With Cryptocurrency garnering a lot of attention lately, Bitcoin has made an entrance into the gambling world through Bitcoin casinos. Though Crypto gambling is not new to the players, it’s still in the development stage.Recently, there is a growing trend among players who look out for Bitcoin casinos. This increase in the popularity of crypto has resulted in many casinos springing up across the globe. As bitcoin casinos transact only in bitcoins, this payment mode has seen increased acceptance by gambling service providers in recent times. Bitcoin casinos are quickly becoming the go-to gambling option for most players online, let’s find out how it works and what makes them different.
What Is Bitcoin?
Bitcoin is not issued as a coin or in paper form and is not even a physical entity like the other currencies. Instead, cryptocurrencies like Bitcoin are in the form of private and public keys. The emergence of bitcoin has resulted in the growth of a new type of currency outside the traditional market. It has become a popular form of payment in most online casinos over the past few years. This currency has also been largely accepted by some online retailer giants like Microsoft and PayPal and across the globe.
The Rise Of Bitcoin Gambling
The first successful cryptocurrency – Bitcoin, came into existence in 2008. Initially, most individuals didn’t have much idea of what to do with the cryptos. It took a while for people to gain interest, and since then, it came into the online betting world as a payment option. However, cryptos saw a huge change in 2020 as Bitcoin could finally hit its all-time high. Last year, bitcoin value reached around US$60,000 – US$65,000. Hence, more than ever, more players are creating crypto wallets and investing in bitcoins and other cryptos. This eventually led to many businesses and online casinos accepting bitcoins as their mode of payment. Be prepared to see more online bookies and casinos following this trend in the coming years!
What Are Bitcoin Casinos?
In simple terms, Bitcoin casinos are gambling companies or any online casino that accepts Bitcoin payments. At times, Bitcoin can be the only mode of payment accepted by a gambling platform. However, as seen on kryptoszene bitcoin casino platforms can often accept other kinds of cryptocurrencies. These can include such coins as Ethereuim, Litecoin, Ripple, etc.Recently, several BTC casinos started coming up with their own tailor-made games and services to entertain players who prefer to transact with bitcoins. These casinos also offer traditional roulette games and online lotteries, spread betting, or sports betting.
Bitcoin Casinos: How Do They Work?
Bitcoin casinos contain software programs that can run without much human intervention. These programmed platforms deliver random results, making it more transparent and fair to gain extra income. Many BTC casinos have their own gambling software, and they disclose how their algorithm works with their players to earn their trust. In fact, BTC casinos that only deal with BTC payments are more popular among players than those that accept fiat currency alongside cryptos.
Benefits of Choosing Bitcoin Casinos
Ever wondered why many gamblers are opting for Bitcoin casinos these days. Take a sneak peek to find out why.
No banking charges and lower fees.
Running a Bitcoin casino offers more prospects to the gambling operators as the banking charges do not impact the profits. This allows the processing of bitcoin transactions for both deposits and withdrawals to be completely free or close to free. In turn, players get to enjoy lower fees compared to traditional casinos.
Cheaper operating costs and better bonuses
This makes it cheaper to run a BTC casino, and it has positive impacts on the players. It helps the bookie or casino to offer more bonuses and promos than the traditional casinos.
Lower chances of a fraud
Online casinos mostly have only cryptos as their payment option. This is because they mainly focus on gamblers who prefer anonymity and privacy. It is not easy to manipulate crypto transactions, as crypto activities are much easier to trace.
As cryptos are decentralized assets, the transactions are easier to process. Hence, the transactions are fast and end-to-end!
Why Are Bitcoin Casinos Becoming Popular Lately?
Apart from the extra bonuses, gamblers choose crypto casinos for privacy. They operate with maximum discretion, so you don’t have to disclose your banking or personal information. Only the destination tag and wallet address are required. That is, you only need to provide your email address to run password recovery smoothly.
Some Facts About Bitcoin Casinos For Online Gambling
Bitcoin is gradually evolving as a globally accepted payment method for the majority of online casinos. A lot of the global mainstream companies have created a payment interface specifically for Bitcoins. This helps users to transfer cryptos through secure channels anonymously. With change taking place in the bitcoin gambling industry, here are some facts you may like to know:
The most popular online Bitcoin casino game is slots. Bitcoin slots have gained popularity as the most favoured BTC casino game in many places. Slots have generated more income over the years, accounting for around 85% of the online casino profit.
Bitcoin casinos are becoming legal in most countries recently. Some countries in the Middle East still have restrictions for online gambling. However, most countries in Europe, like England, have found the online gambling industry contributing largely to the GDP.
Online Bitcoin casinos have loyalty clubs. Similar to the traditional casinos, online casinos have loyalty clubs – otherwise known as players club or slots club. It tracks the gaming activity of the players and provides them with rewards and bonuses.
Bitcoin is Now a Part of the Gambling World
The success of bitcoin in the gambling world has made many casinos opt for bitcoin transactions as a valid deposit method. In the meanwhile, you’ll also come across some casinos accepting traditional currencies alongside the cryptos. Either way, online casinos across the globe have now started accepting bitcoin as a legitimate and valid currency. Though online bitcoin casinos offer you a quick way to make money, make sure that you are completely aware of what you’re getting involved in.