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Bitstarz terms and conditions
However, online casinos and specialised bitcoin casinos vary widely, each having their own terms and conditions for specific forms of payments. For a bitcoin casino, the player would be expected to carry out some of the financial obligations of a conventional casino through a deposit method and online withdrawal methods.
"Some bitcoin gambling websites have chosen to use a credit card payment system to make sure players can withdraw funds from the website just like any other online casino does," said a spokesman for cryptocurrency gambling software company SatoshiPoker, which is based in Las Vegas. "Many sites use a third party service and they do the transaction for you as such, bitstarz conditions and terms. SatoshiPoker simply takes a fee for this service, bitstarz terms."
If the bitcoin gambling site's online account is compromised, the online casino's funds can still be withdrawn in person. This would be a far more attractive option for many players, bitstarz terms.
In order to access bitcoins, a person would need the login details, wallet address and public key for a virtual or physical bitcoin wallet.
"There are many other ways to withdraw bitcoins in your local currency so if the bitcoin company doesn't require you to carry out these things through their website, that would change the incentives," said a player who has been playing online at bitcoinswag.com.
The player said many such sites take a 3% fee to process the transfers, bitstarz terms.
"There are no transaction fees because the person is only asking for a small amount here and there."
But the bitcoin gaming site may not provide online bitcoin services for as long as it takes to withdraw cash, said the official.
In terms of regulation, there is nothing in the regulations that prevents casinos from accepting bitcoin as a payment method, bitstarz terms. The casinos will just be forced to show a public ledger of a player's winnings in bitcoin. This data would be readily available, the player said.
In the case of online casinos, there are still some differences as to what they must do, bitstarz terms. A casino cannot accept bitcoin as payment unless it is a licensed gaming establishment.
"When a player has a bitcoin wallet, they can also access their bank funds in that wallet," the spokesman said.
If the funds are held in a bank account and the virtual bitcoins are converted to dollars, a fee must be paid for those conversions, bitstarz terms and conditions.
A third online industry player, who declined to be quoted by name, said he was not working with digital currency casinos and preferred to be known as SatoshiPay, a specialist Bitcoin wallet provider, wallet and gaming services provider for the bitcoin community.