Things to consider before gambling with Bitcoin

Things to consider before gambling with Bitcoin

If you follow cryptocurrency markets, then you know that Bitcoin and other cryptocurrencies are highly volatile. In May 2022, cryptocurrencies crashed only to rebound the following week.  This had led some readers to ask ‘when is a good time to start playing real money pokies with Bitcoin?’ Now is a great time to play at a Bitcoin casino. However, there are few things you should know before you start playing.

Are Bitcoin casinos legal?

There are no specific laws regulating cryptocurrency gambling. That may seem strange, but the fact is  most cryptocurrencies are neither officially allowed nor explicitly prohibited.

As a result, an online casino which accepts Bitcoin is as legal as an Australian online casino accepting dollars. Depending on the country, or state, you live in the legality of online gambling remains regardless of the currency used.

So the short answer to ‘is bitcoin gambling legal?’ is Yes.

Bitcoin vs Bitcoin-friendly

One of the top things you need to know about your online casino is whether the site is truly a Bitcoin casino or whether the casino is Bitcoin-friendly. There is a huge difference. An authentic Bitcoin casino is one that will allow deposits in Bitcoin and other cryptocurrencies and also permit you to gamble with crypto.

Often, most online casinos are Bitcoin-friendly. This means that you can deposit with crypto, but the casino will instantly convert your money to the primary fiat currency of the site. This usually means AUD, but may mean USD or EUR.

There are a few hybrid casinos that allow deposits in crypto and offer a selection of BTC Games. However, to play other games, you have to convert your funds to fiat.

You don’t have to buy full Bitcoins to play

If you’re new to crypto, you may be leery at the prospect of a single Bitcoin being $35,000 or higher. Fortunately, you do not have to buy full Bitcoins to bet online. All cryptocurrencies allow you to buy smaller units. For example, you can buy 0.0005 BTC for around $20. This will meet the minimum deposit requirement allowing you to play with Bitcoin in a casino.

The ability to buy smaller units makes crypto investing attractive to most people. Buying smaller amounts allows players to get into crypto games easier as well.

Bitcoin banking at casino

How to deposit Bitcoin in an online casino

When people hear the term Bitcoin casino, they feel they have to buy the most expensive crypto in the world to play. That’s not the case. There are many online casinos that allow you to play using various Altcoins. The most commonly accepted altcoins are Ethereum, Bitcoin Cash, Litecoin, Dogecoin and Tether.

To find which currencies your casino will accept, just head to the Cashier page or the Payments page. Altcoins are a lot cheaper to purchase than Bitcoin and may offer extra benefits, such as faster transfer speeds or lower miner fees.

How to cash out at a Bitcoin casino

If you make a deposit using a credit card or Neosurf, odds are you will have to cash out using the same option or using a bank draft. You don’t have those restrictions with cryptocurrency. If you deposit $100 worth of Litecoin and win $500, you can opt to cash out using Bitcoin.

Can you make Bitcoins on pokies?

If you play and win when gambling on pokies with Bitcoin, then you can most certainly withdraw more Bitcoin than you put in. Usually via CoinsPaid, you will have a balance of more Bitcoin than you started with. If you consider this making bitcoins on pokies, then yes you can.

You need to bear the following point in mind.

There’s no such thing as a free crypto transaction

Before you make your first purchase or transfer of crypto to an online casino, understand that there’s no such thing as a fee-free transaction with crypto. Online casinos may not charge a fee to accept crypto, but transaction fees at the blockchain will still occur. These fees are generally known as miner fees.

Bitcoin Miner Fees

Miner fees are based on the type of currency you’re sending. Fees are calculated based on the amount you’re sending, and even how quickly you want the currency to arrive. These fees are deducted from your deposit. As such, make sure you send enough to account for the miner fees. Your wallet or exchange will tell you how much will be taken out in miner fees before you make your transaction. Add this to your deposit to ensure that it goes through smoothly.

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