Bitcoin casinos have become the ultimate trend in recent years for players who want to enjoy their favorite games online. The rise in popularity of the Bitcoin has forced entire casinos to turn to Bitcoin entirely or to offer Bitcoin payment options alongside your usual fiat currencies. The turn of events has changed not only how players do their banking online, but also the way they receive bonuses while playing.
Bitcoin, a short history
Bitcoin is a digital currency created in 2009. Although nobody knows who he really is, the inventor of Bitcoin is one person by the name of Satoshi Nakamota, who invented and mined the first cryptocoins. Two years later, in 2011, Bitcoin emerged and started being operated on a peer-to-peer basis and marketplace with the help of the blockchain.
Unlinke USD or EUR, you can’t actually hold a Bitcoin in your hand, as there’s no way to transform it into paper or actual coins. Bitcoins are stored in the form of private keys, long numbers and letters that hold, in the form of code, the amount of Bitcoin someone is keeping in a private wallet. Instead of banks, you can transfer Bitcoin using addresses that are also made up of strings of characters, from 27 to 34.
Bitcoin and its invention stands at the base of a new type of economy that is constantly growing and it’s completely outside the realm of normal markets. Bitcoin is anonymous, which makes it perfect for online players for example. With the rise of interest in the coin, so did the rise of online casinos that are offering Bitcoin-banking options.
If you’re out to enjoy a good quality casino game and are sick of the traditional places, a Bitcoin casino is most surely the answer. There are many types of casinos that offer Bitcoin-related services, like casinos that operate solely with the Bitcoin, as well as casinos that can operate with Bitcoins, other cryptocurrencies and fiat currencies. When you add Bitcoin to your virtual account, you’re only going to be able to withdraw Bitcoin as well when you want to do so. Most Bitcoin casinos that run on the blockchain are provably fair, which means players can verify their internal workings and verify them for their fairness.
The other important type of casinos offer Bitcoin as a currency of choice alongside US Dollars, Euros and so on. This type of casino is one of the most popular, as many players still want to be able to pay with fiat currencies while gambling, as well as with Bitcoin when they want to. One of the most popular games on these platforms is poker. These days though, other games like slots, video poker, roulette, blackjack or baccarat are catching up and are played with Bitcoin by thousands of players the world over.
Advantages of playing on a Bitcoin-based casino
A good reason why so many operators decided on implementing Bitcoin banking on their platforms is that there’s no cost involving traditional banking while players are transitioning their virtual assets away. You don’t have to pay fees for credit cards, ewallets, bank account transfers and many more. Transferring with Bitcoins is free both when you deposit and withdraw money from your virtual account.
This makes Bitcoin casinos extremely incentive as they are offering superb bonuses back to their players from these savings that would otherwise go to banks on taxes and fees. Also, because there are no fees associated with banks, casinos can lower the house edge on games and therefore offer a better payout percentage to players, much better than what they’d find on traditional platforms.
Another great advantage is that Bitcoin casinos are operating with complete discretion for the users. This means they solely ask for the minimum personal information possible, sometimes even none, so that the identity of the players can remain hidden. Sometimes, all you have to give away is an email address, this because you have to have a safety net should you forget your password and need to recover it.
If you decide upon playing on a traditional casino that also accept Bitcoins, things will be a tad different. Usually, although you’ve deposited Bitcoins, you’ll most likely be obliged to bet with dollars or other fiat currencies when playing. At the end of the session, if you decide to withdraw some money, you’ll once again have to do it by taking away Bitcoins.
An example of Bitcoin casino magic
One of the first signs that Bitcoin casinos are a thing of the present and so mainstream is that big names of the business are signing large contracts with these new sites. Net Entertainment is one of these software companies that make online games for casinos. The Swedish developer has stated that a ton of players are asking for more and more Bitcoin-friendly games.
Net Entertainment is listed at the Stockholm Stock Exchange, which makes it accountable to shareholders. This means, in normal language, that they can’t mess with their reputation or business. In layman's terms, anytime you see the Net Entertainment logo on a Bitcoin casino site, you can rest assured that you’re going to be playing a safe, enjoyable and fair game.
A recent deal between the Swedish provider and BitCasino.io has been signed. BitCasino is claiming to be the first legally licenced and regulated online Bitcoin-only casino. The deal is awesome for all Net Entertainment’s fans, as it will provide the Bitcoin platform with over 150 games for their online site and 30 games for their mobile platform. All these games will come with Bitcoin bonuses that will remain at the players 100% due to the fact that there’s no fees they need to pay to the bank or to the platform.