Cryptocurrencies have become increasingly common around the world over the last few years and Singapore is no exception. And, as the use of cryptocurrencies has expanded, new sectors have been adjusting their financial models to ensure that they can take this form of payment. As the highest profile form of cryptocurrency, Bitcoin is the most commonly used, and there is a growing number of Bitcoin casinos available to Singapore casino fans.
How Do Bitcoin Casinos Work?
A Bitcoin casino is simply a site that accepts this form of cryptocurrency as payment. With some casinos, Bitcoin payments are an additional option alongside the main payment forms, while some are exclusively focused on Bitcoin and other cryptocurrencies.
In most respects, a Bitcoin casino is the same as any other form of Singapore casino, but the key difference is in how the banking process is handled. Bitcoin casinos work with an in-house cryptocurrency wallet, which you can use for storing currency solely for playing casino games. Money for gambling is taken from the wallet and any winnings are added to the Bitcoin balance when you have finished gambling.
Casinos that are specifically devoted to Bitcoin will often have their own algorithms and optimised gambling software. Some Bitcoin casinos will also feature limits on withdrawing that are in place to stop players cashing out their currency at once. To avoid being surprised by rules such as these it is important to read through the terms and conditions carefully.
Bitcoin Casino Legality in Singapore
When considering the use of Bitcoin casinos in Singapore, there are two elements to consider. The first is the legality of online casinos themselves. Although gambling is restricted in Singapore and there are no casinos actually registered in the country, it is possible to play at overseas based casino sites and many of the major operators in the Asian market provide Singapore-focused sites.
Bitcoin legality is a lot more straightforward. The buying of Bitcoin and cryptocurrencies is legal in Singapore and is regulated by the Monetary Authority of Singapore. In fact, there are over 200 blockchain organizations operating in the country. Bitcoin can be purchased through cryptocurrency wallets, including Binance, Coinbase, Kraken and Gemini, and through Bitcoin ATMs.
Pros and Cons of Bitcoin Casinos
Bitcoin and cryptocurrencies in general are often in the news and sometimes that news can be sensational. Like any type of casino there are strengths and weaknesses to be considered.
One of the big advantages of a Bitcoin casino is that the cryptocurrency technology often makes these sites more secure and private than standard casino or standard casino banking methods. The private keys used in Bitcoin casino transactions are extremely difficult, if not impossible to decade, providing a high level of security as well as fast transactions and minimal fees.
The obvious disadvantage of Bitcoin casinos or any cryptocurrency-based casino is that the currency itself is liable to wild fluctuations in value. This means that the money you use in a casino may be worth less when you withdraw it then when you made your deposit.
How to Choose the Best Bitcoin Casino in Singapore
If you want to play at a Bitcoin casino but you aren’t sure which one to choose, there are a number of factors to look out for that can help you find the best option.
Player safety and security, as well as the fairness of the games at a casino are key factors to consider. One of the best ways to ensure that you are playing a casino that offers fair games and a high level of data and financial protection is to only play at casinos that hold a license from one of the most respected casino regulators, such as the Curacao license, who ensure that all license holders meet high standards of player safety and protection.
Games and Providers
It is also a good idea to look for Bitcoin casinos that offer a good selection of games and genres of game. Make sure that a site covers all of the game types that you like to play. The best online casinos will provide a good variety of online slot games as well as plenty of table game classics, including multiple variants of blackjack, roulette and poker. You should also favor sites that enable you to play both real money casino games and freeplay versions.
All modern casinos will offer some form of welcome bonus or promotion along with a range of ongoing loyalty deals and offers. When you’re looking at casino bonuses, however, it is important not to be swayed simply by the headline amount. Make sure you read through all of the terms and conditions, including time limits, wagering requirements and other rules before signing up.
Customer support is one area of a Bitcoin casino’s platform that isn’t always considered by customers but it is important. If you need to resolve a query or if you just need help and support, it is vital to be able to access customer support that is fast, comprehensive and efficient. Look out for sites that offer phone, email and live chat facilities, as well as detailed FAQs and support for Malay, Tamil, English and Chinese language.
Bottom Line on Bitcoin Casinos
For those who are comfortable with Bitcoin and understand the way that it works, a Bitcoin casino can be a good way to combine this knowledge with some fun leisure activity, playing on some of the latest and most entertaining casino games.
It is important to remember, however, that all casinos are designed with a house edge in mind. It is not possible to make a profit in the long term from playing casino games, and therefore you should always gamble safely, never risk money you cannot afford to lose and set yourself strict limits in order to get the most out of your online casino play and stay safe, avoiding the risk of problem gambling.