What is Bitcoin? Most likely, you have already heard about the new digital currency that was introduced in January 2009 and during this period has gained simply unprecedented popularity. What is the difference between this currency and the classic "fiat" funds? It is worth mentioning three main advantages of digital currency: decentralization, anonymity, and the ability to transfer from anywhere in the world.
Nowadays, you can buy almost any physical product for Bitcoin, as well as pay for any product or service. Indeed, in the gambling world, this kind of money was met as a new development tool, and bitcoin casinos began to appear almost immediately. However, this type of casino is somewhat different from the usual online casino for players.
₿ The Popularity of Bitcoin Online Casinos
A significant advantage of the bitcoin online casinos is the absence of fees for transactions, which makes this type of deposits a priority for players than classical payment systems. In this connection, the casinos get new markets and the players - exceptional opportunities that were previously unavailable. Regulatory authorities control slightly modified games in such casinos so that players can use all the functionality of the casino website. Therefore many gambling establishments try to gain access to algorithms of the games to earn the trust of players, or they achieve it by developing new game content.
Talking about the differences between crypto casinos over classic ones, then it is worth mentioning several features:
- Fast transactions in the Bitcoin network. The high speed provided by the fact that cryptocurrencies are not involved in the banking system and operate independently from it, as a separate core. Now you do not need to wait a few days for the transfer of funds, because Bitcoin transactions occur instantly. There are simply no limits for transfers that depend only on the availability of funds in your wallets. Moreover, the request to withdraw money from the casino is processed instantly without multilevel checks or verifications. Imagine, you have just ordered funds, and they are in a few minutes in your wallet;
- In addition to the fact that Bitcoin is an anonymous tool for payments, online casinos also offer their users not to disclose personal information, and during the registration, you only need to enter an email address and a secure password;
- The unformulated legislative framework for Bitcoin brings some disadvantages for players. For example, many casinos do not have a license for work;
- Software developers for online casinos, such as NetEnt, Microgaming, and many others, are just beginning to consider Bitcoin as a payment unit. So, it's not like they want to hurry to process game content for cryptocurrency. At the same time, however, Amatic is already working closely on the release of slot machines supporting Bitcoin and has launched the opportunity to make bets using digital currency. And the companies SoftSwiss and Slotegrator are actively opening gambling establishments with integrated payment options not only with cryptocurrency but also with fiat money that is usual for players.
All payments made through the Bitcoin blockchain are untraceable, and as a result, online casinos have become available to those players in whose countries gambling is prohibited. Accordingly, it is impossible to prove that the wallet from which the deposit was made, belongs namely to you. That is why paying taxes from winnings is a purely voluntary matter. Also, the lack of adjustability on this type of asset removes the players from administrative responsibilities. And this is due to the fact that without a legal framework, digital currency is not money.
It is worth mentioning that frequent and big wins in online casinos with Bitcoin support are a standard procedure. In the struggle for customers, gambling institutions use this type of attraction as the main one. Besides, the more favorable conditions for bonuses and increased payments in slot machines are other elements of the loyalty program and the advantages of a cryptocurrency casinos over the classic ones.
The disadvantages of these casinos include the players' poor understanding of the blockchain technology on which Bitcoin is based. Therefore, some users still consider digital cash a pyramid. Also, the preparatory work for using the full downloadable version of the Bitcoin wallet takes a long time. The thing is that the Bitcoin Core wallet is quite large, and, as a result, players prefer the web-version of the wallet - blockchain.info.
Another shortcoming is the increased security of Bitcoin, and the lack of cancellation for the operation lead to the cases that in case you have forgotten the password from the wallet, you lose it forever. It is impossible to recover this data. Given the growing popularity of cryptocurrencies, there have appeared a lot of fraudulent websites that can steal information from a user and then can transfer his or her Bitcoins to their wallets.