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The majority of Bitcoin owners bought the cryptocurrency for one reason only—to make money. Indeed, Bitcoin’s price has skyrocketed from a low of $1 in 2010 to more than $65,000 in 2021.
The cryptocurrency later lost 60% of its value in 2022. But people didn’t stop buying. Although most people are in it to make money, some people buy crypto so that they can access crypto casinos.
Crypto Casino-What are They?
Crypto casinos are gambling sites that accept crypto deposits and withdrawals. Some of them work with bitcoin alone. But the best websites support a wide range of altcoins: Cardano, Bitcoin Cash, Ripple, Tether, Litecoin, and Ethereum, to name a few.
Additionally, they accept fiat-based payment companies like PayPal, Visa, MasterCard, Google Pay, and Apple Pay. In other words, you are free to use your favorite payment method.
Crypto is revolutionizing how people deposit and withdraw money from online casinos. This is particularly helpful to people who live in countries where iGaming sites are not easily available.
You see, bitcoin is decentralized and uncensored. It can be accessed in any part of the world. As a result, anyone can use it for casino deposits, more so if local banks do not complete payments to gambling sites.
Bitcoin Promotes Anonymity
Ever wanted to play online poker without revealing your identity? Get a crypto wallet and load it with some bitcoin. Then create an account at a reliable bitcoin live casino. You will have access to tons of live poker, live blackjack, and live roulette games privately.
Bitcoin casinos promote anonymity. They may ask you to create an account using an email address. But you don’t need to reveal your financial data. Instead, all you need is to load your account with crypto.
Truth be told, Bitcoin does not offer complete anonymity. Your transactions can be traced. Some coins like Monero and Zcash enhance anonymity better than Bitcoin. But if you want to gamble entirely anonymously, consider using a VPN or services that anonymize transactions.
Bitcoin Helps Casinos Promote their Brands
Bitcoin casinos exist because bitcoin became successful. The growth of crypto inspired investors to create casinos centered on cryptocurrency. Some of these websites have grown sporadically in the past few years—all because they associate with crypto.
You see, millions of people own crypto in 2023. A lot of them simply want to hold their coins so that they can make profits. But as mentioned, some people believe in digital currencies so much that they no longer use dollars or euros.
They live, breathe and worship crypto. If they want to order coffee, they use bitcoins. If they want to gamble online, they deposit money through bitcoin. Avid crypto users are a great audience for online casinos.
But win them away, casinos have to accept Bitcoin for deposits. And to push away the competition; some casinos welcome new players with generous bonuses. We’re talking about getting 5BTC if you deposit a similar amount for the first time.
For comparison, conventional online casinos give out bonuses of between $100 and $1000. You are lucky if you get more than that. With crypto casinos, you can get a welcome offer worth up to $100,000.
Bitcoin-Inspired Crypto Casino Games
One of the biggest contributions of BTC to the iGaming industry is the blockchain. The blockchain is a decentralized ledger where every crypto payment is stored permanently after verification.
Some blockchains—Ethereum and Solana—also support the creation of decentralized apps and games. The best part: casino games created on the blockchain can be verified for transparency.
Unlike traditional slots, you can check the RNG software designed on the blockchain to find out if you lost fairly. Normal casino games are difficult to verify for fairness. You have to rely on a developer’s reputation that its games are indeed fair.
In addition to fairness, blockchain-based slots and table games operate in a trust-free manner. You can gamble at a casino without providing your personal information.
Basically, these systems have a system that works like an escrow. You send crypto to the escrow. You play a slot machine or poker game. If you win, the system sends money to you. If you lose, the money goes to the house.
Crypto Encourages Good Ethos
Some people buy and use bitcoin for philosophical reasons. It’s decentralized, meaning governments and banks can’t stop you from using it at online casinos. It’s transparent, meaning no one can control it.
Bitcoin is also immutable, meaning people can't alter records or steal your crypto while they exist in the blockchain. These rules encourage iGaming to operate similarly.
Sure, casinos will continue to be centralized. But if they accept crypto, they need to be transparent with their policies and conditions. People who use bitcoin expect transparency, after all.
Transparency helps you differentiate a good from a terrible gambling app. If you can’t view general terms or bonus policies, then it’s not a casino worth using. But if it has fair, transparent conditions, it’s worth your time and money.
Bitcoin Enhances the Online Casino Experience
When you think about it, Bitcoin is an excellent payment method for casino users. It’s fast. It’s low-cost and secure. Lightning-fast transaction speeds mean money arrives in your casino account instantly.
The only exception is if you're transferring bitcoin when there's a lot of traffic on the blockchain. Still, the payment can be completed in a few minutes. As mentioned, crypto transactions are cheap.
Depending on the crypto you choose, you could spend as little as $1 while transferring thousands of dollars. This is much cheaper than using credit cards and direct wire transfers.
Another reason to use crypto for casino payments is that it’s borderless. It doesn’t matter where you live. You can deposit funds and play your favorite casino games. All this happens securely.
Bitcoin can't be hacked. It's secured through cryptography and stored in the blockchain. The only way you can lose your crypto is if they get hacked from an unsecured wallet. Alternatively, you can lose your coins if you send them to the wrong crypto address.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.