What is bitcoin? Most likely, you have already heard about the new, digital currency, which was launched in January 2009 and has gained simply unprecedented popularity over this period of time. What is the difference between this currency and the classic “fiat” funds? It is worth highlighting three main advantages of digital currency: decentralization, anonymity and the ability to transfer from anywhere in the world. Today, you can buy almost any physical product for Bitcoin, as well as pay for any product or service. Of course, in the gambling world this kind of money was met as a new development tool, and bitcoin casinos began to appear almost immediately. However, this type of institution is somewhat different from the usual for the player classic online casinos.
The popularity of cryptocurrency casinos
A significant plus in favor of bitcoin casinos is the absence of commissions, which makes this type of deposits a priority for players than classical payment systems. In this regard, new markets open up for casinos, and for players, opportunities that were previously unavailable. A few modified games, so that players can use all the functionality, are under the attention of regulatory authorities. Based on this, many institutions use to gain access to game algorithms to gain the trust of players or achieve it by developing new game content. Since we are talking about the differences between cryptocurrency casinos over the classic ones, it is worth noting several features:
- Fast execution of transactions on the Bitcoin network. The high speed is due to the fact that cryptocurrencies are not involved in the banking system and work separately from it, as a separate core. Now you do not need to wait a few days for the transfer of funds, because thanks to Bitcoin, transactions occur at lightning speed. And there are simply no limits for transfers and are due only to the availability of funds in your wallets. Moreover, the request to withdraw funds from the casino is processed instantly and multilevel checks are not required. Ordered funds and they are in a couple of minutes on your wallet;
- Anonymity. In addition to the fact that Bitcoin is an anonymous payment tool, online casinos also offer their users not to disclose personal data and when registering, you only need to enter an email address and a strong password;
- The unformulated legislative framework for bitcoin brings some disadvantages for players. For example, many casinos lack a license to carry out activities;
- Software developers for online casinos, such as NetEnt, Microgaming and others, are just beginning to consider bitcoin as a payment unit. As a result of this, they are in no hurry to process game content for cryptocurrency. However, at the same time, Amatic is already working closely on the release of slot machines supporting Bitcoin and launched the ability to place bets in digital currency. And SoftSwiss and Slotegrator are actively launching institutions with integrated payment options not only in cryptocurrency, but also fiat money that is familiar to us.
All payments made through the Bitcoin blockchain cannot be tracked, and as a result of this, online casinos have become available to those players in whose country gambling is prohibited. Accordingly, it is impossible for you to prove that the wallet from which the deposit was made belongs to you. It follows from this that paying taxes with winnings is purely voluntary. And the lack of adjustability of this type of asset removes administrative consequences from the players. Because, without a legal framework, digital currency is not money. It is worth noting that frequent and large winnings in online casinos with Bitcoin support are a standard procedure. In the struggle for customers, institutions use this type of attraction as the main one. And more sparing conditions for bonuses and increased payments in slot machines are another component of the loyalty program and the advantages of a cryptocurrency casino over a classic one. The disadvantages of these casinos include the players’ poor understanding of the blockchain technology on which Bitcoin is created. Based on this, some users still consider digital cash as a pyramid. In addition, the preparatory work for using the full downloadable version of the Bitcoin wallet takes a long time. The thing is that the Bitcoin Core wallet, the Bitcoin core, is large and, as a result, players prefer the web version of the blockchain.info wallet. Another minus: the increased security of bitcoin and the lack of cancellation of the operation leads to the fact that having forgotten the password from the wallet you lose it forever. It is impossible to recover this information. Amid the growing popularity of cryptocurrencies, a lot of fraudulent sites have appeared that steal information from users and then transfer your bitcoins to their wallets.