Cryptocurrencies are founded on groundbreaking blockchain technology and can be used in nearly every aspect of our lives. The concept of a decentralised, highly anonymous, quick, and low-cost transaction network is appealing, so it’s no surprise that more businesses are using Bitcoin as a payment method. Gambling is no different. Bitcoin deposits and withdrawals have lately become available at online casinos.
The Basics of Bitcoin Casinos
Gamblers gambled an average of $4,000 in Bitcoin every minute in early 2017, according to Cointelegraph (approx. 4 BTC at that time). Despite the fact that the concept of cryptocurrency was not widely accepted at the time, the number suggests that Bitcoin casinos were popular among normal gamblers. Clearly, the industry has advanced since then, and Bitcoin casinos are getting increasingly popular.
Bitstarz and other major Bitcoin casinos feature built-in wallets where players may store BTC and other cryptocurrencies. Deposit multipliers, no deposit bonuses, free spins, and tournament tickets are just some of the perks and promotions available, which are identical to what real casinos have to offer. Websites advertise deposits in mBTC, which is equal to 0.001 BTC, due to the high price of Bitcoin. Since withdrawals are frequently restricted, gamblers are unable to withdraw their entire winnings at once.
Prime features of Bitcoin casinos
There are some unique features of Bitcoin casinos to take note of –
- Fast and safe transactions
It is because of the revolutionary features it brings, blockchain is a highly sought-after technology. In a blockchain, for example, all transactions and processes can’t be reversed. It means that neither gamblers nor casino owners can tamper with financial transaction data or influence the results. Furthermore, transactions are secured and unaffected by outside parties. Deals are usually made between a gambler and a casino on a peer-to-peer basis. Another benefit is the relatively fast network connection, which allows customers to receive their funds very instantaneously.
- Convenient for the player
Blockchain preserves data in an encrypted fashion and does not require users’ personal information. This helps to user privacy and anonymity, which can be viewed as a direct benefit, particularly in the gaming industry. Since blockchain is decentralised, it belongs to the entire world, not just specific governments. Gamblers can avoid paying taxes to a specific jurisdiction as long as the technology is off the regulatory radar. Nonetheless, as Bitcoin and blockchain become more popular, it’s critical to keep up with the latest news and regulatory developments.
Furthermore, owing to the growing cryptocurrency prices, high rollers and whales pay particular attention to Bitcoin casinos. Even if you bet in mBTC, you may win a lot of money. It’s important to remember, though, that gambling is a game based on chance, and you might lose just as much as you win.
There are certain bonuses that Bitcoin casinos offer, just like regular gambling online houses.
- Deposit bonus – This multiplies the initial amount of BTC
- No deposit bonus – After registration, it offers free BTC
- Free spins and ticket – Allows you to play slots, poker, and other games with the possibility of earning cryptocurrencies without having to put any money down
- Progressive jackpots – Increases the profit with each game
The only thing to keep in mind is that nothing about life is truly free. Entries are only valid for a certain amount of time. It is common to be unable to withdraw deposit bonuses until you have wagered 35x-50x the value of the Bitcoin bonus. That is why it is critical to understand each Bitcoin casino’s terms and conditions. As previously indicated, high rollers receive superior VIP offers. Loyalty programmes with accrued bonuses are available at some high-roller Bitcoin casinos. The more you wager, the better bonuses you’ll receive from a Bitcoin casino. VIPs gain access to a variety of special casino games.
Popular casino games such as slots, roulette, blackjack, poker, and baccarat are available at Bitcoin casinos. Due to its simplicity and potential for high prizes, slots are the most popular game among Bitcoin players. Dice and Hi Lo table are two other popular games. The majority of Bitcoin casino games are themed, with digital styles, crypto storylines, and prominent figures like Satoshi Nakamoto. Sports betting is also available at a few casinos. It was notably true in the run-up to the 2018 FIFA World Cup, which took place in June and July.
How To Invest in Bitcoin Casino
Bitcoin casinos, unlike traditional online gaming sites, need the use of a cryptocurrency wallet. Simply put, it’s a location where you save your Bitcoins. As a result, the first step is to make a wallet. You could also buy a hardware device such as the Ledger Nano or Trezor.
Make a deposit
- Enable multi-factor authentication and create a wallet with unique addresses.
- Bitcoins can be purchased on the internet using traditional exchanges, brokers, or peer-to-peer methods. To find the best cryptocurrency exchange site for you, use the Exchange Finder.
- Sign up for a Bitcoin casino account, log in, and navigate to the Payment Options/Wallet/Deposit tab.
- Send money by inputting the amount of Bitcoin and the casino’s address into your wallet.
- Then you can start playing.
Let us now summarise our crypto gambling experience. Bitcoin casinos clearly have a lot of potentials, but they are not hideout. What’s great about Bitcoin casinos like bitstarz is that players may transact with them directly without going through a middleman. The transactions are protected by the blockchain system, and users are practically completely anonymous. Transaction fees at Bitcoin casinos are likewise quite low. The fact that Bitcoin is unregulated is one disadvantage.
The high volatility of cryptocurrencies comes with its own set of concerns. Regular users and high rollers alike are becoming more interested in online Bitcoin casinos. These websites are a good alternative to brick-and-mortar casinos because of their unique nature, large potential earnings, and user-friendly interfaces. However, Bitcoin casinos, like anything else related to cryptocurrency, are subject to rigorous regulatory inspection.