you use bitcoins to purchase chips or online slot coins on their website. These bonuses can be a no deposit bonus that adds more money to your digital wallet, reload bonus that automatically gives you free coins when you top up, and extra bonuses that give you free spins or games by using bitcoins. Most of these bonuses can be given to you even if you use real money through your credit card, but there are a few online casinos that provide bigger bonuses when you use bitcoins.
Disadvantages of Using Bitcoins in Online Casinos
Of course, there would still be some disadvantages of using bitcoins in online casinos, with some of these cons relating to the accessibility and legality of cryptocurrency in specific countries. Here are some of the disadvantages of using bitcoins in online casinos.
Cannot be Accepted in Some Casinos
There are several online casinos that don’t allow the use of bitcoins, mainly because their country of origin doesn’t allow bitcoins to be exchanged for casino chips or coins. In addition, online casinos that are created in countries that allow the use of bitcoins (like Japan) would need to apply for a license in order to be allowed to exchange casino currency with bitcoins. This license can often have a high price tag, so some online casinos choose not to apply for the license in order to save more money.
Can be a Volatile Currency
Bitcoin is a volatile currency, which means that its value would change quickly. Today, your bitcoins may have a high value, but the next day their value may be lower. It is important that you are knowledgeable in the fluctuations of the bitcoin’s value so that you will know when to spend it. If you spend these bitcoins on days where their value is lower than average, you may actually lose more money in playing online casinos.
Those are a few of the advantages and disadvantages of bitcoins if ever you use them to play in Japanese online casinos. The pros of bitcoins in online casinos outweigh its cons, depending on your preferences. So, if you want a hassle-free transaction in some of the best casino websites online, you can get bitcoins in trusted crypto companies and exchange them for casino chips and coins.