Online gambling with cryptocurrencies - possible only in casinos without restrictions?

Online gambling is in vogue right now in Germany - just like cryptocurrencies like bitcoin, litecoin and others. Whether you're betting on the gaming tables or speculating on cryptocurrency exchanges, the thrill and dream of making a quick buck beckons you here.
No wonder more and more casinos are accepting cryptocurrency payments. Currently, you can only play with cryptocurrency at one casino without a license. Why is this the case? Let's take a look at the facts.

How do cryptocurrencies work at online casinos?

Cryptocurrencies have evolved rapidly not only in terms of rates. A lot has also happened in terms of usability. Until recently, bitcoin was primarily for people interested in technology, but today it's completely easy to open a coin purse and buy bitcoins.

Anyone who deals with gambling knows that casinos have always adapted new technology for their own purposes. For example, the first online casino opened its doors in 1994, when the Internet was still in its infancy. The first crypto online casino is now several years old.

The Malta Gambling Authority (MGA), among others, played a key role in the spread of cryptocurrencies to online casinos. This gambling regulator is responsible for hundreds of different casinos and officially allowed its licensees to use bitcoins and other select cryptocurrencies in 2018.
Since then, you can make deposits and even play with cryptocurrency at many casinos like this one https://bitcoincasinoz.net/bnb-casino/ with an MGA license. This payment method has a number of advantages, such as security and anonymity. The latter, in particular, is also the reason why you won't be able to pay with bitcoins and company at the new German online casinos.

What can we expect from cryptocurrency at German online casinos?

Germany's new State Gambling Treaty provides for the first time real German licenses for online casinos. What sounds like good news for players quickly turns out to be a disadvantage in many ways.

For example, there will be a very limited selection of slot and video slot games. Table games, jackpot games or live casino games are useless for those who are into gaming. In addition, only a few payment methods will be allowed - cryptocurrencies are certainly not one of them. There is one main reason for this: the Gambling Act sets an upper limit of a maximum of 1,000 euros that German players can spend on online gambling per month. In order to be able to keep track of this limit, a central registration office will be established, where all online casino deposits must be registered, among other things.

Cryptocurrencies, such as bitcoin, are very difficult to control. It is this anonymity that cannot be combined with routine monitoring of players. This leaves German players with a choice: play in a German casino and accept government surveillance or go to a casino without a license.

How do unlimited casinos treat cryptocurrencies?

An unlimited casino provider is much more free to decide what payment options they want to offer. Therefore, cryptocurrencies are increasingly being accepted to make it even easier and more convenient for players to deposit. Depending on the provider, the deposit is either converted to euros or dollars, or you can play for bitcoins directly in the casino.

Of course, you will never remain anonymous at these online casinos, even with cryptocurrency, as operators still have to identify players. This is because of the strict money laundering regulations that these providers have to comply with. At least the operator always knows who is playing with him now. Nevertheless, cryptocurrencies offer a high level of security. Payouts, for example, are only possible back to your wallet. This makes theft or fraud much more difficult.

In addition to anonymity, Bitcoin and company also have some advantages over online casinos. You can use them for quick and relatively cheap deposits of both small and particularly large amounts. They also allow you to directly pay out winnings to your own coin purse. What happens to that credit afterwards is, of course, up to you.

How useful is anonymity when gambling online?

Of course, there are already some exclusive crypto-casinos where you can play completely anonymously. However, these providers are usually not licensed anywhere. This is problematic because a person has no way to assert their rights in case of a dispute. If you end up with a fraudulent provider, it is almost impossible to prove that you were cheated out of money - after all, the deposit was made anonymously. In addition, in these cases, there is no higher complaints service to which you can appeal.

Therefore, it is recommended to give up some of the anonymity and independence in favor of greater security. Of course, the German casinos here are the exact opposite, in them you are safe, but you are watched by the state at every turn.

On the other hand, a casino without a German license is a reasonable middle ground. It offers the opportunity to play casinos without restrictions, as you like. At the same time, there are many reputable online casinos that are monitored by reputable regulators and thus guarantee a reasonable level of security. Although you do not remain completely anonymous, no one but the operator will know who played with what money.

Withdrawal

Ultimately, of course, everyone decides for themselves where they want to play. Nevertheless, unlicensed casinos in Germany represent a reasonable middle ground between security and independence.You can make deposits in cryptocurrency and still enjoy good protection from fraud and unscrupulous practices. In addition, there is a much better assortment of games here than in German