The success of bitcoin has resulted in a new avenue for gambling through Internet-based bitcoin casinos. Some casinos have gone as far as to only offer bitcoin as a valid currency in transactions, while others offer it alongside more traditional currencies. Either way, the fact is that more and more casinos all over the world regard bitcoin as a valid and legitimate currency.
Like with anything else, there are pros and cons of bitcoin. Sites such as scams.info go into detail on both the advantages and disadvantages of online bitcoin casinos. They also review a number of these casinos to save those who enjoy gambling the time it takes to go and research them individually. But what’s the real difference between a bitcoin casino and a traditional casino?
How does it work?
As with any online gaming business, software is the key. The more popular bitcoin casinos have developed their own gaming software. Smaller casinos, however, either rent or purchase software, which is sometimes customised with a number of unique features to make them stand out.
The games are operated by the software and so there is little need for any human involvement. For games where all human players are required, the software even acts as the dealer. As the business is digital-based, bitcoin casinos try to convince users that they run a fair business. Most casinos do this by being transparent about the inner-workings of their software algorithms. Others rely on unique offers in their games or a peer to peer reference.
How is it better?
The main advantage that bitcoin casinos players have is anonymity. In fact, that much is true of all bitcoin transactions. Further, the majority of bitcoin gaming sites offer zero transaction fees with an unlimited number of free daily transactions. That differs from casinos relying on traditional currencies, with their transaction fees and set limits.
Thanks to the Internet, gamblers can play anywhere in the world and at any time, which explains why there is a vast amount of players available at all hours. Due to online casinos being monitored by authorities, numerous online games have been modified with rule changes. These changes are illegal in online casinos relying on traditional currencies.
How is it similar?
In a real-world casino, where the gambler walks in to play a table game, he’s required to cash in his chips before he can play. This aspect of a traditional casino is likely to have been invented to encourage gamblers to part with their money, seeing as chips aren’t technically real money. An argument could be made that bitcoin shares similarities with chips in this way. However, they offer more versatility in that they can be removed from a wallet on a gambling site and spent at other bitcoin-accepting vendors, such as Reddit and WordPress.
As the No. 1 cryptocurrency becomes more regarded as a valid form of currency, people will become more comfortable with using it. As online gambling is already popular, and more casinos are adopting bitcoin, the digital currency only stands to gain greater exposure. It seems that a number of bitcoin gaming sites are trying to be transparent and emphasise the legitimacy of bitcoin, which will only increase confidence among gamblers.
About the Author: Marie Peters has almost a decade of experience working and writing in the world of Online Gambling, and is a keen observer of the effect of cryptocurrency on the industry.