Here you can find the answers to all the questions you may have about Bitcoins or any other cryptocurrency. For more detailed information regarding cryptocurrencies, we suggest you take a look at some of our other sections, where we have written a great deal of information on this subject. If you do not find the answer to your question, then feel free to contact us with it.
- What is a Bitcoin?
- What is a AltCoin?
- Is It Legal?
- Is It Safe?
- Where Can I Play?
- Does Sites Need My Personal Documents?
- Are Cryptocurrency Sites Regulated?
- Are There Any Restrictions?
- Can US Players Use Cryptocurrencies?
- Does Any Site Offer Bonuses?
- How Long Does a Deposit Take?
- How Long Does a Withdrawal Take?
- Are There Any Fees With Cryptocurrencies?
- Is It Possible to Buy Less Than 1 Coin?
- Where Can I Buy Bitcoins?
What is a Bitcoin?
Bitcoin is the world's largest cryptocurrency and the father of all the different virtual currencies that you can find today. It was created in 2008 and has since then grown to the size it is today, being something that the mainstream public also knows about. Its popularity comes from the fact that it is not regulated by any sort of bank, but controlled by the people and its sophisticated coding, ensuring that there will only a certain amount of Bitcoins in circulation ever and that no more can be created.
What is a AltCoin?
An AltCoin is basically an Alternative Coin, which are all the other cryptocurrencies than the Bitcoin. This term covers over the more than 70 other cryptocurrencies that currently exist in circulation, all fighting to become the next Bitcoin. Just like with the Bitcoin, AltCoins are not regulated by any bank, but instead by the market.
Is It Legal?
Owning and gambling with cryptocurrencies is completely legal in most countries, however there are a few countries around the world who has prohibited their citizens to own different coins. If you are not from India or China, then you will not need to worry about any legal issues from owning the cryptocurrencies, as the rest of the world has accepted them and started to work with the virtual currency and not against it.
Is It Safe?
Just like most other things online, cryptocurrencies are not 100% safe. However if you protect yourself by having a difficult password you don't use other places, have a good antivirus program and take other safety precautions, then you will not have to worry about anything when you gamble with cryptocurrency online. The sites take all the necessary security measures as well, to ensure that hackers and other bad people will not be able to infiltrate their system and take any funds or data.
Where Can I Play?
There are many different poker, casino and sports betting sites that accept cryptocurrencies as a payment method. We have found the best and most trusted sites on the internet, which you can find in our Games section, where you'll also find all the relevant information you need, before you start to play.
Does Sites Need My Personal Documents?
Some sites do, some don't. Since cryptocurrencies has been created to promote being anonymous, many sites do not want your personal data or your personal documents, but simply lets you play on their site and withdraw without having to provide anything. Other sites prefer to run it more like the classic gambling site, where you will have to fill in your personal details and then submit documents, however this is very rare.
Are Cryptocurrency Sites Regulated?
Most cryptocurrency sites are not regulated by any regulatory authority like the regular gambling industry is. However this is simply due to the fact that the regulatory authorities do not support sites that only accept the virtual currencies, making it impossible for them to actually become regulated. There are some sites that accepts regular funds as well as cryptocurrencies, who all have licenses to operate in the respective markets.
Are There Any Restrictions?
There are no restrictions to who can sign up and play on the sites that are cryptocurrency only, besides the fact that they also believe that you have to be 18 years old in order to gamble online. No matter if you are from China, USA or South Africa, you can play on cryptocurrency gambling sites as long as you are over 18 years old.
Can US Players Use Cryptocurrencies?
Yes. There are no laws against any cryptocurrency in the states and there are several large Bitcoin businesses running successfully as well. You can simply mine your own coins or you can purchase them through a cryptocurrency base, it is all up to you.
Does Any Site Offer Bonuses?
Yes there are several sites offering deposit bonuses when you deposit using your cryptocurrency. For poker the most common thing is to get some sort of rakeback deal, while casino and sports betting sites offers instant deposit bonuses when you join their room, providing you with a larger chance of winning a large prize.
How Long Does a Deposit Take?
Depositing with any cryptocurrency takes between 10 minutes to a little over an hour, depending on which wallet you are using and how fast the transaction can be approved in the server. In rare cases deposits has been taking longer, but in general it is very fast. Should you encounter that a deposit is not credited to your account within a couple of hours, then try and contact the site as there might be some sort of error.
How Long Does a Withdrawal Take?
Withdrawal timeframes depends on the site on which you are withdrawing from. The cryptocurrency system will take up to a couple of hours to process the money to your wallet, once the site has send it, but first the site you are playing on will have to process it. Usually you will receive your money within 24 hours as most sites process cash outs instantly.
Are There Any Fees With Cryptocurrencies?
Yes and no. This all depends on which wallet you are using and which cryptocurrency you are sending. Should you use the official wallet of the cryptocurrency, there are usually no fees attached to sending money to a site or to another wallet, however if you use one of the large cryptocurrency wallets where you can buy and sell different cryptocurrencies, there is usually a fee of 0.20% of the amount you are sending to a site or another person.
Is It Possible to Buy Less Than 1 Coin?
Yes it is. Since the different coins all have different values, it has been made possible to buy fractions of a coin, fitting the amount of money that you want to spend. To give you an example, if 1 Bitcoin is worth $1,000 and you want to buy for $250 worth of Bitcoins, you will receive 0.250BTC, which you can use to pay for goods, services, gamble or simply just to invest. The same goes for all other cryptocurrencies, making it possible for everyone to participate in the industry.
Where Can I Buy Bitcoins?
There are several different online sites where you can acquire Bitcoins, either by transferring funds to another person via their preferred payment method, or simply by uploading funds to the Bitcoin exchange site through their payment methods and submit an order for bitcoins. You can use sites such as Cryptsy, Coinbase, MtGox and BTC-E.