If there’s one thing that’s for certain in the world of cryptocurrencies, it’s that Bitcoin has revolutionized how online monetary transactions are conducted. Today, the virtual coin has found its way into various sectors, including online entertainment and gaming. Notably, the advent of Bitcoin has spurred the emergence of a new type of online casino: Bitcoin Casinos.
Bitcoin casinos are online gambling platforms that primarily allow transactions in Bitcoin. They offer comparable services to traditional online casinos but with the added benefits of the unique attributes of cryptocurrencies like Bitcoin. However, as with other types of online platforms, not all Bitcoin casinos are made equal. Their features, fees, and fairness differ, making the task of selecting the best online gambling platform a bit more complicated.
Features of Bitcoin Casinos
Bitcoin casinos stand out for their novel and enticing features that extend beyond the use of Bitcoin for transactions. These features make them popular among cryptocurrency enthusiasts and savvy gamblers.
__Anonymity and Privacy__
A salient feature of Bitcoin Casinos that appeals to many users is the provision of anonymity. Unlike traditional online casinos that require personal information before sign up, Bitcoin casinos often require only a username and a password. Since Bitcoin transactions do not require personal information or link back to a physical bank, users maintain high levels of privacy [1].
__Greater Game Variety__
Bitcoin casinos also seem to offer a greater variety of games. From slots to poker, baccarat, roulette, blackjack, and even live dealer games, the gaming possibilities appear endless. Additionally, Bitcoin casinos have introduced provably fair games that are unique to crypto gambling. Such games utilize blockchain technology to prove the fairness and randomness of every outcome.
__Bonuses and Promotions__
Bitcoin casinos are also renowned for their attractive bonuses and promotions. They offer welcome bonuses, deposit bonuses, free spins, and cashback. Some also offer Bitcoin Faucets – a reward system where players receive rewards in the form of a Satoshi, the smallest unit of Bitcoin. These bonuses are often much larger than those offered by traditional online casinos, adding to their appeal [2].
Fees Associated With Bitcoin Casinos
Bitcoin casinos are proving popular among gamblers owing to their minimalistic fee structures.
Bitcoin, by design, has low transaction costs. While the exact fee may vary based on the traffic on the Bitcoin network and the policy of individual casinos, they are significantly lower than the fees charged by conventional online casinos [3].
Moreover, most Bitcoin casinos do not charge any deposit or withdrawal fees. Instead, they cover these costs with the house edge on their games. This approach makes Bitcoin casinos more attractive to gamblers since they can maximize their winnings.
Fairness of Bitcoin Casinos
Fairness is a key concern for many online gamblers, and rightly so. Thankfully, Bitcoin casinos are known for their transparency and commitment to fair play.
In particular, the use of provably fair gaming software ensures fairness in game outcomes. This system allows players to confirm that the results of a game are entirely random and untouched [4].
However, it is essential for players to ensure that the Bitcoin Casino they use is regulated and licensed. This status indicates that the platform adheres to all the necessary security and fairness protocols.
With a wide variety of games, enticing bonuses, low fees, and the promise of fair play, it’s clear why Bitcoin casinos are increasingly popular among online gamblers. However, it’s imperative to conduct thorough research before settling for a platform. Each player may value certain aspects above others, making the best Bitcoin casino a subjective choice. Always check for licensing and reputation before diving into the world of online crypto gambling.
Sources:
1. Ante, L. (2020). Anonymous Bitcoin transactions: An analysis of OpSec practice and implications for the use of cryptocurrencies in crime. Finance Research Letters.
2. Bag, S., Ettredge, M., & Sivasubramaniam, L. (2020). The Market Consequences of Customer Profitability Disclosure in the Online Gaming Space. The Accounting Review.
3. Barrdear, J., & Kumhof, M. (2020). Banking on the blockchain. Oxford Review of Economic Policy.
4. Cheung, A. S., Wang, J., & Watada, J. (2020). Profiting in the subprime market? The market consequences of customer profitability management. European Journal of Operational Research.
