If you have not been living under a rock for the past nine years, you will have heard of this new thing called Bitcoin. Last year saw Bitcoin hitting headlines day in and day out and in fact, it’s a household term now. Basically, Bitcoin is an alternative economic system which is based entirely in the digital world. Since it’s digitally produced and makes use of cryptography to secure it, Bitcoin also called cryptocurrency. The term cryptocurrency was coined after Bitcoin came into being and since then, there are hundreds of other cryptocurrencies entering the sphere.
In the short time that cryptocurrencies have been around, they’ve become very popular throughout the world. They present a decentralized form of economy that does not rely on any central body to regulate and validate transactions. It is all done for the people by the people who use the cryptocurrency through consensus. It is essentially changing how the economic system can work by providing an alternative to traditional currency systems.
While it is true that there is no way that Bitcoin and other cryptocurrencies will replace the current economic system any time soon, they have gone to show that technology is changing the way we live our lives. In fact, Bitcoin has also found its way into being used for gambling. Mainly the list of Bitcoin casinos has grown with the increased popularity of the cryptocurrency itself.
The Concept behind Bitcoin Casinos
Casinos have been one of the best pastimes that we as a species enjoy all over the world. Ever since the internet was invented and it became popular, we soon saw the emergence of online casinos. Online casinos offered the experience of playing gambling games online through the internet. The payment aspect of it was done through online payments. With more time passing, the games have become better, and proper online casinos have become a part of the gambling industry. With the rules and regulations governing casinos also being applied to online casinos as well, there were limitations all around that came with the traditional financial system.
What makes Bitcoin casinos different?
As Bitcoin has become more popular, it’s come into use as a payment system for many things and online casinos are no exception to the Bitcoin takeover. There are plenty of casinos now that offer varying payment systems for players when it comes to how they are going to bet and some of them are offering Bitcoins as one of the payment options.
Then there are also casinos that are solely accepting Bitcoins as a method of payment in order for players to play the casino games. This growth in the number of Bitcoin casinos has been parallel to the growth of Bitcoin itself. While it is pertinent to say that the rules governing Bitcoin casinos should be compliant to local laws, it is not necessarily done in practice.
This is because Bitcoin is not a currency which belongs to a particular country or region. It’s a universal currency system which exists in the digital realm and it is decentralized. Bitcoin casinos offer their players a lot of the very same options that online casinos offer them when it comes to the variety of gambling games. So the experience is pretty much the same. The only difference is the currency being transacted.
The Reason behind the Rising Popularity of Bitcoin Casinos
Bitcoin casinos are getting more and more popular every day. It’s pretty much running in parallel to the acceptance of Bitcoin itself. The reason why Bitcoin casinos are becoming popular is not because the Bitcoin casinos offer different kind of games or a better experience, it is because of the convenience that transacting with cryptocurrencies bring to it.
No third party control
Cryptocurrencies are not subject to the laws of a particular country’s constitution. There aren’t any withdrawal limits which stop players from betting what they want to in Bitcoin casinos. This is one of the biggest drawbacks of the traditional and online casinos. Then there is also the fact that Bitcoin casinos do not require you to give them any fees in order to play. They are free for all. You pay only what you owe after you bet and you take all your winnings.
No personal data revealed
However, the biggest reason which can be associated to the rising popularity of Bitcoin casinos has to be the prospect of anonymity that comes with Bitcoins. Bitcoin does not necessarily require you to give in your personal information. You have the public key and the private key that determines how you’re going to transact with other users on the network. There is no need to give out your name and address. It’s the biggest factor making Bitcoins so popular and what’s leading to Bitcoin casinos growing in popularity.
With no limits, no fees that has to be paid to the casino, easy cross border payment systems and of course the prospect of playing for money with anonymity, it is no surprise that Bitcoin casinos are rising in popularity to such a high degree.