Bitcoin Casinos – real gambling with crypto money
Time and again in human history, technological changes in the media have fundamentally changed society. Be it the invention of printing, the introduction of radio and television or the last great revolution, the Internet. It also always changed the form and nature of social interactions. With the creation of bitcoins, the next big change is happening right under the eyes of billions of people, and this time it even affects the money. Online casinos are always on the lookout for safe and above all favourable payment transactions with us players. Because that lowers costs and gives us gamblers the degree of freedom of choice we value.
All of these are provided by these new cryptocurrencies and much more, and are therefore responsible for why so-called Bitcoin casinos are springing up like mushrooms. However, what is important for us players to note, so that euphoria does not follow a rude awakening at the end, can be found here on this page.
What types of Bitcoin casinos are there?
In general, Bitcoin casinos differ in two different ways. One of them is the pure Bitcoin Casino, that does not accept any other means of payment except the cryptocurrency. Without corresponding client software and the associated Bitcoin wallet, nothing works here. All deposits and withdrawals are handled only through this special system. So you can not use some of the most common payment methods from online casinos here and are fully committed to the use of Bitcoins. The big advantage of these pure Bitcoin casinos for us players is that there are almost never any fees for transactions, since these are almost always taken over by the Internet casino due to the low prices. Also, no fees are charged on transactions here, for example, to subsidise another form of payment, such as credit card. Another advantage is the usually very fast processing of all deposits and withdrawals. These last in the rules, if in the Bitcoin casino no elaborate exams delay the whole, only few minutes or maximally a few hours.
What are bitcoins anyway?
Bitcoins are money in the classic sense, but unlike euros or dollars, they are not issued by a central bank. In addition, Bitcoins is a digital currency that does not physically exist and therefore has no real coins or bills. In addition, this means of payment is the best known representative of the cryptocurrencies. All of these funds, which are relatively unknown except for large-scale bitcoins, have in common that they are safe through their special structure of creation and associated payment transactions. For cryptographic techniques ensure that only the true owners of this currency can actually carry out transactions. In addition, a high degree of personal anonymity is guaranteed, since only the bitcoin addresses are used for each transaction. These can hardly be connected by third parties with the personal data of the owner without an extremely high expenditure. This circumstance ensures that more and more service providers such as Bitcoin casinos or online shops offer their customers this means of payment.
How does payment with Bitcoins work?
The beginnings of Bitcoins go back to a publication in 2008 by Satoshi Nakamoto, whose pseudonym is still not clear who is actually behind it. Here, for the first time, the concept of a cryptocurrency was explained. Unlike the classic money, this is not drawn by a central bank, but decentralised in a computer network over the Internet. Based on a database called blockchain, new bitcoins are generated and transactions are managed. Through the use of the Internet, the entire system is therefore not subject to the state authority of any country. About the own Bitcoin client, which also represents the own Bitcoin wallet, all operations are made in the federation, which are necessary for a smooth payment traffic. At any time within the block chain with cryptographic keys, the actual owners are assigned to the individual bitcoins. In addition, each transaction is provided with a digital signature, which is also stored in the blockchain. The payment transactions with a Bitcoin casino are similar for us players as with PayPal. Using the cryptographic key that identifies us as the true owner of the cryptocurrency, we can easily complete all transactions. The deposits or withdrawals to your own Bitcoin wallet or from this to your own bank account is done just like PayPal. Here, for example, the euro is then offset against bitcoins and vice versa.
The Bitcoin Bonus – the still unknown creature in online casinos
The increasing acceptance of Bitcoins in online shops, donation sites and by governments of individual countries has also significantly increased the number of Bitcoin casinos in the last two years. This of course leads to the question of whether we players here find a very special Bitcoin bonus. And the answer is quite simple. Of course, this form of online casino is now in every good virtual gambling hall that accepts this method of payment. And just as there is the Casino Bonus in all possible variants, so is the Bitcoin Bonus in almost all known forms available. The most important is probably the welcome bonus, which works here in the Bitcoin Casino as well as the well-known original with every other currency. So for us gamers there are unique or staggered welcome bonuses in bitcoins, even a mix with free spins is no longer a rarity. Due to the fact that the cryptocurrency is treated in the online casinos just like any other form of the money also, players expect us also a lot of Reload bonuses. Added to that are cashbacks, bonus codes and other little touches, all of which, as a bitcoin bonus, should make our gambling as enjoyable as possible. With the bonus conditions there are also no stumbling blocks that are put in our way. It is important, however, that all rules are read in advance, so that later there is no rude awakening and any profits can be disbursed without objection. Likewise, the bonus terms and conditions in a Bitcoin casino should be fair and give them ample opportunity in terms of sales and timeframe to fulfil.
The majority are hybrid Bitcoin casinos
While the number of hybrid Bitcoin casinos has risen dramatically, while the number of hybrid Bitcoin casinos has skyrocketed, the virtual gambling halls, which only accept cryptocurrency as the sole means of payment, are still quite modest. As the name suggests. Are these online casinos that allow bitcoins for transactions. And so here are all forms of welcome bonus in the usual form as well as in the cryptocurrency. Due to the offer of both forms, the actual value of the two bonuses can be compared very well. Depending on the exchange rate between the cryptocurrency and the local currency, which is sometimes subject to strong fluctuations, we get players here more or less genuine value for the Bitcoin bonus. Another great advantage of the hybrids is that we can decide for ourselves whether we would rather gamble with bitcoins or other funds. Thus, we are also more flexible in the choice of payment options, if we register here. In terms of bonus conditions, a hybrid Bitcoin Casino does not differentiate between the chosen payment method and so the same rules apply here.
A hybrid Bitcoin casino can always offer a very special Bitcoin bonus, which is only aimed at players who use this crypto currency. This can even be significantly higher than the normal welcome bonus, especially if a virtual gambling hall wants to promote bitcoins as a new form.
Are bitcoins allowed as official means of payment at all?
One question that is asked again and again is whether Bitcoins are a recognized official form of payment at all. In addition to that, many different answers wander around on the Internet and end up causing more confusion for us gamers than they help us. In many countries around the world, bitcoins are now considered as a form of payment and have the status of "private money" or are treated like foreign currencies, ie foreign currency. In Germany, for example, Bitcoins for the BaFin, the Federal Financial Supervisory Authority, are used as a unit of account. Thus, the cryptocurrency within the meaning of the KWG is a financial instrument. At the same time, BaFin allocates bitcoins similar to foreign exchange. This results in the sale of this currency that this is also included in the income tax. Likewise, transactions for using bitcoins are not exempt from sales tax. In Austria, on the other hand, taxes are also incurred when trading with the cryptocurrency, with no speculative tax being levied if it has been held for more than one year.
First gambling authorities officially allow bitcoins in online casinos
With the increasing use of bitcoins, the gambling authorities in the countries must now also deal with this new topic. The UKGC, the United Kingdom Gambling Commission, has already taken the lead in this regard. Already in the summer of 2016, the crypto currency was officially approved by the competent authority for use in online casinos. Since then, all operators on the island who have or want to license there, also operate pure and hybrid Bitcoin casinos. In turn, with the Malta Gaming Authority, the next gambling authority is already in the starting blocks. Unlike the UKGC, MGA provides Malta online casinos with licenses for international trade in services, and not just for a national gambling market. In addition to the protection of gamblers, online casinos should not be regarded as an Eldorado for money laundering, a danger that can not be denied by the anonymity with Bitcoins, a study was first commissioned. Once this has been completed and all the regulations have been drawn up, MGA, as the most important European licensor, should also officially include the crypto currency in its own guidelines. All other online casino licensing authorities are still betting on bitcoins, but it may only be a matter of time before they follow the example of the UK and Malta.