Online casinos for bitcoins (BTC) are gaining popularity quite rapidly and a large number of virtual gambling organizations begin to accept this cryptocurrency as a form of payment. Over the last few years the number of users of this payment system doubled, and the total amount of money in the system has exceeded $5 billion! The ATMs issuing bitcoins appeared, and there are hundreds of online exchanges. The newly born notion bitcon casinos must be mentioned in connection with the popularity of bitcoin.
Just a little about bitcoin casinos and bitcoin in general. Bitcoin (BTC) is a digital cryptocurrency, the popularity of which has greatly increased in recent years with the rapid growth in 2011. Bitcoin differs from traditional fiat money such as USD, EUR, and GBP, because it has no central bank and operates exclusively in peer-to-peer networks.
Bitcoin firstly appeared in 2009 and since then the use of cryptocurrency is growing with astonishing speed worldwide. As concerns 2014, tens of thousands of businesses over the globe accepted bitcoins, including some of the biggest online stores in the world. Computer retailer Dell with billions in turnover and the giant online furniture store Overstock.com are just two large companies that currently accept bitcoin as a payment method.
BITCOIN AND ONLINE CASINO
Bitcoins may be transferred between users with the help of bitcoin addresses that represent a series of numbers and letters ranging from 27 to 34 characters. In almost all cases, transactions are performed free of charge. Payment processing is one of the most expensive aspects of operating an online casino or any other gambling site. Each time a player makes a deposit using a credit or debit card, bank account or e-wallet such as Neteller, Skrill or PayPal, casino takes a fee for services.
Many online gambling sites cover this fee themselves, but some make their users pay additional cost. In casinos operating on the unregulated markets such as the United States, customers are often forced to pay for the withdrawals that can cost them up to 10 percent of the winnings.
Obviously, the amount is quite big, especially speaking about such amounts as several thousand dollars. But even these payments cannot allow an acceptable level of income. Thus, they have to compensate by leaving their players without bonuses or promotions.
This is one of the many reasons why bitcoins are so attractive to operators of online gambling websites. Deposits and withdrawals are for free! This condition allows sites to have a lot more money for deposit bonuses and other promotions, but most importantly, it enables them to offer players of online casino best payout percentages.
Another crucial aspect of bitcoin is decentralization and lack of dependence on government or banks. Funds cannot be seized or frozen in the same way as when they are held in a bank using traditional currency.
It is not very important for those who live in legal, regulated online gambling markets, but this aspect is valuable for unregulated or illegal markets. In particular, the US players lost their money several times over the last 10 years because of the bans came from the Ministry of Justice.
Bitcoin allows players to have a full control over their money and provides the freedom of choice of how to spend their own money. It also offers players anonymity when they gamble online. Most bitcoin casinos require only the email address for password recovery. The vast majority of them do not ask for any personal information such as name and address.
TYPES OF CASINOS FOR BITCOINS
As it was mentioned previously, despite the fact that in some way bitcoins are widely used, they are still rarely met compared to traditional currencies when it comes to online casinos. Online casinos that accept exclusively BTC are the most common choice for players searching for bitcoin casino websites. However, casinos that take fiat currencies are beginning to use bitcoin as a payment instrument for deposits and /or withdrawals.
In comparison to casino websites accepting bitcoin only, casinos that accept both tradition currencies and cryptocurrencies ask for the player’s name and address of residence for identity verification when they make a request for withdrawal. Usually players need to send a copy of passport, utility bill or bank statement.
CASINO GAMES FOR BITCOIN
Every year more and more casinos begin to accept BTC as a form of payment. Bitcoin casinos offer the same games as traditional online casinos, but they have no fees on deposits and withdrawals. Bitcoin casinos have only been over a few years, but they have already surpassed traditional operators in a number of aspects.
Slots for Bitcoins
Casino players love slots, and casinos for bitcoins have plenty of them. In the decent bitcoin casino players can find dozens of slot machines with many options to players including progressive jackpots. However, a payout percentage is the thing that attracts players the most. A great number of bitcoin slots offer a higher payout percentage than conventional slot machines in online casinos for real money, making land-based slots look like legalized robbery. Some websites offer payouts of up to 99% on some of their slots.
Blackjack for Bitcoins
Blackjack, the second most popular game after slots, also occupies a prominent place in the bitcoin casino market. Players can choose from several options and get better chances of winning.
Roulette for Bitcoins
One of the most easy to understand games, roulette, is at the same time the most popular board game after blackjack. Casinos for bitcoins offer many options of this game, including American and European roulette.
Bitcoin Casinos with Live Dealers
In the last few years casino games with live dealers have become very popular. Such games as blackjack, roulette and baccarat are available in a number of live bitcoin casinos. Live casinos allow players to experience the atmosphere of offline casino. In addition, it is a great way to communicate with other players.
Other Casino Games for Bitcoins.
The above games are the most popular among players, but bitcoin casinos do not stop there. They offer a full range of games including video poker, three card poker, craps, casino war and many other games. Dice and lottery are also very popular and available on many sites.
PROVABLY FAIR – A SIGN OF FAIRNESS
Provably fair is a major breakthrough for bitcoin casinos. This allows players to check that they are getting fair chances of every bet. With the use of encryption system players can verify that the casino has no control over the randomness of betting results!
Each game uses a provably fair tool differently, but the concept is becoming overspread among major bitcoin casinos. The identification number of bets and other information that varies in different websites enables players to verify that the game is played honestly. Players immediately know if it is fair, and every bet can be verified independently.
Compared to conventional casinos, the difference is like night and day. In most cases players are not even able to check their bet. They only have to rely on the honesty of the RNG (Random Number Generator). When it comes to wagering with traditional currencies, the game and integrity check may take several weeks or even months.
Tens of thousands of hands need to be analyzed with each game. It is a long and complicated process that requires a lot of time and money. With bitcoin and provably fair tool, the integrity of the game can be checked instantly, and absolutely free!