Bitcoin has well and truly entered the roller-coaster world of online gambling that may only have been around for around 20 years. For Bitcoin investors who need a different kind of crypto gambling than trading cryptocurrencies, bitcoin casinos are the latest innovative way to earn.
Many new crypto gambling sites have already begun incorporating other cryptocurrencies aside from Bitcoin, such as Dogecoin, Ethereum, Litecoin, etc. Being a new type of online gambling isn’t enough; bitcoin gambling may well overtake and possibly replace traditional casinos.
Here’s a look at why and how Bitcoin casinos may be on course to replace and overtake traditional casinos.
What is a Bitcoin casino?
Bitcoin casino is a term that loosely describes any online casino that accepts the use of Bitcoin in gambling. Also, some sports betting agencies that accept Bitcoin and crypto along with fiat may sometimes be referred to as bitcoin casinos.
Meanwhile, most Bitcoin casinos offer gamblers casino fairs, including roulette, while adding sports betting, spread betting, or even online lotteries. In the same vein, several medium and large-scale Bitcoin casinos currently offer games and services that interested players can play while transacting with bitcoin instead of fiat.
While the number of online casinos has been on the rise for years, the growth of Bitcoin casinos has also picked up pace tremendously in recent years. Now dozens of top bitcoin casinos offer crypto gamblers the opportunity to play anonymously.
Players are free from government regulation or control over their funds, something traditional casinos may not offer.
How Are These Casinos overtaking Traditional Ones?
Bitcoin casinos are getting high patronage for several reasons. Bitcoin is anonymous, allows fast transactions, has no tax issues, and has relatively low fees. These are some of the ways bitcoin casinos betters traditional ones:
#1. Lower Merchant Fees than Traditional Casinos
Using online casinos comes with many fees, especially when making payments with banks transfers, credit and debit cards. Casinos pay merchant fees each time a deposit or withdrawal transaction occurs. Doing so has proven problematic for the online casino industry.
A big reason is that most of these deposits need currency conversions to be completed. The solution? Cryptocurrency.
Cryptocurrencies do not require costly merchants, and this alone puts bitcoin gambling a step above traditional. Online gambling platforms are more than happy to include cryptos in their activities. Lower merchant fees mean that gamblers get to pay less on fees too.
#2. More Transparency
In the rollercoaster world of gambling, transparency is important. People who gamble with traditional casinos know one or two tricks that operators use to reel in players. Incredible bonus offers, high winnings, and striking images are just some of the tricks that operators employ, and more often than not, they end up being false.
Traditional casinos go as far as concealing crucial details and info from gamblers that might give them an edge. However, when it comes to bitcoin gambling, transparency is top-notch.
It is almost impossible to hide crucial information because the whole process is transparent and platforms direct. Players can even verify the fairness of odds and some games or transactions if they notice foul play.
#3. Bitcoin Gambling Offers More Anonymity than Traditional Casinos
While it isn’t completely anonymous, bitcoin gambling and bitcoin casinos offer more anonymity than traditional ones. Though the blockchain keeps track of transactions, there’s still a relatively higher level of anonymity in bitcoin casinos.
Unlike web wallets, debit, and credit cards, Crypto wallets aren’t connected to a home address or bank account. User’s names, phone numbers, bank account, and addresses remain private and secure.
Security is crucial in online gambling. No doubt traditional casinos put up some solid security features, but bitcoin casinos offer gamblers more. For one, the use of cryptocurrency wallets for bitcoin gambling means that your privacy is highly secured.
More so, hackers will find it difficult to attack bitcoin casinos successfully. High encryptions and the use of blockchain technology make it impossible.
#5. Quicker and Convenient Transactions
While deposits might be fast with traditional casinos, withdrawal transactions might use a little more speed and convenience. Despite some traditional casinos processing withdrawals quicker than most, bank transfers could take almost a week to go through, debit cards about three days.
However, with bitcoin casinos, you only need your cryptocurrency wallet. There’s no need to go through the stress of opening accounts and verifying your identity repeatedly. Deposit and withdrawal transactions are quicker and convenient.
#6. Games are Fair
The fairness of the games is one major difference between bitcoin casinos and traditional casinos. Bitcoin casinos use fair algorithms, including provably fair, to help make winning easier for players. Low house edges are also available.
Benefits of a Bitcoin Casino
Bitcoin is a faster and safer means of payment, making bitcoin casinos a much better choice. Besides, there are no middlemen and hence, no high transaction fees involved. So if you’re on the fence about what bitcoin casino offers, here are some benefits of a bitcoin casino:
- All top and legit Bitcoin casinos use provably fair games. This means that they use an algorithm to analyze and verify the fairness of the odds on their website.
- Bitcoin casinos offer total privacy and anonymity. They do not require players’ personal information and will only ask for an email address to reset your account password.
- Players enjoy bigger winnings and better payouts because Bitcoin casinos have low costs than traditional casinos.
- There is no bank or state control/regulation over the affairs of Bitcoin and cryptocurrencies. Players have full control of their funds, and frozen accounts are uncommon.
- Players from locations that have strict gambling rules can partake in crypto gambling without issues. Besides, there are no extra tax expenses when players transfer Bitcoin.
- Bitcoin and other cryptocurrencies used in bitcoin casinos mean that players can transfer funds instantly and faster than traditional casinos.
How to Choose a Top Bitcoin Casino for Bitcoin Gambling
If you’re making the switch from traditional to the very effective and beneficial Bitcoin casino, you need to go with a top one. With lots of bitcoin casinos to choose from online, here are some factors to look out for when choosing a top bitcoin casino:
- Casino’s Customer Satisfaction: Checking the customer satisfaction rate is a sure and quick way to choose a top bitcoin casino. The ideal ones usually have very few disgruntled customers.
- Payment Methods: All bitcoin casinos accept bitcoin as a method of payment. However, additional payment methods like bank transfers or debit/credit card payments are a plus.
- Variety of Games: Some of the best bitcoin casinos offer a wide range of popular casino games. So if you’re going crypto gambling, look out for bitcoin casinos with games like dice, blackjack, slots, video poker, roulette, or even sports. Also, look out for updates on games.
- Prompt Customer Service: While not all bitcoin casinos offer reliable and fast customer service 24/7, it is best to go for the one with the most prompt response. Some offer chat or phone support and are ready to help your gambling experience smooth.
- Provably Fair Means Casino Reliability: The use of the algorithm, provably fair gambling means a bitcoin casino is committed to proving the fairness of player’s odds. Players should only do their bitcoin gambling at casinos that prove the fairness of the odds.
- Deposit Bonuses Come in handy: Arguably, all casino sites offer players deposit bonuses while most offer free spins. Bitcoin casinos with great user ratings and cool deposit bonuses are a top choice.
Bitcoin gambling platforms and sites offer larger profits due to the low costs on offer. Besides, there are no licensing or extra fees involved for bitcoin casinos.
No single authority or government controls the market. These reasons make Bitcoin casinos a smart and natural alternative to traditional casino sites, along with the added incentive of crypto gambling and solid provably fair.