A lot of people still do not believe that cryptocurrencies can be used in the gambling industry. Until now, online casinos were only accepting the traditional methods of depositing and withdrawing money. There are more than 20,000 cryptocurrencies in existence
and nowadays, you can use Bitcoin (BTC) or Ether (ETH) or any other cryptocurrency to fund your account at any reputable casino. This is a great opportunity for most gamblers to improve their results because they no longer need to wait until their bank processes the transaction. However, are all these casinos trustworthy?
This question has been on many people’s lips ever since the rise of crypto casinos in the online gambling atmosphere. Due to the somewhat negative connotations that can surround cryptocurrency from time-to-time people will also carry over these thoughts to casinos which accept Crypto.
Why do casinos accept cryptocurrency payments?
Online casinos have started accepting cryptocurrencies as a form of deposit for many reasons. They are safer for the customer as they can use a new wallet each time meaning details cannot be stolen and then sold and reused later due to the complex nature of cryptocurrency. They can often be faster than old-fashioned methods of deposits such as wire transfers and cheque payments. Also, as there are a wide variety of cryptocurrencies this has opened the door to many people being able to deposit and play online.
Do I pay tax if I make money on crypto I receive from casinos?
Due to Crypto investments being classed as income, this is an intelligent question. If you were to make money on the crypto you receive from an online casino you would not need to pay tax on it. This is a common preconception that people have when they are contemplating using cryptocurrencies for their online gambling needs.
So, what’s the final verdict?
Our verdict is that Crypto casinos are in fact very safe if they have the correct and proper licenses issued from the correct governing bodies. So, look around our Bitcoin casinos, read our reviews and start playing!
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