September 17, 2020 - 8:46 am

Using Bitcoin in online casinos: what are the advantages?

Casinos have been popular for decades. In many casinos you can now deposit with the cryptocurrency Bitcoin instead of credit card, iDeal or Paypal. Many players are happy to use Bitcoin. They can deposit their cryptocurrencies really easy into their casino account at various Bitcoin casino sites.

Bitcoin in online casinos

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At the moment, not many casinos offer Bitcoin as a payment method. It requires a technical implementation from the casino. It’s also not easy to use in every country. However, crypto is getting more and more regulated so more online casinos will eventually accept Bitcoin and altcoins.

Making a deposit is easier than ever

One of the advantages of Bitcoin is that you can deposit really easily. Making a deposit can be a bit tricky for the Dutch on foreign casino sites because they often do not use iDeal. iDeal is the most used payment method in the Netherlands. However, with Bitcoin you can easily and reliably deposit money in many online casinos worldwide.

What are the differences between an online casino and a Bitcoin casino?

A Bitcoin casino has many similarities with a standard casino. For example, the techniques that are being used are the same as at casinos where you pay with traditional valuta. This is because many online casino providers use a platform barrel offered by a software company. Most of the time the only difference is the method of payment.

Games in a Bitcoin casino

In a Bitcoin casino, players don't have to worry about a smaller gambling offer or that the offer is worse or unreliable. The games are just as great as in a standard online casinos. Many games have been developed by companies such as NetEnt, Microgaming, Playtech, Play 'N Go, Evolution Gaming or Amatic. There are numerous other companies offering games as well.

Bitcoin only games

At Bitcoin casino you can just play Blackjack, Roulette, Poker or Punto Banco. One of the advantages of Bitcoin casino is that there are also so-called 'Bitcoin only' games, which are exclusive games for users who pay with Bitcoin.

Bitcoin poker

There are also online casino’s where you can play Bitcoin poker However, there aren't many Bitcoin poker sites yet. The good news is that the number of these sites is growing slowly. If there are more possibilities, you can find them here.

Anonymous

At a Bitcoin casino you play anonymously. Your data cannot be find in files and can't be addressed by advertisers. Many players like this, because gambling is something private. Not everyone needs to know that a player is willing to take a gamble.

Direct deposit

One of the biggest differences between a Bitcoin casino and a regular casino is that you can deposit directly to your 'wallet'. This makes is easier to start, because a deposit usually takes a couple of minutes. It’s also a bit more anonymous. You deposit your cryptocurrency directly into the wallet instead of having a payment provider in between. This makes it easier to deposit and withdraw, which is a big advantage for many players.

Blockchain

After you make a deposit to the casino your Bitcoin it is no longer on the blockchain. Instead, it’s transferred to the casino website. After the payout you get the money back into your wallet, so it is back on the blockchain.

Deposits and payouts done quickly

In many online casinos, the biggest annoyance is the speed of payouts. Creating accounts and making deposits is often done quickly, but a payout lags behind. This is often also due to licensing restrictions. For example, online casinos based in Curacao may transfer up to 2300 euros without verification. Licensees in Malta and the United Kingdom even have to verify every player. It takes a lot of time.

No identity check

There’s good news: a payment with Bitcoin is usually very fast. When you play with this cryptocurrency, most casinos don’t check your identity. So there's no need to provide a name and address. This also allows payments to be made quickly. Besides that, after winning your payout is transferred quickly to your bank account. You receive the winnings immediately and there are usually no transaction fees.

Safety of gambling with Bitcoin

Playing at a Bitcoin casino is generally safe. Your data is protected because it doesn't reveal itself to you. In addition, you use a different address for each transaction. However, it is important to find out if the casino has its own security in order. This can often be found in the reviews about the different casinos.

Gambling with Bitcoin: provably fair method

Nowadays more and more online casinos accept Bitcoin as a means of payment. So gambling with Bitcoin and crypto is completely legal. There are also more and more casinos that actively use the Blockchain to keep the game fair. Some casinos use the whole system behind cryptocurrency to play more securely. This is known as 'provably fair' gaming. If someone wins or loses at the casino, it’s determined by blocks on the blockchain. Gamblers can check what the outcome is.

Clientseed

Imagine that a random number is drawn with the use a generator. That number is generated and displayed on the screen with the so called 'clientseed'. Simply said, this means that the number is drawn by the server (serverseed).

A fair result

With every game a hash is created. That number goes to the player. He or she also has his own number, which is sent back to the server. At the end of the game the player gets to see the seed that was used on the casino side. Do the result of the client and the result the server match? Then there is a fair result. Sometimes the data is incorrect. In that case the result is likely to be invalidated. Actually, this can never go wrong because an independent 'verifier' is used. This is a system that verifies that the game is correct or incorrect.

Cheating almost impossible

More and more casinos working with public code. So a lot of programmers can check if everything is fair. This makes cheating unattractive and almost impossible. The outcome of each game is reported on the Blockchain by writing it down in blocks. Because of this system, you can be sure that you are playing safely. However, there are other ways to tamper with the outcome. That's why you should check the reviews before playing in a casino. Then you will have a good idea of the casino where you are going to play.

Gambling tax

A gambling tax has to be paid over money won. This is required by law. Above 449 euros you pay this tax. It doesn't matter to the tax authorities whether the money won is in euros or in Bitcoin. According to the tax authorities, Bitcoin is an asset. So, you pay on the first of January of the new year on the value of the Bitcoin at that time. You then convert your Bitcoin into euros and file your tax return.

Tax causes a problem

Taxes can cause a problem though. Your Bitcoin may be worth a lot less and you may have paid too much. It could also be that your Bitcoin becomes worth a lot more, and you have actually earned black money. Both situations are undesirable, but this is the way it is regulated in the Netherlands. That's why you and your Bitcoin file a tax return for the gambling tax. Tax evasion is illegal, so don’t do that.

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