In recent years many new ideas have come to the market. There have been both very innovative and really revolutionary ideas. It has changed the market and some innovations have started real hype as well. it includes bitcoin casino, among others. Online casinos have been enjoying a steady rise in popularity for a long time. However, with each innovation, they experience even more hype. Cryptocurrencies like bitcoin and ethereum have caused major changes in the gambling industry. Meanwhile, online casinos offer crypto as a payment method and some have even specialized in payments with cryptocurrency.
Bitcoin casino, what is it?
Since not everyone is familiar with the term yet, we will first explain what a crypto or bitcoin casino is. Strictly speaking, crypto casinos are online casino platforms that offer cryptocurrency as a means of payment. Like any other online casino, all kinds of different games and services are offered here except that you pay in cryptocurrency instead of fiat currency. In addition to slots, traditional casino games such as roulette are also frequently offered. Additionally, some casinos also offer sports betting and online lotteries.
Strictly speaking, bitcoin casinos are not fundamentally different from traditional online casinos. The key difference is that a bitcoin casino has its own crypto wallet (wallet) where bitcoin and other cryptocurrencies can be stored. For example, to place a bet then the crypto wallet must first be filled. If someone wins here, the winnings are automatically sent to this wallet. If profit is to be paid, it can be transferred from wallet to private bank or crypto account. Now that we know exactly what a bitcoin casino is, the only question is why?
There are several good reasons for the bitcoin casino trend. There are a few reasons to have online casinos that exclusively accept cryptocurrencies as a form of payment.
Reason #1: Anonymity
The absolute focus of cryptocurrencies is of course anonymity. However, this is true not only for the user, but also for the online casino. Here, there is only one piece of information that is readable during the transaction. And this is the wallet ID of both the users.
Reason #2: Speed
It’s no secret, as everyone knows the problem with bank transactions. In some circumstances, These transactions may take a few days, As a result, it takes a few days for the money to be credited to your account. However, when cryptocurrencies are used the whole thing is completely different; Here, just a few clicks are enough and the transfer is done in a matter of seconds. It is also possible to transfer cryptocurrencies round the clock.
Reason #3: Low Fees
Since bitcoin is a decentralized currency And thus through banking transactions are not processed, accordingly there is no processing fee. Overall, however, there are still cryptocurrencies that do have transaction fees, but they are much lower than banking fees. Funds can be transferred directly, without waiting for confirmation. After all, there is no intermediate example here.
Reason #4: Protecting Personal Data
People who use cryptocurrencies automatically protect their personal information. As a rule, online casinos only ask for a crypto address and username. This information is completely sufficient to process the transaction. Protecting one’s identity with crypto transactions has never been so easy and so secure.
Reason #5: High Reach
Because the crypto can be accessed through the wallet, fund transfers are very easy and they do not require an internet connection. Provided that one has Wallet ID and User, therefore transactions with the casino can be processed very easily. Internet connection is required only for withdrawal.
Reason #6: Security of money.
As a digital asset, cryptocurrencies can be stored in various wallets. Wallets are secured by digital keys. It is especially safe to store cryptocurrencies in hardware or paper wallets.
Reason #7: Free and flexible usage
With cryptocurrencies, there is no jurisdiction. Thus, the use of crypto is free and flexible. Especially when it comes to players who are either on vacation or who live in regulated countries, betting using cryptocurrencies is far less problematic.
Reason #8: Better Bonuses and No Local Restrictions
Many crypto casinos often offer great and exciting bonuses that you can win while playing. In this regard, the respective providers have different offers. Typically, the bonuses that can be won are multi-deposit bonuses, matched-deposit bonuses or free spins on the slot machine. Since cryptocurrencies are a decentralized system, crypto casinos are not required to comply with local restrictions. Therefore, at the same time, Bitcoin Casino also has the opportunity to offer huge bonuses and grow without limits. Compared to traditional casinos, this gives crypto casinos a lot of advantages. On the other hand, traditional online casinos usually suffer from government restrictions and gambling regulations in this regard.
Reason #9: More Control and Oversight
Crypto casinos offer more control over the process, as they usually give players more control over their own funds. For example, if you play in an online bitcoin casino, all payments are made using that coin. This saves time and avoids players delays, as is the case with traditional currency systems. Cryptocurrencies are based on blockchain technology, which allows an extremely fast and transparent process. At all times, there is no additional charge for transactions or other hidden features.
The fact is that with the introduction of cryptocurrencies in online casinos, gambling has not only become more enjoyable, but has also become faster and fairer. Players are not only enabled to play with more safety and less hassle, but a whole world of exciting gaming interfaces is also opened up here. Perhaps the most important reason why bitcoin casinos are so trendy is privacy and security. In crypto casino, players are offered additional anonymity, security and private transactions. In addition, third parties, such as large banks, can now be bypassed. It also improves the speed and security of the whole process.