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http://www.ubbetting.com/DGS/wager/bridge2.aspx?to=casinohttp://ubbetting.com/images/table2.jpgWhat is a bitcoin?Being considered just a virtual-world currency and not being legally recognized as a real money currency by any state in the world, gives a lot of freedom to the usage of BitCoin and it can prove to be its biggest advantage.
Using it as a currency for your casino and accepting deposits only in BitCoins can mean that your gaming website can run without requiring a casino license (a casino license costs minimum 25,000$), since you will not be undergoing any gambling activities. In other words, you will never transaction any real money or goods if you are using BitCoin as your casino currency. The law governing gambling involves banks, cash and credit card processors. Bitcoin does not use any of those things. It also does not meet the definition of currency in any of the current laws. Same with linden dollars or gold in world of warcraft, or any other thing that has value, that's not currency.
Using BitCoins within your casino website would be like allowing people to deposit “WoW” Gold or “Second Life” Linden dollars into your casino and gamble them, which is perfectly legal. Just that BitCoin is used for more serious things. The value of BitCoins is also not regulated by any authority or by any bank. The entire network influences the price of BitCoin, as long as people are still transactioning it. So far its value fluctuated over the price of 1,000$ (see chart with the market price in USD).
Another advantage of using BitCoins, for both casino owners and players would be the extreme privacy that BitCoin gives. Since this is an untraceable currency, there’s no way for other people to know where the payment comes from. Therefore, third parties can’t access your personal and financial information. Also no credit card chargebacks or refunds are going to be any of your concerns. BitCoin transactions are unrefundable and are not the subject of any chargebacks.With BitCoin casinos, the privacy of your players is fully ensured. That is the reason why many people might prefer to exchange their money to BitCoins and play at a BitCoin casino.
Lastly, one of the most attractive benefits you can get from having a Bitcoin casino is the incredibly short waiting time for account deposits and withdrawals. The account deposits can be automated so that when a player sends money to the BitCoin address of your casino, his account will instantly be given the amount equal to the value of BitCoins sent, without you having to do anything. Withdrawals can also be automated, after approval, meaning that for each withdrawal request, you will see a pending status in the administrator panel that will require you to verify it (optional) and then click the COMPLETE button. The moment you do that, the funds will be sent to the crypto address provided by the user.
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