A mere decade ago, cryptocurrencies were hardly known outside the geekiest of tech-whiz circles. But now, almost every kid on the block is not only familiar with what they are, but also finds no trouble using them in practice.
In the more recent years, numerous industries have started incorporating them into their operations, either by allowing you to pay with Bitcoin or initiating smart contracts that rest on the smart chain. As it so happens, Bitcoin casinos have seen substantial growth in this day and age, and it wouldn’t be without this amazing piece of technology we call cryptocurrency.
But how does it even function in the first place and what do people find so attractive about gambling with money that has no shape or form, the kind you can’t even feel with your fingertips? Stay tuned as we delve deeper to shed some light on the subject!
The inner workings of a bitcoin casino
Nowadays, a Bitcoin casino is not hard to find. Numerous independent websites have scoured the web to bring you the best of them and what they offer in a side-by-side comparison. One of the things that stand out is the level of anonymity they tend to offer by allowing you to deposit your funds without revealing your identity. While a typical online casino will likely want to see a copy of your ID before letting you play, Bitcoin casinos completely do away with the concept and let you jump straight into the heart of the action. (Source: sportslens)
If you’ve ever tried to do deposit fiat currencies such as EUR and USD by initiating a bank transfer, you’ll know that it can sometimes take hours or even days for it to go through. Bitcoin transfers, on the other hand, arrive in a matter of minutes, even if you’re transferring your crypto funds from the other end of the world. Best of all, you don’t even need a bank account to deposit or withdraw your crypto funds! It’s all done from the comfort of a digital crypto wallet everyone can create at will, without any hassle or bureaucracy typically associated with opening and managing a traditional bank account.
This alone can make it easy to see why Bitcoin and other crypto casinos have seen such massive adoption. All in all, their popularity comes down to the following reasons:
In certain countries that don’t look favorably upon gambling, using various means to block online casinos and prevent people from depositing their funds is not uncommon. Even if, for example, your home country doesn’t have an issue with online gambling, try and see what happens if you visit one of the countries whose government has a different view.
You may even find that the local banks are pressured into compliance, effectively intercepting and denying any transaction that has anything to do with gambling. One of the great things about Bitcoin casinos is that they do away with geographical restrictions. Since they are not bound by the same protocols as traditional casinos, they are able to welcome more customers from every corner of the world with practically no restrictions.
More lucrative bonuses
Traditional casinos have their fair share of operational costs to cover. Hence, the bonuses they offer to attract new players may not be as generous as a result. Those offered by Bitcoin casinos, on the other hand, tend to be far more lucrative since these types of casinos are able to keep a larger slice of the pie for themselves and share a piece with their players.
In addition to welcome bonuses, they are able to reward their most loyal customers through a myriad of loyalty programs and promotions. To sum it up, you’ll be able to receive much more of the VIP treatment simply by playing at a Bitcoin casino.
Transactions made using traditional fiat currencies are plagued by hefty fees, regardless of what payment method you end up choosing. Even when you make a withdrawal, guess what happens? Indeed, another transaction fee, with each of them slowly but surely eating into your cash reserves.
Even though Bitcoin transactions have gas fees, these have decreased significantly in the last couple of years, and nowadays rarely exceed 40 cents per transaction. By making transactions smooth and hassle-free, all while charging minimal fees in the process, Bitcoin casinos allow you to keep a larger stack of your winnings for yourself.
Transaction speed is one of the great advantages of blockchain technology that Bitcoin casinos utilize to great lengths. Almost immediately after depositing your crypto funds, you will receive a confirmation message. Once you do, you are free to enjoy a vast selection of casino and sports betting markets, all at your fingertips.
In practice, all it takes for you to get in is to read the casino’s instructions, scan the bar code or copy and paste the bitcoin address in your wallet, hit send, and off you go! Compared to traditional banking that can take days to process your request and potentially even decline it, Bitcoin transactions are light years ahead.
Through an elaborate blockchain network, your Bitcoin funds can travel the world in mere minutes.
For various reasons, some players may not be too comfortable sharing their personal information that traditional online casinos require before letting them play. This is especially important for those living in states like California that have anti-gambling laws in place. Whether it be due to local regulations, government restrictions, or simply not wanting to have one’s name associated with any kind of gambling activity,
Bitcoin is the perfect solution that provides a reasonable amount of protection in this regard. All that’s required to complete a Bitcoin transaction is the crypto address – that’s all! No sharing of names, addresses, or any personally-identifying information, thus allowing you to enjoy your favorite sports betting markets and casino titles without anyone sticking their nose into your business.
At first glance, Bitcoin casinos function exactly like their traditional counterparts. But under closer inspection, you’ll quickly find they are much more competitive in terms of bonuses they offer and how seriously they take your privacy. Since Bitcoin transactions not only have fewer fees associated with them, but are also smoother, more user-friendly, and more efficient, it’s a no-brainer why someone would choose a Bitcoin casino to enjoy unlimited gambling fun that’s accessible from anywhere in the world.