Bitcoin casinos exist – here’s everything you need to know about them.
Do you want to take a spin on the wheel? While some Bitcoin enthusiasts prefer the calculated risk of investment and day trading, others have turned to high-roller casino websites to take a chance. What exactly are Bitcoin casinos? Simply put, a ‘Bitcoin casino’ is any online casino or sports betting agency that accepts Bitcoin in lieu of (or in addition to) fiat currency. Several large-scale Bitcoin casinos have emerged in recent years to provide a tailored list of games and services for gamblers seeking to transact in Bitcoin rather than fiat currency such as the US Dollar. Bitcoin casinos can offer not only traditional casino games like roulette, but also sports betting.
Bitcoin casinos can offer not only traditional casino games like roulette, but also sports betting, online lotteries, and spread betting. Many Bitcoin casinos use the term ‘mBTC’ or ‘millibitcoin’ instead of Bitcoin or ‘BTC’ – a term denoting one-thousandth of a Bitcoin, or 0.001 BTC. At MBitCasino your best crypto casino experience is about to begin!
Most Bitcoin casinos operate similarly to their ‘traditional’ counterparts, with the exception of the process of transferring or ‘cashing out’ Bitcoins after a successful (or unsuccessful) bet. Bitcoin casinos typically provide new registrations with an in-house wallet to which users can transfer Bitcoins if they wish to gamble. When facilitating games, bets placed within the casino rely on a user’s stored funds.
Typically, a user places an initial ‘bet’ from their wallet, and depending on their success in a game, they can either lose or profit on that sum. Some online casinos have gone so far as to offer massive ‘Bitcoin jackpots,’ with users standing to win sums in excess of 500 BTC. When a game is finished, any profits are returned to the user’s in-game wallet. When a user wishes, they can direct a transfer to their private wallet; however, most casinos impose a withdrawal limit to prevent users from cashing out all at once. Before playing, it is a good idea to thoroughly read the terms and conditions of any online casino.
What is the appeal of Bitcoin casinos?
Since its inception, the world’s leading cryptocurrency has found favor among internet casinos due to its anonymity and ease of transfer. Much like Bitcoin initially resonated with online black markets such as The Silk Road, online casinos have quickly moved to adopt cryptocurrency as their base currency in order to avoid regulatory scrutiny. Typically, Bitcoin casino sites offer zero transaction fees and unlimited free daily transactions, distinguishing themselves from their counterparts who still use fiat currency.
Given that their operating margins can be significantly lower, Bitcoin casinos have gone on to advertise larger jackpots and extensive profits in some cases. Several Bitcoin casinos have iterated on the formula offered by their ‘traditional’ counterparts, customizing several ‘standard’ games with new rules and procedures that may or may not be legal depending on their makeup. The fact that any user’s profits or losses are not inherently taxable unless declared to a legal authority is perhaps the most important factor contributing to Bitcoin exchanges’ enduring popularity.