Bitcoin at Duell: irreversible transfers and price risk
Some casino cashiers accept Bitcoin. Paying with it is different from using a card or a bank in ways that matter: there is no bank to call if something goes wrong, the value can move a lot between deposit and withdrawal, and a mistake in the address is usually permanent.
No undo
A Bitcoin transaction cannot be reversed. If you send to the wrong address, or to a fake site, the coins are gone. There is no chargeback and no bank to contact. Always copy the deposit address directly from the operator's cashier, check the first and last characters, and send a small test amount first if you are unsure.
Deposits and confirmations
A deposit is credited after the network has confirmed the transaction a certain number of times. How many confirmations the operator waits for is set by the operator. Network fees are paid to the network, not to the casino, and they rise when the network is busy.
Withdrawals and price swings
If you withdraw in Bitcoin, the value you receive in your own currency depends on the price at that moment. Worked example: you deposit the equivalent of 100, play to a balance of 100, and withdraw — if the price has fallen 15% in the meantime, the coins you receive are worth about 85 in your currency. It can go the other way too, but it is a second gamble on top of the first.
| Factor | Who controls it |
|---|---|
| Accepted coins and networks | The operator — check the cashier |
| Required confirmations | The operator |
| Network fee | The network and how busy it is |
| Value of the coins in your own currency | Set by the market at that moment |
Available methods and limits depend on the operator and your account — check the cashier. A method appearing in the cashier does not guarantee that your bank or wallet provider will process the payment.
Go to the offerRecords and tax
Keep a record of every transaction with date, amount and value in your own currency. In many countries both gambling winnings and gains on crypto can have tax consequences, and the rules differ widely. Ask your tax authority if you are unsure.
Crypto is not anonymity
Bitcoin transactions are public on the blockchain, and operators usually still verify identity before paying out. Crypto is not a way around identity checks or local rules. More about crypto in general is in the crypto guide.