Bitcoin has been a major factor in trading, and recently in the online casino industry. More and more online casinos have been popping up and it’s safe to say this cryptocurrency has taken the industry by storm.
While some have a vague idea of what Bitcoin is, how it is used and why it is beneficial, others are still in the dark, without a proper Bitcoin guide. In this article, we aim to provide all the necessary information on what Bitcoin is and why it is beneficial to use in online gambling.
Bitcoin is the very first of what has now become known as cryptocurrencies. It’s a form of digital money that makes use of encryption to allow for secure transactions and the controlled creation of new units.
In essence, it is a currency form that is not controlled by businesses or governments, which allows you to trade globally and participate in online gambling at no cost. Another perk of Bitcoin is that it allows you to do so anonymously.
To make it more clear, Bitcoin can be separated into two components. There is the Bitcoin token which is a computer code representing ownership of a digital concept. And then there is the Bitcoin protocol which is a distributed network maintaining a ledger of balances of the Bitcoin tokens.
All Bitcoin payments can be sent between users without having to go through the normal payment gateways or banks. They are all created and held electronically, and they are produced on computers across the globe.
It’s decentralized - Bitcoin is different from other currencies in many ways. Some might even say that Bitcoin is more beneficial to users than other currencies.
One of the major differences is that Bitcoin isn’t controlled by a single institution; instead, it is maintained by a group of volunteer coders. The cryptocurrency is run by an open network of dedicated computers from all across the globe. For those who are uneasy with banks and governments controlling their money, Bitcoin is the way to go.
Bitcoin is also more effective than other electronic currencies as it solves the double-spending problem by making use of an ingenious combination of cryptography. Any transaction made with Bitcoin is free from third-party control.
It comes with Semi-Anonymity - With Bitcoin transactions, there is always a bit of anonymity due to the fact that there is no central operator. You don’t need to identify yourself or prove your identity before making a transaction.
There is a protocol that checks your previous transactions to confirm you have Bitcoins and the authority to send them, but other than that the transaction is completely anonymous. For players who prefer to play anonymously, this is an ideal currency to make use of.
It’s secure - One of the many benefits of using Bitcoin is that it’s one of the most secure digital currencies that exist. As long as you keep your coins safe and protected with strong passwords nobody will be able to access them.
Unlike other payment methods, there is no danger of someone stealing your account information when hacking into your online casino.
Payments are quick and easy - Bitcoin payments are made instantaneously. Most of these transactions are confirmed within minutes giving you quicker access to your credits for gameplay.
Using Bitcoin for deposits or withdrawals at an online casino is instantaneous. You can rest assured that each transaction with this cryptocurrency takes place within the day.
It’s cost-effective - Apart from being faster than traditional online payments, Bitcoin is also a lot cheaper. The transactions fees asked for Bitcoin are a fraction of the fees that come with bank transfers or credit card payments.
As a gambler, this is highly beneficial as it allows you to keep more of your winnings when it comes to withdrawals. The casino also saves money on credit card fees if you choose to fund your account with Bitcoin.
While a Bitcoin Casino might look like any other casino there are some differences. The similarities only occur with the site offering you the opportunity to win money on fun games.
The big difference is that Bitcoin casinos work on considerably lower overheads and there are no royalties being paid to companies using their technology. Just through the cost savings alone, Bitcoin casinos have the ability to offer you higher value than any other online casino.
With their innovative blockchain technology secured by cryptography, Bitcoin Casinos also offer a much more reliable fairness factor to the game. Bitcoin Casinos also have a lower house edge than normal online casinos or even land-based casinos.
Bitcoin Casinos also provide you with the opportunity of placing smaller wagers than normal online casinos. Placing bets also tends to be a slower process as you have to wait for a spin or hand to end before you can make the next bet.
With Bitcoin Casinos, you can place bets as small as 1 Satoshi, which comes down to an amount of 0.00000001. While this doesn’t please all gamblers, it is quite useful for those looking to improve their strategy while playing at minimum cost and not running through their entire bankroll.
In some Bitcoin Casinos, the games even come with an auto bet feature that enables the players to bet up to 100 times per minute.
The online casino industry is booming and there are hundreds of casino sites to play at. If you’re looking specifically for a Bitcoin Casino it’s wise to first check out the legitimacy of the casino before you start playing and get caught in a scam.
The quickest way to do this would be to take a look at the list of top-rated Bitcoin and other cryptocurrency casinos we’ve listed and reviewed. Another option would be to type the casino's name into Google along with the word “scam”, and you’ll quickly see all the bad reviews, player opinions and other articles related to the casino.
Check for the casino’s license and whether it is regulated, as well as how long it has been in existence. Casinos that have been around the longest tend to be the safest to play.
It’s always best to first do a bit of research and check for legitimacy before you start playing at any online casino, especially the cryptocurrency ones.
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