Gambling with cryptocurrency is a new trend that changes the way we see gambling. Online gambling casinos give an opportunity to play with a variety of crypto tokens and cash out wins to online crypto wallets. While in the US, certain states are rather unfriendly to gambling and bitcoins, almost all European countries are permissive in this regard. The number of leading IT and technology companies have already developed platforms and online tools to facilitate the token transactions. Their creators hope that easy and fast transactions and more cash out and exchange opportunities will drive all people from fiat into cryptocurrency gambling. For Europe, it can become a serious step forward in acquiring cryptocurrency as online payment method and a stable mean of exchange.
A lump sum of all bitcoin transactions are in one or another way related to gambling. According to some sources, in 2013 as much as 50% of online gambling transactions were executed with the use of bitcoin. In regards to legality of gambling with bitcoin transactions combined, there is no consensus so far. At the same time, the popularity of bitcoin as a cash out method is understandable. It provides players with anonymity they need, or they would rather have than not. It allows to easily cash out and move fund from one wallet to another, convert in into fiat currency, or leave it as it is.
The majority of European countries are bitcoin-friendly, meaning there are no strict regulations as to bitcoin transactions. On the contrary, many regular and online casinos try to attract more players by allowing bitcoin gambling. Online gambling with bitcoins differs from traditional casino games, as they are usually portrayed in gambling movies. One can play at enormously high stakes, win and lose fortunes without an audiences cheering behind. However, there are still some restrictions on the way:
- Governments of some European countries such as Slovakia, Czech Republic, and Poland implement policies to legally monitor and control online bitcoin transactions of their citizens.
- Many unauthorized gambling websites have been banned under these regulations.
- It becomes less easy to transfer bitcoin money to gambling websites and cash it out without governments keeping track of them.
- Bitcoin transactions are still of ambiguous legal status in different European countries but this can change any time, and, maybe, not in favor of bitcoin gamblers.
Relying on bitcoin can be quite risky, considering the above-mentioned circumstances. Nevertheless, for now, bitcoin gambling is on the peak of gambling fashion. It is safe, convenient, and opens new opportunities to players. Many online casinos allow to cash out huge sums of money with bitcoins in a single transaction. Therefore, gambling with cryptocurrency is only gaining popularity in Europe, while potential regulations are only halfway. Gambling with bitcoin or other cryptocurrency online is easy as never before. It does not only give you good cash out and conversion possibilities but almost instant win-takes.