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Online cryptocurrency casinos are becoming more and more popular as the crypto industry grows. The two go hand in hand, as cryptocurrency provides a safe and fast way to transaction with online application.
What are bitcoin casinos?
Bitcoin casinos are websites that have casino games and accept cryptocurrency. You simply go to their website, make an account, deposit cryptocurrency and can begin playing their games. Many times, online casinos will have provably fair games, where you can verify your bet and that the casino didn’t cheat. If you’re looking to find out more about bitcoin casinos, check out Investopedia’s article on how bitcoin casinos work.
Is Bitcoin Gambling Legal?
Another question that most people will ask when they first hear of bitcoin casinos, is “Is gambling with Bitcoin legal?” The answer to that question depends on the country you live in. If you’re in Europe, then online gambling is fully legal, if you’re in the US the laws are more murky.
If you’re in a country where gambling is not allowed, then check if sports betting is permitted. Some states in the US for example, will not allow casinos but do allow sportsbetting.
How to Play in Bitcoin Casinos
When it comes to actually playing in bitcoin casinos, there are tons of different methods and strategies depending on the game. If you want to learn about all the strategies, Bitcoinwiki has an awesome Bitcoin gambling guide.
Why Online Casinos Accept Crypto Payments?
So why do online casinos accept crypto payments? One word: Trustlessness. The biggest problem with online casinos is credit card fraud, crypto payments completely eliminates any fraud risk – if implemented correctly. Moreover, crypto is also a fast method of payment, just as fast as a credit card.
Crypto payments aren’t only beneficial to the bitcoin casinos, they are also beneficial to players. With crypto, they can receive cashouts faster and don’t have to provide as much personal information to the casinos.
What Is the Future for Online Casinos?
Online cryptocurrency casinos have been around for awhile now. But they really caught traction in the past year. The amount of users that casinos are seeing is continuing to grow as interest in crypto also continues to grow. The two have a beneficial relationship, as both industries help each other grow. For example, sportsbet rented out a banner on sky news of simply the Bitcoin logo. There are many different ways which online casinos help the crypto industry, as the two go hand in hand.
If you want to look at some numbers regarding online casino markets for 2019 and 2020, check out our Predictions and Trends in the Online Casino Markets for 2019 & 2020
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.