Bitcoin (BTC) is an increasingly popular digital currency, which has a great advantage of not being tied to any central bank, as in case of dollar or euro. It first appeared in 2009 and has since won broad recognition among its users. Nowadays even some online shops accept payments solely in bitcoin. It is quite logical that such a breakthrough has had an effect on the online transactions, allowing to create a completely new type of online casino on bitcoins and entertainment websites that deal exclusively with this cryptocurrency.
Bitcoin currency does not have any visual appearance – it is virtual money that can be used due to special online wallets. Such system reminds of a world-known service WebMoney. The account at casino is credited in the same way. Moreover, bitcoins can be transferred between various users (wallets).
What are Bitcoin Casinos?
Cryptocurrency can be used for any purpose within casino:
- slot machines and slot games;
- sports bets;
- spread betting;
- lotteries of any kind.
The list of the reliable online casinos accepting bitcoin is as follows:
- JETWIN ;
- Bitcoincasino ;
How Do Bitcoin Casinos Work?
Online gambling is always based on particular software, and gaming sites under discussion are not the exception. Bitcoin casinos that managed to build trust and developed an impressive customer base usually have their own software. As for the startups, they often rent or buy the software, implementing additional settings and functions afterwards.
Given the novelty of bitcoin casinos, they, generally speaking, still have not earned the customers’ trust. This is exactly the reason why they usually include all information, revealing not only their legality, but also basic principles and algorithms of the software used. Off-site resources can be helpful, as they contain recommendations of users that have already taken a risk and tried out a game on new virtual currency. Players most frequently start their experience with poker, which is by the way the most popular game at bitcoin casinos, while there are a lot of other equally interesting entertainments, lotteries. It should be noted that the scope of games on bitcoins is growing on an incredibly regular basis.
Types of Bitcoin Casinos
In spite of the growing popularity, bitcoin wallets are still not so widespread as other traditional payment methods. Casinos working only with BTC are much more convenient for those, who are already actively using bitcoin wallets. At the moment most gaming companies offer cryptocurrency as an alternative payment option, therefore, the request of personal information to withdraw funds remains. Moreover, customers may be asked to provide personal identification document copy or, for example, utility bill, including their data.
Many hybrid casinos accept bitcoins, which must be anyway converted into traditional currency. In this case daily exchange rate is offered, leaving customers with a choice whether to place bets in this casino or opt for another one.
Where Does the Secret of Bitcoin Casino Popularity Lie?
The main advantage of online games is complete confidentiality of identity and income. Companies that do not charge a transaction fee are of a great interest as well. Governments tend to introduce new regulations that make the above mentioned criteria impossible to be satisfied. Such novelties apply only to casinos on traditional currencies, resulting in rapid growth of development of bitcoin casinos.
While conventional gaming websites are mostly regulated, digital currency cannot be tracked so easily. In addition, customers playing on tradition currencies need to provide their personal information during registration. As a result, the parallel economy is being created, which is currently beyond governments’ control.
Withdrawal from Online Bitcoin Casinos
All things considered, bitcoin is an anonymous currency. It does not in any way affect the quantity and quality of games, has not age restrictions, is tax and commission free, so there is no a single reason not to change habits and try your hand at bitcoin casino. By introducing digital currency, entertainment websites made a huge step forward, thus players must be happy about the fact that online casinos started accepting bitcoin. The only thing customers should consider is to remember about the possible risks and keep their head cool – it is a game of chance.