Bitcoin has been proclaimed dead about 380 times. Jordan Belfort a.k.a “Wolf of Wall Street” predicted the inevitable crash of bitcoin back in 2018. Prominent investing luminaries like Warren Buffet and JPMorgan (JPM) CEO had said that bitcoin had no clear fundamental value and that its markets were largely unregulated. This has not deterred the growth of the cryptocurrency.
Although it has fallen largely from its peak $20,000 but they had been responsive increase of Bitcoin transactions and Bitcoin Blockchain users with 30% and 62% respectively over the years.
This has been testament to the fact that cryptocurrency is still gaining popularity. One of the new uses of Bitcoin is in Bitcoin casinos.
Bitcoin casinos are the newest trend in online gaming and have certainly been a major driver of the emerging online casino business. Bitcoin casinos are not very different from other online casinos except from the fact that the conventional ones accept numerous local and international payment methods, only Bitcoin and other cyptocurrencies are accepted for wagering and other transactions while some others allow you to play for fun without staking anything. While some of the casinos exclusively transact on cyptocurrencies alone, there are some others that also accept fiat (normal) currencies.
Many of the Bitcoin casinos let you play many classic and new games as provided from their software providers. Amongst the games offered in bitcoin casinos are roulettes, variants Blackjack, poker, dice, video poker and lottery. Also there are numerous types of slots that could be played including 3-reel, 5-reel and legendary progressive slots. Most of these games are playable on either Android or iPhone devices without any loss of quality. These casinos offer a wide range of games, there are some sites that also play Live Games- these are played on a live table with a real dealer and it is streamed online to the other players.
The Advantages Of Gaming In A Bitcoin Casino Include:
- Speed of transaction: One of the notable benefits of gaming with Bitcoin is the rate at which you can access your winnings. While withdrawing from a conventional banking system could take up to a week, bitcoin transactions can be completed in minutes.
- Private and transparent currency: Bitcoin is anonymous and almost untraceable. There is an additional layer to protect your identity and there are casinos that will allow you stake anonymously by not requiring personal details. These types of casinos just let you input your nicknames and email addresses to register.
- Low transaction costs: As there is absence of third party activities in bitcoin transactions. Players can send and receive bitcoins instantly with negligible fees unlike in general banking system where transfer fees can sometimes be very high.
- Provably fair: Unlike in conventional casinos where the house has been proven to generally be the winner in the long run. Bitcoin casinos have been seen to be ‘provably’ fair. This is because each choice is individually secured and if the casino tries to tamper with it, the bet becomes automatically invalid.
Are Bitcoin Casinos Legal?
The question is not straightforward. Depending on the country you reside, bitcoin casinos might or might not be legal. At other times it is because the statuses of the casinos have not been legally defined.
Before you can completely conclude if bitcoin is legal or not you have to confirm certain things- whether bitcoin is legal as a currency in your country and if online gambling is also legal. If online gambling is illegal, there’s no way bitcoin casinos will be able to operate in such a country. But if bitcoin is listed as a commodity not a currency, the casinos might be able to operate. Also, Bitcoin casinos have been found to exist where other casinos cannot due to certain laws or prohibitions.
New Bitcoin Casinos
Bitcoin casinos had taken some specific factors into considerations including- best reviews, availability in the US, is the casino provably fair, licensing, payout terms and customer’s support.
Can’t wait to begin Bitcoin Casino? Here are the 6 top rated to start your gaming experience; Bitstarz, Fortune Jack, 7Bit Casino, CloudBet, mBit, Bitcoin Casino.