There are several offshore gambling deposit methods available to bettors with legal offshore gambling sites. Each gambling site has multiple options for its bettors according to the location you’re betting from. One of the most popular deposit methods in the industry right now is Bitcoin. This page contains relevant information regarding Bitcoin—including what it is, how it works and how it plays into offshore gambling sites. This US friendly deposit method is quickly gaining momentum, becoming very popular partially due to the comfortable level of anonymity the currency provides as well as being hailed as a convenient and reliable alternative to using credit card and money transfer options, both of which can be unpredictable at times.
Is It Legal For US Residents To Use Bitcoin To Deposit Funds Into An Offshore Gambling Site?
Yes. There is a US federal law known as the Unlawful Internet Gambling Enforcement Act (UIGEA) that pertains to banks and other financial institutions, specifically how they handle financial transactions through online gambling. This law doesn’t target individual bettors or make it illegal to place bets online, it only restricts the methods through which bettors can deposit and withdraw money from offshore gambling sites. Bitcoin is not only legal for US residents to use, but is accepted by most offshore betting destinations and not restricted under the UIGEA. The other two primary US offshore gambling laws do not apply to financial transactions relevant to offshore betting.
Top Bitcoin Offshore Gambling Sites
The list of offshore gambling sites below is catered to US bettors and all accept Bitcoin for both deposit and payout transactions. These offshore gambling sites are all legally sanctioned and regulated by their presiding governments. They have plenty of betting lines and wagering types to keep you betting year-round. These offshore sites also have strong security profiles that keep your personal and financial information safe. In addition to Bitcoin, these destinations also accept offshore credit card deposits from USA residents.
|Logo||Site Name||Bonus||Rating||USA||Visit Site|
|Ignition Casino||100% Max $1,000||Visit Site|
|Bovada Casino||100% Max $3,000||Visit Site|
|Slotslv Casino||100% Max $5,000||Visit Site|
|Cafe Casino||500% Max $5,000||Visit Site|
|Bovada Sportsbook||50% Max $250||Visit Site|
|Offshore Poker Sites|
|Ignition Poker||100% Max $1,000||Visit Site|
What Is Bitcoin?
Bitcoin is essentially digital cash and operates on a peer-to-peer network, meaning there is no authoritative force monitoring it. Bitcoin is strictly online and acts as a triple entry bookkeeping system. It has security encryptions that keep your financial information and transactions safe. Bitcoin is anonymous, which makes it very appealing to online gambling users and sites. It’s an online currency created for an online marketplace, free of any entanglements or administrative oversight from third-party financial institutions.
How Does Bitcoin Work?
Bitcoin works through a digital ledger that tracks all Bitcoin transactions. This digital ledger is public, meaning all Bitcoin users have access to the same ledger and can act as intermediaries to each other. Your bitcoins are kept online in a digital wallet. Users have their own digital signatures and address locations, so they can track who they’re sending money to and authenticate each transaction. There are many businesses (including legal offshore gambling sites) and individuals utilizing Bitcoin for online transactions. There is no merchant account required, or any financial institution for that matter, in exchanging Bitcoins, as all transactions are handled through the digital wallet application. There are also no transaction fees.
Mining your Bitcoins is another viable option. As part of the open source ledger format, users are tasked with the system’s maintenance. Part of this maintenance is processing user transactions through special hardware—mining. Mining keeps the public ledger synchronized across all users and those who engage in mining are rewarded for their services via Bitcoins. Anyone can become a Bitcoin miner and it keeps things fair between users. Miners also capitalize off transaction fees. These fees are optional and transactions can be processed without them. The transaction fees act as a buffer to keep the network from getting cluttered. The fee amount is usually relative to the amount of bytes and varies being used in the transaction.
How Do I Buy Bitcoins?
You can purchase Bitcoins in several ways, but perhaps one of the best and easiest ways is through Coinbase, an online wallet where you can purchase and store your Bitcoins. Creating an account with Coinbase is simple and starts out with entering and verifying your email address. You have the option to enter a phone number, which creates two-factor authentication for your account. Before you can begin purchasing Bitcoins, you’ll need to enter your bank account information. Your debit/credit card information is optional. You can either opt for entering the USD amount you wish to transfer from your account (Coinbase will prompt you on how much Bitcoin you’ll get based on your transaction amount) or you can input the amount of Bitcoins you want (at which point you’ll see how much USD that particular amount of Bitcoins cost).
After purchasing Bitcoins through Coinbase, most users immediately transfer them to Blockchain, another digital wallet service. Blockchain doesn’t allow you to buy and sell Bitcoins like Coinbase does, but it has stronger security protocols. If Coinbase is hacked, you could lose access to your Bitcoins (which are gone forever if this happens). Blockchain’s security profile keeps your Bitcoins safe. You can also send and receive Bitcoins through Blockchain by entering in your personalized wallet address. You’ll be able to track the progress of your transactions in real time.
What Do I Need To Know Before Using Bitcoin For Legal Offshore Gambling?
You should know that Bitcoin is secure. Users are in full control of all aspects of their transactions and are given unique addresses for their digital wallets. They are also great for international transactions, as Bitcoins can be exchanged virtually anywhere. Bitcoin is also the fastest method when it comes to payouts. Most offshore gambling sites have Bitcoin as a viable option for US bettors, as it isn’t affected by the Unlawful Internet Gambling Enforcement Act. You should also know that Bitcoin is anonymous. You can exchange Bitcoins with Bitcoin-friendly vendors without disclosing your identity—your “identity” is confirmed through your digital wallet signature. You can use Bitcoin with all facets of offshore gambling sites, including their casino games, poker rooms, sportsbooks and more.
Can I Make Withdrawals From Offshore Gambling Sites Using Bitcoin?
Yes. In some cases, Bitcoin is one of the only available payout options to American bettors. When you withdraw using Bitcoin, the money is sent to your specific Bitcoin address, or digital wallet. If you want to convert your Bitcoin into money that can be deposited into your account, you have to use an online exchange service. Certain fees may apply when using a conversion service. You can get money into your account by selling your Bitcoins (through Coinbase) and then waiting several business days for the money to be transferred into your account.
Is It Safe To Use Bitcoin For Funding Offshore Gambling Entertainment?
So far, all signs point to yes. Bitcoin’s security encryptions help to keep your money safe. Bitcoin transfers are irreversible and can be made without any sensitive personal information, unlike other payment methods. This anonymity helps to protect your identity and allows Americans to bet with offshore gambling sites without fear of persecution under the UIGEA. Offshore gambling sites encourage the use of Bitcoin, as it is the fastest way of getting your money with payouts. The sites only require you to enter in your Bitcoin wallet information, so your winnings can be securely sent to your wallet.
How Long Has Bitcoin Been Around?
Bitcoin first came on the scene back in 2009. Since then, it has gained popularity and applicability with more and more online businesses using it as an accepted transaction method. As far as the future, it is still unclear what will happen with Bitcoin, as governments are starting to discuss putting some form of regulation on them. For now, Bitcoins operate in the way they were intended to—as an unrestricted transaction method that allows users to be in control of their online spending.