The ban placed on online casino gambling by the South Korean government has made it impossible for Korean payment companies to support players, thereby pushing them into the hands of foreign online casino operators. While this should be worrisome, luckily it’s not, because they are in the safe hands of payment methods like Bitcoin.
For a long time, the payment solutions for Korean players were the likes of PayPal, Skrill, Mastercard, and others. Today, Bitcoin has become an alternative that players in South Korea are fast embracing. 롯, 포커, 블랙잭, 라이브카지노 및 기타 많은 게임을 제공하는 최고의 비트코인 카지노를 찾으세요!
In this article, our guest online gambling expert An Jung-Su will look at the relationship between Bitcoin, the average Korean punter, and the government of South Korea.
BTC Casinos: What Are They?
An online casino is categorized as a Bitcoin casino if it checks the following boxes:
- If Bitcoin can be used to wager on games.
- If Bitcoin can be used to fund the casino account, as well as withdraw winnings from it.
There is not much difference between a Bitcoin casino and a regular one, in the sense that they provide the same quality games and entertainment. The one place that they differ is in the aspect of payments. Bitcoin casinos make online casino transactions easier and faster. Bitcoin casinos have revolutionized the online gambling space with the introduction of their cutting-edge payment technology.
Is Bitcoin Gambling Legal in South Korea?
Compared to the traditional payment methods found in Korea, Bitcoin can be used by South Koreans to gamble at online casinos. The South Korean laws make an exception to the use of Bitcoin for a couple of reasons. Let’s take a closer look at the reasons for this Bitcoin casino legal status below.
As far as the government is concerned, people have the leeway to use Bitcoin for any purpose as long as they will allow it to be taxed. Problems usually arise for crypto users when this requirement is not met, as witnessed in the past when the crypto assets of 1,661 investors worth around $5 million were seized by the authorities in the province of Gyeonggi, according to Financial Times.
Furthermore, the gambling laws of South Korea prohibits the provision of online gambling services by local operators, but it does not stop players from accessing foreign online casinos, which as it turns out, are places where Bitcoin can be used for gambling.
The Benefits of Gambling With Cryptocurrency
If you have ever used Bitcoin for any transaction, be it at an online casino or for other online purchases, you will better understand why the digital asset is worth all the hype it is getting. But for the sake of those who haven’t had the privilege of using Bitcoin for gambling, we shall be discussing its advantages in this section.
- Bitcoin transactions are so secure that they cannot be traced. A Bitcoin casino is a perfect solution for player privacy. All your Bitcoin online casino payment records will be kept away from your official credit score.
- Bitcoin casinos will never deduct an amount of money that’s unreasonably high just because you are using BTC to conduct transactions.
- All your winnings at a Bitcoin casino are completely yours, that is after your taxes have been paid to the Korean government. No one can access your money unless they receive authorization from you.
- Your deposits and withdrawals will be completed in a jiffy. You’ll finally be able to put lengthy transaction times behind you the moment you switch to Bitcoin casinos.
How to Deposit Bitcoin into Your Casino Account
You will first go to the cashier page of the Bitcoin casino and select Bitcoin as your payment method. The casino will provide you with an address, which you are to take to your Bitcoin wallet to initiate the transfer. In your wallet, input the amount you want to deposit into your casino account, paste the address you just received from the casino and click send. Your account will be funded instantly.
How To Withdraw From Your Bitcoin Casino Account
A third party will become instrumental in this transaction. You will have to sell your BTC to an exchanger who will then send the fiat money equivalent to any bank account of your choice.
You could also withdraw the BTC to your Bitcoin wallet and use it to make future deposits at the Bitcoin casino. You could also use the BTC to trade in an exchange or just hodl it.
Summary
A new way of doing things has been introduced to the online casino industry by Bitcoin. South Korean players no longer have to be restricted from playing their favourite online casino games. Choose a Bitcoin casino today and enjoy fantastic games, top-notch security and swift payments like never before.
