Many years have passed since the first cryptocurrency appeared. Numerous forks have been created, as well as a variety of applications and services within the Bitcoin network. These are not only financial, banking, and trading projects, but also everything related to entertainment. Today, online gambling has become considerably more popular worldwide. In countries where gambling is legal, the gambling business generates millions of dollars. According to the list of BTC casinos by qyto.co.uk, we see that crypto online gambling began to gather pace each year. Now we are going to figure out how these two areas combined and how they coexist.
Bitcoin’s Background — How Everything Started & Developed
As we may know Bitcoin has existed since 2008, created by an anonymous individual hiding under the pseudonym Satoshi Nakamoto. Bitcoin itself is a decentralised cryptocurrency based on blockchain technology. Now more and more online casinos, online games, and software providers are connecting with cryptocurrency payments.
Online casinos were the first to become interested in the unique possibilities of blockchain technology and, in particular, bitcoin transactions. After BTC reached a record $20,000 per coin, the interest began to develop more actively. Bitcoin is anonymous and not subject to inflation, so it is the perfect payment option for use in online casinos. The most advanced and adventurous business owners have already connected their online casinos with bitcoin.
The creator of this cryptocurrency provided its division into tiny pieces — one bitcoin contains millions of satoshi. Therefore, casino crypto gaming with Bitcoin attracts a new segment of players.
Moreover, this cryptocurrency has been steadily increasing in value since its inception. In the last few years, it has risen more than tenfold! By the way, the crypto casino cannot define the players’ IPs, so they can play in any country and withdraw money from their account even in places where gambling is strictly prohibited by law.
Now we are going to explain some ultimate advantages of Bitcoins and cryptocurrency in general to reveal the whole picture of the combination of the gambling and crypto markets.
Why Players Choose Crypto for Playing Casino Games
We have collected the major reasons why players prefer using cryptocurrency for gambling online. All these points are important to explore even if you know nothing about digital currency in casinos but want to start gambling for fun:
- Transparency. One of the best aspects of blockchain technology is its transparency. This means that businesses that use the public blockchain can make their operations fully transparent. One potential application for this kind of transparency is gambling and online casinos with cryptocurrency.
- Anonymity. This benefit brings to players a feeling of trust and safety because they are not required to tell their personal and financial information to deposit or withdraw money from the account. This is a big plus for players who do not want their personal details disclosed.
- Lack of regulation. If we are talking about decentralised applications, players do not need to meet all the country’s requirements regarding bitcoin or other virtual money. This kind of payment has no regulatory authority.
- There is no limit on the amount of deposits or withdrawals. People cannot transfer $10,000 from a card at one time, but in crypto, it is possible to do. In gambling, it makes a huge difference, there are $5,000 or bigger sums to withdraw.
- No third parties interference. This means nobody can track players’ transactions or block your transactions for any reason. Banks are not involved in the processing of users’ transfers.
- Fast withdrawal of funds. It seems fast enough to pay with a card, while bitcoin, for example, takes a long time to come through. But if you want to withdraw money via card, it can take a few days. Therefore, BTC is a much better method for withdrawing wins instantly from a casino account.
- The lowest stakes. Bitcoin casinos will be great for those gamblers who are not chasing big winnings, but rather want to enjoy the gaming process.
- Bitcoin’s volatility. The cryptocurrency has been rising steadily in value — it has risen more than ten times in the past years.
To sum it up, we must admit that Bitcoin technology is steadily penetrating new markets — from traditional finance to the entertainment industry. It is up to a person to use it or not for gambling online. First of all, it is important to remain responsible and calm while playing crypto casino games.