When bitcoin was introduced back in 2009 it was nothing more than an interesting little phenomenon. Since then, it has grown to unfathomable proportions, making its way to many areas of day-to-day life. Bitcoin is an unregulated cryptocurrency that provides you with safe ways to deposit and store your money. Nowadays, bitcoin and other cryptocurrencies are used for shopping, investments, anonymous payments and now, they’ve found their way into the casino online industry. The benefits of cryptocurrency deposits in online casinos are certainly worth taking advantage of. Here’s why bitcoin casinos are the future of online gambling.
Most, if not all, casinos, have some bonuses and benefits on their offer. That’s a common practice among providers. But, to provide an incentive of switching to bitcoin, online casinos choose to create additional benefits for those who deposit bitcoin. Apart from the extra bonuses, there’s also the fact that bitcoin transactions are free. There are no transaction fees at all, no matter what payment method you’re using. If that’s not convenient, I don’t know what is.
Most of the online casinos use fixed odds at about 15% house edge for slots. Some providers, though, go as far as cutting the house edge by quite a bit for bitcoin gambling. That allows you to win more frequently and, in turn, let you gamble for longer with the same amount of money put in.
Quicker, easier, and safer deposits
Now, possibly the most important aspect of bitcoin gambling is how convenient it is. At the time of the omnipresent invigilation and tracking by social media, people crave some sort of anonymity. They value their privacy and security, especially when their funds come into play. Bitcoin provides just that. It’s based on blockchain, so it has no central regulation.
With regular bank payments, you’ve got certain protocols casinos need to follow. They gather plenty of information about you, such as your name, bank account number, etc. Betting sites go as far as you needing to send them some sort of verification such as an ID to confirm your details.
With bitcoin, it frees you of any obligations of leaving your details. Cryptocurrencies are completely anonymous. The wallet you have is not connected to any of your personal data. The payments are safe and secure, and also quick. You don’t need to submit your card or any proof. All it takes is one click and boom, your money is in your casino deposit. The payment records are transparent so that they can be verified anytime. That makes them safer than regular payments.
Another benefit of bitcoin casinos is the time it takes to withdraw your money. Payouts are far quicker than your regular bank transfers at non-bitcoin casinos. Cryptocurrency transfer takes as little as 10 minutes to complete, while with regular transfers it can take a few hours up to even a few days. This makes bitcoin casinos far more convenient to play at. If you want to exchange your bitcoin for real money, it’s as quick as clicking a button. You can do that via Coinbase, a renowned exchange market for cryptocurrencies, so that you’re not stuck with your bitcoin.
Cryptocurrencies are completely decentralized. Nobody has the authority to regulate them. In fact, the transactions are made based on peer-to-peer. It means that authorities have no access to the transactions. Because it’s unregulated, it makes it far safer and completely anonymous. While it may seem sketchy, the top casinos that accept cryptocurrency are regulated by third party authorities, so you don’t have to worry about security issues at all.
There are plenty of bitcoin casinos for you to try out. It’s not like it’s a futuristic concept. Moreover, these casinos offer you virtually the same games as other ones. Most of these casinos use software from reputable providers such as NetEnt or Microgaming. Apart from regular casino games, lots of betting providers also chose to recognize cryptocurrencies as a payment method.
Because bitcoin is unregulated, it’s not necessarily recognized as a legal currency in most countries. They’re only considered property. The legal rules that concern betting with cryptocurrency are pretty unclear and fall into the grey area. It’s not disclosed whether it’s legal to gamble with bitcoin or not. The whole thing about bitcoin and other cryptocurrency legality is quite a complicated topic. Nevertheless, laws change and you might find yourself in a situation where it suddenly becomes illegal to gamble with bitcoin.
While most of the casinos are legitimate, some of them come across as frauds. Be careful when depositing your money. If you decide to try out a bitcoin casino or migrate to a new one, read the reviews, see if they have a license, and look for red flags such as a bad-looking website.
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