Casino Onlines That Accept Bitcoin – Recommended Bitcoin Casino Onlines

Yes.

For starters, Bitcoin is an investment. You’re buying Bitcoin thinking that it will increase in utility and value in the future.

However, not every investment increases in value. Often times they decrease in value. You never know which way it’s going to go, which can make investing tricky.

For example, if you bought Bitcoin in October 2017, you’d have paid a little more than $6,400 for each coin.

Then, if you held onto your Bitcoin until December 17^th, 2017, you’d have been able to sell each coin for $19,000 or more, for a tidy $13,000+ profit.

Not bad, right? But say you bought your first Bitcoin on December 17^th, 2017, thinking it was only going to continue to increase in value.

Well, not but a few weeks later, and you’d have been in tears. In fact, on February 4^th, 2023, the value of each of your coins would be roughly $8,000 – less than half of what you bought each coin at.

You see what we mean? You just never know which way the value is going to go. All you can do is make an educated guess and then hope for the best.

Don’t forget – this is looking at crypto only from an investing angle. But maybe you want to buy Bitcoin so that you can use it to gamble online.

Well, gambling is volatile in its own right. Nearly every game in the casino has an edge that you simply won’t be able to overcome in the long run. You CAN overcome the edge that bookmakers have in sports betting, but it’s not easy, and you need to be smart.

Just imagine this – you deposit $1,000 in Bitcoin, lose $250 worth playing blackjack, and then decide to cash out to minimize your losses. Then you come to find out that the value of Bitcoin dropped that day, decreasing what you thought was $750 down to $600.

That just sounds depressing. But that’s what you’re signing up for and need to be prepared for if you plan to invest in crypto and use it to gamble.

You can use Bitcoin to pay for goods and services online. Several companies accept Bitcoin. Some of those companies include Microsoft, Newegg, Overstock.com, and Expedia. Just those on that list alone mean that you can buy computers, tablets, headphones, plane tickets, and more.

Earlier in this guide, we talked about getting yourself a crypto wallet. That’s the best way to store your cryptocurrency – at least temporarily.

You don’t want to use a wallet long term, though. The company who manages the wallet can lose your keys (since most, if not all of them, store them and don’t give that info to you). They can also be hacked. YOUR computer can be hacked, too.

This is all bad news. Once your Bitcoin is gone, it’s gone for good. There’s nothing you can do about it.

A much better alternative is to use some form of offline storage. One option is to use a hardware wallet, which is essentially an encrypted or extra-secure USB drive that you store your Bitcoin keys on.

Another option is a paper wallet. This is a good old-fashioned piece of paper with your keys written on it.

Whichever way you decide to go, we recommend you make copies and store them in several locations. One place might be a safe. Another place might be a safe deposit box at your bank.

There are many benefits to the anonymity that comes with using Bitcoin. No one can see the purchases or transactions you make, for example. No one will know you’re gambling. It’ll also be hard for a rogue operation to steal your personal or financial information.

However, there are some downsides to anonymity. For one thing, if you accidentally send your Bitcoin to the wrong address – assuming the address you put in is legit – there’s nothing you can do to get it back.

Anonymity also makes it hard to go after rogue gambling sites that take advantage of you. No one can trace your payments back to you, which makes it hard to hold the site accountable for any issues.

The anonymous factor also increases the amount of crime done using Bitcoin. Many criminals use Bitcoin because it’s hard to track. This affects everyone.

Cold storage refers to storing customers’ cryptocurrency offline. Many, if not all, gambling sites keep their customers’ coins offline to prevent any losses due to a security breach. They only keep enough on hand to deal with day-to-day transactions.

This question is better suited for an accountant and/or attorney. So, the following should not be taken as legal, financial, or tax-related advice.

For one thing, this depends on the country you live in. Some countries tax residents on their gambling winnings. Others don’t. That goes for money made with cryptocurrencies, too.

Don’t forget the anonymity factor, either. It’s hard to track who owes what when you can’t tie payments to the people that made them. That’s on top of the fact that you have the offshore gambling sites that don’t report winnings or losses.

But take the United States, for example. They have put rules in place for Bitcoin investors. They also have rules for gambling winnings. So, it is possible that you’ll have to pay taxes on your winnings. We suggest you ask or check out the IRS or whatever outfit that handles taxes in your country.

Push comes to shove, talking to a lawyer will likely be worth the money if you plan to go all in on cryptocurrencies and/or online gambling.

We covered a lot of ground here. You learned a few reasons why you should use Bitcoin and other cryptocurrencies to gamble online. Then we listed several pages you can check out to learn about specific types of gambling sites that accept Bitcoin and the pros and cons of joining them

Whichever way you decide to go, just make sure that you at least try using Bitcoin to gamble online. There are too many benefits to count and not nearly as many downsides.

It doesn’t matter who you are, what games you want to play, or where you’re playing from. Chances are Bitcoin can make your life a little easier – at least when you gamble online.