If there is any industry in the world that has truly embraced the wonder of innovation, it is the world of online gambling. Everywhere you look you are likely to find casinos and bookmakers taking chances and trying new things. Evolving out of the dingy high street outlets, what gambling in 2016 represents is something impressively glossy and for the most part extremely versatile. While most innovations within the world of online gambling can be taken at face value, others can actually take the form of something a little more deep rooted. Giving the industry a long-overdue shake up and addressing the world of payments and deposits in great detail, the arrival of bitcoin certainly caught some by surprise.
Acting as a brand new way to move money around, the cryptocurrency has taken the world of gambling by storm. As a result of this has seen bitcoin poker, bitcoin sports betting, bitcoin casino play, and general bitcoin gambling rise in popularity. For those who aren’t in the know about this new field, take a breath, relax, and cast your eye over the following, as it takes an in-depth look at bitcoin casino operations and what it will mean for the industry.
What is bitcoin?
In the days of yesteryear, when the term currency was floated around what most people would think of were notes and coins. These trinkets were really what determined monetary value; however, we no longer live in the strictly land-based era. The Internet ushered in an entirely new world, a world that now has its very own dedicated currency. Dubbed a cryptocurrency, bitcoin is the worlds first globally known digital exclusive currency, which has for the most part been adopted into the mainstream. While bitcoin is now known to an extent, there is still plenty that the general public is unaware of when it comes to the cryptocurrency.
Breaking down bitcoin, officially speaking it is a peer-to-peer electronic cash operating system. Not dependent on the usual central monetary authority, it stands apart from the traditional currencies of the world. Launched back in 2009 by programmer Satoshi Nakamoto, the currency remained insignificant for years, but would slowly rise in prominence the post-2012 era. Affected by the usual supply and demand, bitcoin is a product that can now placed upon a similar level as other globally accessible currencies such as GBP, EUR, and USD.
Functional, prominent, and highly accessible, it is no wonder why bitcoin has now become a go to payment platform for gamblers and bitcoin casino sites around the world.
What is a bitcoin casino?
As bitcoin fever sweeps the world, online gambling as an industry certainly hasn’t missed a trick. The rise of bitcoin casino sites is something that the world has been forced to take note of, even if the adaptation has been somewhat slow. At this point only a small selection of bitcoin casino focused brands actually exist, but that number is certainly growing. Generally speaking a bitcoin casino operates in a very similar fashion to normal casino, expect that they often prove to be slightly more versatile as far as product offerings are concerned. What you are likely to find is that a bitcoin casino is able to offer bitcoin games; bitcoin sports betting, bitcoin poker, online lotteries, and in some instances even spread betting all in a single place. Looking at popular bitcoin casino names, cloudbet.com, bitcasino.io, mbitcasino.com, vegascasino.io, bitcoinpenguin.com, bitstarz.com, betchain.com, fortunejack.com, limoplay.com, coinroyale.com, oshi.io, 7bitcasino.com, and betcoin.tm are all proving to be of note.
Why are bitcoin casinos gaining popularity?
What the innovation of online casino gambling allowed for is increased user anonymity. Instead of dealing with a casino face to face, any player was able to operate via a username and keep there actually identity out of the public eye. However, through this a player was still traceable through the payment option used, specifically in the cast of credit and debit cards. What bitcoin allows for is pretty much total gambling anonymity, as every transaction that takes place via such is done so “behind closed doors”, with no name links between a bitcoin casino and the user being created.
The anonymous factor certainly gives the usage of a bitcoin casino great appeal, but it doesn’t stand as a wise move on that alone. This is because bitcoin casino transactions completely do away with something that has been the bane of gamblers for generations, that being fees. Unlike traditional methods, bitcoin casino transactions come with zero transaction fees, not only that, free daily transactions are also readily made available. Simply put, what bitcoin proves to be is impressively flexible.
How does it differ from a normal casino?
The differences between a regular casino and a bitcoin casino probably aren’t as extensive as you think, but there are a few notable changes that are worth addressing. The big difference will come about through the variety of games made available. At this point only a small number of bitcoin casino sites actually integrate with big-time developers such as Betsoft or Playtech, which means that the game selection made available at a bitcoin casino may be a little more limited than the norm. The flip side of this is that the experience often delivered through a bitcoin casino often proves to be a lot more bespoke. Games are built for bitcoin use from the ground up, while many of such casinos choose to work with lesser-known titles to deliver something unique.
Bitcoin use at an online casino comes in two different forms, as you can trade them for chips or use the currency directly. With regards to the latter, you will be using the currency on the fly as it were, which means you will have to adhere to any decimal rules a bitcoin casino has in place. Breaking it down, the more decimals that a bitcoin casino allows a player to use the smaller the wager that is allowed overall. When you choose to work via chips, what you will find is that players are required to work in larger sums. In this instance the amount you deposit will usually be equated to a traditional currency value.
The facts don’t lie, as bitcoin has really been able to iron out a lot of its issues in recent years. Now there are countless upsides to using a bitcoin casino, such as the elements detailed above, with anonymity being a noted strong point. However, there is one key matter that every bitcoin user must concern themselves with, which does air on the somewhat negative side. This relates to price volatility, as within the world of bitcoin use it can be quite high. It means that, unlike traditional currency, gamblers really have to stay on top of its current price and value. Remember, conversation rates are key when dabbling in a bitcoin casino play.
Should you play at a bitcoin casino?
If you’ve read all the above it should be pretty clear by now, as a bitcoin casino (along with all related no deposit bonus offers) should certainly become a feature of your gambling rotation. Allowing for total financial freedom and anonymity, if it is a bespoke bitcoin gambling experience that you are after, it is well worth exploring one of the many bitcoin casino options currently made available.