Are you into online gambling, but you are worried about the privacy of your personal information? There is good news for you–there is now a way for you to keep on your online betting activities as private as it could get. This is possible by playing through an online casino that accepts cryptocurrencies.
These are called Bitcoin casinos, and they are growing in numbers more and more every day. Here are some of the most popular online casinos that accept Bitcoin in 2020:
- Switch Poker
Many other online casinos accept cryptocurrencies, too, but the above-mentioned ones are most popular for accepting Bitcoin only.
Now that you know where to go if you wish to gamble with Bitcoin, it is time to have a better understanding of what Bitcoin is, how it works, and its area in terms of legalities.
What is Bitcoin?
Bitcoin is a form of cryptocurrency that comes from what is called the blockchain. As a currency, it is different from real-life currencies as it is based purely on an online source and does not exist outside of the internet. Bitcoin can be mined, and a lot of people are into mining it as a business. After all, Bitcoin, among all types of cryptocurrencies, has seen a huge surge in its value in the past several years. From being an ignored type of “online money,” it is now considered by some as the “gold of the future.”
Is Bitcoin legal?
Generally speaking, there is nothing illegal about Bitcoin. Cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and many others have been widely accepted by more and more sectors throughout the years. However, the government of many countries in the world is yet to fully recognize Bitcoin as a real currency.
Although there is no law specifically declaring that Bitcoin is illegal, there is no law specifically stating that it is legally recognized either. Currently, there have been a lot of calls and movements for the government to fully recognize Bitcoin as a currency. On the other hand, a lot of people are also against this. After all, what makes Bitcoin so charming to people is the fact that it is unregulated, untaxable, and uncontrolled by the state or anyone. The debate over this topic is yet to reach a definite resolution.
The best way to make sure you re on the safe side is for you to research and check on the official stand of your country or state when it comes to Bitcoin and its uses. In some places, conducting a transaction using it can be illegal. In some, there is no clear opening nor prohibition about it.
Why do people choose to bet with Bitcoin?
People, including online gamblers, are crazy for Bitcoin for a reason. Aside from the fact that it also serves as a form of investment, here are some of the reasons why people go for Bitcoin:
It gives total anonymity
As opposed to a traditional online betting site where you need to provide all personal and financial information, Bitcoin casinos only need your wallet ID and you are good to go. This is the perfect concept for people who are extra cautious about their privacy online.
Earnings are non-taxable
While operating and owning an online casino rakes in a lot of money, it requires huge taxes as well. The good thing about working only with a cryptocurrency is that none of your earnings would be taxable–which means you get to bring home all of your hard-earned money 100%, no deductions or any kind of fees whatsoever.