Bitcoin Casino Pro has developed into the largest authority voice in the bitcoin gambling industry. We continue to specialize in breaking reports, fair mediation, and provide the largest and most accurate rating guide for bitcoin gambling sites.
With Bitcoin taken the world by storm and the rare anonymity that comes with it, online gamblers should take that quick extra step and read the sites current rating report located in the bitcoin site review section. It never hurts to insure they have no outstanding payout complaints and maintain a decent BCP rating. Remember, All bitcoin gambling site ratings are carefully processed and computed from a mixture of real bitcoin players, seasoned industry leaders, and of course us. Ratings cannot be bought!
- The Official BCP Recommended List
- Industry Recognized Top Rated Gambling Sites.
The bitcoin gambling market has exploded, spanning a new legion of bitcoin based online casinos, poker rooms and sportsbooks. As avid fans and users of bitcoin ourselves, we are breaking down each bitcoin gambling site in the market, giving our pros and cons and informing of the need-to-know facts.
Before we go deeper into explaining Bitcoin’s role in this new age of online gambling, let’s go over the basics of bitcoin.
What is Bitcoin?
Bitcoin uses peer-to-peer technology to transfer bitcoins between uses with the help of servers and bitcoin minors. Transactions over the Bitcoin network can happen almost instantly or take a few hours. Sending and receiving bitcoins is done through Bitcoin addresses. The sending and receiving of Bitcoins is almost always free, and it is 100 percent free when depositing or withdrawing from bitcoin based online gambling sites.
Bitcoins are legal and no one is being charged with a crime for buying BTCs. They can be bought through a number of services like state registered bitcoin wallet companies, bitcoin exchanges an/or simply from buying them off a friend.
We could go much deeper in depth with how bitcoin is used, but that is for another article. However, no need to fear, you do not have to be a genius to understand the virtual currency. Bitcoins are simple to use, and the process becomes second nature after you send a few transactions.
Bitcoin Is A Natural Fit for Online Gambling
Bitcoins are an obvious fit for online gambling for a number of reasons. Most importantly, due to the decentralization of the currency – it makes it almost impossible for a government or law enforcement agency to seize some of the site’s operating expenses or worse player’s funds.
This is especially enticing for online gambling operators as many jurisdictions outlaw taking bets from their citizens or the activity falls into a legal grey area. US online poker players and sports bettors both know the wrath of the Department of Justice when it comes to online gambling, where wagering is based in a fiat currency like the United States Dollar. The US Government has seized hundreds of millions of dollars of funds from both online gamblers and offshore operators.
However, with bitcoin, this is likely not to happen based on the secrecy within the code. Not only that, we can go a bit further and say gambling with bitcoin’s are not necessarily listed as an illegal event under the Wire Act or Unlawful Internet Gambling Enforcement Act (UIGEA). Remember, bitcoin isn’t recognized as a legitimate form of currency by most world governments. Even if it were criminalized, due to Bitcoin’s peer-to-peer movement of funds through Bitcoin addresses, it would be extremely hard for any government agency to seize player or company Bitcoins.
Keep in mind some states have specific laws criminalizing gambling offered over the Internet. Always seek legal council prior to gambling online as the information we provide is for news and entertainment purposes only.
Cost Effective For Casino Operators And Players Alike
One of the major expenses of any online gambling site is payment processing. Old-time online gamblers know that since the passage of the UIGEA and the online gambling crackdown that the costs of payment processing for internet gambling sites has gone up tremendously. Sadly, much of these fees have been dropped onto the laps of gamblers.
Sure, most fiat currency based online gambling sites will offer gamblers one free payout a month, but normally anymore than that and fees will be accessed to the player. These can be quite hefty, especially when cashing out via Western Union or MoneyGram, which can run players $100 or more in fees depending on the amount. Checks also cost players $60 or more bucks, as well. Other methods come with similar fees.
More importantly, bettors will have to wait at least a few days, and more likely several weeks before they receive the casino funds owed. The worst case scenario is waiting several months. Once again, this is not a problem for those betting with bitcoin casino company.
Most bitcoin transactions take several hours and are totally free of charge for both depositing and withdrawing. This not only makes it cheaper for bettors to deposit and withdrawal, but cuts down site cost for operators.
Without this added expense, operators can focus more money on promotions, bonuses, and present better overall odds for players. It is no wonder than many bitcoin gambling sites crush the competition with their low vig and/or rake. When the sites save money, so do bettors. Bitcoin makes this happen.
Bitcoin Could Offer Gambling Anonymity
This goes back to bitcoin being independent of government control. Many folks believe they should be able to do what they want with their own money, provided that you are not hurting anyone or using bitcoins to break local, state, or federal laws. This is freedom of choice, a right to all citizens, and at Bitcoin Casino Pro, we agree these basic god given fundamentals.
While the government could conceivably review your bank transactions and see that you purchased bitcoins from an exchange or a wallet, it would not be able to track where you sent the coins or for what purpose you used them and once the money is sent to an address, it can’t be reversed.
Where you send your money and how you choose to use your coins is your business and your business alone. Bitcoin gambling sites will not ask for your name or address. Some may not even ask for your email address. You are free to move bitcoins that can be redeemed for almost any currency at your leisure and not have your movements or funds tracked. We do however have a fundamental issue with bitcoins being used for laundering and if we suspect such we will cooperate when requested from legal authorities.
Age restriction guidelines is something we have been pushing and asking bitcoin companies to require some form of age verification method to keep most if not all underage from gambling. We are trying to be creative and offering a bitcoin bounty to anyone who can produce a method that would not only satisfy a majority of bitcoin holders but also respected regulator organizations from around the world. You should be aware any form of gambling locally or online can be extremely unhealthy to your way of life and if you feel you need help you should request and seek it at Gamblers Anonymous.
Bitcoin Casino Pro Objective
Bitcoin was invented and begin being used in 2009 and have now reached a stage where it is clearly out of its infancy. The virtual currency has become a global phenomenon and is now making waves in the worldwide financial system, as well as online in gambling markets.
There is now an ever expanding list of sites that offering bitcoin online gambling. At Bitcoin Casino Pro, we plan to separate the good ones from the bad ones for gamblers and look become the authority on all things bitcoin gambling. Using our unique rating system, we’ll profile each site and provide the most up-to-date reviews and news on all things bitcoin.
We want all bitcoin gambling sites to succeed as long as they offer fair games such as provable fair gaming and for players to follow the terms of services provided within each company. We know the best way to do that is to be equal where each site and player receives a fair handshake. Transparency is extremely important and will continue to provide that on a regular basis for the benefit of the industry.