Bitcoin indeed happens to be one of the discussed things across the world in recent times. This was introduced in 2008 by Santoshi Nakamoto and has emerged as peer to peer payment system. This has become very popular in the gambling industry with many online casinos and gambling sites allowing transactions using bitcoins. The fact that it will enable people to undertake anonymous transactions is what has made gambling with bitcoins somewhat famous.
What is bitcoin?
Right now, the definition for bitcoin could be that it is a cryptocurrency, the first decentralised digital currency, without any regulations. It can be exchanged in return for products and services and is a worldwide payment system. It is held as a digital currency in a digital wallet anonymously. These can be purchased through ‘mining’ using bitcoin miner or currency exchanges like Mt. Gox. This crypto and anonymous nature helped the rise of gambling with bitcoins.
Bitcoin trading is also hugely popular just like other commodities that are being traded in the markets. It has been highly volatile, and people can choose to either mint it or buy it and then purchase it.
Bitcoins in gambling
Many online casinos like Bit Stars, Bit Casino, 7 Bit Casino and Vegas Casino accept bitcoins. Many of the world-famous Las Vegas casinos also allow gambling with bitcoins. In fact, a few of the online casinos only use bitcoin transactions. These casinos allow the players to bet their bitcoins on casino games, gambling games, sports betting, online lotteries etc.
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Most bitcoin casinos use their own in-house developed software to run the games while a few others rent the necessary software. The software takes the role of the table dealer with Poker being one of the most popular games in this. Its digital nature makes it available through the day and night for use. Also, most casinos do not charge any transaction fees on bitcoins.
Bitcoins are not regulated and hence not tracked in that sense. However, every individual who is trading or gambling with the use of bitcoins is liable to declare tax on their income, capital gains etc. just like any other money transaction. Trading in bitcoins attracts the natural risks of trading in commodities as well as the anonymity and regulation issues. Its simple operational method and lack of tracking or regulations have made it a big challenge for most governments. Gambling is many illegal countries and as such, bitcoin casinos are also unlawful.
Reports of Bitcoin transactions being linked to criminal activities are also worrisome outcome to be considered. Its very nature has said to make it easy for money laundering, theft, black marketing etc.
Bitcoin casinos are being open about the algorithms they use in the games to gain the trust of the players. A bitcoin wallet is associated with a login linked to a physical device and hence hacking it is difficult. Transactions are instantaneous, and most casinos are now also offering mobile versions of their games, making it easy to play.