OVERVIEW OF THE CASINOS THAT ACCEPT BITCOIN
Bitcoin casinos have grown increasingly popular in the past few years and have emerged as a niche in the online gambling industry. One of the primary reasons for this popularity is the flexibility that cryptocurrency allows online casino operators, by helping them to avoid daunting regulations. Bitcoin’s anonymous nature has encouraged many businessmen and opportunists to try their luck with Bitcoin casinos since authorities cannot enforce restrictive laws. However, this encourages legally shady investment in casinos that have not passed through the stringent regulative frameworks specifically set up to validate casino operations.
UNDERSTANDING BITCOIN CASINOS
The Bitcoin network is based on Blockchain technology and has gained popularity as the fastest growing and most valuable cryptocurrency. However, the concept of Bitcoin Casinos is still largely unknown. There are only a few online casinos that carry out their transactions solely in Bitcoins. Others offer Bitcoin as an additional currency that players can use alongside the more traditional currencies. Over the past few years, the number of casinos offering transactions through Bitcoin has been increasing. As of right now, Bitcoin casinos operate worldwide, though they are subject to the local laws. These casinos offer a wide array of games for players to bet their Bitcoin money on, including gambling games, traditional casino games, sports-based betting, online lotteries, and spread betting.
HOW DO BITCOIN CASINOS OPERATE?
For any online casino to function profitably, it needs to perfect the software it offers. Popular Bitcoin casinos that host larger client bases prefer to use software developed in-house. Custom-built software ideally helps to seamlessly integrate the use of Bitcoin with the operations of the casino. Smaller casinos prefer to buy off-the-shelf versions of the software for their versatility and price. Purchased or rented versions are fully customizable as well, with the buyer having the freedom to add unique features and aesthetics according to their needs.
Software plays a crucial part in the running of an online casino. It should be responsible for conducting and running the game with minimal human intervention and providing secure transactional features for gamblers. Due to their business’s digital nature, bitcoin casinos need to convince players about their operations’ fairness. To overcome this hurdle, most bitcoin casinos establish trust by offering complete transparency about their operations and revealing how the software algorithms work. Those who aren’t as willing to disclose their secrets rely on a person to person reference to bring in traffic or depend on their unique game collection to attract players. Although online casinos host a great variety of old and new games of varying popularities, poker has proven to be the most popular game for Bitcoin casinos.
WHY ARE BITCOIN CASINOS GETTING POPULAR?
Out of all the reasons why Bitcoin casinos have gained such immense popularity in such a small amount of time, anonymity continues to be the number one reason. Even Bitcoin transactions have a nature of ambiguity, which serves as an appealing characteristic for many players. However, some aspects that have gained notoriety among online players using Bitcoin are the transaction fees and restrictive rules imposed by traditional currency-based online casinos for using cryptocurrency.
While it might seem like an insignificant amount to most players, the nominal amounts add up quite a sum. Interestingly, most Bitcoin casinos not only don’t charge any transaction fee but provide unlimited free transactions. The wholly online presence of Bitcoin casinos enables them to have access to a global client base and provides easy availability to players in large numbers at all times – something that classic online casinos cannot provide. Another factor that appeals to online gamblers accessing Bitcoin casinos is the lack of supervision and control by legal authorities, which has resulted in the rules of many online games being customized and tweaked. Such outlandish variations are illegal in traditional currency casinos, causing a surge in the number of players preferring the latter.
ADVANTAGES OF BITCOIN GAMBLING
Traditional currency online-casinos offer their advantages, with regulation being the most important one. But for someone that doesn’t care much about regulation and will rely on the word of mouth of Bitcoin casino players, Bitcoin casinos seem like the better option. Here are a few other reasons Bitcoin casinos are preferred over their traditional currency counterparts:
LOW TO ZERO FEES
The sole reason people choose to gamble online is to earn money and increase wealth, which is why it is entirely fair to say that players don’t appreciate deductions from winnings. Since cryptocurrencies like the Bitcoin do not require an intermediary, there are rarely any withdrawal or deposit fees. In the long run, these small costs can amount to a very decent sum that could be used to fund a couple of games and win more money.
TRANSFERS ARE INSTANTANEOUS
Life is unpredictable, and people may need to withdraw that handsome chunk of winnings at a moment’s notice. Withdrawals from traditional online casinos can take anywhere from a few hours to four or five days. Sometimes a player might only have a few minutes to play their favourite Bitcoin slot at their favourite Bitcoin casino while they’re on their way back from work and going for an unexpected date. In this scenario, everybody would want their payment to go through as quickly as possible without any hassle. Since there aren’t any frustrating and daunting security checks at Bitcoin casinos, instant Bitcoin transfers can be initiated to and from any player’s account.
IT IS SECURE AND ANONYMUS
As we’ve all heard before, everyone leaves a digital footprint whenever and wherever they go online. Every time you use a credit card online, your personal information is embedded in the online transaction, there for the taking, provided that the right person is looking for it. This is a serious breach of security and can potentially be used against you. Hackers and fraudsters can get complete access to a person’s full name, phone number, address, and, most notably, their financial information. However, Bitcoin is entirely secure. It promises full anonymity to its users on the web, so gamblers don’t have to worry about someone getting access to their private information.
Experienced players have repeatedly encountered issues playing with regular currency: the casino may not allow payments from a specific country; your preferred method of payment may be on the blacklist; a conflict between the laws of the country you reside in and the laws of the casino. Bitcoin not only breaks all these barriers but transcends them and rises above, allowing players to play in all their favourite locations with no limits and no restrictions.
CRYPTOCURRENCY CASINO GAMES: A WIDE SELECTION
Online gamblers have many Crypto-games to choose from. Dozens of studios have made their creations available to the best Bitcoin Casino portals. Players who have high regard for user experience will find many viable and tried-and-tested games. These games include slots, video poker, table games, and even live casino games, all of which are part of the offer. Some Bitcoin casinos even feature as many as 3000 games, so that a lack of variety will be the least of a player’s problems.
WHY ARE BITCOIN CASINOS BEING OBSERVED SO CAREFULLY?
The rules and regulations have typically been defined by traditional online casinos that transacted in traditional currencies. Payments in traditional currencies allow authorities to keep a sharp eye on the casino’s workings and the players, thus helping track and identify players, dealers, and casino operators. When it comes to Bitcoin casinos, all of these things change.
Bitcoin transactions are digital, and so the auditing and verification part becomes a lot trickier. For instance, there is no telling if the cards were shuffled and distributed fairly/randomly in an online card game if that casino is not regulated.
Moreover, the players remain anonymous because they pay anonymously through a digital currency. While this sounds pleasing and fancy, it raises a lot of questions on the regulations of the Bitcoin casino establishment and its business practices. A lot of Bitcoin casinos do not require extensive personal detail from users; all a player needs to disclose is their email and login name, with no age verification, no location verification, and no checking of other details. In places where gambling is illegal, Bitcoin casinos provide a safe haven to gamblers, where they can play unchecked.
Casino gambling comes with its share of regulatory and legal problems. Online casino gambling has been a hot topic for debate from an ethical point-of-view. With the introduction of Bitcoin casinos, the online casino operational framework becomes increasingly complex, volatile, and challenging. Despite this, the Bitcoin casino industry has been steadily growing since 2013. While it is easy to get carried away with making easy money without leaving a trace, players should always consider the play’s legal and ethical aspects.