The answer is yes! Bitcoin is a cipher currency which is constantly gaining usage and availability all around the world. Gambling with this new type of electronic money is one of the latest legal tender trends. There are many reasons why gambling with Bitcoin is much better and cheaper than gambling with US dollars or Euros. Below are some of the main reasons why many players bet with Bitcoin.
A range of Unique Games
First of all, the costs associated with running and keeping a traditional casino is way lower than that of a Bitcoin casino. The main reason for this is the current lack of regulation which makes setting up a Bitcoin casino as a hobby for kids. However, the lower entry cost attracts more competitive gambling players and market opportunities. Likewise, Bitcoin gambling games are very innovative and constantly getting updates. Plus, these are different than those regularly played by gamblers—like Poker, Blackjack or even Slots machine.
It Is Legal To Gamble With Bitcoin
It may come as a surprise to you but sports gambling and playing gambling games online is actually illegal in some countries like the United States and European countries. However, since Bitcoin is not is not a government issued currency as yet, you can gamble online with it. It is not illegal, but it is wise to stay alert on future developments regarding rules and regulations.
Bitcoin Transactions are Very Fast and Practically Free
A very interesting thing about Bitcoin is that international transfers are virtually free. This does not occur with regular money because transfers between banks can be quite expensive. Likewise, transferring Bitcoin is another story altogether as its transaction can take place within seconds due to the level of independence from banks and third-party dealers. Bank transactions can take days or up to a week, depending on the bank legislation and countries.
You Play Anonymously
Another important characteristic of Bitcoin gambling is the anonymous nature of this currency. To legally gamble with regular money, you need to prove your identity. That usually requires some form of identification or bank statements. However, with Bitcoin, it is different. Because Bitcoin is fairly new, the legislation still doesn’t restrict its functioning. That means that, as of now, there are a growing number of anonymous Bitcoin casinos that actually allow players to create an account with simply an email address in order to gamble.
Avoid Bitcoin Scams
There is no doubt that sometimes Bitcoin casinos suffer a number of scams. Sometimes some of these casinos just shut down without notice to the players. Fortunately, the number of Bitcoin casino scams is on the decline as the market continues to grow and mature. Key players have now become more committed. There are a number of popular and well-established Bitcoin casinos—like FortuneJack, mBit Casino, 1xBit, and Betcoin—that have operated for years without issue.
We hope this article will help you to better prepare yourself for the Bitcoin gambling world. Test the odds and keep up-to-date with the rules and local regulations to avoid misunderstandings.