In 2020, dozens of online gambling websites have emerged, offering a wide range of games and betting options to people, and the popularity of Bitcoin casinos has grown tremendously. Due to the rising cryptocurrencies rates, particularly Bitcoin, the demand for crypto casinos has surged beyond expectation. A professional gambler, who was sticking to traditional casinos, has now gone online with Bitcoin casinos. From their user-friendliness to the ease of deposits and withdrawals, Bitcoin casinos are becoming a sought-after destination for gamblers and bettors worldwide.
What is Bitcoin Casino?
The gambling industry has been introduced to Bitcoin casinos for over a year. Like traditional casinos, a Bitcoin casino provides games and betting odds for players to help them gamble their way to fortunes. The main difference is that Bitcoin casinos accept digital currencies. These casinos take the bets and make the payments in Bitcoin transactions. Players can deposit their money in the form of BTC tokens and according to the current exchange rate at the time of deposits. The same applies to withdrawals.
Bitcoin casinos offer a wide variety of games, from blackjack and Roulette to three-card poker and craps. These casinos are exclusively available online, and all transactions are conducted through online payment gateways. With the exponentially growing market for cryptocurrencies, Bitcoin casinos are becoming a favorite recommendation for gamblers everywhere.
How did a Bitcoin Casino Come into Existence?
All this was possible due to the regulatory acceptance of Bitcoin as a form of currency. The first licensed Bitcoin casino can be dated back to 2014. At that time, Bitcasino.io was licensed as the first Bitcoin casino and the first cryptocurrency casino under the Curacao Gambling Licensing Authority. Since then, thousands of crypto casinos have come and gone, all implementing the Bitcoin casino model. The need for Bitcoin casinos truly emerged in the past year, when Bitcoins’ prices grew explosively.
In the beginning, there is a certain lack of trust among people concerning Bitcoin casinos. Players were skeptical about moving from traditional gambling to digital gambling. Problems such as hidden fees, fraudulent activity risks, and high entry costs were dubbed as inhibitors for Bitcoin casinos. Lack of access to real money funds and delays in withdrawals were also hampering BTC casinos. With time, Bitcoin casinos fixed these glitches and evolved as a transparent and safe online casino gambling facility.
Revolutionizing Gambling with Bitcoin Casinos
The iGaming market has been a competitive domain in the casino industry. Bitcoin casino leveraged this market and found its perfect fit into the gambling industry. Dozens of Bitcoin casinos are making gambling accessible to every person in the world. People are using Bitcoin casinos to gamble from remote locations, with a simple internet connection. Top-ranked Bitcoin casinos are introducing new games and offering highly competitive betting odds to put every traditional casino out of business. Large gambling corporations have launched their Bitcoin casino platforms to attract their massive customer base online. Bitcoin casinos are also finding leeways in the eyes of jurisdiction, legislation, and gambling commissions.
Bitcoin casinos ensure player safety and fair play through robust protocol implementation. They are upgraded with features that make sure the players get higher winning chances. This has led to an era where Bitcoin casinos are paving the way to modernized gambling.
What Advantages do Bitcoin Casinos have Over Other Casinos?
There are not one but two key advantages that Bitcoin casinos have over competitors. Compared to traditional online casinos or other cryptocurrency-based casinos, Bitcoin casinos make the most amount of money. Bitcoin is the fastest-growing cryptocurrency in the world. The value of 1 BTC, which started at $8,000 in January, has already exceeded $20,000 in December 2020. Today, a gambler using Bitcoin for transactions is making money even without placing bets.
Similarly, the casino also earns big with Bitcoins. The payout rate of Bitcoin betting is as high as 95%. This has driven the deposits, and the casinos are becoming wealthier by the minute. The use of Bitcoin cryptocurrency is favoring the players as well as the casinos.
Key Advantages Of a Bitcoin Casino
The exceptionally-fast deposits and the reliable instant withdrawals, coupled with the advantage of complete anonymity, make Bitcoin casinos the next big thing in the world of gambling.
- The odds offered by Bitcoin casinos provide maximum payouts to players.
- Almost every Bitcoin casino is powered with Provably Fair gaming that ensures fair gambling.
- Rewards and bonuses of Bitcoin casinos are more lucrative as players get more than 3 BTCs in rewards.
- There are no-registration Bitcoin casinos that ensure player safety.
- All Bitcoin casinos execute anonymous registration of players to secure their information from others.
- Several gambling sites now accept Bitcoin along with the US dollar and other fiat currencies.
These lucrative advantages of Bitcoin casinos are certainly welcomed by the entire gambling industry.
How Smart Contract Casinos Transform Online Gambling
Though Bitcoin casinos are already buzzing in the gambling industry, it is the Bitcoin smart contracts that have added new functionality to online casino gambling. With Bitcoin-based smart contracts, players can transfer Bitcoin or another cryptocurrency from one crypto wallet to another. They can transfer them between multiple Bitcoin casinos as well. Players can use several programmed functions to avoid third-party inspection and get instant withdrawals and deposits. Integration of smart contracts also enables players to use decentralized applications to reduce the entry costs and get the winnings directly and immediately.
One thing is for sure that Bitcoin casinos have revived the casino industry. Since their inception in the gambling industry, Bitcoin casinos and smart contract casinos have innovated the future of casino gambling altogether.