3 Main Advantages of Bitcoin Casinos
The popularity of digital currencies has spawned a new sphere of the economy that exists separately from political games and is not tied to geographic location. There are many projects that use blockchain technology as a tool to make money. A special niche in this environment is occupied by online bitcoin casinos. Many players specifically look for virtual casinos using cryptocurrency, as they have already managed to assess the advantages of this means of payment.
In fact, this is the Internet resource of a particular gambling provider. On it the user can find a standard for such places as a set of entertainments (video slots, roulette, etc.). The main difference from traditional gambling sites is the ability to fund your account with bitcoin (or other type of cryptocurrency). It is worth noting that the client will be able not only to make bets with digital money, but also to withdraw them to special electronic wallets.
Unlike, say, bitcoin exchanges, where the number of players is not growing as fast, the entry threshold is much higher, and the customer often has no alternatives, this is not the case with bitcoin casinos. The launch of crypto casinos is not that expensive, which is why the dynamics of supply growth is quite high. That means that the competition in this market is strong enough, which makes bitcoin casinos really fight for their customers.
It should also be taken into account that there are big and well-established players in the online gambling market who work for decades and use only traditional payment instruments. This is an additional factor influencing the development of the cryptocurrency casino market. It is hardly a simple task to entice gambling lovers from traditional services, differing from them only by working with cryptocurrencies.
All the above-mentioned orientates bitcoin casinos to the constant improvement of the quality of services and individual work with each client. It is in this industry that those services, which put customer comfort at the forefront, will be successful.
Let list the main innovations that are associated with this type of projects for gambling. However, it is necessary to take into account that these innovations are not used in all online casinos. Here is the very list of differences of this type of platforms.
Cryptocurrencies are used as a means of payment. In particular - bitcoin. Consequently, every player must create a bitcoin wallet and be able to use it.
Anonymous gambling and betting are possible. Blockchain systems promote anonymity. It is impossible to trace the transfers made here. Cancellation of transactions is also not provided. This allows betting without revealing any information about the players.
Verifiable honesty. Any player can mathematically prove that the results were not tampered with and that no one was able to influence the game. This algorithm first appeared at SatoshiDICE, one of the first (if not the first) bitcoin casinos. Initially it was used for dice, but later on it was used in other variants as well.
Low advantage compared to traditional gambling platforms. Of course, this does not apply to all projects. But in general, bitcoin casinos have a smaller advantage over players compared to classic variants.
Crowdfunding. Some bitcoin casinos use the principle of crowdfunding. Users invest in the project, which benefits both parties. Investors make additional profits, and the casino can afford to make higher bets with the extra funding.
Protection from scammers and hacking. Of course, and a bitcoin wallet, if you want, you can hack. But the protection here is much better than in the case of classical platforms.
It should be noted that today bitcoin casino is the common name for all projects that accept cryptocurrency. They usually work with all major altcoins. At the same time, it is additionally possible to deposit and withdraw fiat currencies. Although the latter option is not available in all projects.
The advantages of blockchain gaming are quite numerous. For users, it enables easy exchange of in-game assets without intermediaries. Developers, on the other hand, can use blockchain to generate additional income from the sale of in-game items and tokens, as well as to attract new users. That's why more and more blockchain games are coming to market. And in 2021, the industry will see a number of projects that may help take it to the next level.
But the main benefits of using cryptocurrency for online casino betting are: instant withdrawals, anonymous transactions, easy to use.
Instant Withdrawals
Payments using cryptocurrencies are processed much faster than transfers through traditional financial institutions. Compared to traditional bank commissions for depositing or withdrawing funds from a gaming account, they are negligible (or non-existent) in crypto payments. Transactions made will be reliably protected from access to them by all kinds of fraudsters. All registered newcomers will also be offered welcome bonuses (free freepins, no deposit money). A pleasant exception can be the game for satoshi using a special crane, which spins a drum with prizes.
In most cases, it takes no more than a few minutes to verify and make the payment. Bitcoin is a decentralized network, so there is no authority that wants to make money on cryptocurrency transactions.There is a withdrawal transaction fee for using bitcoin, but it is usually a few cents. This is times less than the fees that casinos usually pay to banks, payment processors and aggregators. There is no doubt that in the very near future more and more virtual casinos will appreciate the savings on cryptocurrency transactions, so they will use this method of financial transactions. Players will be offered an interest-free withdrawal in cryptocurrency, if it was used to replenish the balance.
Anonymous Transactions
Cooperation with banks and payment systems requires a lot of documents and personal data. Bitcoin transactions require much less information - only a bitcoin wallet address, as well as public and private keys. For many potential players, the prospect of sending someone scans of their passport does not seem very attractive. Most virtual casinos do not want to verify a player's account without scans of the documents, and therefore do not want to make any payments.
Sometimes the gambler does not want anyone to know about his passion for gambling. This method gives an advantage and guarantees absolute anonymity during betting on slot machines and other entertainment. In addition, the very principle of video slots, roulette, poker, built on a transparent blockchain model, which contributes to additional confidence on the part of the client. In regular online casinos, as a rule, there is a fixed amount of the minimum bet. Here, on the other hand, the user will be able to divide the bitcoin into a certain number of small bets, allowing more to be played at their pleasure. These factors show that this monetary system fits quite well in an industry such as gambling.
As already mentioned, bitcoin is a decentralized currency, so it has a significant advantage over fiat money. While fiat money transaction data is stored in a bank or electronic payment system registry, bitcoin features a system of decentralized registries. Therefore, any attempt to tamper with transaction history will be rejected, and individual transactions are very secure. There is also no need to fear that players' payment information will get into the public domain on the Internet. Casino or player money stored in bitcoins will not be blocked at the whim of any bank or authority.
Easy to Use
In order to start playing bitcoin casinos, no additional steps are required. Everything is as simple as in a regular online casino. You need to: click on the button "Register" or "Join". In a pop-up window, fill out a questionnaire with your first and last name, sex, date of birth, email address (in case you forget the password to the account).
Often casinos ask new users to answer a secret question - for example, the name of a favorite soccer player or a pet. This is done for security purposes.
If the casino provides a promo code, you will be prompted to enter yours. If there is no promo code, this step is skipped. Enter the captcha and click the "Complete" button.
Once the registration is complete, the system will automatically take you to your personal account. From this moment, you can start playing and earning your first Satoshi.
***
DISCLAIMER
The views, the opinions and the positions expressed in this article are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements madewithin this article. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.