Bitcoin casinos are where you can gamble and place your bets on several games using BTC. There are a great number of bitcoin casinos today as compared to the previous years. This is probably because the best crypto casinos online offer some advantages that are not present in other online casinos. A major difference between bitcoin casinos and the typical online casino is they allow you to fund your accounts, place your bets and collect your wins using bitcoins.
Although bitcoin casinos might not have a wide range of games exclusive to crypto players, they feature many games with high payout rates. You could easily find games that offer a 99% payout at the top bitcoin casinos.
Before you decide to play online casino games using cryptocurrency, you must first read the terms and conditions to understand how everything works here. If you don’t take your time and read the terms and conditions, you can be in for some unpleasant surprises.
How Do Bitcoin Casinos Work?
A lot of crypto casinos online work in a manner that is similar to their typical non-crypto counterparts. As earlier said, the only significant difference is in how transactions are done, such as withdrawing crypto wins after successful or failed bets. If you are new to crypto gambling and wonder how to get set up, bitcoin casinos have sorted that out.
Most crypto casinos would provide you with a gaming wallet synonymous with your gaming purse from which you can make your deposits and withdrawals.
When it comes to enabling games, the casino accepts wagers based on a user’s saved cash. In this situation, players frequently deposit an initial ‘wager’ from their wallet, and depending on their success in a game; they may lose or earn that money
Today, many crypto casinos also offer players massive ‘Crypto jackpots,’ where players may win sums of up to 500 BTC! When a game is over, all earnings are refunded to the user’s or a player’s in-house wallet. From there, a participant can opt to begin a transfer to their private wallet whenever they choose to. However, it is important to know that many online casinos have a withdrawal restriction to prevent their patrons from cashing out all at once.
Advantages of Bitcoins Casino
All bitcoin transactions are done on the blockchain and not on some third-party software. This was the whole point of the coin to begin with – decentralization. A great advantage of this is that transactions are fast.
Unlike regular banking transactions that could be complex and take days or even up to a week for bank wire transfers, BTC dealings are simpler and way faster. Whether you are making deposits or withdrawals, any transaction on the bitcoin blockchain is completed in a matter of minutes.
Cheaper transaction fees
This is another amazing feature of crypto casinos made possible using cryptocurrencies. Bitcoin, which runs on a decentralized exchange, means there is no organization or group of individuals who stand to make a steep profit by imposing high transaction fees. This, in turn, makes for low transaction costs; this poses a good advantage as the amounts that are hitherto lost to fees could be added to the gaming purse, giving longer playing hours and, of course, a higher chance at winnings.
Since bitcoin casinos transact with cryptocurrency, this gives players a high level of financial discretion. For example, walk-in casinos require you to exchange your cash for chips before you can start playing and vice versa when you want to cash out wins. This means everyone can physically see you do this.
Online casinos eliminated this by processing payments through electronic means, meaning someone has to lay hands on your account history to see how much you have spent and won/lost on gambling.
However, bitcoin casinos eliminate both. Withdrawals and deposits only reflect on the individual wallet’s address and not their credit cards or bank statements. This can be particularly useful when the player needs to conceal their financial activities from their banks, employers, or partners. The financial anonymity of cryptocurrency can be used to protect players and keep their gambling history private.
Bitcoins provide a unique advantage of being a global currency. This removes a lot of restrictions that Fiat poses.
For example, regular online casinos might have restrictions on which currencies you can make deposits and withdrawals with, and if you do not possess such, you have to go through the hurdle of converting your cash to an acceptable currency. Also, players from certain countries are restricted from gambling online and would have a hard time cashing out on their wins from the casino into their bank accounts.
You do not have to worry about these when playing at bitcoin casinos. Players can play from anywhere around the world as long as they have an internet connection. They can also make smooth transactions in any country, as cryptocurrencies are not geo-restricted. The wins paid into a bitcoin wallet can easily be converted into cash anywhere.
Another lovely advantage of playing at bitcoin casinos is the bonuses and promotions offered. They are simply amazing for the mere fact that you are playing with cryptocurrencies. Imagine you have a matching bonus of up to 5BTC on your first 3 deposits; it sure sounds cooler than a matching bonus of $1,000 on the same 3 deposits. The bonuses provided by bitcoin casinos allow users to play for much longer and set them up for huge potential wins.
Players’ identities are kept hidden while they play at Bitcoin casinos. Because no one controls the flow of BTC, players may spend their coins to play anonymously if they like. Unlike typical currencies, BTC does not require personal information to be disclosed. Furthermore, Bitcoin casino transactions do not appear on bank statements.
The additional fees and levies that most players must pay while playing at typical online casinos are the straw that breaks the camel’s back. Because their winnings are at stake, this takes a lot of the excitement out of playing and enjoying games.
On the other hand, Bitcoin casino wins are not subject to fees (or have low costs), and the casinos are not controlled by any authority, making transactions more economical.