Bitcoin casinos and online gambling platforms are gradually replacing traditional gambling sites and bringing a paradigm shift to the industry, as gamblers no longer need to visit a physical casino to wager or place their bets. Bitcoin and other cryptocurrencies are fast gaining mainstream adoption, disrupting virtually all sectors of the global economy including online betting and casinos.
The Evolution of Bitcoin Casinos
According to the News Minute, bitcoin casinos became visible in the 2010s and have become increasingly popular among gamblers since then. These BTC casinos are gradually replacing traditional online gambling platforms with an estimated 1-5 million users per day, especially in jurisdictions like Europe and America.
Bitcoin casinos (also known as crypto casinos) are the same as online casinos, however, while traditional online casinos collect fiat money as their primary payment method, bitcoin (BTC) casinos accept cryptocurrencies as payment from their customers. BTC Casinos have gained significant traction in recent years due to a plethora of factors, including the increasing acceptance of bitcoin as a legal tender in various jurisdictions.
Pros of Bitcoin Casinos
Unlike traditional casinos, which are prone to physical violence by gamblers, and other anomalies including poor accountability, and others, bitcoin casinos are now the preferred choice for millions of gamblers around the world due to the vast array of innovative features they offer, including:
- Fast Transactions: Using bitcoin guarantees faster transactions, unlike fiat money, where you sometimes have to wait for days or even weeks for the funds to reflect in your betting account. With bitcoin and other crypto assets, transactions are faster and more convenient. Crypto payments are processed within minutes, no matter the volume, and withdrawals are also very fast, easy, and seamless.
- Enhanced Privacy: Although all transactions are stored in a public ledger and can be viewed by anybody, the personal information of gamblers is hidden and encrypted. With every transaction, you don’t need to provide all information about yourself, all you need is your crypto address and the transaction can be processed.
- Global Currency: bitcoin is a decentralized currency. it is not under the purview of any central authority, and as such, it can be sent or received to/from any country by both the unbanked and underbanked people alike.
- Eradication of the third party: Paying with bitcoin or altcoins automatically kills off all third parties or intermediaries in the transaction process. Third-party financial institutions and banks who often shortchange the customers via payment processing fees are effectively sidelined, with bitcoin making it a straightforward deal between the gambler and the casino.
Additionally, BTC casinos also offer gamblers various types of bonuses and rewards, including Tournaments (weekly lottery, daily betting contests, and more), Free Spins, Exclusive cashback, and Bonus Codes.
Cons of BTC Casinos
While BTC casinos are safe, secure, and transparent, gamblers must however be careful when interacting with these platforms. Some pitfalls of crypto casinos include:
- Fraudulent Sites: Since the transactions are done completely online, fraudulent websites that claim to be bitcoin casinos can easily defraud unsuspecting gamblers.
- Security Breach: Unsuspecting gamblers who are not careful with their details can be defrauded by fraudsters who can easily impersonate them.
- Volatility: The price of bitcoin is never stable.
Regulatory Uncertainties: Some countries in Africa and Asia have placed a sort of embargo on all cryptocurrencies, while some others are still deliberating on how to regulate bitcoin and other cryptocurrencies.
Just like in some other regions, the Netherlands is home to various BTC casinos with user-friendly interfaces and exciting offers. Choosing the best BTC casino to join can be a herculean task at times, as it can be quite difficult to differentiate between the legit platforms and the scam sites.
However, IdealeCasinos has saved gamblers in the Netherlands the stress of doing the ‘dirty job’ themselves by carefully reviewing the entire Dutch casinos in the region, including Gale&Martin, Nirdicasino, CasinoBTC, and KingBit Casino, amongst others, based on their reliability, safety, withdrawal options, customer service standard, and game offerings.