Imagine a world where cryptocurrency isn’t just a currency but a thrilling new way to experience the excitement of gambling online. With the rise of crypto gambling sites, players are stepping into a realm of anonymity, speed, and cutting-edge innovation that’s transforming traditional casino games.
In this article, we will go through the captivating world of cryptocurrency as a gambling platform, and uncover the advantages of Bitcoin when gambling, the challenges, and the ever-evolving landscape of this dynamic sector.
The Current State of Legalizing Bitcoin
El Salvador is the only country in the world that’s made Bitcoin (BTC) legal tender. However, many other countries around the globe are seriously considering to follow suit. Among those are leading world economies such as the United States, Japan, Germany, the United Kingdom, and so on.
Proponents of cryptocurrency regulation point out that Bitcoin is superior to any other method for money transactions. In a recent interview for ABC News, associate professor of financial technology at Liverpool University, Gavin Brown, reminded everyone that the largest-ever BTC transaction was over $1 billion, and it had a transaction fee of only $3.56. Plus, the transaction was completed in a matter of minutes.
People are aware of all the benefits that cryptocurrency usage brings along, which is why the number of crypto users keeps growing all the time. One particular industry that’s seen major growth in BTC usage is the online gambling industry. In this post, we’re going to show you why gambling aficionados love cryptos and why the number of BTC-loving gamblers is going to skyrocket shortly.
Privacy is the No. 1 Reason Why Gamblers Love BTC
The number of Bitcoin casinos keeps on growing, and it’s all because of the high demand for these sorts of gambling platforms. And the main reason why players want to gamble on crypto-friendly casinos is that it allows them to make deposits/withdrawals without getting anyone else involved.
If you’re using Bitcoin or any other crypto to gamble, it won’t appear on your bank statement. The only thing the bank employees will see is that you’ve bought some BTCs.
As if that wasn’t enough, some crypto casinos offer complete anonymity. How it works is that they don’t even require you to register an account. Instead, you can start gambling the moment your BTCs arrive in the casino’s cryptocurrency wallet.
Crypto Casinos are “Provably Fair”
Another major advantage of crypto casinos over their more traditional counterparts is that they are “provably fair.” What this means is that a player can check for themselves whether the casino is adhering to the rules of fair gaming.
Unlike traditional internet casinos where the outcomes are determined behind closed doors – usually through the use of the random number generator (RNG) software – crypto casinos are completely transparent. These casino platforms use blockchain algorithms that allow anyone to conduct an audit to verify that the game outcomes are 100% random.
If you’re wondering how the provably fair system works, here’s a simplified explanation:
- Step 1 – Both the casino and the player (that is, their computer) create a random string of numbers and characters (the so-called seed).
- Step 2 – Those two seeds are then used by the game algorithm to determine its outcome.
- Step 3 – After the process is complete, the player can get ahold of the casino’s seed, so that they can reproduce the draw to check the fairness.
If the player gets the same outcome as the casino, it means that the game is 100% provably fair. Of course, you can’t check every single spin for fairness, but there are some auditors whose job is to test inline casino games (e.g., eCOGRA), and most of them give the five-star rating to a huge number of crypto casinos.
There are No Extra Fees When BTC is Used for Deposits/Withdrawals
The fact that crypto casinos are 100% fair means that you have a great chance of walking away with the money. And the best thing about this is that most of the money you win gambling will stay with you – you won’t have to spend too much money on processing fees if you use BTC or some other cryptocurrency for withdrawals.
The same goes for deposits as well. Practically all the money you send from your crypto wallet to your casino account will arrive untouched. You might be required to pay a tiny processing fee, although many online casinos for real money will do it for you (or refund the money).
Another great thing about cryptocurrency deposits and withdrawals is that they do not take too much time. Some banking options like bank wire transfers, for example, can take up to two weeks to complete. With BTC and other cryptos, the transaction time is measured in minutes.
Cryptos are a (Sort of) Gamble on Their Own
One final reason why gamblers love cryptos is that they’re a sort of gamble on their own. The thing is that the price of BTC and other digital currencies changes frequently. It can fluctuate by several hundred dollars in a matter of a day.
What this basically means is that your casino winnings can increase significantly (or go down) by the time you decide to withdraw them.
