What is bitcoin? Most likely, you have already heard about the new, digital currency, which was launched in January 2009 and during this period of time gained just unprecedented popularity. What is the difference of this currency from the classic “fiat” means? There are three main advantages of digital currency: decentralization, anonymity and the ability to transfer from anywhere in the world. Today, for Bitcoin, you can buy almost any physical product, as well as pay for any product or service. It goes without saying that in the gambling world this kind of money was greeted as a new development tool and the Bitcoin casino almost immediately began to appear. However, this type of institutions is somewhat different from the classic online casinos familiar to the player.
The popularity of cryptocurrency casinos
A significant advantage in favor of Bitcoin casino is the lack of commissions, which makes this type of deposits a priority for players, rather than the classic payment systems. In this regard, new markets are opening up for casinos, and opportunities for players that were previously unavailable. A few modified games, in order for players to use all the functionality, are under the attention of the regulatory authorities. Based on this, many institutions use to gain players’ confidence by opening access to game algorithms, or they achieve it by developing new game content. If we are talking about the differences between cryptocurrency casinos and classical casinos, then it is worth noting several features:
- Fast execution of transactions in the Bitcoin network. High speed is due to the fact that cryptocurrencies are not involved in the banking system and work separately from it, as a separate core. Now you don’t have to wait for several days to transfer money, because, thanks to Bitcoin, operations are going on at lightning speed. And the limits on transfers are simply not available and are caused only by the availability of funds in your wallets. Moreover, the request for withdrawal of funds from the casino is processed instantly and no multi-level checks are required. Ordered funds and they are a couple of minutes on your wallet;
- Anonymity. In addition to the fact that Bitcoin is an anonymous payment tool, online casinos also offer their users not to disclose personal data and only have to enter an e-mail address and a strong password created during registration;
- Not formulated a legal framework for Bitcoin brings some disadvantages for players. For example, many casinos do not have a license to operate;
- Software developers for online casinos, such as NetEnt, Microgaming and others, are just beginning to consider Bitcoin as a payment unit. Due to this, they do not rush to process game content for cryptocurrency. However, at the same time, Amatic is already working closely on the release of slot machines that support Bitcoin and launched the ability to bet in digital currency. And SoftSwiss and Slotegrator are actively launching institutions with integrated calculation capabilities not only in cryptocurrency, but also with fiat money, which is familiar to us.
All payments made through the Bitcoin blockchain cannot be traced and, as a result, online casinos have become available to those players in whose country gambling is prohibited. Accordingly, to prove that the purse from which the deposit is made belongs to you, it is impossible. This also implies that paying taxes on the winnings is purely voluntary. And the lack of controllability of this type of asset removes administrative consequences from the players. Because, having no legal basis, digital currency is not money. It is worth noting that frequent and large winnings in online casinos with Bitcoin support is a standard procedure. In the struggle for customers, institutions use this type of attraction as the main one. And more benign bonus conditions and increased payouts in slot machines are another component of the loyalty program and the advantages of a cryptocurrency casino over a classic casino.
The disadvantages of these casinos include a poor understanding of the players of the blockchain technology on which Bitcoin was created. Based on this, some users still consider digital cash as a pyramid. In addition, the preparatory work on the use of the full download version of the Bitcoin wallet takes a long time. The thing is that the Bitcoin Core wallet, the Bitcoin core, is large and as a result, players prefer the web version of the blockchain.info wallet. Another drawback: the increased security of Bitcoin and the absence of cancellation of the operation leads to the fact that having forgotten the password from the wallet you lose it forever. This information cannot be restored. Against the background of the growing popularity of cryptocurrency, a lot of fraudulent sites have appeared that steal information from users and then transfer your bitcoins to their wallets.