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The international online gambling industry has incorporated alternative payment methods, such as PayPal and Neteller, for a long time now. More and more casino gamblers from outh Korea are embracing e-wallets because of their security and efficiency, but bitcoin (BTC) is another alternative that is progressively coming into the limelight.
Updated Cryptocurrencies are now fully legal in South Korea 2020-03-05
What is a BTC Casino and how do they work
An online bitcoin casino can be labelled as a digital venue that:
If it accepts bitcoins as one of their played currencies.
If it accepts bitcoins for depositing or withdrawing through e-wallets.
In South Korea, they function just like other online casinos, though they bring more payment flexibility to the players. Usually, casinos that only accept bitcoin build the communities to bring cutting-edge technology to the gaming industry.
The Legality of Bitcoin Gambling inSouth Korea
Bitcoin casinos in South Korea enjoy more straightforward laws compared to their counterparts in other states for these reasons. First, the cryptocurrency space is more advanced, and the major digital currencies such as bitcoin, ethereum, ripple, bitcoin cash, and others are not new in NZ. Secondly, the 2003 Gambling Act bans most forms of online wagering from local gaming providers but does not restrict playing on overseas markets.
Thirdly, and the essential thing that all crypto gamblers in South Korea should know: although there is no state-backed document that directly legalizes digital currencies, the local IRD contains an article on taxation of crypto “in progress.” The statement implies that if the country is on the verge of taxing cryptocurrencies, they will soon consider placing it in their legal framework.
Advantages of South Korea Bitcoin Casinos
Those who have heard of cryptocurrencies are aware of the reasons why bitcoin is the best deposit and withdrawal method in the ever-progressing world of online casinos. Let us briefly review the benefits of using online bitcoin casinos over the traditional casinos.
Bitcoin transactions are secure, and they cannot be traced. If you love anonymity, online bitcoin casinos are there for you! By depositing or withdrawing with cryptocurrency, your transactions are invisible in your official credit score.
Bitcoin transactions are almost free! Yes, leave the high transaction charges for the hard-core old-schoolers since they are extortive in the modern financial world.
Bitcoin winnings are all yours- there are no freeze, take-overs, or punitive taxes in online bitcoin casinos, and nobody can access your funds without your permission.
Deposits and withdraws take little time to be completed. Forget the lengthy processing periods; bitcoin online casinos offer almost instant transactions.
How to Play in an Online Bitcoin Casino
South Korean players can acquire bitcoins from crypto exchanges, like Binance and Coinbase, or from Peer-to-Peer Platforms, like LocalBitcoins.
You will be required to make a payment from your bank account or e-wallet before the dealer transfers the bitcoins to your BTC wallet. Bitcoin transactions typically take less than 30 minutes to be completed.
How to Deposit Bitcoins into Your Casino Account
Depositing bitcoins to your Bitcoin casino account is a transaction that takes place between your BTC wallet and your casino account. You will be required to select BTC as your preferred payment method in your casino playing section. After picking BTC as your preferred payment method, you will be given an address to link to your BTC wallet.
The process of transferring funds is quite simple. It resembles that of transferring money from your PayPal or mobile account. You simply need to log to your BTC account, enter the amount you want to deposit, paste the BTC address you were given from your casino account, and click the Send tab.
Cashing Out Your Bitcoin Winnings
You can withdraw your winnings in two ways:
Transferring to an exchanger. You “sell” your coins to a third party in exchange for fiat money.
Withdrawing actual bitcoins. Here, you choose to hold your winnings by transferring them to BTC wallet. The method allows you to make future deposits, make trades in a crypto exchange, or simply keep them to gain value.
Bitcoin Casino Bonus South Korea
You might have come across some online casinos advertising something known as “extra spins” or “complimentary spins.” Such offers are mostly targeting casino players in England because their advertising standards have cracked down on the use of the phrase “free spins.”
Casino players in South Korea are more likely to be awarded free spins without a deposit. It is advisable to go through a bonus’ terms and conditions to find out whether it requires a deposit or not.
Bitcoin has given the online casino industry a fresh breathe of life, outshining geo-restrictions to build a censorship-resistant gambler’s paradise. Bitcoin and other digital currencies solve the issue of slow online payment transactions. With cryptocurrencies, deposits and withdrawals are almost instant. Besides, bitcoin is decentralized in nature and applies cryptography principles. Therefore, it provides an extraordinary level of security to casino players.
Now we are confident you have all the essential starter basics to try the new way of wagering using the most progressive option- bitcoin. What is separating you from a completely new experience is a few minutes sign-up procedure. After all, isn’t bitcoin casino gambling a good deal for the entire sea of opportunities?