Today there are a huge number of bitcoin casinos springing up over the internet. This is not surprising, as all cryptocurrencies are unregulated. It’s possible to bet and maintain your anonymity. But is heading over to play online bitcoin blackjack at a crypto casino really such a good idea? Looking at all the factors involved, we think it’s not. Unfortunately, the vast majority of cryptocurrency casinos are completely unlicensed. This means that you have no comeback should there be a problem.
Over the last year or so, there has been a huge explosion in the number of bitcoin casinos available for players of casino games. And one casino game, in particular, is proving to be very popular: bitcoin blackjack. Though the name has bitcoin in it, the game still functions in the same manner as conventional blackjack. That’s because cryptocurrency is simply used as a different payment option. So the actual game remains essentially the same. You can still win with knowledge of the perfect blackjack strategies and a healthy bankroll.
Today we thought we’d have a look into why bitcoin gambling is so popular? Why are so many casinos based on cryptocurrency now opening their doors? And also what’s the point of playing with bitcoin? What do gamblers hope to get out of the deal? So without further ado, here’s our blackjack gambling guide for playing at BTC casinos.
How Does Bitcoin Blackjack Work?
When it comes to the mechanics of the gameplay, then bitcoin blackjack is identical to regular blackjack. The only difference is when you sign up for a cryptocurrency casino. In order to get started, you’ll need to open a cryptocurrency wallet.
Then purchase some bitcoin with fiat currency at an online bitcoin exchange. The whole deal can be done within a matter of minutes. Having said that, there is a considerable backlog when it comes to recording the transaction on the blockchain. This can lead to waiting times of over 2 hours or more for the transactions to be validated. Nevertheless, once the bitcoin hits your wallet, then you’re able to deposit the funds into your cryptocurrency account In the same way as you would with any other money transfer system. Just know that it’s not an instant process.
Limitations and Restrictions
When you’re gambling with cryptocurrencies, it’s important to keep in mind the various limitations and restrictions that can apply. Many of these revolve around the minimum BTC amount that you can credit your account with. There will also be minimum withdrawal requirements. Even at the best online casinos for blackjack accepting BTC. You should consider these factors carefully depending on your gaming style and bankroll budget.
Why Is Bitcoin Blackjack So Popular?
There are a number of reasons why bitcoin blackjack has become so popular. Let’s have a deeper look at them.
More Secure Banking
Though it’s perfectly true that the actual transactions are more or less instantaneous, it does take time for the online casino to actually receive the funds.
This is thanks to the limited number of transactions that can be done per minute on the blockchain. In spite of this, many gamblers like the idea of using bitcoin because they consider it will be faster. Another factor is that using BTC is a more secure method of moving funds. Gamblers also believe that BTC will preserve that anonymity. Unfortunately, this last point is actually false. The blockchain is a public record and it’s easy to trace the transactions from wallet to wallet.
No Third-Party Charges
Because BTC transactions are direct between the gambler and the online crypto casino, there are no middlemen involved. This means that there are no transaction fees. Regular e-wallets like Skrill or PayPal will charge a fee. Whereas BTC transactions are absolutely free. If you’re gambling with larger amounts of cash then this could be a considerable saving.
Extra Cryptocurrency Bonuses For Bitcoin Blackjack
You’ll also find that many casinos that support cryptocurrency will hand out some of the best online blackjack signup offers for those who pay with BTC. This is probably because BTC is an unregulated currency. Meaning that it can be hidden from the taxman.
Though you’ll find regular terms and conditions applying to normal online casino incentives and bonuses, you may well find that crypto casinos are more generous with their wagering requirements. For example, King Billy Casino offers all new bitcoin casino customers a great welcome bonus of 100% up to 1 BTC plus 200 free spins!
An Extremely Volatile Currency
If you like the gamble then by using bitcoin you are gambling. With BTC being so notoriously volatile, you’ll need a cool head. After all, the currency can rise or fall by up to 50% in a single day. This means that if you are changing fiat currency into BTC, there’s a potential for heavy losses before you even open your browser and find a bitcoin casino to play blackjack. Of course, for some people who are more risk-averse than others. They buy BTC in the hope of it continuously rising in value. Yet by simply holding BTC, you are already gambling and taking a risk, hoping there will be the possibility of generating profits.
A Ponzi Scheme?
It’s important to understand that crypto investing is a binary option. That means by buying bitcoin and seeing a rising price, you need to find someone else who will purchase it off you in order to see a profit. The most cynical view would be that all cryptocurrency investing is simply a Ponzi scheme. You need a new buyer to pay more in order to turn a profit. So you hope and pray that you are not the one left holding the bag.
The Downsides to Bitcoin Blackjack
If you want to go to the online crypto casino and play bitcoin blackjack that’s entirely your own judgement call. Much will depend on your appetite for risk. You need to consider how much money you can afford to put on the line.
Keep in mind there’s a possibility that your bitcoin will lose a huge amount of value before you even start losing at the online casino. Some players believe that by holding bitcoin they have a possibility of generating massive profits for themselves. But this is providing you’re able to buy and sell the coin at the right time. This is gambling or pure speculation as no one is able to read a crystal ball or the tea leaves to see whether the coin will rise or fall.
Another point to consider is that all cryptocurrency profits are now taxable income. This means that you’ll need to make a profit of more than 20 to 25%, as that amount goes straight to the taxman. In truth, unless you got into bitcoin super early, like over 10 years ago, it’s going to be difficult to see any real profits. That ship has sailed.
Less Online Crypto Casinos
Another effect if you’re thinking about using BTC, is that you’ll be restricting yourself to just a tiny fraction of the available online casinos. Of course, plenty of casinos will accept BTC. But with over 99% of online casinos perfectly happy accepting a huge number of other payment options, we’re not sure it makes sense to limit yourself with crypto casinos. More importantly, you need to be aware that many new cryptocurrency casinos may not possess a reputable gaming licence. Ideally, you want to see a UKGC or MGA licence. If you add this to the fact that crypto is totally unregulated, then by playing at an unlicensed casino, there’s the possibility for an awful lot of hurt.
Should You Play Bitcoin Blackjack?
Whether you play bitcoin blackjack at a crypto casino is entirely up to you. It’s perfectly true that the game is exactly the same as playing at a regular online casino. Here at Blackjack champ com, we don’t recommend playing with bitcoin. The fact is that the cryptocurrency can lose so much value, and so quickly. When combined with bitcoin blackjack, this means you are technically gambling twice over. It means that you’re taking on additional risks. Recently bitcoin has tumbled from over $60,000 per coin to around $32,000. When it comes to investing, it’s important to keep in mind that a 50% loss will need a 100% gain to get back to its original position.
Using BTC may make you feel as if you’re at the cutting edge of technology. But we feel that it’s still too early and too risky to use at the online casino. Unlike a credit card, you can’t reverse a wrong transaction with crypto. With so many other excellent payment options available, like those on offer at King Billy Casino, which all come completely risk-free, then we suggest that you leave bitcoin to the more reckless big boy investors.