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BETA   •   FRIDAY, OCTOBER 30TH, 2020

Bitcoin casinos are growing in popularity. Here’s why.

July 24 Sandra Wong

Bitcoin is a virtual currency for a virtual age. Since it has appeared and grown in popularity over the same period as online casinos, it should come as little surprise that there is a strong link between the two. The world at large has stood back and been slow to adopt cryptocurrencies like Bitcoin, with online retailers only now starting to accept Bitcoin as a payment method.

The online casino industry, on the other hand, has not just welcomed Bitcoin as a payment mechanism but has been quick to develop the concept of the Bitcoin casino as a gambling environment built around the new financial dynamic.

Playing online casino games using an online currency has a certain feeling of synchronicity about it, but there are tangible benefits to Bitcoin gambling that go beyond new technologies sticking together or the fact that something just feels “right.” Let’s find out what they are.

Payment security

With any financial transaction, whether it is online or in the physical world, the first thing you need to know is that it is secure. Security and encryption when it comes to online payments is a topic that has been discussed at length elsewhere, but suffice it to say that while today’s security is better than it has ever been, we are still only one step in front of the criminals.

A traditional online casino that uses conventional payment methods would be a hugely tempting target for hackers, as it contains all the members’ financial records and transaction history. Bitcoin gambling and the blockchain technology on which it is based is fundamentally more secure. This is because it is, in itself, a digital product. There is no conversion necessary from the real to the online world, and even if a hacker gained access to a Bitcoin casino’s records, all it would see would be a public key. No personal data, no bank records.

Choice of games

Online casinos have the advantage of a wider choice of games than brick and mortar ones. But when you visit the best Bitcoin casino, the choice is greater still. With well over 1,300 games to choose from, and more being added regularly, those who choose Bitcoin gambling don’t get any chance to get bored.

Of course, having more games means having more fun and after all, that’s what a trip to any casino, whether real or online, should be all about. From a pragmatic perspective, it also means more opportunities to scoop that big win.

More flexible betting options

Casinos always have minimum bets, and while these do not usually appear to be much, the amount can add up faster than you thing, particularly when you are playing slot games. At a Bitcoin casino, you can place what are called microbets. The net effect? Playing the slots at what equates to less than $1.00 per spin has to make sense if you are playing for fun and want your bankroll to last as long as possible.

Anonymity and privacy

As mentioned in the security section, there are no personal details logged or stored with Bitcoin gambling. No need to complete your personal details, address, bank or anything of that nature. For some people, that is a big bonus, either due to personal circumstances meaning they would prefer to retain their anonymity or simply because they do not like the concept of Big Brother constantly monitoring everything they do.

Speed and convenience

We discussed synchronicity earlier, and this comes into play when you get into the mechanics of how a Bitcoin casino really works. When you have a virtual game in a virtual casino and you use a virtual currency to place bets, everything operates quickly, smoothly and effectively. There is no need to convert one thing into another, and transfers are instantaneous.

This brings two distinct benefits. One is that gameplay is, of course, more rewarding – nothing is more irritating that waiting around for a payment to clear from your bank into your casino account, or for winnings to make their way from the casino to you. The other is that while paying by bank transfer or other payment methods usually incurs a commission or transaction fee, Bitcoin payments are completely free. That means you get to keep all your winnings, and make your bankroll last longer.

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