What is a Bitcoin casino?

Bitcoin Price Grows, As Predicted

Since its inception in 2009, Bitcoin has grown steadily stronger. The cryptocurrency has risen in value from just a few US dollars for a coin in the beginning to over ten thousand dollars today – and is predicted to continue growing in popularity and value for the foreseeable future.

Unsurprisingly, this popularity has not gone unnoticed in the trading 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 rise of Bitcoin. casinos specially designed to accommodate players who prefer cryptocurrency betting.

How does a Bitcoin Casino work?

An increasing number of online casinos are accepting Bitcoin as a means of payment alongside more traditional currencies such as the US dollar or the British pound. However, there are special Bitcoin casinos that do not accept any other forms of payment at all, meaning that all transactions, deposits and withdrawals are made exclusively in Bitcoin.

These casinos often run proprietary software that creates their own games and algorithms, and they gain the trust of their customers by openly sharing how they work, or else through word of mouth. While site visitors can play all kinds of casino games online, Bitcoin casinos are particularly popular among poker players – although that is a trend that could well change as the casinos become more prevalent and popular.

What are the advantages of a Bitcoin-only casino?

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

These monetary benefits are key to getting the habit of would-be casino players, but Bitcoin casinos are also attractive because of the degree of anonymity they offer. The amount of personal information that gamers are required to provide is much smaller compared to traditional online casinos, which means they can maintain discretion and privacy. Deposits and withdrawals are not only free but also easier to manage through a Bitcoin casino.

Gaining popularity

While conventional online casinos are still much more popular than Bitcoin casinos and look set to stay that way for years to come, there are plenty of signs that Bitcoin casinos are growing in popularity. The rise of the cryptocurrency itself is one, while the fact that Bitcoin casinos are adding more and more members by the day is another.

Indeed, online gaming 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 total gross gambling revenue (GGY) for the year ended March 2019 and that percentage even includes lottery revenue, which is not an insignificant amount. Total revenue generated by online gaming in 2018-19 was £5.7 billion, and this figure is expected to increase as the years go by. In all respects, the future looks bright for the online casino industry in general and the Bitcoin casino industry in particular.

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