Bitcoin Casinos vs. Traditional Casinos
From its launch into public consciousness more than 10 years ago, Bitcoin has evolved from a cryptocurrency proof-of-concept into a real force, capturing the attention of economists, technologists, and everyone in between. It even helped spur the onset of 2,000+ cryptocurrencies, and also yielding a record high of nearly $20,000 per coin.
While Satoshi Nakamoto penned the “Bitcoin: A Peer-to-Peer Electronic Cash System” white paper in October 2008, the Bitcoin network was officially created in January 2009, signifying a new era of freely moving currency untethered to a central bank. And like with any new innovation, challenges were sure to arise.
Bitcoin exchanges did exist at one point, meaning that there was no real way of correctly gauging the value of an individual Bitcoin. However, the earliest adopters were able to start mining for the coins, and their proprietorship was logged and verified on the blockchain.
Since then, Bitcoin has undoubtedly become of the biggest disruptions to eCommerce to come about in recent years. And as its popularity continues to grow, other industries are slowly starting to welcome its influence. Some are calling it the future of money, while others say it’s a bubble that’s ready to burst at any moment. Whichever it turns out to be in the end, its expansion suggests that it isn’t going anywhere anytime soon.
One industry in which Bitcoin is slowly starting to reveal its potential is through the multi-billion dollar industry of online gambling. With the pace at which current global trends are advancing, players should start accepting the fact that Bitcoin betting is becoming inevitable and something that gamblers from all walks of life should embrace.
Built entirely on millions of online transactions, gaming companies are finally seeing their services paid for as more have people decided to adopt Bitcoin as their preferred currency. There are numerous advantages for both players and the owners of these companies, many of which could end up saving both sides an exorbitant amount of money. But how do Bitcoin casinos stack up to land-based gambling?
What are the Advantages of Online Gambling Over Traditional Gambling?
While BTC gambling (Bitcoin gambling) is still seen as a novelty, it offers a unique gambling experience that rivals that of traditional casinos. Bitcoin betting casinos have several advantages:
Bitcoin Casinos Offer Transparency
Traditional casinos are heavily regulated by financial institutions and are known to withhold information from their customers, including their potential earnings. They have also acquired a reputation for trickery, giving themselves a clear competitive advantage over their players. And the majority of these gamblers are often unaware as to what contributed to their losses.
Being digitally-based, bitcoin casinos aim to run their businesses more fairly by providing a transparent and clear platform that ensures the odds are legitimate and avoid using tactics that give themselves the upper hand. Most casinos do this by openly discussing inner-workings of their software algorithms. By eliminating the possibility of scams, this ensures a mutually beneficial relationship for both parties.
Bitcoin Casinos are more Secure
Traditional casinos typically require that customers provide them with personal data in order to play games. Submitting your confidential information on these platforms can prove to be quite risky, considering the number of details they request.
With Bitcoin casinos, your personal information is safeguarded. And the best part? You are freed from the monotonous task of filling out details while joining and logging in every time you want to gamble.
Bitcoin Casinos are Cheaper
Contrary to popular belief, there are large costs associated with traditional online casinos, with gamblers having to deal with additional taxes on their money. Since they’re not regulated by a payment institution, Bitcoin casinos have low-cost or, in some cases, zero-cost transaction fees.
And given the reliability and transparency they provide, Bitcoin casinos don’t need to spend tons of money on obtaining a gambling license. Thanks to not needing an intermediary involved on the blockchain, the transactions between players and Bitcoin casinos omit bank fees. This advantage is significant because omitting these fees means thousands of dollars are saved each day.
Bitcoin Casinos are Convenient
The convenience of Bitcoin casinos is unparalleled, particularly when it comes to deposits and withdrawals. Most casinos use Bitcoins, which can be accessed throughout the world, even if some countries have restricted online gambling entirely.
With Bitcoin casinos, clients receive full access to their winnings, and can withdraw or deposit their cash from their account instantly from anywhere. It is a key factor for players who are concerned about the safety of their funds. In most major traditional casinos, withdrawals usually last from 24 to 72 hours, and with lesser-known poker sites, they might last from a few days to even a few months.
Bitcoin Casinos offer Lucrative Bonuses and Promotions
Traditional gambling platforms offer almost twice the amount in their bonuses with earnings that may come out to roughly a few hundred dollars.
In addition to being anonymous and fully secure, Bitcoin casinos offer attractive prizes and bonuses in an attempt to remain competitive. Since it’s built on a foundation of blockchain technology, running the site is much cheaper, so prizes and bonueses can be higher. These rewards range from 1 BTC to 5 BTC.
Bitcoin Casinos offer more Value
Bitcoin adheres to the laws of supply and demand. The demand for Bitcoin is increasing as it is slowly being adopted for more day-to-day transactions. A high demand tends to cause a spike in Bitcoin’s value.
When Bitcoin was first launched in 2009, its value was only a few dollars. Now, that amount has risen exponentially. This means gamblers have an extra layer of advantages when using Bitcoin. Players have the option to withdraw and exchange their money for fiat currency (US dollars or euros), or they can continue gambling as they wait for Bitcoin prices to go up.
Bitcoin Casinos offer more Game Variety
For those who prioritize variety over all else, rest assured that Bitcoin casinos have got you covered. These casino games are essentially pieces of software that mimic their traditional currency counterparts. You can play everything from roulette, craps, blackjack, poker or even live dealer games! And with micro-stakes, you can divide your Bitcoin units into values that are worth less than pennies.
What Lies Ahead for Bitcoin Casinos?
Bitcoin remains the number one digital currency in the world. And as it becomes more regarded as a valid form of currency, more players will flock to Bitcoin casinos to take advantage of it. Online gambling is already popular, and with more and more casinos are adopting bitcoin, the cryptocurrency only stands to gain greater exposure.
In a nutshell, the future of Bitcoin casinos looks bright. It offers a safer, more accessible alternative to gambling than traditional casinos. And we think it’s safe to say that the future of crypto casinos may not strictly involve Bitcoin. While Bitcoin delivers immense benefits to the gambling industry — specifically providing rapid transfers, pseudonymity, and a diversion from regulation– newer cryptocurrencies may come about and offer benefits that supersede Bitcoin’s.
If you choose to partake in the Bitcoin revolution, we wish you the best on every bet!
And the best part? Even if you aren’t interested in gambling you can still profit from it! Take advantage of MintDice’s Bitcoin Referral Program network and earn Bitcoin today.