We receive a lot of emails from players asking us if gambling with bitcoins is safe?, is it legal?, are the games fair? and so on. In this section we’re going to answer some pressing questions about the world’s favorite cryptocurrency.
In the United States the Federal government said that it’s not going to regulate it on a national level but the onus is now on individual states to legalize it. Only three U.S states such as Delaware, New Jersey and Nevada okayed gambling online while other states are contemplating it.Internet gambling regulation in America is still considered a tumultuous affair. This is why many U.S and Australian players are using their bitcoins to play at casinos licensed abroad because Bitcoin circumvents regulation and jurisdictions.
Bitcoin’s Spectacular Entrance
Since the digital currency entered the virtual world in 2009 it’s taken off like a house on fire. It can now even be used as a deposit method to wager at Bitcoin online casinos. Players can play blackjack, roulette, craps, slots, bingo, poker, live dealer casinos and poker.
How Can I Purchase Bitcoins?
Bitcoins can be bought from exchange companies that allows you to receive or send them. There are numerous exchanges scattered across the Internet with the most popular ones being Bitstamp, Kraken, Xapo, Localbitcoins and Coin base. If you have a debit/credit card or even fiat money, they can be used to buy coins. Unfortunately the cost of a single Bitcoin is very pricey now, at the time of writing it traded at nearly $4,000 per coin which is rather pricey for the normal man on the street.
What Is Provably Fair Gambling?
Provably fair gambling focuses on cryptographic hash function, to the neophyte’s ear it sounds pretty scary. Strictly speaking it’s an algorithm that creates an encrypted hash value against the clients and server seeds. Provably fair gambling takes the following into account:
- The server encrypts a random secret seed into a hash code.
- The player will then receive the hashed code of the server seed.
- A random client seed is then provided by the player.
- The seed are mixed up by an encrypted function.
- The player receives the server seed which must be verified.
Can Players Be Cheated by Bitcoin Casinos?
Where there’s cash involved there’s always a possibility. This is why it’s important to do proper due diligence on a site before you deposit or you could simply play at the Bitcoin casinos listed on Casinowhizz.com-all of them are safe, they pay on time and their games are fair.
If I Won When Do I Get My Cash?
Unlike fiat currency deposit and cash out methods, Bitcoin transactions are normally cleared within 2 to 24 hours. We’ve heard of cases where wins were paid out in less than 20 minutes, it also depends on how long the verification process takes.
Are Free Bitcoins Offered by Bitcoin Casinos?
Yes they are. ‘Free bitcoins’ are welcome bonuses that’s offered as an incentive to first time depositors. They can be used to play all games but their main focus is usually on slot machines.
Each bitcoin bonus has a wagering requirement (WR) attached to it that must be completed first before a withdrawal is allowed. The size of the bonuses vary, some of them can be withdrawn once the play-through is met while others are deducted upon completion of the WR.
The bonus will be credited to your account once you’ve made the qualifying deposit and provided the bonus code.
To Gamble is a Credit Card or Bank Account Necessary?
You don’t need either one of them to gamble at a Bitcoin Casino, but you must have a Bitcoin wallet that stores all your bitcoins. No transaction fees are charged, however, a processing fee of 0.0001 Bitcoin is charged which is less than 10 cents.
Are Bitcoin Casinos Licensed?
The reputable ones are licensed in jurisdictions like Curacao, the UK while Malta is in the process of regulating the digital currency. This is why it’s important to check if the licensing information of the casino is displayed in the footer section. Alternativley you can start a thread at sites such as GPWA, Casinomeister or Affiliateguarddog asking forum members to share their playing experience at the operator with you.
Is Bitcoin Gambling Legal?
Just like US Dollars, Euros or British Pounds (fiat currencies), gambling with bitcoins is perfectly legal. Reason being it hasn’t been confined to any form of regulation yet and can be used by anyone.
The crypotcurrency is regulated by Japan, China and various other countries might regulate it in the near future. From what we’ve seen, read and experienced to date it might just become the de facto currency for online casinos.
Must I Download The Software?
It depends on the casino since each one is powered by different software providers. Take RealTime Gaming (RTG) for example, its software is available in downloadable or instant play format, compared to Betsoft which only has browser-based games. In general the downloadable software is safe and the game variety is bigger than that of the instant play’s.
Do Bitcoin Apps Work on Mobile Devices?
They do. Bitcoin casinos now offer their clients downloadable apps that run smoothly on Androids and iPhones. Apps can also be downloaded from Apple Store or from Google Play Store. Only download apps from casinos whose software is provably fair and that carry a legitimate license.
Is It Safe To Play at a Bitcoin Casino?
Based on our experience, yes. They employ the best encrypted software money can buy. Just like a normal casino all client information is ‘garbled’ by 128 SSL (Secure Socket Layer) encrypted software which makes it impossible for cyber thieves to hack into.