Last updated on March 1st, 2019 at 06:27 am
Chances are you have heard of Bitcoin gaming sites and learnt about their popularity worldwide. Ever since the world was put wise to the Bitcoin explosion, cryptocurrencies in the gambling industry have gained traction.
The scope of online gambling is tremendous and the industry goes into multi billion dollars of annual revenue. One of its largest niche markets is Bitcoin gambling. Betting sites that accept and pay in cryptocurrencies are already popular among gamers who wish to remain truly anonymous online.
In this guide, we will cover everything – right from the basics of Bitcoins to why they add value as a mode of payment for online casinos, and the legal aspects of using Bitcoins for your casino gaming.
Considering that Bitcoin is circulated and accepted as legal tender on the Internet, it is best described as a global digital currency or cryptocurrency. It has no physical shape or appearance and is a mechanism of digital value exchange all over the world.
It is widely accepted these days as tender for buying and selling goods, commodities and services. It is also traded on stock exchanges and can be exchanged with other currencies.
Introducing Bitcoin Casinos
Bitcoin is the most popular digital currency, by far. There are quite a few online casinos that deal only in Bitcoins, whereas others offer it as an additional mode of transaction. More and more Bitcoin casinos all over the world are coming up, though they may be subject to local laws. By adopting Bitcoin transactions, casinos allow their players to bet on casino games, engage in sports-based betting, gambling games and online lotteries, and remain anonymous in the process. Online reviews of casinos, for instance this review of Metal Casino, also evaluate the sophistication of payment methods, which is another motivator for casinos to start accepting cryptocurrencies like Bitcoins.
How do Bitcoin casinos operate?
Bitcoin casinos can operate at their optimal best only if they have the best software in place. The more popular ones with massive user bases have their own gaming software, developed indigenously. However, smaller players either buy or rent software and customize them to their needs.
Casino games are conducted and managed by specific software that requires for little or no human help. When games need to be played by humans only, the software takes on the role of a table dealer. Since Bitcoin casinos are entirely digital in nature, they are often faced with difficult situations when users accuse them of being unfair in their dealings.
On their part, Bitcoin casinos overcome this problem by trying to instil trust in their users by openly showing them how their software algorithms work.
Where can you get Bitcoins from?
You can buy them in person, at a store, or through a digital exchange website. Once you have some Bitcoins, you can use them to spend online at sites that accept them. And, you can secure Bitcoins by selecting a wallet.
What makes Bitcoin casinos popular?
Using Bitcoins to play online casino games makes the value-exchange superfast. Not only is the processing fee on Bitcoin transactions nominal, deposits and withdrawals in Bitcoins are virtually completed in real time. Bitcoins also protect one against chargebacks.
However, the most beneficial feature of Bitcoins is that of anonymity that gamblers enjoy while placing bets and still enjoying a 100% transparent system which strengthens the case of this kind of currency.
The risks involved in Bitcoin casino gaming
What strikes one first about Bitcoins is that this currency is unregulated and the global-ideology on these is not mature. Though the wallet set up of this currency is extremely secure, yet players who deal in Bitcoins are not aware of who they are dealing with and causes a feeling of uncertainty with respect to transactions.
Reports in the news about theft, money laundering and Ponzi schemes have also tarnished the name of Bitcoins. Again, due to its anonymity, nabbing and punishing those who carry out such negative acts is difficult.
The future of Bitcoins
The fact that Bitcoins have grown in popularity ever since they were introduced proves that the currency has a future as regulated legal tender. However, several gambling sites have still not adopted it. Today, with not many online casinos having accepted this currency, gamblers are limited in their usage of this currency.
However, slowly and steadily, there seems to be a slight shift in attitude towards Bitcoins. This holds out a lot of hope to its supporters that in the near future, Bitcoins will come to be accepted just like other currencies in the gambling industry.
Casino gambling has always been a hotly debated topic. Now, with Bitcoins in the picture, the scenario is all the more complex and challenging. Novelty in every form may hold our attention for a while, but it is important to bear the legal perspectives in mind, while also considering the risks and challenges they bring with them.