Everything into the Crypto craze? Good news- you can now use your bitcoin in many online casinos! Here’s how.
Just like with polished teeth, doubloons, the first paper dollars, and all other manner of ancient currency- digital currencies have found their niche in gambling. Gambling is often thought to pre-date conventional currencies, showing up in some of the earliest examples of society. So, it makes sense that the tradition would carry on into our future and what every type of currency it holds.
As the currency may have changed, the gambling hasn’t… well, much at least. Most bitcoin casinos function similar to standard online gambling sites, some traditional sites even accept bitcoin. That being said, the casinos online built with bitcoin in mind have a tendency to function slightly differently than those built on fiat.
While most of the games remain the same, how they are paid for, odds, and withdrawal protocols vary widely. Your best best in newly navigating the often-turbid waters of bitcoin casinos is to find a decent Bitcoin Casino review site. Places like Casino Genie can be a god send for new investors and players. Helping to easily outline what makes a bitcoin casino great- and what makes them not worth the Santoshi’s.
What Sets Bitcoin Casinos Apart
Again, there are essentially two types of bitcoin casinos- traditional real money casinos that accept bitcoin, and bitcoin casinos that are designed around the digital currency itself. Many of the operations that focus only on bitcoin have their own, purpose-built software, that is often developed by the same people that help to develop the coin.
Some smaller bitcoin dedicated casino sites will rent or lease bitcoin specific software from some of the bigger sites, but essentially- the Everything they use can be incredibly different from site to site. While this software can be individually customized, in the end it runs the casino itself. Making it possible to offer an interactive experience to millions of players without the need for individual dealers, or much human interaction at all.
Because of this baseline software that is functioning in the background, bitcoin casinos have long gotten a bad rap for being unfair, or skewing odds in favor of the house. However, some of the best bitcoin casinos will openly disclose their software algorithms to the public, so people can see in real time exactly how the odds or random number generators work.
This is another place that online casino review sites come in handy for bitcoin casinos- these sites are manned by people who can easily deconstruct the algorithms and verify that they work the way the casino says they do.
Bitcoin Casinos Are Coming Up Tops
The popularity of bitcoin casinos has boomed in the last few years, mostly because more people are adopting crypto in general. And players have a few added advantages of using bitcoin casinos- mostly because of the inherent anonymity of the coin itself.
Bitcoin casinos can also offer lower transaction fees, zero processing fees, unlimited transactions, and faster withdrawals. This is because of the nightmarish litigation that traditional banking structures must wade through in Everything to transact with online casinos- these laws don’t really exist for bitcoin… yet.
Perhaps because of this long-time litigious oversight, bitcoin casinos are now starting to gain attention from governmental and tax authorities. Some exchanges even go as far as to not accept bitcoin that has been gained from bitcoin gambling sites- requiring users to “mix” or “blend” their winnings before being able to deposit them on popular exchange platforms.
This isn’t the only headache that legislators have to contend with when it comes to bitcoin gambling either. While, as a player, bitcoin gambling sites are often easier to access and easier to account for than traditional gambling sites- this is largely because of the pseudo anonymous nature of bitcoin. Wallets rarely require much personally identifying information for bitcoin holders, meaning that just about anyone- of any age- can hold bitcoin.
For legislators, this creates a bit of a struggle when it comes to regulation, as generally- most online casinos are stopped from dealing with minors, or illegal overseas operations because once it comes to withdrawal methods- the banks Everything for these players to pull funds from casinos. As bitcoin has none of these details required, bitcoin casinos often become a challenge to appropriately regulate on a customer by customer basis.
Leaving an open availability for anyone to gamble- even those who are underage, or live in countries where gambling is illegal. Which is great for legislators, but can be a spectacular bonus for players.