Bitcoin has been on the rise since 2009. BTC is a digital currency also known as crypto-currency that can be exchanged between two peers without the need of any kind of the third party involved in the process. With years past, it is now pretty common to find sites that accept bitcoins as currency and it’s no different with the gambling world. Gamers shouldn’t be surprised to see if their favorite online betting sites enlist Bitcoin as a way to deposit money into their account. Besides that, more and more Bitcoin online casinos are popping up having this as their payment method.
What is Bitcoin?
A Bitcoin is essentially a long code of numbers and letters that holds its value within its self. The code is garnered through the process of “mining”, simply put solving a really complex mathematical computation. Part of the code has a digital signature that is unique to every single individual user and his/her Bitcoin wallet. While the Bitcoin tracks every single wallet (digital signature) it passes through, the system does not have any information on users names behind those wallets. Combine that with the fact that bitcoin is unregulated in all parts of the world and its peer-to-peer transactions, excluding any banks in the process of trading, it enables literally anonymous transactions. It was known for criminals to buy Bitcoin in sums of millions of USD back in 2012 so they could hide money from the law. In result, bitcoin price went through the roof.
Growth of the Bitcoin Casinos
There is a rise in popularity of Bitcoin online gaming sites where people deposit their crypto-currency to play. There are gambling platforms that deal specifically in this currency, while more and more original online casinos adding it as another deposit payment besides USD, Euros, etc. Casinos that work solely on Bitcoin currency are run by a self-made gaming software. To go past by trust issues about the fairness of these games, online Bitcoin sites give their users full insight into the software algorithm. One of the things that make Bitcoin games so attractive is that the currency is completely unregulated anywhere in the world, meaning there are no country restrictions for players. Casinos that offer both Bitcoin and flat currencies as their payment method usually will allow players to deposit this way, but then choose one of the flat currencies to gamble with (USD, Euro, etc.). Once a player wants to withdraw his/her money, he can then do so, again, in BTC.
How to Start Playing on Bitcoin Casinos?
First of all, gamers need to get their hands on some crypto-currency. There are two ways of stashing your bitcoins. Either create your own free bitcoin wallet or buying bitcoins at well-respected Bitcoin exchange services like Bitstamp or BTC-e for an example. Depositing crypto-currency shouldn’t be any harder for gamers that depositing conventional currencies to conventional gaming sites. Transactions are almost instantaneous and virtually free. Just, as usual, gamers should pay close attention to the deposit bonuses, as they tend to be much better at Bitcoin casinos than the ordinary ones. BitStarz offers great promotions and welcome packages, not only for the new players and first depositors but also for recurring gamers, in terms of free spins, reload promotions and much more. People new to the bitcoin world should also know that a single bitcoin can be divided and wagered in parts. Considering that a single whole bitcoin is worth a lot of money, Bitcoin casinos allow you to wager smaller parts of a Bitcoin, BTC or 1/10 of a Bitcoin, BTC or 1/100 of a Bitcoin etc.
Bonuses and Benefits
Even though Bitcoin online betting sites are nowhere near as popular as the standard online casinos, they are growing at an incredible pace. There are numerous reasons to why these casinos could become the next big thing thanks to the multiple bonuses and advantages like:
- No Taxes
Like mentioned above, Bitcoin currency is completely unregulated. Governments have no clue how much Bitcoin a person has and thus there are no taxes to pay.
- No Fees
Trading Bitcoin is a peer-to-peer action, excluding any third-party from the business. What these means for these betting sites? Depositing to an online bitcoin gaming site is completely tax and fee free. Also, with no third-party involved, transactions between gamers and the casino, deposits, and withdrawals, are faster than at the regular online gaming platforms.
- Bigger bonuses and higher payouts
With the banking costs and the taxes out of the way, the value generated is given back to the players by the Bitcoin platform through higher payouts and bigger rewards. Besides that, payout percentages are typically higher than at the standard online casinos. There is no big difference between having a bonus in a Bitcoin or any other gaming place. The system works on the same principle. There are a bunch of in-game promotions with this currency. Bettors can also gain many starting promo rewards when registering. Betting like this is a big plus for everyone. And the biggest advantage is the fact the every gambler in the World can use these bonuses. No area limitations and similar issues. Just choose your favorite gambling platform with this currency and use many of the advantages while betting. Bonuses can really boost your play and give a starting advantage over the house. Many online sites offer exclusive bonuses and promotions to its players to attract members in this relatively new gaming community. Use them to additionally boost the account. These promotions can allow a gamble to bet longer giving him/her a chance to enhance the winning chances with ease. Use the right betting strategy, and with many bonuses that Bitcoin casinos offer, a gambler will be on a lucky streak in no time. Players can enjoy in multiple welcome packages, lots of cash and special VIP membership bonuses suited only for most loyal bettors. By depositing the BTC currency for the first time bettors can gain a different type of bonuses depending on casino’s terms and conditions (100% in most cases). After gaining a bonus in this currency, wagering requirements will be the same as in any other betting place. Gamblers need to fulfill them to be able to use this cash fully.
What Should Gamers Watch Out for?
With no regulations regarding this currency, casinos emerge a few problems. Players should be very careful on which Bitcoin platform they choose to play and this is why:
- Legal deficiency
Traditional gaming sites are trading in traditional flat currencies, making it possible to track down individual players, dealers, and operators. They are also being heavily regulated which is not the case with the Bitcoin casino. Some of these online houses don’t even have a gambling license.
- User anonymity
While this may be regarded as a plus in the eyes of many, Bitcoin casinos usually require very little user details to start playing. This opens up the door of gambling world to minors as well as people from countries in which online gambling is restricted, as an example the US, where Bitcoin casinos are considered illegal. This is not making any problems for US players to join onto any similar site worldwide and play anonymously. On the other hand, if all players remain anonymous while they are playing, ensuring fair play for these platforms becomes even harder.
A Clear sign that Bitcoin casinos are becoming more popular and more accepted by the people is big software companies signing deals with these online platforms. We mentioned earlier that most of smaller Bitcoin casinos have developed their own gaming software. The problem of fairness and trustworthiness aside, this could also mean experienced conventional gamers may have problems finding suitable games for them at these betting sites. This is not the problem for the biggest and best Bitcoin casinos, as they are able to strike a deal with some of the worlds’ most renowned software gaming companies such as Net Entertainment. Gamers can find their favorite collection of Net Ent games at Bitcoin online casinos such as BitStarz, BitCasino.io, and others. The two above mentioned platforms are also legally regulated by the government of Curacao. Be sure to use many starting bonuses, free spins and exclusive promotions for easy and smooth gaming experience at many BTC gambling sites.