Bitcoin is a digital currency that operates in a decentralized manner. This means it is not tied to any government or subjected to any form of regulation. No banks are involved in this system, hence no middlemen. This invention was catapulted in 2009 by an anonymous person or persons under the pseudonym Satoshi Nakamoto. Since then, the virtual currency has gained popularity as an accepted means of payment and withdrawals for most business whether legal or illegal (The Black Market). Most notable is the growing trend of, use of the bitcoin in online gambling payments.
The rising preference of the currency by online casinos can’t go unnoticed. Actually, there are casinos dealing strictly with bitcoin as the sole means of gambling. There are a couple of reasons contributing to this trend:
Low House edge
The house edge of bitcoin casinos is lower compared to the conventional gambling houses. The low range lies between 1.5-2%. This is because there are no cheat ways for the gambling website that will enable them to pick numbers in a manner that will make the players lose. Betting on Bitcoin online casinos is powered by transparent cryptographic algorithms. They can be verified every time a bet is placed to ensure that the results portrayed by a spin or a dice-throw were arrived at through a legit random process. Sometimes there is a button present on the site which allows you to do the verification on the spot. This makes it a preference to players.
Easy to play
Most Bitcoin sites operate through HTML5. This makes it easy for players to begin betting since they don’t have to download a special software to get access. Gaming begins immediately a deposit is made. Downloading the bitcoin casino application makes it even quicker and easy to start playing.
Conventional methods like Western Union or Visa which charge very high restrictive fees. That expense gets eliminated with bitcoin. No transaction costs are involved. The currency is transferred peer-to-peer without the need of a clearing house or a bank. The fees charged by the casinos are relatively low if any as well. And of course, your money goes untaxed.
Unlike traditional banking methods used in other conventional online casinos such as credit cards and E-wallets which take some time to process, bitcoin payments and withdrawals are instant.
A hacker would require your bitcoin wallet log-in details and the actual physical device where your wallet is located to steal your price money. Hacking is pretty difficult especially when the hacker doesn’t live near you. E-wallet methods like PayPal require you to connect your account with your bank which may compromise security details.
Bitcoin covers up traces of your gambling kills. Nobody has to know you have money if you don’t want them to. Again, unlike traditional casinos, you are not required to give up your personal financial details. Transactions do not have names attached to them. Even if somebody tries hard enough to connect a certain bitcoin wallet address to you, it is virtually impossible to get a positive feedback. Nobody will ever know you have been putting money into a betting site unless you tell them.
People who don’t own bank accounts or credit cards can easily play. Betting is indefinitely made easy for players who live in jurisdictions where it is quite difficult to process online casino transactions such as the U.S. Online casino betting will still go on in jurisdictions where government prohibits gambling. Where transactions to casino sites have been abolished, bitcoin online casino betting will carry on nonetheless since no standard banking systems are involved. The cryptocurrency can also be used anywhere in the globe.
Use of bitcoin is spreading like wildfire in most online gambling sites. In addition, there are numerous diverse games available for play through use of the cryptocurrency.
Casinos operating with the currency offer big bonuses. A player may be missing out a lot if he/she doesn’t pick bonuses.
Despite the growing trend of the bitcoin in online casinos and other betting sites, the currency has its downside. The fact that it is not at all under a central bank system means that nobody can intentionally devalue it. However, its value is prone to sudden fluctuations. Probably even overnight from day to day. The tremendous volatile nature of the currency makes it risky. However, you may as well have the fortunes made after a game increase instantly to high values.
There is the danger of many rogue bitcoin casinos cropping up. Such con sites operate without official documentation and regulation which may result to the player having less recourse. It is therefore advisable to indulge with reputable sites. Perform a thorough verification of a betting site in advance.
Despite the growing popularity, bitcoin online casinos are not universal yet. The currency will take some time to become a universal means of payment compared to currencies like the dollar.
When you use traditional methods of payment, most often you will notice and know when you lose money. However, after converting bitcoin currency to credit for use in casinos, it will be difficult to know when a loss is made most times. This may make you get carried away and keep betting. It is therefore crucial that you know its worth by connecting it to the currency value you use before you start gambling.
Casinos that accept bitcoin may not accept other methods of payment at times. This may be a disadvantage to your betting especially when the value of the cryptocurrency is low.
Other emerging trends
Due to the explosion of bitcoin gambling, companies have come up with software’s that specifically handle gaming using the virtual currency. They develop packages that have provably fair betting, absolute anonymity for players and the ability to process numerous currency exchanges.
CoinGaming has also sprung up due to the currency as an easy solution to those who want to set up a fun and trustworthy bitcoin casino quickly.
Other companies have developed a software which allows bitcoin gaming to be carried out in smaller denominations.
The characteristics of the Bitcoin make it a natural fit for gaming industries. Particularly online casinos. With the growing popularity of the cryptocurrency, this trend is on its way to becoming a global preference for all online gambling businesses.