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Unless you have been living under a rock for the last decade or so, you will have heard about Bitcoin and cryptocurrency. From Elon Musk to speculative traders, there has been a lot of buzz about this new digital currency, and this has meant that many businesses have been considering how best to incorporate Bitcoin (and the hundreds of other altcoins that are available) into their finances.
Online casinos are one of those businesses. As a digital entity already, the online casino has everything needed to accept digital currency already, so it is no surprise that this is an area where huge strides have been made.
The nature of crypto and Bitcoin casino makes it difficult to establish just what the value of the industry is, but the best work of the statisticians suggest that the global value of this new industry was $4.6 billion in 2022 and is projected to increase to $65.7 billion by 2027 – growth rate of a staggering 70.3%.
On the surface, a Bitcoin casino looks and works like a ‘normal’ online casino. You’ll see the same, well-known game types, and games created by the usual software providers like NetEnt and Microgaming, as well as promotions like you will get on sites listed on BonusFinder Ireland – but there are differences.
Below, we will look at some of the reasons why players are choosing to use Bitcoin casinos.
Anonymity and Privacy
While Bitcoin casinos exist in a grey area with regards to existing gambling legislation and regulation, it means that you can create a completely anonymous account to play your favourite games. In most cases, you will be able to open an account with just your wallet details and an email address, rather than all the identifiable (and therefore hackable) information that you must share with ‘normal’ online casinos.
Provably Fair Games
When you are on a winning streak, you won’t necessarily be thinking about whether the games you are playing are fair – but when that isn’t the case, most people would be concerned that there is something a bit nefarious going on.
With a Bitcoin casino, the games leverage blockchain technology. Using a seed from the player’s server and one from the casino’s server, a unique hash is created that generates the outcome – which can be independently verified on the blockchain.
Speedy Deposits and Withdrawals
In a Bitcoin casino, winnings are paid automatically with no human interaction needed. As they are approved and processed instantly, there is no need to wait to withdraw – it’ll be in your account immediately.
The same is true about deposits – you can top up your account instantly, so there doesn’t need to be any time wasted waiting before you can play.
Low Transaction Costs
Although there are some ways to ensure your full deposit amount lands in your online casino account, it is usual that there may be transaction costs. This is even more prevalent when it comes to withdrawals; something that can reduce any profits that you make when you win.
With Bitcoin casinos, you will need to pay some transaction costs, but these are just to cover the mining fees and are usually just a couple of dollars’ worth – no matter how much you deposit.
Global
As a currency that is not linked to any banking institution, government, or anything else that is owned by a specific country, Bitcoin and other altcoins are global. You won’t need to worry about conversion fees or foreign exchange rates to play in a Bitcoin casino.
This also means that you can access any Bitcoin casino from wherever you are in the world.
Drawbacks?
Lack of Protection
While the lack of regulation might mean that anonymity is more guaranteed, it also means that you are not as protected as you would be if you were using a ‘normal’ online casino. Problems with unscrupulous online casino owners are reduced thanks to the licensing requirements when it comes to online casinos that use fiat currencies, but the same cannot be said about Bitcoin casinos.
Daunting
Getting started with Bitcoin is tough in many ways, not least the knowledge of technology, online wallets, and even just purchasing your digital currency.
Added to this is the learning curve when it comes to using Bitcoin instead of a Visa card or even PayPal – and that can be a bit much for some people.
Volatile
The last thing to remember is that as Bitcoin and many other digital currencies are not tied to the value of commodities or anything else. This means that the value of the altcoin is inherently linked to the trading value – or what people will pay for it.
You will have seen this in action on the stock market, when media attention has made Bitcoin gain (and lose) thousands of dollars in value depending on public feeling.
Knowing more about Bitcoin casinos will make it easier for you to decide if that is something that you want to get involved in.
Images: Pexels/Karolina Grabowska
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.