According to Cointelegraph, in early 2017, players were betting an average of $4,000 in bitcoins every minute. Bitcoin casinos are similar to regular online gambling services, but have the slight advantage of accepting both fiat and crypto payments. However, some casinos can only support cryptocurrency. Major bitcoin casinos have built-in wallets where players can store BTC or other cryptocurrencies.
There are various bonuses and promotions that are also similar to what regular casinos offer: deposit multipliers, no deposit bonuses, free spins and tournament tickets. Because of the high price of bitcoins, the sites display deposits in mBTC, which equals 0.001 BTC. Withdrawals are often limited, so players cannot cash out all at once.
The existence of cryptocurrency has given rise to an entirely new kind of casino economy. It has nothing to do with politics. There is no attachment to the geography of the location. A certain niche in this sphere is reserved for casinos, whose activity is connected with bitcoin.
What is a bitcoin casino?
With the help of popular cryptocurrency in the gambling club you can make bets. In relation to fiat currency, bitcoin is an alternative type. Such establishments can be considered as a separate online resource. It is paired with its own software. It controls the course of the game, performing the dealer function. At the same time, a person can interfere with a minimum possibility.
A brief list of the benefits of playing cryptocurrency
The main advantage is anonymity. This is due to the fact that digital currency has no centralization. The user makes anonymous bets. The income in this case is not subject to taxation. There is no geographical attachment. This allows participation in the game even for people who live in places where gambling is prohibited by law.
Differences of bitcoin casinos from regular online casinos
Features of crypto casinos
Despite the fact that bitcoin casinos are similar to regular casinos, there are still some unique features that you should pay attention to. Below we will look at some of them in detail.
Blockchain is a sought-after technology with innovative features. For example, all transactions and operations in any blockchain are irreversible. This means that neither players nor casino owners can manipulate the results or change financial transaction data. In addition, transactions are encrypted and free from any interference from third parties. You make transactions online only between the player and the casino. Another advantage is the relatively high speed of the network, thanks to which users receive their money instantly.