Cryptocurrencies have been all the rage lately, with rising prices attracting investors and more businesses accepting them as payment for goods and services. While many people dismiss it as a fad, it’s becoming a reality in the online gambling industry with crypto casinos on the rise. A lot of casinos are accepting bitcoins with the help of bitpay and Coingate
as a way to stay relevant in this environment. Some casinos will give you free bingo credits if you use bitcoin to make deposits.
Crypto-casinos seem like a natural evolution from websites such as Poker Stars, which have been hacked in the past. There is no need to trust these sites with your valuable information – because cryptocurrency transactions are stored on public ledgers and nobody even knows who owns what address unless they choose to reveal themselves.
Many online gamblers believe that crypto-casinos are one of the first steps toward a future where all transactions will eventually be done by blockchain-based systems. It’s entirely possible that in the future, people will no longer need fiat currencies and only use cryptocurrencies. Until then, these are a few ways that a bitcoin casino can attract users:
Cryptocurrencies are decentralized and there is no single point of failure that could bring down an entire casino network. The reason behind this is that blockchain technology is immune to fraud, corruption, and third-party meddling.
As a result, it’s possible to trust that a bitcoin casino is fair and random. This is often not the case with fiat casinos that have been known to cheat gamblers out of winnings. Crypto casinos can also accept gamblers from all over the world without having to worry about regulation and taxes.
Players have the ability to choose between different cryptos such as Bitcoin Cash, Litecoin, Dogecoin, and more. There are some casinos that do not accept deposits made in fiat currencies. Instead of traditional money, you will be able to cash out your balance directly with Bitcoins or any other crypto-currency.
With the help of an automated process called “atomic betting” you will be able to place bets on multiple games simultaneously (up to 500) without having to make a transaction for each of them. This allows you to increase your chances of winning and then immediately withdraw all your winnings afterward.
Casinos accepting crypto are of four types:
- Instant wagering: this kind of casinos have embraced Bitcoin as a way to process big deposits right away. These casinos can accept bitcoins from anywhere around the world and ensure that withdrawals on gambling accounts can be paid from bitcoins. Sites like these are bet365, directbet, and Unibet.
- Casinos accepting crypto for deposits: these casinos that accept bitcoins only allow customers to make deposits using bitcoins. On the other hand, they make withdrawals from fiat currencies. Some examples are bitstarz, Betchain, and Bitcasino.io.
- Casinos that accept crypto as payment: this kind of casino is meant for those who believe that bitcoins will be popular. This requires players to create a Bitcoin address where coins can be sent to them every time, they win through the casino website. The list includes spinsky Casino and Winward Casino: Epic Jackpot Slots & Games.
- Casinos that also accept other cryptocurrencies like litecoins and ethers: players using these sites can use either bitcoin or another digital currency depending on the casino’s policy. These include sites like btcgarden, bitstarz, betchain, and bitcasino.io which has more than 95% of its games in crypto-currency format.
There are some advantages to using Bitcoin when playing at an online casino:
- People can perform financial transactions as easily as they would on any website: there is no need to use third-party services like PayPal and credit cards any longer. Everything happens in the shortest possible time.
- People can create an anonymous wallet and do not have to reveal any personal information anytime they wish to make deposits or withdrawals. As a result, users can gamble in complete confidence. Players are given crypto-wallets instead of credit cards, which will not be linked to their identity. They can also use vpns to mask their location and make it impossible for their activity to be traced, keeping them safe from government oversight.
- People can make payments in a fast and secure manner. There is no need for intermediaries that can slow down the process.
The game developers have embraced this technology as they can build new games and accept bitcoins without having to spend months or years of development time.
Crypto is unregulated as it is not a commodity; it is solely a means of payment for goods and services. So, there are no financial regulators who could impose their strict rules on the internet operators who accept bitcoins. This way, people need not fear that their accounts will be frozen by someone because they are using bitcoins or even other cryptocurrencies: they should only be concerned about staying protected online through proper security measures.
As such, bitcoin is the currency of today and if you wish to gamble online, you might want to use it. However, before you start using it or even investing in it, there are some factors that you need to keep in mind.
Make sure that your device is secure. Bitcoin transactions are safe but whenever you are making payments online, security is a priority. Therefore, it is a good idea to use hardware wallets and not the mobile wallets on your gadget.
You should have backups of your bitcoin wallet at all times as well because these wallets get hacked as well; the funds disappear from there and the owners lose their money permanently.
In many countries, online gambling is illegal even though players can find a lot of websites that accept deposits from their local currencies. A recent study from the UK revealed that there are about 10 million adults who gamble online on a regular basis. As such, these people have been looking for alternative payment methods that would allow them to play in a safe and secure environment.
Online casinos are increasingly approaching Bitcoin as a viable payment method which could bring them more clients and increase their revenue. They will have to stick to the rules imposed by regulators in various regions but there is no doubt that cryptocurrencies will become an even more popular way of making payments online than it is now.