Cryptocurrency is gradually integrating into the online gambling business providing a lot of benefits to both gamblers and online gambling operators. But what is special about BTC casinos? How do they work and what benefits do they offer? Let’s try to find answers to these questions further in this post.
In its essence, a bitcoin casino is the same as a regular online casino. At a BTC casino, a user can find a set of traditional games (video slots, roulette, poker, baccarat, etc.). The main difference from traditional gambling sites is associated with the way of making deposits and withdrawals from a casino. Thus, to make any financial transaction at a BC casino, a user needs to create a casino bitcoin account for making deposits and withdrawing funds by paying with bitcoins or other cryptocurrencies.
It should be noted that a client will be able to place bets with digital money and withdraw them to special electronic wallets. In this review, you will find out what advantages bitcoin casinos have over regular online casinos.
Blockchain Technology in Bitcoin Casinos
Whether you make a deposit or withdrawal from a BTC casino, the transaction is based on blockchain technology. It is associated with a chain of blocks containing information that cannot be deleted or changed. Each of these has a timestamp and a link to the previous block with records. Initially, it was created for cryptocurrencies, but now it is a universal tool for creating a variety of databases, including the ones of bitcoin casinos.
Therefore, such establishments have the following advantages:
- There is no main storage server; all records about gamblers are kept by the system participants;
- The information is encrypted (it is impossible to identify the sender or recipient of funds);
- Any unauthorized access will be denied.
This gives a lot of advantages to gamblers who can safely gamble for real money, do not have to share their private information, and can be 100% sure about data and money safety.
Bitcoin Сasino Features
The main distinctive feature of bitcoin casinos is the guarantee of complete anonymity of users when making bets or withdrawing money. There is no reason for a gambler to worry about data hack or leakage; such situations are simply impossible since you do not need to share any personal details at all. It is enough to link your BTC casino. Besides that, you can make micro bets at bitcoin casinos. As a rule, there is a fixed minimum bet amount at regular online casinos, which is not the case with crypto gambling operators. This means that you do not need to have a large bankroll to start the game.
Compared to fees charged by regular online casinos, there are minimal commissions (or there are no commissions at all) when you make a deposit/withdrawal at a bitcoin casino. What is more, the transactions made will be reliably protected from access by all kinds of fraudsters. On top of that, all newly registered players can count on welcome bonuses (free spins, no deposit money).
Pros and Cons Bitcoin Casino
Apart from the above-mentioned points, there are some other great features of BTC casinos. And here are some of the pros that truly deserve your attention:
- Availability of a license – Bitcoin casinos have permissions to operate, and you can check by whom and when the document was issued;
- The software used – It is easy to find information about the digital protocol and its work on the official portal;
- User Agreement Terms – The opportunity to study the main points on the use of the company’s services and not immediately check the “I agree” box;
- Fast transfer of funds – Unlike regular bank transfers, crypto bank transfers are much faster and can be performed in a couple of minutes or even seconds.
At the same time, there are some pitfalls to be aware of before you register an account at a bitcoin casino:
- Legal issues – Bitcoin casinos provide opportunities for registration from a country where gambling is prohibited and are not regulated by law in any way;
- Positive and negative reviews – Anonymity at bitcoin casinos plays both a positive and a negative role. All comments are written by anonymous people, so it is difficult to verify their accuracy.
Like in everything in life, there are two sides of the same coin when it comes to BTC casinos. And it is up to you to decide whether this type of gambling works for you or not.
Depositing and Withdrawing Funds at Bitcoin Casinos
Depending on the Bitcoin casino, there may be different types of cryptocurrencies available to fund your account. Some operators have a combined payment system option. All transactions are reliably protected by blockchain technology and cannot be read or tracked by fraudsters. Usually, customers who use trusted and reliable providers are not faced with financial issues.
Bitcoin casinos are at the dawn of their formation, and, like everything new, this industry has a lot to evolve. In this review, you have learned about the main pros and cons of bitcoin casinos and can now decide which online casino you prefer.