Cryptocurrencies are creating a huge wave in the gambling world, especially as they play a crucial role in online Bitcoin Casinos. By adopting this technology, numerous casinos and iGaming companies have started accepting BTC and several other kinds of cryptocurrencies like Ethereum, Litecoin, etc. With Bitcoin being the largest crypto platform, most online casinos accept this currency for various payment options. As Bitcoin casinos do not share customers’ personal info with third parties, it enables users to make transactions anonymously in a reliable, safe, and fast manner. A lot of people want to sign up with casinos that offer outstanding bonuses and deals. However, not all bitcoin gambling sites work the same way. Here we will uncover everything you need to know about bitcoin casinos.
What Is a Bitcoin Casino?
A bitcoin casino is an online gambling site that accepts bitcoin as their deposit or withdrawal mode of payment. In some cases, it offers BTC as one of the payment mediums along with the other fiat currencies. When it comes to online gambling there are sites transacting only BTC and other cryptos like Litecoin, Altcoin, Ethereum, etc. In other words, gamers get to play only by making deposits cryptos. The main aim of such casinos is to attract players who need swift transactions and higher anonymity while gambling online.
How Do Bitcoin Casinos Operate?
While choosing the best Bitcoin casino, make sure that it accepts BTC and delivers a safe and secure mode of transaction. Most of the major crypto casinos function in a similar way as the traditional ones. Usually, this includes:
Registering with the BTC online platform
Depositing your crypto funds
Playing casino games
Most Popular Bitcoin Casinos
There are legitimate Bitcoin casinos that were tested by many players and offer some of the best payouts in the industry as listed on https://insidebitcoins.com/bitcoin-casinos. No matter what game you wish to play using your BTC, here are some BTC casinos that most likely will have it all:
Are Bitcoin Casinos Legal?
The simple answer to this intriguing question would be: Depends. Unfortunately, online gambling platforms are not as simple as you think. While BTC Casinos are legit in certain regions, the rules vary for other places. Most countries have not formally introduced online crypto gambling regulations yet. This makes BTC casinos a grey segment – due to the lack of official legalization or prohibition. The regulations are stricter for BTC casino operators than the crypto players. So before you start playing in any Bitcoin casino, look out for the rules prevailing in your respective jurisdiction. If a jurisdiction regulates your preferred crypto casino, it is much safer to play on such platforms – as they operate under a legal framework.
What Makes a Great Bitcoin Casino?
Most tech-savvy online gamers keep up with the modern technological trends that crypto casinos have to offer. The benefits include:
Casinos allow users to remain completely anonymous. This enhances personal security and reduces identity theft issues.
BTC has extremely low transaction fees or no charges at all for using it.
Without any delays, you can make instant transactions. There are exceptions for large amounts.
Players get to enjoy some of the biggest online gambling bonuses.
No taxation gives the player added financial freedom to use the cryptocurrency.
Bitcoin Casinos: Negative Sides
Though most Bitcoin casinos offer many benefits, look out for their shady sides. Some bitcoin casino sites try to rip their customers off using high wagering requirements and unfair games.
Bitcoin casinos do not have stringent regulations like their regular traditional counterparts.
Due to numerous countries regulating cryptocurrencies, the future of online crypto gambling remains unclear.
Crypto players are completely anonymous and untraceable; it is easier for dubious operators to scam credulous gamers.
Transactions of unusual patterns or size that can attract unwanted attention
Using fraudulent and unregulated exchanges.
Should Crypto Businesses Comply With AML Regulations?
The European Crypto Businesses came under a regulatory scope by the 5th Anti-Money Laundering (AML) directive in 2018. Also, the Financial Action Task Force (FATF) made an attempt to include crypto businesses by amending Recommendations 15. Hence, all crypto businesses now face legal actions if they do not meet legal obligations.
Sanctions On Crypto Business Platforms
Each jurisdiction has come up with sanctions for failure to comply with AML regulations.
United States: Criminals engaging in money laundering can face up to 20 years in prison with a maximum fine of $500,000. A US BTC business got $60m as a fine for breaching the AML Regulations.
Singapore: As per the Payment Services Act, non-compliance with the AML regulations end up in fines ranging from S$2,000 to S$250,000.
Estonia: As of 2020, noncompliance can cost businesses up to €400,000 and cancel operating licenses.
South Korea: Violation of AML requirements can result in fines from 30m – 100 m won as of 2021.
How Scammers Use Crypto Platforms To Do Money Laundering
Some of the common money laundering methods in the crypto world include:
Using different cryptocurrencies to conceal their tracks and using unregulated crypto platforms to launder money. This was sued for the Coincheck heist in 2018.
Using Prepared Crypto Cards.
Exploiting money mules to cash the illicit cryptos.
Mixing and using various services to split up the virtual assets.
Reason Why Bitcoin Casinos Are Growing In Popularity
The booming popularity of crypto gambling post-2006 is mainly because of the ban of banking transactions laid on online crypto casinos. This led to the growing popularity of bitcoin transactions at gambling sites.BTC and other crypto-based casino games provide a fair chance for all players to participate. This, in turn, has enabled crypto gamers to play at online BTC casinos, making them extremely popular these days. Due to the ongoing pandemic, the rate of visitors to these BTC casinos in 2021 is only getting higher.
Bitcoin Casinos – The Future of Gambling?
Bitcoin casinos are becoming more popular and evolving at a rapid pace these days. Anyone who uses these crypto gambling platforms will notice interesting opportunities that have better uptake than the normal currency online casinos. BTC Casinos have some great benefits compared to more traditional platforms. However, before you take the plunge, make sure that you consider all ups and downs of this technology.