The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
The fact that there is a trend towards casinos that accept bitcoin payments can no longer be denied. But why is that? What are the reasons for leaving traditional online casinos behind in favor of providers with BTC and ETH?
Advantages of Bitcoin online casinos
You can now buy thousands of cryptocurrencies. However, only a handful of them play a role in cryptocurrency casinos, first and foremost Bitcoin in its original version as best rated BTC casinos. Among the advantages in a crypto or bitcoin online casino are:
Fast transactions: Deposits and withdrawals are executed quickly.
Fees and conversion deductions: Cryptocurrencies incur fewer fees than regular currencies. For some payment methods, transaction fees are up to 5%, which are then partially passed on to the user. In recommended Bitcoin casinos, on the other hand, transactions are free of charge for the player. However, you may have to pay at least small fees in your crypto wallet.
Better anonymity: Neither the tax office nor other authorities can simply gain an insight into crypto accounts.
Less regulatory mania and arbitrariness: a Bitcoin casino does not have to submit to the whims of the authorities and generally has more freedom. Since you are not bound by the strict regulations like a Euro casino, you can design the gambling offer the way the player actually likes it.
Are BTC and crypto casinos legal?
Bitcoin and cryptocurrencies in general used to have a dubious reputation. However, the concerns have turned out to be unfounded so far.
However, there are actually a few countries where buying and selling cryptocurrency is prohibited. These include Indonesia, Bolivia and now also China. In Germany, however, the coins are completely legal. Even established financial service providers like Revolut and Paypal have long since started offering cryptocurrencies.