Bitcoin in Polish Casinos as the Most Popular Cryptocurrency for Gambling

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  • 10 Dec, 2021  |
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1 Bitcoin in Polish Casinos as the Most Popular Cryptocurrency for Gambling

In recent years, online casinos have become increasingly popular in Poland. Players are always looking for new and exciting ways to learn about and play games. As a result, the artist began to take on new roles, and this endeavor signaled the start of a new era in the Polish market.

TopKasynoOnline seeks to connect players with their favorite games by compiling a list of the finest Bitcoin casinos on the market, based on the philosophy of stworzono przez Polaków dla Polaków (created by Poles for Poles). In this presentation, dated December 2021, Milan Rabszski, the creator of TopKasynoOnline, explains how Bitcoin plays a role in this transition.

What Is Cryptocurrency?

A cryptocurrency is a kind of online money based on a network that spans many computers. They can exist outside of the control of governments and central authorities because of their decentralized structure.

The term "cryptocurrency" comes from the encryption techniques implemented to keep the network safe. Many cryptocurrencies depend on blockchains, which are organizational mechanisms for preserving transactional data integrity.

What Is Bitcoin?

Bitcoin is decentralized digital money. It is the brainchild of Satoshi Nakamoto, a mysterious fellow whose real name remains unknown. Bitcoin promises reduced transaction fees than existing online payment methods, and it is run by a decentralized authority, unlike government-issued currencies.

Bitcoin, protected by encryption, is classified as a cryptocurrency. In reality, no physical bitcoins exist; instead, users' balances are recorded on a public ledger that anyone on the net can see. To verify Bitcoin transactions, a large amount of computational power is used. This process is called "mining." Bitcoin is not issued or backed by any banks or governments; that's why a single Bitcoin has no tangible monetary value.

Why Is Bitcoin Popular in Poland?

Poland is one of the European countries where businesses and the general public have welcomed Bitcoin with open arms. Bitcoin use is increasing quickly in Poland, with many establishments accepting Bitcoin as a payment option. The fact that the Polish zloty, the country's legal currency, is the eleventh most popular currency in Bitcoin transactions demonstrates the degree of Bitcoin's penetration in Poland.

When it comes to Bitcoins, Poland has a long list of firsts to its credit. Medicover Hospital in Warsaw, owned by the Medicover Group, one of the country's largest healthcare providers, was the first hospital in Europe to accept Bitcoin from patients. Each year, the hospital treats over 8,000 patients from over 20 different nations, and these patients can use Bitcoin to pay for their hospitalization, therapy, health checkups, and other miscellaneous expenses.

Poland was also the site of the world's first Bitcoin Embassy. Ambasada Bitcoin was founded in Warsaw over a year ago to promote Bitcoin in Poland, encourage people to use it, and create a community around it. Due to legal difficulties, it was shut down a few months ago.

How to Start Gambling Using Bitcoin

Today, Poles prefer to use Bitcoin in online casinos alongside more traditional payment instruments such as Blik, Przelewy24, Paysafecard, Ecopayz. The process for depositing Bitcoin into your favorite online casino or sportsbook is as follows.

Register for a Bitcoin Wallet Account

Using a Bitcoin wallet is pretty much the same as using PayPal. You load money into the wallet using your credit/debit card and then use that wallet to make purchases or deposits on an online gaming site.

The only difference is that once you load money into the wallet, you'll be able to convert it to Bitcoins to complete your transactions. To open a Bitcoin wallet account, do what you would for a PayPal account or something similar. You're all set once you've found a supplier and followed the instructions.

Deposit Into Your Bitcoin Wallet Account.

After completing the account setup, the next step is to make a deposit. Keep in mind that the value of Bitcoin fluctuates very rapidly, so make sure you check the rate before you buy. Don't lose too much sleep over it because it will vary in both directions.

You can fund your Bitcoin wallet using a debit or credit card or by linking your bank account straight to your Bitcoin wallet. These methods will operate in the same way, so pick the one that appeals to you the most. If you choose, certain Bitcoin wallets may also allow you to deposit via PayPal or other payment methods.

Deposit on Your Favorite Website

After you've loaded your Bitcoin wallet with funds, you're ready to make a deposit at an online casino or sportsbook and start playing. To achieve this, head on over to the deposit page of the casino or sportsbook you wish to play at and select Bitcoin as a payment method.

That's all! They'll offer you detailed information on how to make your deposit. At most, it will take a few minutes from when the transaction gets accepted for you to have your money on the site and be able to play or wager.

Characteristics of a Bitcoin Casino

While Bitcoin casinos function in much the same way as traditional casinos, the gaming software utilized by each differs. To power their game lobby, most traditional online casinos that accept Bitcoin in addition to traditional payment methods utilize software providers such as NetEnt, Microgaming, Quickspin, Yggdrasil, and other comparable companies.

On the other hand, some blockchain-focused operators choose to use blockchain-specific software, providing a more diverse range of gaming alternatives than traditional operators. In this instance, you might not discover the normal selection of games that you've come to expect. This can be a good thing because you'll be able to try out new games instead of being limited to the same old games you've played hundreds of times before.

You'll be spoiled for choice with Bitcoin games, which include everything from current video slots with fun themes and bonus features to table and dice games like poker, blackjack, roulette, and baccarat, as well as some scratchcards for those looking for something special.

How to Choose the Best One

TopKasynoOnline.com is the best place for Poles to find the best casinos. The list was decided based on the availability of licenses, ease of registration, proper security, software, customer service, and the selection of games, payment options, bonuses, and Polish localization.

Interesting Facts about Bitcoin

• Brock Pierce, a businessman and former child actor, best known for his role in The Mighty Ducks, is reported to be the first individual to obtain a wholly crypto-based mortgage. The crypto enthusiast invested over 3 million dollars in Bitcoin in purchasing a refurbished church in Amsterdam, the Netherlands.

• According to Blockchain.com, there have been 668 million Bitcoin transactions since the currency's inception in 2009. In recent years, this number has risen even faster. Each day, an average of 265,714 transactions take place.

• El Salvador became the first country to accept Bitcoin as legal money on September 7. President Nayib Bukele revealed the controversial action earlier this year at Bitcoin Miami. Bitcoin will be accepted alongside, but not substitute, the US dollar as a mode of payment in the country.

Statistics of Crypto in Poland

Over 900,000 people in Poland possess cryptocurrency, accounting for 2.50 percent of the country's total population. Polish authorities introduced the revised PIT-38 (personal income tax) form in November 2020 to make reporting crypto taxes easier for Polish people. Cryptocurrency is not considered a "currency unit, a payment instrument, or electronic money" by the Polish government.

To properly disclose their earnings from crypto trading, Polish residents must present financial statements from the crypto exchange they used to buy and sell the digital currency. Residents of Poland can deduct investment costs over several years. Other sources of income, such as the sale of stock, are not allowed to be deducted by Polish residents.

Pros and Cons of Bitcoin Casinos

Advantages

• Payments are made quickly. No third parties, such as banks or other financial institutions, are involved in Bitcoin transactions. Money transfers are performed swiftly and seamlessly because all transactions are conducted directly between the user and the operator.

• Anonymity. Users can conduct anonymous cryptocurrency transactions thanks to blockchain technology. During the transaction, the wallet address is the only publicly available information. Therefore players are not required to reveal any personal information.

Disadvantages

Volatility is high. Various factors influence cryptocurrency values which can fluctuate substantially over short periods.

The legal status is unknown. Many countries' governments have yet to state their position on cryptocurrencies or to enforce any rules.

How to Get Bitcoin

There are several ways to obtain bitcoin; however, the following are the most common:

1. Bitcoin ATMs are located throughout the world.

2. Brokerages that deal with investments. Bitcoin and other cryptocurrencies are available from a variety of international investment brokers.

3. Exchanges for cryptocurrencies. A variety of exchanges are available both in Poland and abroad.

Converting Bitcoin

The first thing to keep in mind is that converting bitcoin to cash will incur an exchange fee and taxation from a third-party broker. Of course, the fees will be determined by the number of digital tokens that must be changed into cash.

In addition, it usually takes a day or two for the broker to transfer the converted funds to a bank account. Cryptocurrency can be converted into cash in two ways: through an exchange or a broker.

Future of Bitcoin in Poland

A few Bitcoin businesses based in Poland have recently run into difficulties, with banks canceling accounts of a Polish Bitcoin exchange - BitMarket. On the other hand, T-Mobile has partnered with InPay to allow consumers to top up their phone and data credits. Furthermore, Chip-Chap, a digital currency platform, has partnered with HalCash to provide Bitcoin access through its ATM network.


By making Bitcoin more accessible and expanding its usage, the currency may soon establish a solid foothold in the country's economy.

Questions

Kevin, 23 y.o., Delaware (USA)

What is Provably Fair?

Provable Fairness is a Blockchain-based method that may analyze and verify game fairness. It means that a player may check the game's outcome using a simple technique, ensuring that the RNG is genuine.

Trisha, 34 y.o., Sheffield (UK)

Can I Play for Free?

Many Bitcoin casinos provide free games and opportunities to play casino games and win real money without investing any cash.

Mark, 28 y.o., Indiana (USA)

Do I still need to disclose personal information if Bitcoin is anonymous?

While you can only use one email address to transact in Bitcoin, casinos still need proof of your existence, so yes.

Olivia, 41 y.o., Liverpool (UK)

What is Responsible Gambling?

You should never lose control of your gambling desire; you should be very careful and calculate how much money you spend on gambling and how much time you spend playing these games.

Chuck, 22 y.o., Montana (USA)

What are the distinctions between BTC, mBTC, and uBTC?

Bitcoin currency is abbreviated as BTC. Milli Bitcoin, or mBTC, is the thousandth part of a BTC, whereas micro Bitcoin, or uBTC, is the millionth component.
You can also send your questions on this presentation by email to topkasynoonline@gmail.com, or contact Milan by phone: +48 22 595 14 00. The editorial office is located in Warsaw, Złota 59, 00-120. For more information on the gambling industry of Poland, you can subscribe to Milan's podcast: https://topkasynoonline.buzzsprout.com/.

Note: Unfortunately, gambling is illegal in Poland, so the content in this article is used only for informational purposes and is available to users outside of Poland.

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