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The use of bitcoin has become more and more frequent recently. The use of the most popular cryptocurrency is increasing, especially in the online casino industry, lotteries and sportsbooks. Even though some find it as a confusing and scary option, there is no reason why you shouldn’t try.
There have been some problems with the industry of online betting since the beginning of the use of the internet. When it comes to casinos, just a few of them use only the bitcoin, while others use bitcoin as the addition to traditional currencies. Characteristics of the Bitcoin casinos that have turned the industry upside down, provide a lot of benefits for consumers. The product that can be a lot cheaper than the fiat-based systems offers an edge of 1% to 2%, while fiat-based casinos often charge 5% or even more for their games.
Bitcoin casinos – how they work
What helps bitcoin casinos to work is the software. Therefore, many casinos invest in developing their software, while others, usually less powerful casino companies use the rental version and adopt it by adding some features. To build trust, many bitcoin casinos openly discuss how the software work. The most popular game in bitcoin casinos is Poker. However, there are other interesting games as well. New ones are always being invented too.
Benefits for consumers
While it seems that in many industries paying with bitcoin is quite complicated and usually not legally allowed, using bitcoin in betting is a completely different story. Because of the differences between the use of bitcoin in gambling and other industries, bitcoin casinos blossomed.
Apart from benefits regarding edges that are already mentioned, when gambling on bitcoin casinos, there is a real proof of solvency. Fiat-based casinos can promise an impressive jackpot but do they have resources to pay it out. Another benefit is related to Provably Fair gaming technology. It helps gamblers relax. They can be sure that, after placing the bet, the game will be fair. However, keep in mind that not every bitcoin casino has this kind of security.
Besides, it’s the online nature of the game that contributes to its popularity. Players from all over the world can easily play whenever they want. Some variations are not allowed with traditional currencies but happen to be common with bitcoin. So these variations must be one of the reasons for the popularity of bitcoin casinos.
Payments in traditional currencies help to identify players and casinos. However, when using bitcoin, individuals stay anonymous, which questions the fair business practices. While casinos that operate with traditional currencies require a lot of information, bitcoin casinos don’t even ask for an age when verifying users.
Regulating bitcoin casinos is very complicated on a global level, so legal problems can be expected in some legislation.
People feel comfortable with doing something with a long tradition. That makes them feel safe. However, many say that after trying gambling in bitcoin casinos, because of many benefits that kind of gambling provides, gamblers wouldn’t go back to traditional paying methods. Because of some ethical reasons that are always related to controversial cryptocurrencies, future challenges can be expected.