Bitcoins and Online Gambling 101

image via Flickr by byckeychain

New to bitcoin sportsbooks and other ways to gamble with your eCurrency? With the rise of Bitcoin digital currency, there’s been a surge of businesses eager to cash in on those who’ve invested and scored with this new form of money earning. If you’re one of these investors and you want to let your earnings ride, you might be interested in bitcoin sportsbooks, online casinos, poker sites, sports betting sites, and other options for trading and gaming with your bitcoins.

What Are Bitcoins?

Bitcoins are a type of digital currency. They’re about a decade old now, but if you heard of them back in 2009, you were probably pretty skeptical. Though they’re now used worldwide as a payment system, most people are confused as to exactly what “cryptocurrency” is and whether bitcoins are safe and legal to use.

You can receive bitcoins by accepting them as payment for goods and services. You can also use a bitcoin exchange to convert your cash to bitcoins. You can spend your bitcoins with any business that accepts them.

Where Can You Spend Bitcoins — And Can You Gamble With Them?

Bitcoins aren’t the financial oddity that they were just a few short years ago. Today, you can find thousands of businesses that will welcome you and your digital currency with open arms.

Though most governments have yet to recognize bitcoin as a legitimate currency, there are some restrictions on both online and mobile gaming. For example, if gambling with fiat money isn’t allowed where you live, you can’t gamble with bitcoins. If you pass this requirement and are interested in this activity, you can use your bitcoins across a variety of gambling sites.

What Type of Online Gaming Can You Do With Bitcoins?

Online sportsbooks are one of the most popular options for gambling with bitcoins. These sites typically offer fixed odds, and if you bet and win against the bookmaker’s odds, you can add to your electronic pile of virtual currency. But this is only one choice. Depending on the site you visit, you may spend bitcoins on standard casino games, such as poker, slot machines and craps.

Are There Risks to Gambling With Bitcoins?

Yes. Like any other type of gaming, you need to be as careful about spending bitcoins as you are about using your credit card. But this is especially the case with bitcoins because they’re a new type of currency and governments are still creating laws regarding their use.

Indeed, regulations haven’t kept pace with the rise of bitcoins, and there are many illegitimate sites that you need avoid. Regardless of which sites seem legitimate, you should screen all casinos carefully before signing up. Some may be a total con, and others may have strict rules that you must meet before receiving a payout. User reviews and official reviews should form the
cornerstone of your research.

Though you need to take some precautions, you can safely gamble in certain locations worldwide. Remember to do your due diligence and to check the laws in your area before attempting to gamble with bitcoins online.