Bitcoin casinos are digital currency and a new trend in casino industry where you can make a deposit and even withdraw with Bitcoins. Most of the online casinos have now Bitcoins on their list of banking options making it easier for Singapore players to enjoy real money slot machines. Players like to use this new payment mode because it’s instant, secure and anonymous. This means you do not have to spend too much time fiddling with your bank accounts, or worrying for safety of your online transactions or for your privacy. It’s simple, quick and reliable.
What are Bitcoins?
Bitcoin is simply a decentralized crypto currency known as digital tokens in Singapore. It is coined decentralized owning to the fact that it is not controlled by any financial institution, government or even backed by any bank. This purely digital currency thus have no notes or coins that can be used exclusively in online transactions. In this monetary system encryption is used to secure transactions and keep your transactions anonymous.
Is it legal for Singapore players to use Bitcoins at online casinos?
As there is no clear laws for Singaporeans concerning betting at casinos, which allowed players to indulge in the latest forms of betting at offshore casinos and this has proved to be an ideal setup for bettors who prefer to wager bitcoins on games.
Singapore is accepting of Bitcoin and recognizes it as a good or asset, which subjects transactions to taxes. It even monitors Bitcoin and other cryptocurrency exchanges as well as ATMs operating in the country. The Remote Gambling Act was updated in October 2014 and covers all online gambling sites, but for Bitcoin it accepts as a form of payment, given that it is merely good and not a currency.
In January 2014, the Inland Revenue Authority of Singapore issued a series of tax guidelines according to which Bitcoin transactions may be treated as a barter exchange if it is used as a payment method for real goods and services. Businesses that deal with Bitcoin currency exchanges will be taxed based on their Bitcoin sales.
The Monetary Authority of Singapore monitors the activity and the use of BTC (Bitcoins) but does not regulate it. In Singapore about 20 Singapore retailers like restaurants and online shops currently accept Bitcoins. Japan has the highest users. Likewise, in the Singapore financial industry, use of virtual currencies as a mode of payment is not significant but trading is generally for speculative investment purposes, and the volume is low compared to other countries such as US, Japan and Hong Kong.
This shows that if you are playing at offshore casinos with Bitcoins there is no harm in it. While the majority of the Asian markets have existing gambling laws, policies that regulate Bitcoin are yet to be drafted. This serves both as a blessing in disguise and hurdle since a concrete structure that delimits the use of Bitcoin is still not in place.
However, this may soon change as Bitcoin regulations like in Canada and New York may influence how Singapore, China, and the rest of the Asian countries may behave toward Bitcoin. What will result from this, therefore, will dictate the future of Bitcoin gambling in Asia.
Where to get Bitcoins from and how to store them?
To play at Bitcoin casinos you obviously need Bitcoins and the easiest way to get them is through a bitcoin exchange. So how that works is:
- Create a wallet at the bitcoin exchange: All you need is a verifiable email address to get started.
- Once you’ve selected and signed up for an exchange, you can begin buying or transferring money to your exchange bank account.
- Once money is deposited, you can choose to ‘Buy’ or ‘Trade’ the bitcoins,. The pricing will always vary depending on supply and demand.
- Once the bitcoins are purchased, you can transfer your bitcoins from the bitcoin exchange to your wallets.
There are different methods through which you can purchase bitcoin. Also, there are many currencies you can use to buy bitcoin from different exchanges. After buying bitcoins you will be allowed to use them anywhere you want and enjoy anonymity and safety. Another thing is that you can exchange your bitcoin into fiat currency through any of your selected bitcoin exchanges online.
Though Bitcoin is not legitimately used in Singapore but you can buy it from traders for a marked-up price. Also there are three bitcoin ATM at Clarke Quay Central Mall, Tiong Bahru Plaza and in Bitcoin Exchange Singapore office but these hasn’t really caught on as there are less users of BTC (Bitcoins) because it takes time to build trust on any new currency.
Playing casino games with Bitcoins
Whether they are slots, table games or live dealer games at Bitcoins casinos, they can be played with Bitcoins without any effort. Like you generally play casino games at Singapore friendly online casinos in same way you play with Bitcoins. All you need to get to Bitcoin casinos or casinos that have BTC as currency of deposit listed in their banking page. When playing real money slots simply choose BTC as your mode of payment at Bitcoin casinos. The Bitcoin casinos will convert your bitcoin into their base currency that is SGD and the exchange rate will be boldly displayed in the bank interface on the site.
Although you can’t use a bank account, credit card or cheque, avoiding the conventional banking system means transactions are faster. Using conventional currency, cashouts can take days, and cheque deposits up to a week. Bitcoin transactions are usually complete within minutes. Bitcoin casinos have no transaction costs. All transfers are peer-to-peer, so there are no middlemen to pay. Multi-currency casinos often make charges to deposit or withdraw using a credit card, and the providers themselves may have fees. The same can be true for e-Wallets and banks.
Finding the best Bitcoin casino
Before signing up at Bitcoin casinos you should check the following:
- Bitcoin casinos should be licensed and regulated by authentic gambling commission.
- The casino should have a provably fair system, and/or uses games from reputable traditional casinos. A provably fair system uses cryptographic techniques to determine the authenticity of a roll and ensure that neither the game, nor the player knows the outcome of a roll prior to the bet.
- Bitcoin casinos should offer great promotional offers and BTC bonuses.
- The game play and interface should be user-friendly and can be played with various devices like mobile and tablet.
Playing at Bitcoin casinos gives much joy as you can make can deposit and withdraw anonymously without the need for any third parties or middle men. Also you can play with high or low credit according to your budget in a fast deposit and withdrawal environment. Moreover, when making cashouts, there is no need for any ID proof and with loads of BTC bonuses at Bitcoin casinos greater chance to make some wins when playing casino games. With 24.7 help support Bitcoin casinos are now much on demand.
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