The idea of a bitcoin casino is pretty simple; you can play for real money or you can gamble with virtual money. The catch is that you can’t deposit real money into the casino, because the system is not regulated and it’s almost impossible to know who your real money is being deposited with. What can happen is that you may be deposited with a money laundering operation or a criminal organization.
Many governments are clamping down on currency exchange and most people are starting to get worried about their money in the fiat currencies they hold. Now, Bitcoin casino play is a very interesting innovation because it’s possible to convert your real money into bitcoins. However, there are many concerns that come with this new concept. I’ll talk to you about that in a moment.
The real money poker game is not the same as you’ve probably played before. With a regular table you win when you place your bets and your opponent wins when you fold. In the case of Bitcoin casino, the rules are different.
Let’s first take a look at what it means to win in this system. In poker, if you win by folding you have to pay out your entire winnings. If you lose, you forfeit your whole pot.
However, in the case of a Bitcoin casino, you can’t just fold and take your money with you. You lose your money and your opponent wins. The bottom line is that, because there is no centralized government controlled gambling sector, there is no legal way to make sure that you actually win in the case of this poker like game.
You can win a lot of money in this game, but it’s also important to realize that you’re going to lose a lot of money as well. Most people don’t even understand the risks they are taking in the case of Bitcoin casino play. So, you have to be careful.
The next step would be to understand that not only do you need to be cautious with this poker games, but you also need to be alert to the risks involved. There are no real casinos that have taken the decision to hold a business to “accountability” yet. We still don’t know how they will treat players that place bets without actually paying out their bets.
This is the risk that comes with the game. They are paying no taxes or fines. This may turn out to be the future of the poker game world, but we’ll have to wait and see.