UNITED STATES—The cryptocurrency market certainly took the world by storm! Since the inception of Bitcoin in 2009, the digital currency market has been growing at lightning speed. Bitcoin set the pace and standard for the cryptocurrency market, and other digital currencies soon followed its steps. Today, many industries use cryptocurrency for a wide range of investment, operational and transactional purposes, with thousands of businesses accepting Bitcoin or offering Bitcoin ATMs worldwide. Not only are businesses accepting Bitcoin, but consumers are also making use of it, with recent statistics showing over 200,000 daily Bitcoin transactions.
With the emergence of cryptocurrency, the online gambling industry, also growing rapidly, jumped on the train. Many online gambling sites now accept cryptocurrency, which has given rise to bitcoin casino all over the world. You can now place a wager on 21bit casino using Bitcoin and other accepted forms of crypto. In addition, you can also receive your payout in the form of crypto!
This exponential growth of Bitcoin is really amazing, considering that just over a decade ago, in 2010, a man named Laszlo Hanyecz bought two pizzas with 10,000 Bitcoins. At that time, the emerging cryptocurrency was valued at just $41. Now, 1 Bitcoin is valued at $30,000! And its value is still steadily rising. In addition, new digital coins are being launched at a fast rate. Bitcoin casinos are also growing in popularity. This rise is due to the speed, convenience, safety, and reliability of cryptocurrencies, among other factors.
This article will go into detail about Bitcoin casinos and why they are so popular today. However, to understand this popularity, we have to first understand what Bitcoins and Bitcoin casinos are and how they work.
What are Bitcoin Casinos?
Known to be the largest and most expensive cryptocurrency in the world and the first to be established at that, Bitcoin is the most popularly used cryptocurrency in the gambling industry. Bitcoin was created as a virtual peer-to-peer currency for making transactions without the need for third-party authorities. It was designed as an alternative to traditional government-controlled currencies to combat inflation. One of the early adopters of cryptocurrencies was the online gambling industry, with Bitcoin being accepted at online casinos about a decade ago. Now even land-based casinos accept Bitcoin as a mode of payment.
So, what are Bitcoin casinos? These are casinos that accept cryptocurrencies as a means of transaction. Bitcoin casinos are pretty similar to traditional online casinos, except that players can bet and win Bitcoins on games. Gamblers can deposit into their casino accounts using crypto and receive their payouts as crypto.
How do Bitcoin Casinos work?
To use an online Bitcoin casino, you must first buy Bitcoins using traditional currency and create a digital crypto wallet. The entire transaction is protected by high-level crypto encryption, ensuring anonymity and security. Once you have a valid id, you can open a gambling account with a Bitcoin casino of your choice. With your account, you can start playing from the huge portfolio of available games on the sites and enjoy the many benefits of crypto.
When you want to play, you transfer your Bitcoins into the in-house wallet provided by the crypto casino. The casinos usually have a wide range of games, including crypto jackpots, where you can win payouts up to 500 BTC! Any prize you win will be returned to your in-house wallet. You can then choose to transfer your profits back to your Bitcoin wallet. All these transactions occur at fast speeds and are very safe and secure. In addition, the crypto market fluctuations offer you a chance to win extra, although it can also lead to a loss on your part.
Before betting, it is best to read the terms and conditions to understand how the casino works. This way, you’ll be familiar with all the important points such as wagering requirements and betting limits on games, and avoid any unwelcome surprises.
Factors affecting Bitcoin Casino’s Popularity
As stated earlier, Bitcoin casinos are growing in popularity at a rapid rate. Just like traditional casinos, Bitcoin casinos offer a wide range of classic online casino games and pokies, but they have some additional perks that make them so promising and attractive. Here are some of the factors influencing the popularity of these online casinos:
Anonymity and Security
Many conventional casinos require a truckload of personal information, such as your credit and debit card details, and the provision of these vital details on such platforms may threaten the privacy of gamblers. If not handled properly, leaving your financial information on such sites can cost you. Thankfully, with Bitcoin and other digital coins, you do not have to go through the hassle of filling out so many forms or risk your privacy by revealing confidential information. This security protects you from identity theft and other risks. Some Bitcoin casinos may even allow you to play games using cryptocurrencies without signing up.
Even though all crypto transactions are transparent and recorded on the blockchain, your personal information is securely hidden and encrypted. This high-level security means your account cannot be hacked, and your payment information cannot be stolen from you. This security is even more important as the online world continues to grow with the increasing threats in the form of hackers and fraudsters.
Since the only information required by Bitcoin casinos is your wallet address, using Bitcoin eliminates the threats of hackers and fraudsters. As a result, no third party can gain access to your banking details or social security number. Additionally, Bitcoin casinos offer players anonymity like never before. Every gambler values anonymity, so this has been a key factor in driving the popularity of Bitcoin casinos. Even if the casino site is breached, your private information can never be accessed by any other party.
Another benefit of this anonymity is that users from countries where there are unfavorable laws against gambling can have a chance to play as many games as they want on reliable sites confidentially. As Bitcoin casinos can reach even seemingly restricted areas, there is an increase in their popularity over the world.
Quick and Easy Deposit and Withdrawal
When Bitcoin was created by the individual(s), Satoshi Nakamoto, it was designed as a decentralized currency. This feature means that this cryptocurrency has no single person or group with control over it. Even today, Bitcoin maintains its decentralized nature. Hence, inspections that might slow down transactions are eliminated. Instead, transactions are performed directly between the user and operator, making it incredibly fast and seamless.
Another perk is you don’t have to worry about your transactions getting declined by your bank and payment services. In addition, you no longer have to wait for several hours or days for your bank to process your payments or withdrawals. On the other hand, you can even decide to keep your coins in your wallet until Bitcoin prices rise. This way, you can get an exponential increase in your funds.
All you have to do is fund your Bitcoin wallets, and from there, you can easily make deposits into your preferred casino or sportsbook. And after winning, it’s easy to initiate withdrawals. One more perk is that the transactions are convenient, especially for gamblers from countries with online gambling restrictions. Such gamblers can easily and securely access legal casinos, enjoying all the thrill of gambling. And since the transactions are easy to make, gamblers can make their transactions instantly using any device they like, wherever they are.
There is a high level of distrust that gamblers harbour towards traditional casinos. Many believe there might be some involvement in dubious activities to defraud them of their winnings. This distrust is usually warranted as traditional casinos have a track record of using various tricks to favour themselves over the gamblers. These casinos also conceal information such as potential winnings from gamblers, thereby exploiting customers and making their customers suffer unjust and huge losses.
With blockchain technology, this exploitation is completed overthrown. The nature of cryptocurrencies allows for a public ledger that contains records of all gaming transactions– results and payouts. All transactions are accessible and safe from altering. As a result, all crypto games are transparent and fair, even allowing casino players to verify the outcomes of games.
Bitcoin casinos are straightforward, legitimate, and unambiguous. As such, there is a massive reduction in fraud and, consequently, a reduction in huge, unfair losses in the gambling industry. It has also fostered positive relationships between casinos and gamblers. You can now play your games securely and be assured that whatever results you get are the actual ones.
Wider Game Variety and Better Odds
Compared to traditional casinos, there is a wider variety of games available at Bitcoin casinos. On these sites, you have access to impressive gaming libraries that feature games like pokies, craps, roulette, video poker, and table and card games, among others. These casinos offer the best quality of games, often exceeding players’ expectations.
This variety of games exists because many renowned game providers see the benefits that Bitcoin offers and thus keep making games for Bitcoin casinos. Online casino players will obviously prefer these casinos over traditional ones as they love having a wide range of games to choose from, especially those with high payouts.
Bitcoin casinos also offer games with higher player return percentages than traditional casinos. They also have the lowest house edge or casino advantage of any online casino, giving you much better odds. Bitcoin casinos usually display these stats on their site to tell you your winning odds.
Special Bonus Offers and Minimal Fees
What better way to seize the attention of gamblers than bonus offers? Cryptocurrency casinos offer a wide range of bonus offers, although you cannot claim all your bonuses using some types of cryptocurrencies. The bonuses include free spin bonuses, welcome bonuses, reload bonuses, and other types of promos, using Bitcoins as rewards. In addition, almost all crypto casinos offer lucrative welcome bonuses matching your deposit by 100%! They offer these bonuses to attract new gamblers and further encourage player loyalty.
Players not only receive these continuous bonuses and promos but can also claim them when needed. Standard online casinos don’t even compare in terms of the bonuses offered by crypto casinos.
The decentralized nature of the blockchain means the flux of Bitcoin cannot be monitored by any government; hence it is impossible to place taxes on the cryptocurrency. This freedom allows for cheaper transaction fees, unlike traditional casinos, where taxes and duties and extra fees would have completely reduced gamblers’ winnings to nothing. Since players will do everything humanly possible to maintain their winnings without illegally evading taxes, using Bitcoin is more profitable than traditional currencies.
Even though there are huge benefits to playing at Bitcoin casinos, you should still note that cryptocurrency is generally volatile, with unstable values, and this volatility is due to its relative newness. However, Bitcoin and other forms of cryptocurrency offer protection from inflation, in contrast to traditional currencies. That is, as traditional currencies lose value over time, Bitcoin’s value remains undeterred due to the fixed supply of this cryptocurrency. The protection of Bitcoin from inflation makes it offer long-term growth prospects. Gradually, many more organizations and industries are adopting the use of Bitcoin and other cryptocurrencies, and as a result, its volatility keeps reducing.
With all the information provided in this article, you should know why Bitcoin casinos have grown so popular among gamblers looking for a fun way to utilize their digital crypto assets. Bitcoin casinos attract players who favor innovative and cutting-edge technologies and so rapidly expand their platforms. Cryptocurrency allows for many benefits not just to gamblers but also to casinos, and as such, crypto casinos are sure to gain increasing popularity.
Take advantage of cryptocurrency options at Bitcoin casinos today but remember to gamble responsibly at all times.