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Since the world is becoming more digital, technological advancements impact many industries, and gambling does not stand aside. The online gambling market continuously applies different innovations and incorporating cryptocurrencies as the available payment method is one of them.
Players can find their accounts in online casinos using crypto, and Bitcoin is still the most popular cryptocurrency worldwide. The Philippines are one of the Asian gambling hubs, and we’ll dip into the rise of Bitcoin casinos, their legal stance in this country, and how to get the most out of your Bitcoin gambling experience.
What is Bitcoin?
Bitcoin is a cryptocurrency introduced in 2009, and it has reached great popularity worldwide. It has many competitive advantages, and most of all, it is very secure, which makes it very convenient. Bitcoin is used frequently in the Philippines, and this country ranks among the top three in the number of Bitcoin users.
Thanks to cryptocurrencies, and Bitcoin as their most famous representative, you can get instant access to global online marketplaces. It eliminates the 3rd party merchants and facilitates direct peer-to-peer interaction.
Online casinos have spotted Bitcoin’s advantages, and many of them have introduced it as a payment method. If you want to check the best bitcoin casinos in the Philippines, drill in to get more information.
Is Bitcoin Gambling Legal in the Philippines?
You might have concluded the answer to this question so far, but we want to be explicit about it. There are no law regulations in the Philippines that prohibit using cryptocurrencies for gambling. On the other hand, the Philippines are among the first Asian countries to embrace cryptocurrencies.
Bangko Sentral ag Pilipinas issues Circular No. 944 as a guideline for virtual currency exchanges. Moreover, Manila hosted a big Bitcoin event in 2018, which reflects the country’s affirmative stance on cryptocurrencies and Bitcoin as their most famous representative.
Although the Philippines’ gambling laws do not formally regulate Bitcoin usage in online gambling, players can safely use this type of payment method in online casinos. Operators that accept players from the Philippines also offer this type of banking option to their customers, and you can safely use it as a deposit or withdrawal method.
According to the Philippines’ online gambling laws, playing at online casinos based outside the Philippines is legal. You are within the legal bounds if you play at the licensed offshore online casinos.
How to Use Bitcoin?
To start using this cryptocurrency, you need to have a digital wallet first. You need to be a registered e-wallet user to be able to receive, store or send Bitcoin. It is not a complicated process, but you need to make sure to apply all security measures to ensure you are the owner of the digital wallet. Therefore, anyone who wants to use bitcoins for transactions should obtain an e-wallet to enter the market.
You can find countless sources for digital wallets and choose the one that matches your preferences. Actually, building an e-wallet is the key step to starting using Bitcoin. When you complete this process, sending and receiving this cryptocurrency becomes very easy. Bitcoin usage in online casinos is also very simple, and thanks to e-wallets, you can facilitate your access to Filipino online casinos more easily.
If you want to make a deposit using Bitcoin in the Filipino online casino, the gaming website needs to have this crypto enabled as the payment method. The deposit process is rather simple, as the customer should only enter the desired deposit amount and follow the instructions to send bitcoins to an online casino’s wallet.
This type of transaction is very convenient since funds will be available on your online casino account within seconds. Therefore, you can use them instantly to start playing your favorite games. Usually, the deposit and withdrawal limits cover a wider range since the processing fees are much lower compared to other banking options.
Eventually, when you want to withdraw your winnings, the transaction processing time is much shorter, and you don’t need to wait for days to have withdrawn funds at your disposal.
How to Choose the Best Bitcoin Casino
Before registering an account at online Bitcoin casinos in the Philippines, make sure to choose the reliable one. It can sometimes be challenging with an increased number of operators in the online gambling market. However, if you stick to several important criteria, you will easily determine which online casino is the best for you as a Filipino player.
Firstly, you should consider only licensed casinos. If the online operator is licensed, it is a good sign that it is secure and it treats its players fairly. Various regulatory bodies issue licenses for online casinos, and the UK Gambling Commission, the Malta Gaming Authority, and the Gibraltar Gambling Commission are among the most respected in the industry.
You can easily check this information, usually in the footer of bitcoin casino sites, so you don’t need to be an expert to determine this. After you have completed the first step, dive into the casino’s game library. Obviously, you want to register with the operator that provides a wide range of casino games, including your favorite ones.
Do not overlook the game developers as well since they can also indicate the quality of games in an online casino offering. This way, you ensure to have your favorite games at your disposal and a lot of fun in your gaming experience.
To enjoy playing bitcoin casino games anytime you want, check if the online casino has a mobile version. Nowadays, every reputable online casino is available via mobile devices, whether through the mobile optimized website or dedicated mobile apps.
Thanks to this feature, you can try your luck without sitting in front of your desktop device.
Advantages of Bitcoin Gambling
Bitcoin gambling is on the rise because of its advantages over traditional payment methods, and Filipino players have recognized its convenience. In the first place, Bitcoin is a secure banking option since its wallets are protected against hackers. The possibility of fraudulent activities is much lower compared to other options.
Besides that, Bitcoin transactions are anonymous since they use the wallet’s private keys. They carry just two pieces of information – the unique digital wallet address and the amount. Therefore, nobody can intercept your personal information.
As we mentioned before, Bitcoin transactions are much faster compared to other payment methods, and no financial institution is required to verify them. Also, there are no transaction fees since cryptocurrencies are not a part of any centralized banking system.
Bitcoin’s popularity in the Philippines’ online casino industry is increasing, as this payment method brings a lot of convenience to users. Also, the more it’s used, the bigger value it has. Therefore, we expect this trend to continue, especially since Filipinos are among the most frequent users of this cryptocurrency.
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