Cryptocurrencies and online casinos are a perfect match because they both allow players to reach new ways of gambling, in an era where the internet is the most common source of entertainment. Any crypto specialist will tell you that bitcoin is king amongst the thousands of crypto-currencies available on the market. It is fairly safe to use, and although it does take some time to get used to that new system, many players have adopted it for their gambling needs.
What exactly is the use of bitcoin in online casinos? There are so many reasons why the success of bitcoin is only getting bigger. One of them is that bitcoin is an anonymous payment method that doesn’t require personal information. Here’s a comprehensive list of reasons why choosing bitcoin casinos might be the best option for you and your gambling needs.
The Rise of Bitcoin Casinos
Bitcoin has been around since 2008. At the time, only a handful of tech pioneers were able to decipher the potential of this anonymous, untraceable form of payment. Because it uses a technology called the blockchain, bitcoin is a virtual currency that allows its users to use it without a third party, such as a bank or a financial go-between.
Since the value of bitcoin exploded in recent times – with a value going from 0,03£ to 20,000£ a bitcoin around 2019, it was only a matter of months before the casino industry would show interest in this payment method.
Around 2016, the highest payout casinos flourished and their particularity is to accept bitcoins and other crypto-currencies as the sole means of payment. It has been a game changer because using bitcoin is fast, secure, and doesn’t require legal information such as ID or proof of residence.
A Safer and Quicker Payment Method
Traditional online casinos only accept cold hard cash. They do accept bank transfers, e-wallets such as PayPal or Skrill, and even the use of a credit card to deposit money on their account balance. The biggest issue with these forms of payments is that they can take some time or they can simply fail. For example, a debit card issuer can block your payment to an online casino if they want to, making it impossible for you to enjoy games.
Bitcoin casinos do not function this way, as bitcoin transactions are secure and fast. It only takes a few clicks to be able to deposit money, without waiting for the permission of a third party. It makes for a pleasing experience as the player doesn’t worry about his payment getting blocked. As long as you have some bitcoin stored in a digital wallet, you are basically free to play any games without restrictions.
A Discrete Way To Pay For Gambling Lovers
One of the best things about bitcoin is that this payment system is untraceable, anonymous, and doesn’t leave a trace on your bank statement. Therefore, many people use it to deposit and receive money while playing casino games. It is due to the fact that bitcoin uses the blockchain, a very solid network that verifies transactions at lightning speed. To open a digital wallet and store your bitcoin, you don’t need to open an account using your personal info, such as your name, address, and banking information.
Bitcoin casinos are fairly easy to use and they do not require a piece of ID or proof of residency. This is a great change from the traditional casinos that requires all of your personal info due to legal reasons. If you’ve ever been frustrated by a casino that didn’t allow you to withdraw your gains for any particular reason, please note that it will not happen with bitcoin casinos.
Provably Fair: Blockchain Technology Ensuring Fair Games
Blockchain technology is an immense network that works solely on the hard work of some of its users, and it has allowed for many technological breakthroughs over the course of the last few years. The provably fair system, a new system that has arisen since the inception of bitcoin casinos, is an example of how bitcoin can benefit you.
When you are playing games on a normal online casino platform, you are mostly left to guess if the game is fair to you. Provably fair uses blockchain technology, which can be described as a series of numbers and letters, to make sure each spin of a wheel is fair and leaves you with a good chance of winning.
Although the system sounds difficult to some, it doesn’t take long to be able to decipher if the game you’re playing is fair. All you have to do is compare the series of letters and numbers (called “hash”) that composes your bet, and you will immediately understand if your game is rigged or not.
The implementation of the provably fair system is yet another example of how adopting bitcoin casinos can change your gambling routine. It is widely available in every serious bitcoin casino that goes the extra mile to leave their customers happy and wanting more.