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Bitcoin casino – is it safe?

A new casino trend has won the forward line, where many users demand Bitcoin casino where they can play with the popular digital currency without having to give up their identity. ” Questionable " says casino expert Hans Evers Jensen, who has spoken to the editor of free money games.

Bitcoin casinos shoot up like mushrooms.

It was in circa 2011 that the digital currency Bitcoin really became what everybody was talking about, and more and more people started buying. Many saw the opportunities in the form of payment with the mysterious origin, especially criminals, who in Bitcoin discovered a digital currency, that could not be traced back to them.

It led to a boom of the so-called dark web, where illegal effects, to be sold and acquired through the use of Bitcoin, with minimal risk for both the buyer and seller to be discovered.

But others quickly began to have more constructive thoughts on the currency, which is based on an unbreakable computer code, so to speak, is self-propelled. It makesbitcoin regulates itself, and it's not dependent on banks like most other currency forms.

”It is Bitcoins the independence of the big banks, which has led many investors to see the potential in the form of payment,” says Hans Evers Jensen, who has been involved in the financial side of the casino industry for several decades. "Here, all of a sudden, you have a currency which, as a starting point, suits itself and where you can therefore avoid paying fees to the banks.”

"Here, all of a sudden, you have a currency which, as a starting point, suits itself and where you can therefore avoid paying fees to the banks.”

Nowadays Bitcoin is a booming industry and many companies are exclusively engaged in” mining " Bitcoins and, moreover, in offering services for the exchange of Bitcoins. More recently, Bitcoin ATMs have also come to Denmark.

Multiple Bitcoin casinos

Hans Evers Jensen showed us around one of the largest online casinos using Bitcoins exclusively for payment.

”As you can see, it works just like a regular online casino. You make a user, log in, and then you can play video games and other casino games like online roulette. It is also possible for new users to get a free-spin casino bonus. The only immediate difference is that only Bitcoin is accepted here.”

These, however, are not all casinos where Bitcoin is accepted. Several of the casinos are what you call hybrids, in that they both take Bitcoin and more common currency.

"There are several different models – however, the most sought-after are online casinos using Bitcoin only."notes Hans Evers Jensen. And he explains that for a good reason.

Bitcoin is used by ”shady” players

In particular, there is one feature that makes Bitcoin casino in demand, explains casino expert Evers Jensen. It's that they rarely require their players to verify their identity.

"Bitcoin is totally untraceable, which is why it's possible, as a starting point, to use Bitcoin casino without disclosing its identity.”

"Bitcoin is totally untraceable, which is why it's possible, as a starting point, to use Bitcoin casino without disclosing its identity.”

The reasons why a player does not want to disclose his identity can be many, Evers Jensen explains. It can be, for example, that you are excluded from gambling at the more established online casinos, or that you are below the age of minimum for online gambling. Another important reason may be that you are playing for money that has not been legally acquired.

It is no secret that casinos – both online and in reality – have been used by criminal gangs for money laundering. But as this has become more difficult, Bitcoin seems a better alternative.

”Bitcoin is increasingly used by criminals, as it is an easy and safe way to store black money. Money laundering through Bitcoins is obviously something that goes on – and Bitcoin casinos are most likely to be used for this purpose too to some extent.”

With bitcoin, you can escape fees

However, there are also perfectly legal players who prefer Bitcoin casinos to other casinos. One of the main reasons is thatmany Bitcoin casinos are free from entry andpayment fees. ”In fact, it can be a huge amount of money – for some credit cards, as much as 10% of your gains are lost in fees,” our casino expert says.

It goes without saying that the prospect of not having to pay fees attracts many high rollers. However, ourexpertisesaskedfor vigilance vis-à-vis Bitcoin casino.

The expert warns that Bitcoin casinos are unsafe

Although there are some advantages to Bitcoin casino, our expert warns against getting carried away by the mood. ”In my estimation, the disadvantages far outweigh the benefits of using the Bitcoin casinos, at least as things stand."notes Evers Jensen.

He points out in particular that if you play without a verified identity, you are in the hands of the casino. In this way, you cannot legally link your gain to yourself.

In addition, several of the online unlicensed casinos operate, so you are not sure what product you are getting and whether it is really a fair game.

”Bitcoin currency is not the problem. As a starting point, it is perfectly safe. However, the markets for the casinos that regulate with Bitcoin are very poorly regulated, and this is a cause for concern.”

He finishes with a final point that should make the Danish players think twice before jumping on the Bitcoin wave. The problem of gambling and tax:

"Pt ” there is no Bitcoin casino licensed by the Danish Gaming Authority. If a casino is not licensed, you as a Danish player must pay tax on your winnings, whether you use Bitcoin or any other currency. So the benefits of fee freedom quickly eat themselves – at least as the market is right now.”

"Pt ” there is no Bitcoin casino licensed by the Danish Gaming Authority. If a casino is not licensed, you as a Danish player must pay tax on your winnings, whether you use Bitcoin or any other currency. So the benefits of fee freedom quickly eat themselves – at least as the market is right now.”

Bitcoin casino

Security is the Alpha and omega when it comes to online casino, which is why you might want to wait a little longer to get on the Bitcoin wave. We suggest instead that you play at a true Danish casino where you're sure the games are fair and security is in order.

Right now, you can get a fat 100% casino bonus at the Royal Casino. It's supposed to be at least as attractive as the benefits of Bitcoin casino, and then your game is safe.

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