Betting online with Bitcoin is a relatively new phenomenon catching on like wildfire. There are numerous reasons why it’s gaining in popularity. From increased privacy, security, speed, and sheer chic’ness of the concept, cryptocurrency traders want to get in on the action.
Today, you can find hundreds of online crypto casinos that accept Bitcoin as a payment and deposit method, and you can also withdraw Bitcoin as winnings. Still, there are many misconceptions about betting with Bitcoin. This article will try to address some of the confusion.
Frequently Asked Questions
Below you’ll find ten common questions about how betting online with Bitcoin works. While this list isn’t comprehensive, it’s an excellent start to understanding how Bitcoin can be used for gambling in crypto casinos worldwide.
Question 1: What is Bitcoin?
Bitcoin was launched in 2009 as a virtual currency used as a payment option instead of fiat currency for making digital payments. It’s independent of any central authority or control and is strictly a peer-to-peer transaction method.
Bitcoin doesn’t exist in the physical world and consists entirely of digital records on a blockchain that tracks and verifies transactions between individuals and entities.
Question 2: Is Bitcoin Safe?
Bitcoin is one of the safest means available for conducting online commerce. Your tokens use an advanced form of cryptography to ensure that each transaction on the blockchain is processed smoothly and safely at all times.
Question 3: How Do I Add Bitcoin to My Account?
To deposit Bitcoin into your account, you must first buy them through a cryptocurrency exchange. Then you must transfer your Bitcoin to your digital wallet, and from there, it’s deposited into your betting account to use for playing online games.
Question 4: Why Use Bitcoin for Online Betting?
With Bitcoin as your medium of exchange, you don’t have to be concerned with keeping detailed records of your transactions. Everything you do is encrypted and stored on the blockchain. You also eliminate all intermediaries between you and the gambling site. There are few fees if any, and you can win with complete anonymity.
Question 5: Can I get bonuses when betting with Bitcoin?
Yes, you can! You can find several betting sites offering Bitcoin bonuses that are worth more than bonuses offered to fiat currency players, sites like Rocketpot offer up to 1 BTC in bonuses, for example. Although you can still use any of the non-crypto promotions the site offers, site operators encourage using crypto because it increases their profits too, and they’re willing to share some of it with you.
Question #6: Can I bet using Bitcoin on my Smartphone or Tablet?
By all means, yes. Every betting site that accepts Bitcoin is mobile-friendly. You can also deposit and withdraw Bitcoin using mobile devices, including laptops, tablets, and Smartphones.
Question #7: Why is Bitcoin Betting Popular with Players?
Using Bitcoin to place bets allows players to transfer funds to and from the site with much greater speed, at a lower cost, and sometimes with higher bonuses.
Question #8: How Do I Withdraw Money from a Crypto Casino?
You must log in and make a payout request to withdraw crypto from your account. It’s the same process used to make a deposit, but it’s done in reverse. Typically, you’re allowed to withdraw Bitcoin using the same method used to deposit the funds.
Question #9: Can I Get Addicted to Online Betting?
Gambling addiction and problem gambling are serious concerns, and that’s why betting sites are implementing responsible gambling features that allow you to control your gambling if things get too intense. Features such as stake limits, time-outs, and self-bans help players regroup and get a handle on their emotions.
Question #10: Is Bitcoin Betting Legal?
While at the time of this writing, few specific laws exist to regulate online betting, legislative discussions are underway globally to address this new economy. Much of the legal aspects of crypto betting depend on where you live.
You should seek competent legal advice in your jurisdiction to get a better answer to that question.