Bitcoin has shaken up the global economy, with Bitcoin casinos sites now on the rise we are going to talk you through the advantages of Bitcoin gambling.
Since its creation in 2009 Bitcoin has had a huge impact and made itself known as a valuable form of cryptocurrency. Bitcoin has allowed consumers to carry out transactions discreetly and securely in a way that was inconceivable with conventional banking.
In recent years, Bitcoin has left the fringes of society and entered the mainstream. A huge variety of companies and sites now accept cryptocurrency, one area that has embraced this technological shift is the online gambling industry. For many consumers, cryptocurrency may seem unnecessarily confusing, however as there are so many benefits to playing at Bitcoin gambling sites it is worth embracing.
One of the main concerns many players have with Bitcoin gambling is playing at fraudulent casinos. However, the industry is shifting and there are now many fully licensed casinos that recognize Bitcoin. To be sure you are playing at a casino that plays fair, you can find the best bitcoin casinos here.
What is Bitcoin?
Bitcoin is a cryptocurrency, this means that it’s a totally digital, thoroughly decentralized currency. It differs from regular banking by existing as a peer-to-peer system. Transactions take place straight between users without a conventional bank acting as a middle man. Unlike regular banking, it’s not owned by a corporation or registered to a country.
If you are looking to purchase Bitcoin it can be bought, sold, or exchanged via online vendors. This may seem a little confusing at first, therefore we recommend following a tutorial to guide you through the process.
What Are Bitcoin Casino Sites?
A Bitcoin Casino Site means it accepts BTC (Bitcoin Currency) as a payment method. This makes it different from conventional online casinos that only accept payment methods that are governed by the guidelines of a central bank, such as the US dollar or the pound sterling. Instead of going through traditional banking systems, Bitcoin currency is transferred from one user to another through blockchain calls, these are 27-30 character long alphanumeric codes.
Casinos handle these transactions by accepting the deposits in Bitcoins and processing the withdrawal to the Bitcoin address indicated by the customer. Consumers can then convert the money into a traditional currency as and when they require it.
Some casinos solely accept Bitcoin payments whereas others, who previously only accepted traditional payment methods, have now added Bitcoin to their list of alternative payment types. Other payment methods usually include Paysafecard, Apple Pay, Paypal Credit, and Debit payments. Casinos that accept both cryptocurrency and fiat currency payments are commonly referred to as hybrid casinos.
The Advantages of Playing at A Bitcoin Casino Site
In many ways, Bitcoin is similar to conventional currencies with many online shops and services now accepting it as a payment method. However, this paperless currency has many great features that set it apart from conventional banking. Here are the perks that make it the ideal currency to play with at the casino, just like when you play Big Two at Big2.Win Casino.
Privacy and Security
Anonymity is what draws so many consumers to cryptocurrencies, the driving force for Bitcoins invention was privacy. Bitcoin ensures privacy for both players and casino owners. No third party is given access to your personal details or financial information, this makes transactions far more secure as you are protected from identity theft. Thanks to there being no chargebacks, it is a more reliable option for merchants as once the money is sent, Bitcoins are gone and transactions are irreversible. In regard to security, know more about the best Bitcoin gambling sites for security-conscious players.
Low Fees, No Taxes
Thanks to it being a decentralized unit, no banks or governments have authority over it, this is great for two reasons. Firstly, due to very few countries in the world recognizing Bitcoin as a real-money currency your Bitcoins are rarely subject to taxation! Second, as it’s not going through a third party or bank, transaction fees are exceptionally low, so low you probably won’t even notice it. Bitcoin works using a public ledger called blockchain, this anonymously keeps track of all Bitcoin transactions, the small fee you pay goes into maintaining the smooth operation of the blockchain. Thanks to this, depositing and withdrawing funds from Bitcoin is inexpensive compared to using traditional payment systems and most Bitcoin casinos offer their users an unlimited amount of free daily transactions.
Promotions and Bonuses
Aside from security, a huge reason customers are drawn to Bitcoin casinos are the staggering casino bonuses and promotions they offer. A traditional online casino may offer a match bonus of 50% up to a couple of hundred dollars whereas Bitcoin casinos are far more generous. They frequently offer 100% match bonuses for your first deposit and then follow that up with plenty more bonuses on deposits after that. They have great promotions including free spins, cashback, and sometimes tickets to exclusive VIP games and events.
Thanks to Bitcoin being run entirely online, transaction times are much faster than with conventional banking. Instead of having to wait up to 2-3 days for the money to be processed, as soon as the online casino authorizes your withdrawal, the money will be on its way to your cryptocurrency wallet. However, due to Bitcoin’s block reading speed, the money may take up to a day to appear in your account. Although slightly frustrating this is still at least twice as fast as it would appear using a fiat currency. Due to it being a decentralized global process, whether you are paying a local business or making an international transaction to a casino site, the processing times will be the same.
Great Game Variety
Gamblers wanting to play at a Bitcoin casino site will be delighted to hear that these sites provide the diverse range of games you would expect to find in a traditional casino. And if you’re in Scandinavia, check out the top Bitcoin casinos in Scandinavia in 2021. This includes slots and video poker as well as table games such as blackjack and roulette. Many of the most advanced sites are now offering live dealer casino games! This is great for players who want a highly immersive and exciting experience. In terms of RTP, many Bitcoin sites provide payouts as high as 99% and they lead the pack compared to traditional betting sides by a remarkably wide margin.
Thanks to Bitcoin being secure and decentralized, no one can freeze your account or take your money away from you. Due to the absence of a central, regulating authority, you own your money and control your transactions.
The Disadvantages of Playing at A Bitcoin Casino
Although there are so many great reasons to gamble with Bitcoin, it is worth bearing in mind these disadvantages before parting with your hard-earned cash.
Bitcoin was only legalized in the UK and USA as of February 2020 and it remains illegal in many jurisdictions. This means there are a large amount of Bitcoin casinos that do not hold the required licenses. Acquiring a license is a drawn-out and costly process and the requirement for a Bitcoin casino to have one isn’t the same as with a traditional establishment. This means many don’t go to the effort. However, for the consumer, playing at a licensed and regulated casino is important to ensure their funds and rights are protected by a secure and independent authority. A licensed casino is more likely to have a good reputation, respect customer loyalty, and conduct themselves in a manner that respects fair gaming.
Fewer Casinos To Play At
Despite Bitcoin casino’s popularity booming, there are still relatively few operators that accept Bitcoin as a withdrawal/deposit method. This means you have fewer options for places you can wager at, however, thanks to the rise in popularity of Bitcoin, this is rapidly increasing.
The exchange rate of Bitcoin moves extremely quickly and it’s a very volatile currency. This can be a great thing, done correctly and you could make thousands of dollars. If the Bitcoin value moves positively against the dollar it will be in your favor. On the other hand, if it moves negatively you could lose a lot. It’s really important to keep an eye on price changes and monitor how they will affect your earnings.
As with most things in life, there will always be criminals trying to take advantage of systems. Bitcoin is no different therefore you must keep any passcodes and information about your e-wallets and transactions secure. Treat your Bitcoin account even more securely than you would a normal bank account, due to it being decentralized and untraceable no bank or legislation is going to help you out should fall victim to fraud.
Bitcoin is just over a decade old, this means it’s still in its infancy and many features are constantly being refined or developed. As Bitcoin expands and more people use it should become cleaner and operate more smoothly. Websites that use Bitcoin, such as Bitcoin casinos, are investing a large amount of time and money to create brilliant platforms. This investment in software and infrastructure means that Bitcoin casinos are a new and exciting avenue for the gambling industry.
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Still can’t decide if you should play in Bitcoin casinos? Read our Is It Worth Playing in Bitcoin Casinos? article, and you’ll surely know the answer.
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