Cryptocurrencies such as bitcoin have made quite a buzz in recent years, and has incorporated their way into numerous international industries. Among these industries is the online casino industry. Now, it’s possible to play in online casinos and rake in your winnings not just through common currencies, but also through cryptocurrencies. But what exactly are the reasons why bitcoin casinos are taking over the industry? And how do they even work in the first place?
How Bitcoin Casinos Work
In online casinos, players are able to play for real money by making deposits and withdrawals with fiat currency through various banking methods such as bank transfers, credit and debit cards, and e-wallets. Like online casinos, bitcoin casinos are accessible through the internet, and a bitcoin casino has the same functionalities that “traditional” online casinos have. However, while online casinos rely on fiat currencies such as USD, EUR, and the like, bitcoin casinos conduct transactions through bitcoin. There are likewise other crypto casinos that accept other cryptocurrencies apart from bitcoin, such as Ethereum and Litecoin, to name a few.
Similar to online casinos, players have a bankroll or wallet that represents their balance in a bitcoin casino, and you can increase your bankroll either through making deposits or winning games in the casino.
Some bitcoin casinos convert your deposits to a currency such as USD first before the transaction is made, but there are some that show your balance entirely in bitcoin. Thus, it is possible that the value of your bankroll increases if the value of bitcoin increases as well.
Reasons for Growth
- The Casino Industry is Adapting
Bitcoin casinos are slowly becoming a staple in the casino industry. More and more established online casinos are allowing the use of cryptocurrency for deposits and withdrawals, and bitcoin casinos have been striking deals with recognized institutions in the online gambling industry such as Net Entertainment.
It appears that it wouldn’t be long until online and crypto casinos become synonymous. Even today, gamblers all over the world have a host of crypto casinos to choose from if they want to play casino games with cryptocurrency. In fact, there are already online casino review sites solely focused on crypto casinos which aim to help gamblers find the best crypto casino for them.
- Quick Transactions
With the use of blockchain technology, bitcoin casinos are able to process both deposits and withdrawals almost instantly. In traditional online casinos, processing times for withdrawals could take days or even weeks.
This won’t be a problem when playing in crypto casinos, where your withdrawals can reach you in a matter of minutes so that you can enjoy your winnings as soon as possible. When making deposits on the other hand, all you need to do is to buy bitcoin and transfer these coins to your casino account.
- Low Fees and Charges
In traditional online casinos which use fiat currencies, regardless of your mode of payment, there is likely to be a transaction fee whenever you make a deposit or withdrawal. In effect, you’re spending more of your money to gamble while at the same time taking home less than what you’ve actually won.
Bitcoin casinos require minimal or even zero fees and charges for the transactions. Thus, apart from being able to make transactions quicker as compared to traditional banking methods, the use of bitcoin also allows you to save money and increase your winnings in the long run.
- Better Bonuses
Because bitcoin casinos don’t have to pay some of the costs such as banking costs paid by traditional online casinos, bitcoin casinos are able to keep more of their profits, and these profits are then passed back to the players in the form of bonuses and promotions.
Thus, when you play in bitcoin casinos, you can expect more generous welcome bonuses and rewards for VIP players as compared to when you play in traditional online casinos. This will allow you to save and win even more money simply by playing in a bitcoin casino.
- Bigger Wins
Bitcoin casinos also have higher payout percentages in favor of their players as compared to traditional online casinos. In short, players in bitcoin casinos are more likely to go home with a win as compared to players in traditional online casinos.
Moreover, given that bitcoin casinos save more money because of the lesser regulatory fees they have to pay, bitcoin casinos are likely to be more generous with the jackpots they give.
- Safer Gambling
One of the main draws of bitcoin casinos is anonymity. In traditional online casinos, before you can make a deposit, you’d have to provide your banking information and your personal information such as your full name and address.
In bitcoin casinos, all you need to link is your bitcoin wallet and you’ll be able to gamble to your delight without any worry of your transactions being traced or your identity being compromised.
- Lesser Restrictions
Location remains to be an issue in online casinos. Most traditional online casinos are limited only to a specific geographical area where they can be accessed by gamblers.
Bitcoin casinos however are not bound by the protocols traditional online casinos follow with regard to location. Therefore, players from all over the world can find and sign up for a bitcoin casino without having to worry about any geographical restriction.