-Guide Written By Disco Dustin
For those of you who may be new to Bitcoin, I am providing you with some facts about its present value to you as an online casino depositor, and some nuisances that should shape the way that you use it for casino, poker, and sports deposits and withdrawals.
If you already have some experience with bitcoin, but have not yet used it at casinos, feel free to skip to numbered recommendations.
Bitcoin allows for anonymous transactions, without limits restricted by location, exchange rates, or company policies set by Visa or Mastercard. Buying and selling Bitcoin can be done in just seconds. It is irreversible, which allows the vendor to release materials or services right away without concerns about stop payments or insufficient funds. You can also change your address with every transaction making it impossible to link your transaction to any others.
For the purpose of casino games, both gamblers and casinos can benefit by using Bitcoin. For the casino, there is not an opportunity for players to reverse transactions, so credit can be given to players without taking a chance that a loser may reverse the charge after play. For the patrons, using Bitcoins can help to remain anonymous. Most countries will expect you to report all of your winnings and pay taxes. Most regions have classified Bitcoin as a commodity, So there is not a need to immediately report winnings for taxation unless you sell the Bitcoin and convert it to currency. Since Bitcoin is so volatile, winnings can then be lost or increased based on Bitcoins changing value from the time you acquire it, but also the conversion rates for your local currency. Two transactions are not able to be linked to one another. (I deposited $50 of Bitcoin on Monday, but that doesn’t mean the $200 I withdrew on Wednesday is at all related to the deposit.) This lets you take some liberty when reporting your wins or losses for tax purposes.
Nice Perk for USA Players!
A very nice perk to USA players is how quickly and easily you can use Bitcoin for withdrawals and deposits. It has been a challenge to use VISA or Mastercard for deposits, and withdrawals are even worse. Raise your hand if you have ever waited more than two months for a Canadian issued “checque.”
Bitcoin.com is user friendly and can be used as a guide if you want to get started. Wallets and Exchanges are recommended here, and the large variety should satisfy a wide variety of preferences.
Recommendations for Online Gamblers Using Bitcoin
If you are going to use Bitcoins at the casino, be mindful of the following:
1. Buy extra Bitcoin. Since fluctuation effects Bitcoin value so significantly and quickly, the amount you bought may have a significantly different value only minutes later. Pay attention to this, as an example of what can go wrong, I requested a bonus that required a $35 minimum deposit. By the time I transferred the Bitcoin to the casino, the value had changed and I deposited less than $35. The livechat rep. at SlotoCash was great and added something to my account. But wasn’t required to, and it still wasn’t what I had wanted.
2. Mind your limits. I’m not talking about cashing out wins, quitting after losses, responsible gambling, etc. Planning around the limits of whatever wallet or exchange you use is important. Many will cap you off from purchasing more than a certain amount of Bitcoins within a given time frame. So you many need to start buying days in advance if you are planning on a large deposit, or open accounts with multiple vedors.
3. Going with the Flow (Fluctuation.) Like the stock market, Bitcoin values are rising and falling according to certain variables and can be predicted with some degree of accuracy. For a long term investor, buy now, play later. Bitcoin is predicted to rise in value long-term. You should also think about your withdrawals. If short-term Bitcoin value is expected to decrease, exchange the Bitcoin into local currency right away.
4. Patience is a virtue. Bitcoin transfers may take as long as 90 minutes. If you only get a small window of time to play, don’t spend most of it waiting for your deposit to be accepted. Deposit earlier in the day, play later. Casinos like Bovada will credit you almost immediately. They respond well to livechat inquiry to check on Bitcoin deposits. Other casinos will tell you to ask again after a certain period of time, usually 45 to 90 minutes.