Bitcoin at Casino Without a License

What is Bitcoin?

Bitcoin is a cryptocurrency that was launched in 2009 for a limited circle but went on to be used by everyone as a digital payment method. There is no central bank or other financial institution that controls the currency, but all control takes place directly in Blockchain.

The value of a bitcoin varies over time and largely depends on the successes or setbacks of the cryptocurrency market. This means that the value of your bitcoins can go both up and down while you are playing at a casino. If you are lucky, you can get an extra boost in your profit when the value goes up,

Bitcoin is regulated and controlled in Blockchain, which means it is a secure currency. All transactions are anonymous, although it is possible to trace transactions to a specific address, which, however, does not contain any personal information. For this reason, the currency has gained a bit of a bad reputation for being used by shady people who do not want to sign with their money or divulge their identity.

These are the pros and cons of using Bitcoin at online casinos:

Pros

• Personal information isn’t disclosed when making payments.
• All transactions are usually done immediately and usually without fees.
• There are no restrictions on how much money you can send or receive.
• You can make payments at any time and to anyone, via any device.

Cons

• The value can fluctuate greatly, which means your winnings can quickly lose or increase in value.
• If you lose your e-wallet where you manage your cryptocurrencies, they are gone forever. You should always make a backup of your e-wallet every time after you use it.

How to Pay Via Bitcoin at Online Casinos

When you play at a casino that supports Bitcoin, you need an e-wallet that can handle this currency.

• Top up your e-wallet via a trusted online currency trader.
• Choose Bitcoin at your preferred casino to make a deposit.
• You will then receive an address to which you will transfer money.
• Open your e-wallet where you have stored your BTCs.
• Enter the address and the amount you want to deposit.

The money is credited directly to the casino so you can start playing immediately. As it is with most cryptocurrencies, there are normally no fees associated with deposits and withdrawals in Bitcoins.

When you make deposits in Bitcoin, you also play in the same currency. If you win, you’d get your money paid out in the same currency. When you make transactions to and from a casino in Bitcoins, no personal information is included, which means you can make deposits and receive payments anonymously. Therefore, it is a commonly supported payment method at many casinos without a license.

Wagering Requirements at Bitcoin Casinos

Bitcoin casinos also have wagering requirements tied to their bonuses which must be met before you can withdraw winnings. It is usually round 35 times the amount you received in the bonus. Since a Bitcoin casino usually has lower costs for its transactions, some of them choose to offer their players generous bonuses and sometimes even a higher RTP on certain games.

Is it Legal to Play with Bitcoin?

This is a delicate question to which there is no simple answer. Since bitcoin is not an illegal currency, it is perfectly legal to use it when making payments online. What authorities often get hooked on is that the currency allows both the payer and the recipient to be anonymous. This means that the tax authority does not gain control over the transactions that take place.

Other authorities believe transactions with Bitcoins being anonymous, the digital currency is sometimes used for the purchase and sale of illegal products. However, we refrain from generalising matters and would opine that Bitcoin transactions at online casinos are still legit.

Please note that most European casinos cannot support Bitcoin or any other cryptocurrency as a payment method because the law requires gambling transactions to be transparent. Such casinos are obliged to identify all signees within 30 days or before their first withdrawal. They must also be able to account for all financial transactions that take place between the casino and the players.

Since Bitcoin involves anonymous transfers without links to any personal information, it is a payment method that is no longer used by the operators that offer casino games under a EU license. Thankfully, casinos without a license aren’t subject to any such law.