Bitcoin casinos are those type of online casinos that offer gambling and gaming in Bitcoin currency. Created in October 2008 by Satoshi Nakamoto as a form of peer-to-peer electronic cash system, Bitcoin has steadily gaining traction as an alternate crypto currency.
To date, Bitcoin is recognized as the most popular CryptoCurrency, and proving very popular in online casinos.
Currently, a select number of online casinos use Bitcoin as the only form of currency, and a larger number use Bitcoin as an additional currency.
Using Bitcoin transactions, Bitcoin casinos trade globally. However, they are still subject to trade laws and regulations in respective regions. Bitcoin casinos offer players to use Bitcoin currency to play gambling games, online lottery, sports betting, spread betting and other casino games.
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Bitcoin Online Casinos Explained
Exclusive cryptocurrency casinos depend on the software that is specifically designed for them. Usually, the most popular, successful Bitcoin gambling sites operate on personally-designed software whereas the smaller ones depend on rented or small-budget software programs that they go on to customize.
Since Bitcoin software is the heart of the operation, for live gaming and games that require a table dealer, the software efficiently assumes the role of table dealer. However, some gamers remain sceptical because the software is a technology and might be set to always favour the casino.
Some of the best Bitcoin online casinos offer poker games. Since poker is the most popular game in exclusive Bitcoin casino sites, it is much more advanced, and there is fair play. There are also lotteries and various popular games, including blackjack and baccarat. To gain more popularity and increase demand, new Bitcoin software-specific games are being invented.
Advantages of Bitcoin Casino Sites
Security and Privacy: Bitcoin transactions are encrypted end-to-end and no personal information is involved in the transfer other than your Bitcoin wallet address.
Low or Zero Transaction Fees: Most online casinos do not charge any transaction fees when you deposit or withdraw using Bitcoin. This is so because Bitcoin is a decentralised currency and transactions don’t involve any banks or third parties.
Super Fast Transactions: As no intermediaries are involved and transactions are also fully online, Bitcoin is known for its fast transfer speeds. While other eWallets do offer instant deposits, they lag behind when you want to withdraw your money from an online casino. Bitcoin withdrawals from casinos are instant and immediately reflected in your Bitcoin wallet.
No Restrictions: In regions where online casinos can’t accept other payment methods because of legalization issues, Bitcoin has become a great choice. Players in this case can easily deposit and withdraw at a casino using Bitcoin, as no bank or third party is involved.
The rise and spread of Crypto Casinos
Since software is a big operational means for Bitcoin gambling sites, it eliminates the error of human error. However, what makes Bitcoin to be more preferred and loved is the anonymity. Bitcoin is a CryptoCurrency and the owner of the funds stays anonymous.
Bitcoin casinos operate exclusively online, although they tend to follow the rules and regulations, it is easier to forgo and skip some of the rules that cannot be done by traditional online casinos.
It must be mentioned that European online casinos licensed and regulated by the EU gambling authorities are forbidden to trade in Bitcoin. So, for example, gambling websites licensed by bodies such as the Malta Gaming Authority (MGA), do not offer any cryptocurrency options. Typically, you’ll only find online casinos licensed by offshore authorities, such as, the Curaçao eGaming, offering deposit and withdrawal options in Cryptos.
Furthermore, gamers in crypto casinos get to save additional funds. This is because of the no transaction fee offered by most bitcoin online casinos. Also, there is a possibility of doing as many transactions as one can possibly do, without strict limitations.
Sign-Up at a Bitcoin Casino
There are a few casinos that operate exclusively on Bitcoin. Some reputable Bitcoin online casinos are BetChain Bitcoin Casino, BitStarz Casino, LimoPlay Casino and FortuneJack.
Finding a reliable Bitcoin casino includes doing a thorough investigation. Given that most online and offline casinos still operate using conventional money, it is best to play in an established online casino that includes Bitcoin as part of the mainstream currencies.