Several years ago, the concept of a cryptocurrency, specifically Bitcoin, was something that not a lot of people cared about. Only a handful of people on the internet owned the digital money and only a few ones kept it. However, the digital currency skyrocketed in value and is now worth several thousands of dollars. It became so huge to the point that a lot of people now consider Bitcoin to be the digital gold of this generation.
With that, even online gamblers have started to tackle interest in the value and convenience that Bitcoin has to offer. More and more bookies accepting Bitcoin are getting established, and existing ones are starting to open their doors for this new payment option, too.
But what are Pitocin betting sites and how do they work? Here are the things you need to know about it.
What are Bitcoin betting sites?
Betting sites that accept Bitcoin are sites that either only work with BTC or have added the cryptocurrency as a new option for payment and deposit.
A Bitcoin betting site works the same way as all other online casinos or online sportsbooks–the same games, the same model for bonuses, the same methods for betting. There is nothing different when it comes to what you can find on the inside. The difference is on how BTC is used as compared to other forms of payment such as a credit card or a debit card. Even e-money wallets work differently from BTC wallets.
Why it is so popular now…and getting more popular
One of the things that you cannot avoid in all betting sites is to provide your personal information. After all, part of their process for security is the “Know Your Customer” process or the KYC, which requires every customer on their site to provide identity verification. For some people, this is nothing but a part of the security process that they need to go through. For some, however, this is a concern for their privacy and is a no-no, as much as possible.
This is one reason why a lot of people go for a Bitcoin casino. Since a BTC wallet can be completed without any personal information, signing up for a BTC casino can be completed without giving any personal information, too. Thus, anyone can play anonymously without the need to type in any of their personal or financial information on the site.
Is it legal?
On its own, Bitcoin, as well as other forms of cryptocurrency, still lies in a grey area of uncertainty. A lot of countries, including developed ones such as the United States, Japan, Canada, Australia, and many more, have accepted Bitcoin as a legal thing. However, it is considered as a property and not a currency. So far, no country in the world has treated Bitcoin and started accepting it as legal tender. So, while it is legal to own and keep cryptocurrencies, the law does not recognize it as “money” on its own.
Online casinos and betting sites that are accepting Bitcoin as a form of payment also lie in this grey area. As a bettor, rather than worrying about the legality of Bitcoin in a country or state, it would always be a better idea to care more about the registration and legality of the site or app that you are looking at–after all, as long as they are registered under the government and they have passed certifications for security and fairness, then you have more confidence to play through them as a customer.