Introduction
The digital currency space and the cryptocurrency arena – and the onset of bitcoin as a tradable asset – has spawned numerous industries that did not exist four years ago. In addition, we have seen many subsets of more traditional industries spring up. One of the fastest moving and perhaps most lucrative of these is the bitcoin gaming space. Numerous amounts of platforms are now available, through which digital currency holders can spend funds on a variety of online games. Each platform offers a different range of games, and a different experience. Here at NewsBTC we partner with a number of bitcoin casinos, those that we consider to be the most reputable and provide the best experience.
On the topic, speaking to newsbtc.com, Jay Purcell CEO of watchdog site Bitcoin Casinos said:
“2014 was a huge growth year for the bitcoin casino industry and the first quarter of 2015 shows no signs of slowing down. Not only are there more bitcoin casinos opening, but traditional fiat operators are now beginning to add bitcoin to their list of payment processing options. We expect this growth to continue throughout 2015 as players are given access to bigger bonuses, a greater selection of games and VIP promotions.”
What’s the big deal?
So what draws users to bitcoin casinos over their more traditional counterparts? There are a number of factors that set the bitcoin gaming industry aside from the online gambling space. Here are just a few.
Large transaction volume
As was so widely reported earlier in the year, digital currency casinos are able to accept much higher bets than online gaming businesses. During the Super Bowl earlier this year, bitcoin sportsbook Cloudbetaccepted bets of up to 1000 BTC on the game – at the then exchange-rate an equivalent of around US$230,000. This comes through the ability to transfer large amounts of money quickly and effectively no expense – something that online gaming simply cannot achieve.
Provably fair
Many of the current bitcoin casino operators have implemented a provably fair system to the majority of their games. A provably fair system essentially uses cryptography to guarantee that neither the company nor its client can possibly know how a deck was shuffled until it the second it is dealt. In a space where – traditionally at least – many users of online gaming sites have expressed concern about the fairness of things such as dealing cards, this is a huge step forward.
Microtransactions
The large transaction volume potential that we mentioned earlier is not the only benefit of using bitcoin in the gambling space. Numerous companies now allow for micro-transaction gaming. This means that – contrary to the high rollers who bet 1000 bitcoin on the Super Bowl – small-scale gamers can play’s Micro bets in casinos or on sports events without having to worry about a payment processing company/software and the inevitable fees associated.
Instant payout
Finally, another great benefit of the bitcoin gaming industry lies in the nature of the digital currency itself. Because bitcoin transactions are pretty much instant, users do not have to worry about waiting for deposits and withdrawals. Instant payouts and withdrawals are a staple feature of the vast majority of bitcoin gaming companies