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As virtual currency casino games become more popular, you might be wondering if they have any inherent benefit. After all, currency is currency, right? Why does it matter if it’s real or virtual? If that’s your frame of mind, keep reading this post. We’ll show you exactly how your gambling experience can differ depending on the type of currency you use.
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Real Money or Virtual Money
In this guide, when we refer to real money, we are talking about fiat currency. For instance, USD, EUR, GBP, and so on. Virtual money, or cryptocurrency, can be purchased with fiat currency. Some examples include Bitcoin, Ethereum, and Litecoin.
Legality
There are many areas of the world where you simply cannot gamble online using real money. Some countries have very strict laws regarding this, and you could find yourself facing a hefty fine or even jail time if you break them.
So, how does virtual currency factor in? Well, in many cases, using it allows you to bypass such strict laws. Ultimately, it will depend on the country or state in which you reside, but it is entirely possible that you can gamble with virtual currency, even if gambling with real money is outlawed.
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With legality comes an added level of convenience. No matter where you live in the world, you can access Bitcoin. This means that you can essentially gamble from anywhere. This, combined with the prevalence of online casinos, means that you can enjoy gambling from your home and while traveling.
Privacy
When you use real money to gamble in an online casino, you run the risk of a loss of privacy, especially if you use a credit card, debit card, or bank transfer to deposit and withdraw funds. On the other hand, cryptocurrency transactions are completely anonymous. You don’t have to worry about explaining your casino transactions to your bank. Some banks will actually refuse to process legal gambling transactions. If you find yourself in this scenario, using virtual currency would be an ideal solution for you.
Value
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The value of Bitcoin and other virtual currencies have changed risen over time. This means that gamblers can choose to hold off on withdrawing and exchanging their cryptocurrency for fiat currency until they are satisfied with the current exchange rate.
This can also be applied to winning the jackpot in Bitcoin slot games. For instance, one lucky gambler won 11,000 BTC in 2013. At the time, that sum was worth approximately $11 million. However, the player decided to hold off on exchanging their winnings for fiat currency until 2017, at which point it was worth an incredible $217 million!
Availability
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While some online casinos have transitioned to allowing cryptocurrency deposits and withdrawals, many are still behind the curve. If you would like to get started playing for virtual currency, be sure to read the casino’s Terms & Conditions page to see if they actually accept cryptocurrencies.
Also, even if a casino accepts crypto, you might not be able to play every single game. So, in order to get the most variety of games, you would have to play for fiat currency.
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Taxation
Depending on your country of residence, your cryptocurrency winnings might not be taxed. However, as crypto transactions and exchanges become more common, some governments are pushing for taxation. For instance, in the US, crypto is considered to be property rather than money, so it is subject to being taxed. In order to stay on the right side of the law, you should look up how your country classifies cryptocurrency and whether you need to report your earnings.
Where Can You Play?
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Whether you want to gamble for real money or for virtual currency, you can do so at CasinoChan. We have a huge library of casino games, and you can even access a section that is solely for crypto BTC (and other cryptocurrencies) games. With new games released on a regular basis, you will always have access to fresh content. So, what are you waiting for? Come try your hand at winning it big at CasinoChan today!