Cryptocurrency has undoubtedly become one of the most favorable ways of funding a casino account due to its fairly low transaction fees and the lack of bank bureaucracy.
Despite its dark past, Bitcoin (and the myriad of all the other cryptocurrencies) are slowly becoming a currency of choice for those who appreciate the anonymity and don’t like handling their money to the banks.
Gambling as the industry has already gotten used to the austerity coming from a traditional financial system and restricted payment options. In the US alone, gambling and online casinos are not as such prohibited, but with the lack of support coming from the banks, the options of funding an account are limited. Hence, it’s not a surprise player turned into its alternative – Bitcoin and other virtual currencies.
Is Online Gambling with Bitcoin Legal?
Well, things aren’t that clear when it comes to that. It relies on two separate things. Firstly, it depends if your country acknowledges cryptocurrency as a form of currency, and thus have regulations about its use. Secondly, if the laws in your state allow online gambling in general.
The good thing is that there are no laws that prohibit the online use of Bitcoin to play table games such as Poker, Blackjack, and Baccarat. So, if you comply with the local jurisdiction, then you are good to start gambling online using Bitcoin.
Just be sure to read the related laws or ask a legal advisor to help you determine whether online gamble using Bitcoin in your country is legal. The reason this is advised is that rules may not directly affect your online gamble endeavors, but they may passively contradict the currency you use.
Offshore online gambling is widely accepted across all states, with the exception of New York, Delaware, Maryland, New Jersey, and Nevada.
Where To Start From?
Here are some steps you have to follow before you actually start playing:
1. Choose the coin – there are other options than Bitcoin, e.g. Ethereum, Litecoin, DASH. Each coin has different characteristics and price. Most casinos accept only Bitcoin, however, the lesser known ones should have a broad choice.
2. Buy cryptocurrency – once you’re done with the research, and you’re ready to invest, you have to look for a cryptocurrency exchange that has a particular coin in its portfolio. If you’re new to the crypto world, look for one that accepts fiat as a payment method, e.g. Coinbase. If you already own some crypto, you can exchange it for the particular coin through an exchange, e.g. Binance.
3. Invest in cryptocurrency wallet – one of the first rules of any crypto investment is not NOT to keep the coin on an exchange. If you do so, you lose ownership of your money and there’s no guarantee or protection against hacker attack or the exchange going bankrupt. There are two options:
- Software Wallet – funds are stored on an online wallet, e.g. Jaxx or Exodus. It’s the most convenient option, but less secure so it’s recommended to only keep their small amounts.
- Hardware Wallet – funds are stored on a separate device (USB stick). It’s the most secure option, but less convenient. Hence, it’s recommended to keep the majority of your funds on it, and use an online wallet for everyday needs.
4. Choose the casino – depending on the cryptocurrency of your choice, you can proceed with looking for an online casino. Bitcoin is the most popular choice, so it will be much easier to find a reputable online casino. If you invested in a less popular coin, be careful and deposit only a small amount.
5. Open an account – the last step is opening an account and depositing cryptocurrency. Most casinos don’t require extensive verification methods if depositing with cryptocurrency, so you probably won’t even have to submit your ID.
Cryptocurrency Gambling Tips
Know When It’s Time to Withdraw
Cryptocurrency prices are highly volatile in nature, so you need to be careful when you decide to withdraw. At the end of 2017, Bitcoin was worth almost $20,000. Forward a few months down the line and the price plummeted to barely $8,000.
Knowing the right time is the key to maximizing your winnings through cryptocurrency. If you’re planning to make crypto gambling a regular thing, you should also start tracking price charts and news portals to anticipate the next surge in price.
Watch Out For Bonuses
Since cryptocurrency is still a fairly new addition to the gambling world, most casinos will try harder to attract players to this particular payment method. Most casinos offer higher bonuses if you gamble with crypto, so keep an eye on the most recent promotions and welcome bonuses.