What is Bitcoin?
Bitcoin is simply a decentralized cryptocurrency. It is coined decentralized owning to the fact that it is not controlled by any financial institution, government or even backed by any bank. This purely digital currency thus has no notes or coins that can be used exclusively in online transactions. In this monetary system encryption is used to secure transactions and keep your transactions anonymous.
Is it legal for US players to use Bitcoins at online casinos?
Bitcoin or cryptocurrency as it’s called is legal in the US. The U.S. Treasury classified Bitcoin as a convertible decentralized virtual currency in 2013. The Commodity Futures Trading Commission, CFTC, classified Bitcoin as a commodity in September 2015. Per IRS, bitcoin is taxed as a property.
Bitcoin was mentioned in a U.S. Supreme Court opinion (on Wisconsin Central Ltd. v. United States) regarding the changing definition of money on 21 June 2018. In June 2018, the Supreme Court of the United States debated the Bitcoin future for the first time.
The current legal framework in most of the United States does not expressly stipulate that betting bitcoins or another cryptocurrency in online casinos is illegal.
The Unlawful Internet Gambling Enforcement Act (UIGEA )signed in October 2006 stipulates that banking facilities and credit card companies are not entitled to facilitate transactions related to online gambling. This means online casinos operating before 2006 were able to use the US banking system for their purposes but the UIGEA closed that opportunity. Though the use of a banking system for gambling purposes is prohibited in the USA some online casino operators shift their focus to non-traditional payment options like cryptocurrency, which does not violate the law.
Current laws prohibit casinos to accept wagers on the territory of the USA but there are no laws that would forbid individuals to place bets. That is why virtually all Bitcoin casinos are based outside the U.S. territory to circumvent the law and accept bets without violating any regulations.
Which states in the US can use Bitcoins for gambling?
U.S. citizens who live in Delaware, New Jersey and Nevada are allowed to take part in any gambling activities including the use of bitcoins; these relate to depositing cryptocurrency into the casino, betting and withdrawing. The casinos providing service to residents of these states must use special geo-targeting software to make sure the customers are physically located in any of the three states.
The only state that expressly prohibits online gambling activities is Washington. State residents may not use offshore gambling sites, register there and place bets in any currency, whether fiat or digital and many online casinos themselves restrict players from forbidden locations based on their IP addresses and other factors.
Where to get Bitcoins from and how to store them?
To play at Bitcoin casinos you need Bitcoins and the easiest way to get them is through a bitcoin exchange. So how that works is:
- Create a wallet at the Bitcoin exchange: All you need is a verifiable email address to get started.
- Once you’ve selected and signed up for an exchange, you can begin buying or transferring money to your exchange bank account.
- Once the money is deposited, you can choose to ‘Buy’ or ‘Trade’ the bitcoins, The pricing will always vary depending on supply and demand.
- Once the bitcoins are purchased, you can transfer your bitcoins from the Bitcoin exchange to your wallets.
There are different methods through which you can purchase Bitcoin. Also, there are many currencies you can use to buy Bitcoin from different exchanges. After buying bitcoins you will be allowed to use them anywhere you want and enjoy anonymity and safety. Another thing is that you can exchange your Bitcoin into fiat currency through any of your selected Bitcoin exchanges online.
You can buy it from traders for a marked-up price. Also, there are over 2000 bitcoin ATMs in the US where you can have Bitcoins easily whenever you want.
How to play slots with Bitcoins?
Slots can be played at Bitcoins online casinos without any effort. Like you generally play casino games and slots at US-friendly online casinos in the same way you play with Bitcoins. All you need to get to Bitcoin casinos or casinos that have BTC as the currency of deposit listed on their banking page. When playing real money slots simply choose BTC as your mode of payment at Bitcoin casinos. The Bitcoin casinos will convert your Bitcoin into their base currency which is USD and the exchange rate will be boldly displayed in the bank interface on the site.
Although you can’t use a bank account, credit card or cheque, avoiding the conventional banking system means transactions are faster. Using conventional currency, cashouts can take days, and cheque deposits up to a week.
Bitcoin transactions are usually completed within minutes. Bitcoin casinos have no transaction costs. All transfers are peer-to-peer, so there are no middlemen to pay.
Multi-currency casinos often make charges to deposit or withdraw using a credit card, and the providers themselves may have fees. The same can be true for e-Wallets and banks.
How to choose the best Bitcoin casino?
Before signing up at Bitcoin casinos you should check the following:
- Bitcoin casinos should be licensed and regulated by an authentic gambling commission.
- The casino should have a provably fair system, and/or uses games from reputable traditional casinos. A provably fair system uses cryptographic techniques to determine the authenticity of a roll and ensure that neither the game nor the player knows the outcome of a roll before the bet.
- Bitcoin casinos should offer great promotional offers and BTC bonuses.
- The gameplay and interface should be user-friendly and can be played with various devices like mobile and tablet.
Playing at Bitcoin casinos gives much joy as you can make can deposit and withdraw anonymously without the need for any third parties or middlemen. Also, you can play with high or low credit according to your budget in a fast deposit and withdrawal environment. Moreover, when making cashouts, there is no need for any ID proof and with loads of BTC bonuses at Bitcoin casinos a greater chance to make some wins when playing slot games. With 24.7 help support Bitcoin casinos are now much in demand.