Bitcoin Casinos: A powerful gambling mixture

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Altcoins Editors' Choice
Bitcoin Casinos: A powerful gambling mixture

The online gambling industry has fully embraced cryptocurrencies since they appear to operate in perfect synergy by offering many solutions that fiat currencies failed to achieve. The integration of blockchain technology & cryptocurrencies has given online casinos a competitive edge that was never present before, a huge step forward in the gambling industry that majorly favors the user.  

Advantages of Crypto and Bitcoin Gambling

One of the many advantages that bitcoin gambling has over the traditional casinos is divisibility. The smallest unit in Bitcoin is one satoshi which is roughly one one-hundred-millionth of a bitcoin, this enables micro-transactions which is especially useful for casual players since it can limit their spending and allow for more enjoyment; they can bet extremely small yet enjoy the thrill of their favorite slot game.  

Another major advantage would be the ease of use, deposits and withdrawals are fast and convenient for the players. Unfortunately, with traditional online casinos delays in withdrawals are a very common things, your funds may take weeks to arrive, and withdrawals are usually processed by outdated fiat payment gateways which are a hassle by itself. With Bitcoin casinos, withdrawals can be processed within 24 hours, and go straight to your wallet, there are no intermediaries between you and your funds, as the popular bitcoin slogan says; “You are your own Bank“.

Players can send money and bet online without going through a third-party system. This allows the transaction costs to be settled in the matter of minutes, and allows the transaction fee to be minimal. When you send a transaction, you don’t need to submit personal details so people from all over the world can access the online gambling games.

Furthermore, your privacy in most crypto casinos is protected, you do not have to undergo tiresome and lengthy KYC processes, or any other intrusive personal data submission, there are even completely anonymous crypto casinos. It is important to note that unless in rare cases where there is an instance of fraud that needs further investigation, KYC may be requested.

Blockchain Technology & Provably Fair Games

Blockchain Technology is the backbone of all cryptocurrencies, it is a distributed ledger that keeps track of each transaction made in an encrypted and immutable form. Any Bitcoin Casino can take advantage of blockchain technology and build a decentralized platform that allows it to record all of its bets/transactions in the blockchain which greatly eliminates any trust issues with their customers, since the following creates a fully transparent and trust-less environment for both parties.

Crypto casinos can also host games that are 100% provably fair which allows players to manually very each roll instead of relying on the casino’s algorithm or third-party gaming providers. The order of power simply shifts from crypto casino to their players, which leaves zero possibility for fraud or cheat by the casino.

However, not all crypto casinos utilize blockchain technology to the fullest, some are completely decentralized and others are hybrid, meaning they offer both cryptocurrency and fiat as payment methods.

While gambling can be a thrilling experience and winning big is not something far-fetched, the experience of gambling online can quickly turn into a nightmare, since there exists lots of bad actors in the crypto cyberspace; it is very common to cross paths with scammers, fraudsters and cheaters, The Crypto ecosystem has always been compared to the wild west, due to the lack of regulatory bodies and pseudo-anonymity of transacting with bitcoin or other cryptocurrencies.

There are hundreds of crypto casinos, and it could be very overwhelming for players to make their own decision on what constitutes the better or safer option.  Players can opt their decisions from trusted bitcoin casino review platforms that aim in better managing their gambling experience by filtering out bad actors and unsafe gambling platforms.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.