Estimated reading time: 3 minutes
Usually online casinos are very progessive when it comes to technological and monetary developments. As expected, Bitcoin casinos have been popping online everywhere the last few years. The advantages of cryptocurrency were obvious to many gamblers from the get go. Paying and withdrawing money is done within seconds and maybe just as important: anonymous. When playing with bitcoins, your ‘money’ is transferred from your ewallet instead of your bank account. This makes the money more difficult to trace. So, why hasn’t EuroCasino started with cryptocurrency yet with all these obvious advantages?
Not everything is bright under the sun..
Cryptocurrencies have proven anything but stable. This raises the question whether you should be paid out in Bitcoin for the deposit rate or the current rate when making a withdrawal. Processing a payment just when Elon Musk decides to throw another Bitcoin related Tweet can impact the payment. In other words: there are a lot of ‘what if’s’ that need to be contractually written down to make cryptocurrency completely safe and fair when playing casino games.
Then there is the anonymity. While considered a good thing by some players, most authorities do not share that opinion. The anonymity allows criminal money to be played undetected and it is difficult for governments to establish a tax rate on such a fluctual currency. The consequence of this line of thought is that the most trustworthy licensing countries (UK and Malta) do not allow Bitcoin to be used for gambling (yet). Licenses that we as EuroCasino hold dear for their high standards in player protection.
Know the risks of Bitcoin Casino
So what does this mean for the Bitcoin Casino you came across and you are playing with? Are they safe? We are not to judge, but we do know they can’t be holding either a Maltese license or one from the UK Gambling Authority. There are Curacao licensed casinos that offer cryptocurrency payment, but also casinos that carry no license at all. The consequence is that you could be playing without any protection at all. This could be troublesome for instance when you deposit with Bitcoin and get paid out in another currency or when there is an argument on the current rate of a crypto currency.
EuroCasino is looking forward to offering you crypto currency as a legitimate deposit and withdrawal method. But we want to do this in such a way that your privacy and funds, as well as the law, are protected. When legislation offers a fair and transparent way to offer Bitcoins in casinos, we will be the first to offer you a fully licensed bitcoin casino experience!