The online casino industry is one of the fastest-growing sectors globally, and it has evolved over the years. Innovations like Bitcoin have started disrupting online gambling, providing more security, privacy, and fairness for players more than ever.
With just 11 years of existence, Bitcoin has already left a mark in history, not within the pages of books, but with how it has changed the entire concept of money, including how we use, see or think of it.
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Bitcoin has made it possible to make purchases and process transactions securely and pseudonymously. It is pseudonymous because your bitcoin address and transaction history are recorded and publicly visible on the distributed ledger technology (blockchain). However, your identity is (almost) private, unlike when you use credit cards and other traditional payment methods.
Bitcoin casinos platforms are now dominating the web and mobile, and perhaps it’s time you consider moving from traditional casinos. But before you make that decision, what is it like to bet with bitcoin? Here, we explore the critical difference between Bitcoin casinos and fiat casinos and the benefits of betting with cryptocurrencies.
Provably Fair Gaming
Traditional casinos are infamous for their unfairness towards their customers. They not only conceal important information from gamblers but also use tricks to take advantage of unsuspecting players.
However, Bitcoin casinos eliminate these unethical behaviors of putting players at a disadvantage through provably fair gaming, thus removing trust from the picture.
Provably fair is a tool used to generate the outcomes on a gaming platform while allowing players to verify the results for authenticity. This increases fairness as the odds and results are transparent and readily available to players.
Using regular online casinos always comes with the issue of regulatory restrictions. Some countries have banned online gambling, thus preventing players from betting on their favorite game while having fun. This has forced many online casinos to restrict players from using their platforms.
But since Bitcoin casinos tap the blockchain technology, cryptocurrency transactions don’t reveal players’ identities or locations. This means you can use Bitcoin casinos to enjoy your favorite pastime from the comfort of your home without worrying about local law enforcement.
Cheap and Fast Transactions
Funding your online casino accounts can sometimes be slow and expensive due to conversion fees and payment methods. For instance, credit card or bank transfers require a waiting period for transaction approval, which doesn’t prevent the payment processor from charging high transaction fees.
Using a Bitcoin casino, however, offers you cheaper and faster transactions without undergoing unnecessary verifications. Deposits and withdrawals are processed within 5 to 10 minutes, depending on the network congestion with low transaction fees compared to fiat methods.
Although regular online casinos provide safe platforms for their customers, you’ll enjoy more with Bitcoin casinos.
Using a traditional casino means you’ll have to submit your personal information such as your bank or credit card details. While these platforms promise to keep customer information safe, they could suffer a security breach, thus putting users’ data at risk.
Bitcoin is not controlled by any central bank, government, or other centralized entity, which means you are in full control of your coins as long as you store them in a secure, non-custodial wallet. And you don’t need to provide your personal information to send or receive bitcoin payments.
Bitcoin casinos are the masters of bonuses of all kinds compared to traditional betting platforms, yet it is the most overlooked benefit. If you’re looking to get the biggest rewards for deposits and earnings, then a BTC casino is the right place to be.
The increasing competition in the Bitcoin casino markets greatly benefits players as each casino is trying to offer the juiciest bonus to new and existing players. For instance, welcome bonus packs for first deposits on Bitcoin casinos range from 1 BTC to 5 BTC. That’s a lot, considering that 1 BTC is currently trading at over $19,000.