Even though Bitcoin has been around for some time now, its use is nowadays more widespread than it ever was. Today, not only is Bitcoin widely accepted and traded with, but it has become one of the most trusted currencies in the world.
This is particularly true for customers in various industries that highly value their anonymity and security. Not only that, but bitcoin has become a favorite among people who prefer almost instant transactions that are oftentimes very low or entirely free of conversion rates and fees.
It is only natural, knowing everything we know now, that Bitcoin found its way into the gambling industry. That’s why, nowadays, many service providers accept bitcoin payments for rendering their services and products. What’s more, Bitcoin transactions are not only reserved for online customers, as more and more land-based casinos started accepting it as well.
With all of that being said, here is everything you need to know about Bitcoin online gambling, as well as some of the things you should consider when transferring your BTC to an online casino.
The number of casinos supporting Bitcoin payments is on the rise
From what was once simply a pioneer of cryptocurrencies, to one of the most widely used cryptos around the world, canadian bitcoin casinos became a globally accepted form of payment in the majority of casinos. Naturally, accepting this currency also brought forth the need to create a designated payment interface, where customers could simply and easily transfer their BTC through secure channels. Nowadays, any online gambler can easily find a list of some of the best online casinos in the world that accept Bitcoins.
Additionally, since using Bitcoins promises a dose of anonymity as well, it becomes clear why modern-day gamblers prefer using this type of payment. Mobile gambling is another section of the industry where Bitcoin gambling really got its moment to shine, which is also a huge plus considering the growing number of mobile gamblers. Being able to finish transactions almost instantly, without any worry about security is truly something both casinos and players can really benefit from.
Cost-effective, fast, secure and anonymous transactions
As mentioned earlier, Bitcoin promises fast and anonymous transactions that are entirely safe. This is due to the fact that Bitcoin relies on the blockchain technology, which is currently one of the safest technologies out there. Since every piece of information that’s being fed into blockchain is instantly encrypted, the risk of any unauthorized party accessing it is non-existent.
Moreover, as a completely decentralized currency, the value of Bitcoins remains the same all across the globe. That’s why transactions completed using Bitcoins usually don’t have any hidden exchange fees. However, it is important to mention that there can be some transactional fees involved, but the majority of reputable online casinos reimburse these fees to their players, to ensure that there’s no significant monetary loss.
The volatility of the Bitcoin
It’s no secret that, although extremely popular, Bitcoin is also quite volatile. What this means is that the value of this cryptocurrency tends to fluctuate significantly, virtually on the daily basis. This can lead to a single Bitcoin significantly spiking or plummeting in value, which some players and casinos find to be very off-putting.
That’s why it’s extremely important that every player understands how Bitcoin gambling works, before they opt of this type of payment. Additionally, some online casinos choose to convert their customer’s BTC to USD, as a means to protect their customer’s assets from such volatility. So, this is another factor you need to consider, as not all players find this type of conversion appealing.
Anonymity and bypassing local laws
Even though gambling is extremely popular all around the world, some countries still have a ban on this activity. That being said, it becomes clear that using regular currency for your gambling efforts may not only be difficult, but sometimes even down-right illegal.
However, due to the fact that Bitcoin offers an extreme dose of anonymity, it provides a great opportunity for gamblers living in the area where gambling is banned by law to still enjoy this activity. Thanks to e-wallets, online casinos are nowadays more accessible as, even though there will be trace of funds going in and out of the wallet, there will be no trace of where those funds are going to or coming from.
Bitcoin providers and regulations associated with them
We’ve mentioned earlier that Bitcoin promises anonymity. But what many players fail to realize is that this anonymity works both ways. So, while it is possible – although not really advisable – to use Bitcoins to gamble if gambling is not permitted in your area, breaking a few laws is not the only thing you need to worry about.
Instead, what can commonly happen is that online gamblers can fall victim to fraudulent casino operators. And while this can happen even if you’re using fiat currency, the chances are significantly slimmer and remedying the issue is usually far easier. That’s why it is imperative to choose a regulated and licensed Bitcoin casino, preferably one that is audited and certified by independent agencies, before you decide to wager your BTCs. That way, you are more or less guaranteed that there will be no misuse or misconduct on any part that could potentially strip you of your cryptos.
Bonuses and gaming credits
All online casinos are faced with a fierce competition, which is why the majority of them constantly offers various bonuses and special promotions to their users. Naturally, casinos that offer Bitcoin gambling are really not any different. Most of these casinos will offer their players a chance to enjoy various bonuses and free spins as soon as they make their first wager.
However, it’s oftentimes the case that these casinos will also have a minimum turnover volume I place, that will determine how many wagers a player needs to make before they’re able to unlock their wallet for withdrawal. Luckily, the majority of these casinos offer rates that are very favorable to their players, which is one of the reasons players find them appealing in the first place.
So, if you’re wondering whether Bitcoin gambling is something you should try out, we hope that this article managed to answer the majority of your questions and concerns.
