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Bitcoin Casinos Are On the Rise

By Randy Ray in Casino
| December 15, 2016 12:00 am PDT
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Online casinos are big business, but what most don’t know about is the rise of Bitcoin (BTC) casinos. Bitcoin is the most popular cryptocurrency in use today, with millions of users and more joining the movement every day.

Like most online gambling sites, Bitcoin casinos appeal to players by touting ease of use, top-notch security, and the promise of high profits for players. However, Bitcoin casinos are showcasing a few key attributes that can really set them apart from traditional online casinos.

What is Bitcoin?

After emerging in 2008, Bitcoin offered users an alternative to traditional financial management as a new currency with incredible potential. The currency utilizes globally recognized security protocols, superior transaction speed when compared to traditional banking, minimal fees and the added benefit of complete anonymity.

Full Anonymity

The ability to participate in gambling activities while using Bitcoin is an appealing prospect to most online gamblers. Offering privacy to a high degree, players are happier being able to circumvent tying their personal bank accounts to casino cashiers. Not only this, but by avoiding working with established financial institutions, players can cut down on pesky transaction fees that most big banks are more than happy to levy on their customers.

Lowering the House Edge

Odds are that if you’ve been gambling at an online casino before you know what the house edge is, but for those who aren’t familiar with the term it refers to how often a casino can expect to get a return from an individual player’s bet. So, if a player bets $1 on a game with a 5% house edge, the player can expect a $0.95 return on their wager while the casino pockets the remaining $0.05. Over time this works out in favor of the house.

Bitcoin casinos often offer returns to players of 99% and up, meaning they would pocket only $0.01 or less on the same bet from our example above. This is a real advantage for players who are actively looking to lessen the house edge on every wager they make and get the most out of every casino visit.

Withdrawals When You Want Them

It’s no secret that online casinos want you to keep your money in your casino account as long as possible, knowing the longer it’s there, the longer you’ll be playing. However, when it comes to Bitcoin casinos in many cases this mode of thinking doesn’t apply.

Players are afforded the opportunity for instant withdrawals, in full or in part, at their own discretion once they’ve satisfied any verification process the casino requires. The name of the game is get in, win, and cash out.

Casino Game Variety

Bitcoin casinos offer the same great entertainment as traditional and online casinos, with all the popular slots, video poker, card and table games you love. Sports betting options, Bitcoin Poker and even Bitcoin Live Casino games are available for players looking for the real casino experience without ever having to leave home.

Some casinos will specialize in a few choice games for players to enjoy, while some will go the other route and offer hundreds to capitalize on an audience looking for great variety. Just like traditional casinos, Bitcoin casinos offer the same potential to win life-changing amounts of money. The biggest win to date came from a player nicknamed Nakowa, who walked away from the tables with $1.3m worth of Bitcoins in 2013.

Bitcoin Casino games operate as Provably Fair (PF) and the criteria for this is different for each game and in many cases each casino. As with any casino, players assume risk when gambling and it’s encouraged to do as much research as possible before committing to playing at any online casino, Bitcoin or otherwise.

So, what’s the Catch?

Bitcoin may be on the forefront of financial liberation movement, however it is not without its own risks.

Few institutions accept Bitcoin when compared with traditional banks and currencies, which can make purchasing big-ticket items like houses and vehicles difficult. Beyond this, Bitcoin exists entirely as a digital currency, meaning that it is subject to the continued operation of computers and electronic power. If you ever find yourself in a remote place with nothing but your BTC wallet to your name, you may find yourself between a rock and a hard place.

Finally, if your wallet files are ever corrupted or destroyed there is no way to recover your Bitcoins and they will be lost for good.

Think you’d like to try a Bitcoin Casino?

How do you get started using Bitcoin you ask? Well, it’s pretty easy. You can purchase Bitcoin using any traditional debit card, credit card, or bank account. You’ll need a wallet in which to keep your newly purchased currency and there are three different types of Bitcoin wallets to choose from.

  • Online Wallets – These are wallets stored on a cloud server by a third-party. The third party will manage your wallet or you can take care of storage and backup on your own. Either way, this method recommended for new Bitcoin users or people are not especially tech-savvy.
  • Software Wallets – These wallets are stored on your personal computer and only your personal computer. This method also requires you to manually back up your Bitcoins, this process for this is outlined on the Bitcoin Wiki Page. These wallets are a bit more secure than an online wallet but require some know-how to operate.
  • Hardware Wallets – the most secure type of Bitcoin wallet, this method requires a piece of hardware to manually access your wallet. Think of this as the key to your Bitcoin safe deposit box. This method also needs to be manually backed up, but there is no substitute for its security.

A full list of wallet providers and more information on these methods can be found on bitcoin.com

Once you’ve got your wallet secure, all that’s left is to choose the casino that best fits you. There are many out there and you’ll benefit from doing your due diligence. Make sure you take the time for a bit research and you’ll see why so many players are flocking to Bitcoin Casinos.



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