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Friday, August 12, 2022

What is a Bitcoin Casino?

Bitcoin price rises, as expected

Since its inception in 2009, Bitcoin has gone from strength to strength. The cryptocurrency has soared in value from a few US dollars for a coin initially to over ten thousand dollars today – and it is predicted to continue to grow in popularity and value for the foreseeable future.

Unsurprisingly, this popularity has not gone unnoticed in the commerce world, with tech giant Microsoft being one of the first companies to accept Bitcoin as payment for its products and services in 2014. In recent years, The gaming community has also been served by the emergence of Bitcoin casinos which have been specifically designed to accommodate players who have a preference for betting with cryptocurrency.

How does a bitcoin casino work?

A growing number of online casinos are accepting bitcoin as a form of payment alongside more traditional currencies like the US dollar or the British pound. However, there are dedicated Bitcoin casinos that do not accept other forms of payment at all, which means that all transactions, deposits and withdrawals are made exclusively in Bitcoin.

These casinos often operate using proprietary software that creates their own games and algorithms, and they gain the trust of their customers by openly sharing their operation, or else through word of mouth referrals. Although site visitors can play all sorts of online casino games, Bitcoin casinos are particularly popular among poker players – although this trend may well change as casinos become more widespread and popular.

What are the advantages of a Bitcoin-only casino?

Choosing to only accept Bitcoin is an enticing proposition for casino site owners, as it means owners don’t have to pay processing fees for deposits and withdrawals or other associated banking fees. This means that they can pass these savings on to their customers in the form of unlimited free trades, higher sign-up bonuses, and more eye-catching jackpots.

These monetary benefits are key to winning the clientele of potential casino players, but Bitcoin casinos are also appealing because of the levels of anonymity they offer. The amount of personal information players have to submit is significantly reduced compared to traditional online casinos, meaning they can maintain discretion and confidentiality. In addition to being free, deposits and withdrawals are also more easily managed through a Bitcoin casino.

gain popularity

While conventional online casinos are still much more popular than Bitcoin casinos and look set to remain so for many years to come, there are many signs that Bitcoin casinos are gaining popularity. The rise of cryptocurrency itself is one, while the fact that Bitcoin casinos are adding more and more members every day is another.

Indeed, online gambling as a whole is on the rise. According to statistics compiled by the UK government, the remote (or online) sector accounted for 39.9% of gross overall gaming return (GGY) for the year ending March 2019 and this percentage even includes lottery revenue. , which is not an insignificant sum. Indeed, the total revenue generated from online games in 2018-2019 was £5.7 billion, and this figure is expected to increase over the years. By all accounts, the future looks bright for the online casino industry in general and the Bitcoin casino industry in particular.

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