Crypto Casino is on the rise but not in Malaysia. Why? Since 2012, Bitcoin, arguably the most popular form of cryptocurrency, has been gaining attention from online gamblers.
One of the reasons why online casinos have become more popular than traditional casinos is because of its convenience, especially with payment methods. In online casinos in Malaysia, online gamblers can easily make a deposit using credit card or debit card.
Now, many online casinos are accepting cryptocurrency as a form of payment. These online casinos are now called “crypto casinos” or bitcoin casinos.
What is a Crypto Casino or Bitcoin Casino
Crypto Casino – any online casino or sports betting site that accepts cryptocurrency as payment method
Bitcoin Casino – a crypto casino that accepts Bitcoin, a form of cryptocurrency.
In recent years, a lot of crypto casino have emerged to offer all kinds of casino games from online slot games, table games and Live Casino games. There’s also Sports Betting and even online lotteries. These crypto casino offer players specific gambling services especially for Bitcoin-users.
Understanding Cryptocurrency and Bitcoin
Basically, cryptocurrency is an internet-based medium of exchange that uses cryptography to make financial transactions.
Cryptocurrency’s main feature is that it doesn’t need any 3rd party/authority to control it. In short, banks or government can monopolize or use it for their own agenda. It’s a “decentralized” form of currency.
How Cryptocurrency and BitCoin Works
- Basically, when you’re spending money digitally there becomes a frequent problem called “double-spending”
- This is what happens when no one records the transaction being made and the spender’s balance after
- With a “decentralized network”, no one is tasked to do this, so you need everyone to keep track of all the transactions being made.
- You need everyone inside the network to have a list with all transactions made so that they can confirm if any transactions in the future will still be valid.
(I have a record that you have RM10.00 and bought a candy with RM5.00. Your balance is now RM5.00)
- The Problem: how to make everyone agree about the record? Usually, the central authority is the point person that keeps the absolute record.
(You said you bought a candy for RM5.00 but what if you only paid for RM4.00? Who gets to solve this dispute?)
- The Solution: CRYPTOCURRENCY! In Bitcoin, there’s a network of peers. Every person has a record of all the transactions and also the balance of everyone’s account. When I make a transaction using Bitcoin, it’s basically just a file that says “Person A gives 10 Bitcoin to Person B”. It will then be signed by Person A’s private key.
- After Person A signs it, the transaction will be “broadcasted” into the network, sent into everyone else’s record of transactions.
- After a few minutes, the transaction will be confirmed to be valid.
- Once it’s confirmed, it will become part of the “blockchain”, an immutable (unchangeable) record of all the transactions.
How to Play Using Crypto Casino or Bitcoin Casino?
The process of playing in a crypto casino is almost the same as a regular online casino. There are just slight differences that accommodate the user’s chosen payment method which is cryptocurrency or bitcoin.
- Player will Register at Crypto Casino of their choice
- Crypto Casino provides new player with an in-house wallet.
Players will use this in-house wallet to hold and transfer their Bitcoins.
- Player can now start betting!
- If Player wins, their profits go into their in-house
- Player can transfer their winnings into their own private wallet
Note: Crypto Casinos, like online casinos, also have a withdrawal limit so that players won’t cash out all at once. This helps protect the casinos from possible bonus abuse from bonus hunters.
What are the advantages of playing in Bitcoin Casinos?
Protects User’s Privacy
When using Bitcoins, you don’t need to present any IDs or personal information. All your transactions and even the accounts you use to make those transactions are not connected to your real life identity.
And since it’s decentralized, no bank or government can see any of your financial transactions, not what you spend on or how much.
Safer and More Secure
Currently, nothing can hack or decrypt cryptocurrency’s blockchain technology. So no one can steal your Bitcoins from you. Your crypto money is also locked in a public key cryptography system that only the owner of a private key can access. As long as you don’t share your private key or voluntarily send money to anyone, your money is safe with you.
Fast and Global
Transactions are instant, and so is your deposit in the cryptocurrency of your choice. Because it’s online, it doesn’t matter where you are or which country you are in. Your transactions will be confirmed instantly.
No need to Ask for Permission
You don’t need a bank’s permission to deposit this much amount of Bitcoin into your crypto casino in-house wallet. Anyone can use cryptocurrency too. You don’t need to submit papers to have your account approved or disapproved.
Is online gambling with Bitcoin legal?
Like online casinos, gambling with Bitcoin or any type of cryptocurrency is in a legal gray area. You can’t say for sure if online gambling with or without bitcoin is legal because there are currently no laws for or against cryptocurrency.
Is online gambling with cryptocurrency safe?
Many industries are still afraid to accept cryptocurrency or Bitcoin in general. The online gambling industry is one of the few that have started to accept cryptocurrency. That’s because it’s a relatively young form of “money” or currency.
They don’t even really know if the person who claims to have created Bitcoin is actually a real person at all.
The Dangers of Crypto Casino
Yes, cryptocurrency is almost fool-proof when it comes to security. But what about the people who willingly give their information and Bitcoins to scammers?
Recently, a crypto casino called DooTron mysteriously disappeared, leaving its players and investors with basically worthless tokens. These “tokens” are what the players get whenever they make bets, so the more they bet, the more tokens they’ll have.
Originally, the tokens could be sold or kept–if they’re kept, players can get dividends from the casino’s profit pool.
They also say that online gambling with cryptocurrency is more risky than profitable. So, if you want to win real money by online gambling through slot games, table games and live casino.
Disadvantages of Online Gambling with Cryptocurrency
1. Crypto Casinos aren’t Trusted Online Casinos
Most crypto casinos aren’t regulated by major gambling authorities. The use of cryptocurrency is also in a gray area, so in the event of a dispute, there will be no one to help the players. Such as with the case of DooTron, no one will be legally obligated to investigate this issue.
2. Market Volatility
Cryptocurrency values go up and down real fast. It’s a highly volatile market, and if you’re going to use it for gambling your winnings might not matter if their value will reduce because of the nature of cryptocurrency.
3. Transactions are Irreversible
The point of cryptocurrency is that there’s no central authority to monitor or control your digital money. But this can also lead to irreparable damage when a mistake is done by either of two parties, the player or the crypto casino.
If you really want to win real money by online gambling, then stick with trusted online casinos in Malaysia like EMPIRE777 Casino.
- You can win real money and keep your winnings (their real value intact)
- They’re regulated and secured with encryption technology so you don’t have to worry about exposing your personal information
- You can also make instant deposits and withdrawal using flexible payment methods (credit card, debit card, e-wallet and more).