A digital cryptocurrency, Bitcoin had its emergence in 2008. It has not been without controversy, but it continues to grow in popularity.
Along with the rise of this cryptocurrency has come the rise of Bitcoin casinos, which are essentially online casinos that accept Bitcoin as a payment method.
However, there is more to those casinos than the fact that they accept Bitcoin as a payment method. Find out what you need to know about the other reasons they are becoming so popular.
Privacy and Safety
One of the biggest attractions of Bitcoin casinos is the level of privacy and safety they offer players. For starters, players can remain completely anonymous, whereas at most other online casinos, players are required to submit at least some personal details when signing up.
The safety aspect is present in various ways. One of them is that players do not need to use credit or debit cards, e-wallets linked to bank accounts, or any other banking options. When making a deposit, they would use their Bitcoin wallets.
Another way in which such casinos offer a high level of safety is by using the same security protocols as many financial institutions, which includes data encryption, firewalls, and other anti-fraud software.
Instant Bitcoin Withdrawals
The speed of withdrawals from Bitcoin casinos is another reason players have begun flocking to them. When players withdraw Bitcoins from their casino, the withdrawal is processed instantly.
This is very different to most other online casinos, which follow various security procedures that may delay the withdrawal by several days. Such procedures may require you to submit proof of identity and country of residence.
Lower House Edge
One of the lesser-known facts about most Bitcoin casinos is that they have much lower house edges than most other online casinos. To put it simply, the house edge is the amount of money the casino stands to gain from each bet you place.
The house edge at many regular online casinos is usually somewhere around 5 per cent. However, at many Bitcoin casinos, the house edge is often as low as 1 per cent. This ultimately means you would stand a better chance of actually winning the games you play.
Bitcoin Casino Games
You are more than likely to find the same types of games at Bitcoin casinos as you would at other online casinos, although many also include sports and racing bets among their offerings.
The games usually offered include slot machines, card games such as blackjack, baccarat, and poker, table games such as craps and roulette, bingo, lottery-style games, and scratch cards. Many games are also available in live dealer form.
The betting markets usually cover popular sporting codes such as cricket, rugby, tennis, and football, eSports, horse and greyhound racing, and novelty markets such as financial, political, and entertainment betting.
Jackpots certainly can be won at Bitcoin casinos. A good example of a big payout was a player’s $1.3 million in Bitcoins in 2013.
Bitcoin is Not Without Pitfalls
While Bitcoin and the casinos that accept it certainly do have their attractive features, the cryptocurrency is not altogether perfect. Apart from the casinos and a few other institutions that accept Bitcoin, many do not, which could potentially cause problems, especially if you want to use your winnings to purchase the car or house of your dreams.
You also need to bear in mind that the cryptocurrency is entirely web-based, so if you cannot access the internet, you cannot access your Bitcoins.
Bitcoin casinos definitely have their selling points, but for the time being, it looks like traditional online casinos are the safer option.