Created in 2009, Bitcoin is a Cryptocurrency (digital currency) based on the concept propagated by the great Satoshi Nakamoto, whose true identity remains murky to the present day. After two years had passed since its inception, Bitcoin burst into the mainstream, mainly operating in a peer-to-peer marketplace, unlike regular fiat currencies. Since it is not a physical entity, Bitcoins are mainly in the form of balances with public and private keys – several strings of numbers and letters, stitched together via an encryption algorithm. They can be transferred through addresses consisting of between 27 and 34 characters.
Despite Bitcoin being a popular payment method for online gambling, the meteoric rise of Bitcoin casinos has been quite phenomenal. In recent years, with the rise in popularity of Bitcoin, more and more players have been found online, seeking out a bitcoin casino. As the percentage of the global population that uses Bitcoin keeps growing, so does the number of online casinos that base their entire payment format on Bitcoin. Bitcoin casinos are becoming increasingly popular among gamblers from all corners of the globe, who seek out such sites to enjoy quality casino games and wager for their fun using Bitcoin.
The Workings of a Bitcoin Casino
Some of the online casinos only use Bitcoins as the transaction medium. This means that funds that are transferred into the player’s account are in the form of Bitcoins, and so are all of the rewards that are withdrawn. A huge number of Bitcoin-only online casinos develop their own proprietary online gambling software. Once they have that in their kitty, it becomes easy for them to earn the players’ trust by simply conceding to them how their algorithms work or via peer-to-peer reference. Several of the other online casinos offer Bitcoin as one of the legitimate currencies on their cashier platform, along with US Dollars, or Euros, and others.
Bitcoin casinos, the ones solely dealing solely in Bitcoin, are a way more popular choice for players compared to the ones that only accept Bitcoin as a choice among other currencies. Though there is still a considerable way to go, Bitcoin Casinos are definitely catching up to the popularity of traditional ones. Even though poker is arguably the preferred game at Bitcoin casinos, you can also enjoy hundreds of other casino games, including online slots, roulette, video poker, blackjack, and more.
Pros of a Bitcoin-only Casino
- Lesser Banking Costs
Running an online casino solely on Bitcoin currency can be a very attractive proposition for gambling operators, as their bottom-line profits aren’t decreased by banking costs (the money the casinos must pay to banks in case of payment methods, including credit cards, e-wallets, and banks). In comparison, all of the transactions made using Bitcoin can be processed for free – both for depositing money and withdrawing.
- Bigger Bonuses & Higher Rewards
Due to lesser processing fees, Bitcoin casinos can pass those savings back to their players via extremely generous bonuses and higher rewards. Add to that the fact that the payout percentages on the games are in general higher in favor of the player when put in comparison to traditional online casinos.
- Maximum Discretion
Bitcoin casinos give players the opportunity to operate with maximum discretion. They keep requests for all personal information to a bare minimum and only request a player’s email address so that the password recovery process can go smoothly if the need may arise. Bitcoin-only casinos will generally ask for some type of identification when a player tries to withdraw his/her funds.
Bitcoin Casino — DOs and Don’ts
- Thorough Research
The absolute premier point to consider is to check and research the platform/site that you want to play on thoroughly before you start playing. Go through its reviews, its reputation in the market, its features, bonuses and rewards, agreements, terms and conditions, and finally, legality and security. It is important that you perform a full comparison and analysis with respect to other Bitcoin casino platforms so as to make a wise decision.
- Proper Licensing
You must keep in mind that it is crucial to make sure whether the Casino has been licensed under regulation since different have a number of different legal statuses. A licensed bitcoin casino is considered to be of the highest standards of trustworthiness.
- You need to ensure that the Casino website has taken the following security measures — SSL 128-bit encryption, two-step verification, payment mode and system, so on and so forth.
What lies ahead for Bitcoin casinos?
Arguably, in the near future, all Bitcoin casinos may not strictly involve just that one particular cryptocurrency – Bitcoin. Even though Bitcoin offers a host of different benefits to the online gambling industry – specifically providing for an escape from all regulations, rapid transfers, and even pseudonymity. The fact is that the cryptocurrencies of the newer age might go on to present way more attractive benefits. Since the debut of Bitcoin on the world stage, a host of privacy-focused cryptocurrencies have had their inceptions. These ones specifically anonymize the transaction details along with the parties involved. For example, the cryptocurrencies like Monero, or Zcash, may one day be accepted wide and far and adopted amongst online casino websites due to their inherent fungibility. In the end, other projects – such as Ethereum – might also offer extremely enticing benefits. One day in the future, online casinos may introduce smart contracts so as to govern gambling activities, including deposits or payouts. This would, in effect, ‘decentralize’ a few of the administration of day-to-day duties.
The Bitcoin casino websites provide players with a host of casino bonuses and promotions, which is one of the top reasons many players choose to play and continue with certain online Bitcoin casinos. You need to select the best Bitcoin casino bonus to claim, whether as a no deposit bonus, a match deposit welcome bonus or even free spins on the best slots. The best thing about Bitcoin Casinos is that being digital, they can be accessed by anyone located anywhere on the face of the earth. So just go online, register once and have a great time.