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There is a lot of mystery surrounding virtual currencies. Despite this, its popularity continues to rise, especially in relation to online gaming. The current value of one bitcoin amounts to about 6 million Japanese Yen. You may be wondering why Japan? However, the country is home to 50% of all bitcoin trading. The effect is a direct reflection of the nation’s quick adoption and innovation in the technology world.
Furthermore, it comes as no surprise that the country ranks in the top ten countries with the most bitcoin casinos. Additionally, you get the highest number of cryptocurrency exchanges in Asia. The superiority of Japanese tech and many exchanges make it the ideal destination for you to get bitcoins. Given the popularity of cryptocurrency, it is now possible for you to pay with Ethereum at a bitcoin casino.
Bitcoin’s Japanese roots.
Looking at the history of bitcoin, you will come across the name Satoshi Nakamoto. By tracing the name’s origin, it points to Japan. Despite this connection, the person’s identity has not yet been verified. There have been several rumours concerning the person’s identity, with reports claiming Elon Musk as the man behind the pseudonym to the most recent being Adam Back.
Although the true origins of bitcoin are pending verification, its popularity continues to soar. Investing in the currency as late as 2017 would see you smiling all the way to the bank. However, one question still lingers. Why is there a bitcoin casino craze in Japan?
The legality of virtual currency casinos in Japan.
Gambling is still controversial in Japan. However, you operate in a grey area as a bitcoin player. The lack of any formal regulation against cryptocurrencies allows you to play with no repercussions. Additionally, mobile gaming has made it easier for casino operators to reach a larger audience. Online gaming has made it near impossible for the authorities to regulate the industry.
Furthermore, most online casino operators do so from overseas countries. This means that they do not fall under Japan’s jurisdiction. Consequently, they are free from the countries tough gambling laws, thereby escaping prosecution. Some of the sports you can place wagers on include horse racing and motorsports. Finally, Japan conducts over 50,000 cryptocurrency trades daily.
How do you deposit to your bitcoin casino account?
You need to have a bitcoin wallet before you can transact with the currency. You also need a sufficient balance before sending money to your account. If you do not have enough bitcoin in your account, you can purchase them from any local cryptocurrency exchanges. For example, Buy Now Bit Flyer is the preference for many Japanese online casino players.
To deposit currency on your online casino account, follow these steps.
- Go to the payment page of the bitcoin casino and select bitcoin as the payment method.
- You will receive a bitcoin address that you will paste into your bitcoin account.
- Enter the amount you want as your balance and complete the transaction.
- Once the process is complete, you can now place wagers using bitcoin.
The speed of the transaction depends on your bitcoin wallet. However, most bitcoin wallets offer instant transactions.
Withdrawing bitcoins from your casino account.
You can also withdraw your winnings in bitcoin. In fact, most of the online bitcoin casinos only offer this withdrawal method. To withdraw, proceed to your casino wallet, and press withdraw. Input your bitcoin wallet name and press confirm.
Furthermore, deposits and withdrawals do not come with high transactions charges. Finally, your winnings are exempt from taxation. The government does not recognize them as real money, hence the exemption.
Top three bitcoin casinos you can check out.
There are many casinos that you can access while in Japan. However, below are the ones that offer you the best gifts and bonuses.
Explosino is the most recent online casino in Japan. It features over 2000 games from different developers worldwide. As a new player, you receive a 100% bonus with every deposit of up to 54,000 Yen. Additionally, you get a total of 20 free spins to use on whatever game you please.
Secondly, you have Meltbet. They offer different deposit and withdrawal methods, including cryptocurrencies. Additionally, you qualify for a one-time welcome bonus of up to 190,230 Yen along with 290 spins.
Guns Bet Luck and Load
Finally, there is Guns Bet Casino. As a new player, you get a welcome bonus of up to39,000 Yen along with 100 free spins. They offer you bets for live sports, slots and a live casino section. Deposit methods include Bitcoin, Ethereum and bank card transactions.
Cryptocurrency has made online casino betting more appealing. They offer anonymity, and the lure of tax exemption only make it more desirable. As other countries continue to accept cryptocurrency payments, bitcoin casinos are here for the long run.