Depositing through conventional payment methods using fiat currencies typically requires the involvement of a third party. Not just this, you will also have to give up some of your details to bring the transaction into effect. By implication, your financial transactions, especially deposits cannot be confidential. Thankfully, betting with Bitcoin, Ethereum, Litecoin, Dogecoin, and other cryptocurrencies has ushered in a new era of rising change and comfort in anonymous deposits. You can now deposit at and other crypto operators anonymously. Since crypto makes for direct peer-to-peer financial transactions, only two parties are required to effect payments. Third parties like financial institutions, governments, and other forms of intermediaries are no longer needed. This creates the ideal setup for anonymity and privacy. One of the biggest objectives of blockchain technology is cheaper and instantaneous transactions, whether domestic or cross-border. This is why making withdrawals with crypto is great as they are instant. Of course, this is an exclusive preserve of crypto gambling platforms like Betbit Bitcoin Casino. Indeed, the involvement of a third party is the reason withdrawals at casinos and sportsbooks get delayed. Since blockchain technology eliminates the need for these third parties, this leads to faster payouts. This also means gamblers don’t need to pay fees or commissions to have their withdrawals processed. By implication, this allows you to spend more time exploring the robust assortment of games at the iGaming site instead of waiting pointlessly for payments to be effected. Once you register on a crypto casino or sportsbook, you will most likely be entitled to a bonus package as a new member of the site. This is known as the welcome or signup bonus. For instance, Betbit gives its new players a welcome offer of 100% up to 100 mBTC on their first deposit. Playing with cryptocurrency doesn’t disentitle you from enjoying good bonuses and promotions. At bitcoin operators, there are different categories of bonuses you can claim provided you meet the attached terms and conditions. Some of these bonuses and promotions are:

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Are casino winnings taxable?

In most countries, including the United States, casino winnings are considered taxable income and must be reported on your tax return. The exact tax laws and regulations can vary by country and jurisdiction, so it's important to consult with a tax professional or refer to your local tax laws for more specific information.

In the United States, for example, gambling winnings of $600 or more must be reported to the Internal Revenue Service (IRS), and the casino may also withhold a portion of your winnings for taxes before paying you out. However, you may be able to deduct gambling losses up to the amount of your winnings on your tax return, which can help to offset some of the tax liability.

It's important to keep accurate records of your gambling activities, including wins and losses, to ensure that you are reporting your income correctly and claiming any applicable deductions. If you have any questions about how your casino winnings are taxed, it's always a good idea to consult with a qualified tax professional.

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