The number of cryptocurrency users around the world is growing exponentially every year. The most popular crypto-currency is undoubtedly bitcoin, whose turnover is already in the trillions of dollars, and the growth has exceeded all expectations. More and more fans of gambling sites prefer bitcoin casino, where they can enjoy fair play, and bets and winnings are paid in the popular cryptocurrency.
What are the advantages of a bitcoin casino?
The popularity of bitcoin casinos is due to the presence of many advantages that are enjoyed by both advanced users of crypto wallets and beginners:
- Unlike transactions with real currencies – dollars or euros, transactions with bitcoins are much faster.
- Users don’t have to pay large commissions, since casinos don’t cover their risks and encumbrances at the expense of the players.
- Complete transparency of the game – each account holder can always watch all previous draws, making sure that the game is fair.
- Decentralized blockchain technologies protect user accounts as much as possible from third-party cyberattacks.
- Many bitcoin casinos are integrated with well-known exchanges, and players don’t have to lose money on the difference in rates when buying and selling cryptocurrencies.
- Most crypto casinos offer very small minimum bets, which attracts a much larger number of players.
Some creators of bitcoin casinos develop convenient mobile applications where each user can place bets, leave a deposit or collect winnings in real-time. In addition, given the rapid growth of cryptocurrencies around the world and the volatility of rates, the player often gets the opportunity to watch the equivalent of his winnings in any other popular currency.
How bitcoin casino works
Bitcoin casinos work almost on the same principle as the classic online gambling platforms that have been distributed over the network for many years:
- As a rule, only bitcoins are accepted for payment on a deposit.
- Instead of real money, the user sees on the screen a line of a unique combination of numbers, which is encoded for each new amount, according to a random algorithm.
- The software of many bitcoin casinos is developed taking into account the introduction of provably fair technology, which guarantees a fair game and a set of random combinations.
- The operator does not have the opportunity to interfere in the game, and instead of audit companies, in this case, the players themselves serve as the checking link.
- Some online casinos that accept bets in cryptocurrencies, provided that they are registered in a country whose legislation allows the free circulation of digital money, can provide an instant transfer of winnings to any currency adapted by the platform.
- Today, bitcoin casinos offer gamblers poker, slots, roulette, blackjack, and other popular online games that have long been liked by fortune hunters.
Also, some advanced gambling crypto platforms offer customers to place bets on the sweepstakes, which further expands the scope of their activities. People can take winnings from the deposit, or leave them in the game in the hope of a larger profit.
Individual features of a bitcoin casino
Bitcoin casinos, unlike standard online gambling platforms, despite the similarity of the algorithm, have the following differences and individual features:
- Many users and developers prefer to remain silent about this fact, but bitcoin profits are extremely rarely taken into account by government agencies, which avoids taxation.
- Casinos cover most of the costs required to run the service, while in classic online platforms this burden is placed on the players themselves.
- The commission for withdrawing the money won, most often, does not exceed 2%, and in standard casinos, it can be 5% or more.
- It is fashionable to remove winnings instantly, regardless of their size.
- These bitcoin casinos are a good investment for operators, as they minimize the number of strict rules for creating and holding deposits on accounts.
- For registration in many bitcoin casinos, users are required to enter a minimum amount of personal information to verify their account.
- At the same time, if the user sees an anonymous bitcoin casino on the network, it is recommended to work with such platforms with caution, since security must be put in the first place.
The main feature of a bitcoin casino is the ability to withdraw all money from a virtual account in bitcoins and automatically place them on the exchanges where the player is registered. There is no need to exchange currencies for US dollars or euros within the system at not the most favorable rate.
Bitcoin casinos are signing contracts with the popular open Swedish Corporation Net Entertainment, whose shares are constantly growing and traded on the stock exchange in Stockholm. The fact that a legal and reputable company trusts blockchain gaming technologies and seeks to invest in them speaks of the complete transparency and profitability of such platforms.
Experts believe that users have no reason not to trust legal bitcoin casinos since the cryptocurrency itself has long become one of the most reliable payment units in the world. It is not surprising that over the years more and more virtual services have appeared, which will subsequently capture all spheres of the economy.