Bitcoin Press Release: Crypto resource platform Cryptimi has updated its list of Best Bitcoin Casinos
21st May 2020 – One of the earliest adopters of cryptocurrency and blockchain technology, online cryptocurrency casinos have continued to flourish. Cryptimi takes a look at these gambling platforms.
Cryptocurrency Casinos: What are they?
With the advent of the internet, the gambling world was hurled into a storm of astonishingly rapid changes, starting with the momentous digitalization of casinos. No longer did punters have to spruce up and go down to their local brick-and-mortar casino to enjoy their favorite past time. Throughout the years, these digital versions of casinos continued to develop new features.
These include the constant updating of slots’ graphics; the breakthrough that was live casino and, quite recently, the implementation of cryptocurrencies as accepted payment methods for gaming, giving the world the first cryptocurrency casinos. But what exactly are they? Thankfully, the answer is really quite simple!
Basically, cryptocurrency casinos are nothing more than casinos that accept Bitcoin and other cryptocurrrencies as payment methods; yep, that’s all there is to it. You can find an updated list of the Best Bitcoin Casinos on cryptimi.com. Certain cryptocurrency casinos, however, only accept cryptocurrencies as payment methods, so make sure you have some cryptocurrency handy before you visit these casinos.
How Do They Operate?
The actual difference between Bitcoin casinos and regular online casinos is that the former accept cryptocurrencies as payment methods, whilst the latter don’t. That’s really the only difference, as Bitcoin casinos pretty much work the same way as regular online casinos do, bonuses, games, live chat, and all.
However, certain cryptocurrency casinos only accept cryptocurrencies, so everything (bonuses, games, etc.) on those casinos will only work via cryptocurrencies. Finally, casinos that accept both cryptocurrencies and conventional payment methods will generally focus on both kinds of payment methods, offering bonuses that deal with both.
The Surging Popularity of Cryptocurrency Casinos Explained
So, why have cryptocurrency casinos become so astoundingly popular? There are plenty of reasons, but it’s mostly thanks to the many advantages that cryptocurrency has brought with it. One such advantage is the improved security that it brings to the table, thanks to its inherently encrypted workings.
Cryptocurrency works via a heavily encrypted system that automatically makes it very secure against cyberattacks. Moreover, since cryptocurrency is essentially decentralized, there are fewer processes happening in the overall process of transferring money, which makes for an altogether rather quick rate of transaction, which many people understandably enjoy.
Finally, as also mentioned beforehand, casinos have also started offering bonuses that focus on cryptocurrencies. These bonuses tend to give you more bang for your buck than the regular bonuses that you’re used to; so if you feel like those regular bonuses aren’t cutting it, maybe you give some Bitcoin bonuses a go.
Are Cryptocurrency Casinos Legal?
All this talk of anonymity might give you some wrong impressions; moreover, it’s widely discussed speculation that a worryingly amount of shady deals and goings-on happen thanks to the anonymity that cryptocurrency bestows on whoever uses it. It’s a misconception yet a prevailing trope. However, does the same apply to Bitcoin casinos? Are they at all legal?
Yes, they absolutely are! Simply because cryptocurrencies allow users to be essentially anonymous, doesn’t mean that casinos can circumvent the necessity of having a casino license; any casino you find that doesn’t have an operating license is a rogue casino and you should avoid it at all costs, unless you want to get scammed.
Similarly, the same could be said to apply to players: sure, cryptocurrencies give people the ability to effect payments anonymously, but most cryptocurrency casinos will still have you fulfill the whole KYC procedure, if for the sake of security; there are a good handful of reasons as to why Bitcoin casinos still require you to fulfill their KYC process, such as to prevent bonus abuse.
However, simply because Bitcoin casinos are legal in their own right, doesn’t mean that gambling on them is legal everywhere in the world. Cryptocurrencies may be decentralized and ignore pesky international laws, but that doesn’t mean that gambling on online casinos is suddenly legal everywhere in the world, nor that you can ignore the laws in your jurisdiction.
So, if you’ve read many a Bitcoin casino review and you’ve finally decided to give these cryptocurrency casinos a go, please do make sure that online gambling is legal in your jurisdiction. You can check which are the best cryptocurrency casinos on cryptimi.com. Even if that casino allows you to play from your location, due to not having any geographical restrictions, you would still be breaking the law if online gambling is illegal in your jurisdiction.
Cryptimi is the sole source of this information. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Image Courtesy: Cryptimi