How are bitcoins used in casinos online?

Bitcoin is one of the most popular cryptocurrencies. Since it can be used as an anonymous payment method, it is ideal for online casinos, especially in countries such as the US and India where banks do not accept transfers to and from gaming sites. There are a few online casinos that deal exclusively in Bitcoin, while other offers Bitcoin along with other cryptocurrencies such as Litecoin and Dogecoin as well as traditional currencies such as EURO, USD or GBP. 

Bitcoins are also a way to get around local gambling laws. Since Bitcoin is not a ‘real’ currency, the restrictions that apply to regular gambling often do not apply. Most countries do not have a clear tax law on cryptocurrency, meaning profits made exclusively in Bitcoin will probably not be taxed. Many countries will only put taxes on profits made in ‘hard currency’, for example, if you sell your Bitcoins. 

Using cryptocurrency is often much cheaper than other payment methods. Banks often charge exorbitant fees for international transfers, while e-wallets will shave a fixed percentage off any gambler’s winnings. 

Bitcoins are being used for virtually any type of casino game, including sports betting, casinos, bingo, poker, and even in live casinos. These casinos used to operate with their own set of games they developed themselves, however, more and more game developers have started to modify their existing games to accept Bitcoins as well. That means we could soon start to see Bitcoin as a payment method.

Several casinos such as Bitstarz or Satoshi Dice are already capitalizing on this trend, earning millions of dollars worth in Bitcoins. And plenty of traditional online casinos are adding crypto payment methods. If you want to find out which casinos offer Bitcoin, check this site for the best online casino reviews.