Mainland China is one of the most significant betting countries in the world, although it has
some of the strictest gambling laws. Even though cryptocurrencies are not banned, China has clamped down hard on digital currencies within its borders. The clampdown contradicts the country’s stance on blockchain technology.
Many online casinos accepting bitcoin no longer allow Chinese players, or have been curbed by regulators, making it increasingly challenging to find a reputable online bitcoin casino for use. Nevertheless, there are still great online bitcoin casinos that Chinese players can sign-up and play their favorite casino games.
China’s Restrictive Relationship with Gambling
Mainland China has set up restrictive measures against wagering. However, it has some
exceptions that control state-based lotteries and regulated betting companies from Macau. Macau, which turned into a betting haven, even outshined Las Vegas in 2019 in terms of revenue collection. Even with the already high figures, studies show that China can still generate more billions of dollars should it foster more accommodative gambling rules. With ever-increasing revenue collection from land-based and online betting platforms since 2013, the potential of the Chinese bitcoin casino market is still high.
Is Bitcoin Gambling the Perfect Solution for China?
The current state of wagering in mainland China may be constrained, but bitcoin can offer a lasting solution that will both be operator and player-friendly.
With the use of bitcoin, anyone can wager online anonymously and take advantage of the
provably fair principle. Bitcoin transactions are transparent and are processed almost
instantly, thanks to blockchain technology. Likewise, acquiring cryptocurrencies for bankroll
and trading them for fiat money later is easy because of the numerous cryptocurrency
exchanges and Peer-to-Peer platforms, like LocalBitcoins.
Bitcoin will transform the online casino betting market to a more transparent, cost-effective, and convenient sector.
How to Deposit Bitcoin to Your Casino Account
Before you can make a bitcoin deposit to your casino account, you must first create an online bitcoin wallet. A bitcoin wallet is much the same way as an online bank account or PayPal. There are several platforms where you can sign-up for a BTC wallet, but it is advisable to go for the most reputable.
Once you have created a BTC wallet, the next logical step is buying bitcoins. Chinese casino players can acquire bitcoins from cryptocurrency exchanges, like Binance, or Peer-to-Peer marketplaces. After acquiring bitcoins in your bitcoin wallet, the next move is to use them to load your casino account. Proceed to the payment section of your casino, select BTC as your payment method, and copy the BTC address provided.
Visit your BTC account once more, paste the address you had copied earlier, enter the
amount of bitcoins you want to transfer, and click the Send button. Since bitcoin transactions are almost instant, you will wait for less than 15 minutes for your bitcoins to reflect in your available balance.
How to Withdraw Your Winnings with Bitcoins
Now that you already have a BTC wallet, the process of withdrawing your winnings is as
simple as ABC. All you need to do is to enter the amount of bitcoins you wish to cash out
from your casino, and you will get your coins in your BTC wallet after a few minutes.
Provide the casino with your BTC wallet address, key in the amount of bitcoins you want to
cash out, and the transaction will be completed immediately.
Bitcoin Casino Bonus China
Bitcoin casino bonuses, bonus codes, free spins, no deposit bonuses are the most popular
bonuses that Chinese players can take advantage of, and benefit more from online casinos. Savvy gamblers out there know that bitcoin casino bonuses are not just free giveaways (although some do exist from time to time.) To fully benefit from bonuses, a gambler must follow specific rules and conditions. Every casino platform has its bonus requirements, and these requirements differ from “easy” to down-right hard to achieve. Chinese players should have a keen look at the terms and conditions of bonuses claiming it.
Advantages of Using Bitcoins at Online Casinos
One of the greatest benefits of using bitcoins at online casinos is the amount of fees you incur as costs. While other payment methods, like PayPal and Neteller, charge high transaction fees, bitcoin transactions are almost free.
Another advantage of using bitcoin to play your favorite casino games is that bitcoin deposits and withdrawals are almost instant. Unlike other payment methods where users wait for several hours to days, BTC transactions take less than 15 minutes to be completed.
The use of bitcoin as a payment method also provides users with anonymity. Are you tired of providing your personal information, such as credit card, billing address, physical location, your ID/Driving license, and many others to online platforms you don’t trust? Bitcoin does not require this information and still provides matchless security of personal data when additional information about you is necessary.
The bitcoin casino industry has a bright future in China, and blockchain technology (the
technology behind cryptocurrencies) will enable the gaming sector in mainland China to
reach high levels. Chinese bitcoin casino players can enjoy the anonymity, faster transactions, and cost-effective charges associated with bitcoins. The use of bitcoins also enables Chinese players to exploit overseas casino markets