Many new ideas have just come onto the market in recent years. There have been both very innovative and truly revolutionary ideas. This has changed the market and some novelties have even triggered a real hype. These include bitcoin casinos, among others. Online casinos have been enjoying a steady rise in popularity for a long time. However, with each innovation, they experience even more hype. The cryptocurrencies like Bitcoin and Ethereum have caused major changes in the gambling industry. Meanwhile, online casinos offer cryptos as a payment method and some have even specialized in payment with the cryptocurrencies.
Bitcoin casino, what is it?
Since not everyone is familiar with the term yet, we will first explain what a crypto or bitcoin casino is in the first place. Strictly speaking, crypto casinos are online casino platforms that offer cryptocurrencies as a means of payment. All kinds of different games and services are offered here, just like in any other online casino, except that you pay in cryptocurrency instead of fiat currency. Besides slots, traditional casino games like roulette are often offered as well. Additionally, some casinos also offer sports betting and online lotteries.
Strictly speaking, Bitcoin casinos are basically hardly any different from traditional online casinos. The crucial difference is that Bitcoin casinos have their own crypto wallet (wallet) where the Bitcoins and other cryptocurrencies can be stored. The crypto wallet must first be filled in order to then place a bet, for example. If one wins here, the winnings are automatically sent to this wallet. If the profit is to be paid out, it can be transferred from the wallet to the private bank or crypto account. Now that we know what a Bitcoin casino actually is, the only question is why?
There are many good reasons for the Bitcoin casino trend. There are a few reasons why there are online casinos that exclusively accept cryptocurrencies as payment.
Reason #1: Anonymity
The absolute focus of cryptocurrencies is definitely anonymity. However, this is not only true for the user, but also for the online casino. Here, there is only one piece of information that is readable during transactions. And this is the wallet ID of the two users.
Reason #2: Speed
It is not a secret, because everyone knows the problem with bank transactions. In some circumstances, these transactions can take a couple of days. As a result, it takes a few days for the money to be credited to your account. However, the whole thing is completely different when cryptocurrencies are used; here, just a few clicks are enough and the transfer takes place within seconds. Transfers of cryptocurrencies are also possible around the clock.
Reason #3: Lower fees
Since bitcoin is a decentralized currency and thus not processed through banking transactions, there are accordingly no processing fees. Overall, however, there are still cryptocurrencies that have transaction fees, but they are much lower compared to banking fees. Without having to wait for a confirmation, funds can be transferred directly. After all, there is no intermediate instance here.
Reason #4: The security of personal data
Those who use cryptocurrencies automatically protect their personal information. As a rule, online casinos only ask for the crypto address and the username. This information is perfectly sufficient to process a transaction. Protecting one’s identity has never been so easy and so secure as it is with crypto transactions.
Reason #5: High accessibility
Because cryptos can be accessed through a wallet, transferring funds is very easy and they do not require an internet connection. Provided that one has a wallet ID and a user, so the transactions with the casino can be processed very easily. Only the withdrawal requires an internet connection.
Reason #6: The security of the funds.
As digital assets, cryptocurrencies can be stored in various wallets. The wallets are protected by digital keys. Storing cryptocurrencies in hardware or paper wallets is particularly secure.
Reason #7: Free and flexible use
With cryptocurrencies, there is little to no jurisdiction. Thus, the use of cryptos is free and flexible. Especially when it comes to players who are either on vacation or who live in regulated countries, placing bets using cryptocurrencies is much less problematic.
Reason #8: Better bonuses and no local restrictions
Many crypto casinos often offer great and exciting bonuses that you can win while playing. In this regard, the respective providers have different offers. Usually, the bonuses that can be won are multi-deposit bonuses, matched-deposit bonuses or free spins on the slot machine. Since cryptocurrencies are a decentralized system, crypto casinos do not have to follow local restrictions. Therefore, at the same time, bitcoin casinos also have the opportunity to give bigger bonuses and develop without limits. Compared to the conventional casinos, this gives crypto casinos much greater advantages. The conventional online casinos, on the other hand, usually suffer from government restrictions and gambling regulations in this regard.
Reason #9: More control and oversight
Crypto casinos offer greater control over the process, as they usually give players more control over their own funds. For example, if you play at an online bitcoin casino, then all payments are made using that coin. This saves time and protects players from delays, as is the case with traditional money systems. Cryptocurrencies are based on blockchain technology, which allows for an extremely fast and transparent process. All the while, there are no additional fees for transactions or other hidden features.
The fact is that with the introduction of cryptocurrencies in online casinos, gambling has become not only more entertaining, but also faster and fairer. Players are enabled not only to play with more security and less hassle, but a whole world of exciting gaming interfaces opens up here as well. Probably the most important reason why bitcoin casinos are so trendy is privacy and security. In crypto casinos, players are offered extra anonymity, security and private transactions. In addition, third parties, such as large banks, can now be bypassed. This also improves the speed and security of the entire process.