Getting Started with Bitcoin Gambling
A few years ago, only a handful of folks knew much about Bitcoin (BTC) as it was largely the territory of tech-savvy that were the first to embrace this particular technology. Today, however, the impact of this cryptocurrency cannot be ignored because it has and will continue to change many industries.
Among the industries that have adopted this creation is iGaming. As it turns out, BTC is a perfect fit for online poker rooms, casinos, bookies as well as other gaming platforms. Additionally, Bitcoin gambling comes with several benefits, which will be discussed later on - keep reading.
Bitcoin Basics
This is a digital currency that utilizes blockchain technology and is spread globally. Unlike the fiat currency, it doesn't use bills or coins; instead, it's stored online in digital wallets. These wallets are similar to your regular bank account. You may use the cash inside to buy stuff, pay for service or even transfer money to other people's wallets - the only difference is that you can't physically withdraw the money but could exchange it for fiat currencies - USD, CAD, EUR and so on.
One main characteristic of cryptocurrency is that it's decentralized, meaning it is not controlled or issued by the government; every user has access to the blockchain, where all transactions are registered. This system makes it transparent and anonymous, which is why it has become so popular even for gambling.
Bitcoin Gambling Platforms
The early cryptocurrency casinos were quite simple. They only provided games such as dice and other easy to develop casino games. Today, you find almost every type of gambling available as explained below;
- Sports Betting: You will find plenty of bookmakers, where gamblers can bet on any mainstream sport.
- Casino Gaming: Top online betting houses have implemented Bitcoin gambling to enable players to enjoy titles from various developers comprising Microgaming, Net Entertainment, Playtech, Betsoft among others.
- Poker Networks: You'll also stumble upon poker rooms that provide both normal and BTC payment options while others are exclusively crypto.
- Provably Fair Gaming: Cryptocurrency casinos create provably fair games - it's part of the blockchain that verifies the fair play of each bet or spin. This way, you're sure that your money is safe and every spin outcome is not rigged.
Benefits of Using Bitcoin for Gambling
In case you didn't know, there are plenty of reasons BTC is considered a natural fit for online gaming. Some of the advantages work in favor of both the gambler and the casinos.
- Privacy: Gamers can stay anonymous as cryptocurrency casinos won't require identity verifications. This is especially useful for gamers from countries where online gambling is restricted.
- Fast Payments: Deposits and withdrawals are much faster than regular casino payment methods.
- Low Transaction Charges: The fees are minimal to none; usually, the operator covers any fees on your behalf. Besides, crypto game websites provide better odds than traditional betting houses.
- Better Bonuses: With BTC operators, gamblers receive better promotions on casino games, poker, and sportsbook platforms.
- Security: This technology utilizes the latest security technologies meaning there isn't the risk of being hacked, just as long as you protect your BTC wallet properly.
- Tax-Free: Currently, BTC transactions are tax-free but governments are working toward changing that.
It's worth mentioning that there are two main types of Bitcoin gambling operators. The first group includes platforms working exclusively with BTC, otherwise referred to as crypto casinos. The other group consists of traditional sites that have simply implemented crypto as one of their banking methods.
