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The USA instituted some pretty strict rules and regulations in regard to online gambling about 10 years ago. Since that time, players in the USA have been restricted from playing at online casinos, even if they were based in other countries. In the last few years, the United States government has relaxed those rules quite substantially, and now, states can make their own decisions for how they would like to offer online gambling. However, US players are for the most part still banned from playing at offshore online casinos.
What is Bitcoin?
Bitcoins are a virtual currency, more commonly referred to as cryptocurrency. Bitcoins are a type of cryptocurrency. In fact, they are the most popular, well-known and valuable cryptocurrency available.
In essence, cryptocurrency is a line of computer code that has a monetary value attached with it. As a digital currency, they are not regulated by any government entity, nor backed by anything physical. They also have a higher level of privacy and secrecy attached with them.
Cryptocurrency is used to exchange goods or services bought and sold online. This can be for everything from sending money to a friend, to purchasing a product, to funding an online casino account.
History of crypto gambling
Bitcoins were first introduced back in 2008, but it wasn't until three years later that they appeared in online gambling. The first site to accept them was an online poker website that accepted only payments made by Bitcoin. The site was called Switchpoker.com, which also was the first company to develop a poker app that used real money for Apple mobile devices.
In 2012, Satoshi Dice was another online casino that began accepting Bitcoins, and they quickly became responsible for close to half of all Bitcoin exchanges made.
The first licensed Bitcoin casino arrived on the market in 2014, and it was called Bitcasino.io. Not long after, though, governments around the world have warned their residents about Bitcoin casinos and gambling that used cryptocurrencies to fund online accounts.
In the years since, governments have relaxed their warnings against Bitcoin casinos and cryptocurrencies in general, as they have become more well-known and accepted around the world.
The first step to playing at a Bitcoin casino is to open a Bitcoin wallet. Also known as an e-wallet, this is the online account where you will be able to purchase, exchange and store your cryptocurrency. Without this e-wallet, you will be unable to conduct any transactions using Bitcoins.
The next step is to find an online casino that accepts players from your region or a local regulated online casino that accepts Bitcoins as a form of payment. Once you do that, making a deposit using Bitcoins is simple.
Navigate to the site's cashier page, and click on make a deposit. Then, you'll be asked to connect your e-wallet account to the online casino so that you can make the exchange of the Bitcoins to fund your account. Most transactions using Bitcoins take effect instantly, although some may take up to an hour to take effect.
Similarly, making a withdrawal from a Bitcoin Casino USA is very simple. Once you've logged into your online casino account and navigated to the cashier page, you'll want to select withdrawals or cash-outs. You'll simply need to enter in the amount of your desired withdrawal, and the online casino will send the money to your e-wallet.
Pros and cons of using bitcoins
There are a few positives and negatives to using cryptocurrencies to fund your online casino account.
The pros include:
- It ensures privacy for both you and the casino owner. You will not exchange any personal or financial information.
- It may allow people from the USA to play at an offshore online casino, or to fund a local online casino account if their financial institution blocks the transaction.
- Both deposits and withdrawals are usually instant. There is no waiting period.
Some of the cons include:
- Bitcoin casinos are not required to hold any licenses from local regulatory authorities. This makes them a potential risk to players.
- There aren't a lot of Bitcoin-only casinos or other legal casinos that accept Bitcoins as payments.
- Bitcoin is very volatile. It can increase and decrease in value dramatically in a short period of time.
Bitcoin exchanges and wallets in the US
Despite the government in the USA not being too keen on Bitcoins and other cryptocurrencies, there are still exchanges and e-wallets that are available legally to people in the United States. Some of these include:
BGO Casinos USA - FAQ
Q: Are cryptocurrency casinos available to everyone in the USA?
A: No. While Bitcoins will provide complete privacy for those who use them, a person's internet service provider in the USA may still block offshore online casino sites.
Q: Are Bitcoin casinos popular in the USA?
A: No. With gambling regulations loosening in the country, Bitcoin casinos aren't very popular because there are often plenty of other local options for players.
Q: Do online casinos based in the US accept cryptocurrencies?
A: There are not many casinos based in the US that accept Bitcoins as payment.
Q: Why are Bitcoins not as popular in the USA?
A: The United States government doesn't love Bitcoins and other cryptocurrencies because they are a way around local tax laws. That's why the country is passing rules to allow legal online gambling.
Q: Are Bitcoins legal in the US?
A: Yes. There is nothing illegal about opening an e-wallet in the USA or purchasing and exchanging Bitcoins for goods and services online.