How Bitcoin Casinos Work!

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Since the bitcoin open source code was released by Satoshi Nakamoto in January 2009, this digital currency has grown monumentally. It now has numerous use cases and is responsible for a new economic wave. Now, we have a crypto-currency industry that works alongside conventional economies and is responsible for regular transactions, stock trading and even gambling. It’s no wonder that the gambling world is going gaga over bitcoin casinos.

What are bitcoin casinos?

These are casinos (both online as well as brick and mortar) that allow the placement of wagers and issuance of payments using bitcoin. Some of these deal with bitcoin as an alternative currency alongside traditional forms of payment such as the dollar, euro and pound. Others are exclusive to just bitcoins. These types of casinos have a presence all over the world but are answerable to the local jurisdictions of the places they are based in.

A list of the safest Bitcoin casinos can be found at www.crispygamer.com/bitcoin-casino

Why BTC casinos are becoming popular

The biggest strength of the bitcoin network is anonymity, and this suits gamblers just fine. While transaction records exist on the public ledger, payments are only traceable over anonymous addresses. In addition to that, a lot of people love this method of transacting because it is instantaneous. As such, it can handle millions of transactions in a matter of minutes and can loop in players from all over the world.

A good number of BTC casinos offers some incentives that are not part of the package when dealing in traditional currency. For example, they place no cap on transactions and allow the movement of payments with zero transaction fees.

Finally, bitcoin casinos are mostly beyond the scope of the authorities, so the line between legal and illegal is very fine. These casinos can therefore provide game tweaks that would otherwise present a problem in the brick and mortar world.

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Why are bitcoin casinos under so much scrutiny?

The decentralized nature of BTC transactions is a big plus for players. However, the anonymity of operations becomes a problem when you think about regulation. Authorities are not able to match online ID’s with real world names, so they can neither regulate gambling practices nor track adherence to the law. Verification processes are also a night mare, and this leaves the industry in a slippery ethical and legal rope.

Legal edge to BTC casino gaming

Because the nature of the bitcoin itself makes regulation of related casinos almost impossible, authorities inside the US have banned any bitcoin casino activity. You will therefore find tons of US-based players who access casinos based outside the country, which is safe because gambling activity cannot be traced back to them. There is a legal structure to various aspects of bitcoin casino gambling, but the rules in place are hard to enforce because gathering evidence where there is no trail becomes difficult.

Bottom line

Casinos have always been a touchy subject. Throw in the complex and anonymous nature of the bitcoin, and bitcoin casinos become an ethical nightmare. When you play in casinos using this digital currency, always know that there are legal considerations to keep in mind and risks to ponder. This means that Bitcoin casinos are still in a legal grey area, and until that’s been solved there will still be a lot of people who wants to wait and see how it develops. In the meantime, if you want to try your luck on some of the most popular regulated casinos we recommend you go to www.crispygamer.com/free-spins-no-deposit/ and claim some of their no deposit free spins bonuses.

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