After reaching an all-time high of $19,783.06 on December 17, 2017, bitcoin’s value started to plummet a few days after and continued to fall at the start of 2018.
By February, the price of bitcoin was only $6,000 and its market capitalization fell below $100 billion for the first time since October 2017.
But while cryptocurrency’s bubble has finally burst, bitcoin casinos are still growing in popularity today because of how the concept of digital currency fits perfect with the game of gambling:
The Power of Anonymity
It’s no secret that some online gambling sites are also used for phishing personal information that’s sold to third party vendors. This is one of the biggest reasons more people are now leaning towards bitcoin casinos because it cuts down the need to provide personal information just to place a bet. The power of anonymity gives gamblers more freedom to enjoy betting without worrying about their personal information being stolen. All a gambler needs is a bitcoin wallet address and he’s good to go.
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The Ease of Transactions
One of the biggest problems that gamblers face with online casinos is the time it takes for cashouts or winnings to reach their accounts. But with bitcoin, this problem is just a thing of the past because of how fast and easy transactions are using digital currency.
Since cryptocurrency is not regulated by any government or financial institution, transferring a winning from a bookmaker to your account takes only twenty minutes unlike traditional payments that could last up to a week. Bitcoin also ensures transparency with each transaction where everything is taken into account and guaranteed to be as secured as possible.
All you have to do is find the top BTC casino, place your bets and enjoy your winnings right away. When it comes to online casinos that require you to convert your bitcoin into their currency, you can still guarantee a fast and hassle-free process because most of these sites’ banking interfaces will do that automatically for you.
The Benefit of Inexpensive Gambling
While online gambling is closely related to spending (or even wasting) money, gambling with bitcoin actually helps you cut down those costs significantly. Unlike traditional betting sites that are regulated by financial institutions, bitcoin casinos charge very minimal fees on money transfers.
So, if you want to transfer money from your betting account to another, you don’t have to pay the hefty charges that come with it. This means that you can enjoy your money on the gambling itself and not waste it paying for extra fees every time you transfer money. The minimal fees charged by bitcoin casinos go to the miners who maintain the blockchain. Bitcoin casinos also don’t have limitations on withdrawals, which is a major downside of traditional casinos.
The Fun of Unlimited Gambling
Bitcoin casinos have offered gamblers a space to not only spend their bitcoins but also win more of them. This is especially convenient for gamblers who live in countries that don’t allow gambling because aside from websites that accept bitcoin as a payment method along with fiat currency, there are now websites that only accept cryptocurrency.
There are also no shortage of bitcoin casinos online, so you’ll surely find a website that offers the games you want to play. If you’re a beginner in bitcoin gambling, for instance, you could get started with CyberDice, a game that guarantees a fully verifiable random outcome. This game is designed for players looking for an easy way to have fun and win more bitcoins while they’re at it.
The many benefits of using bitcoin in gambling has made it a hot commodity for gamblers who are looking for new gambling opportunities while still enjoying the good, old fun of the game.
While cryptocurrency is still recovering from the deep plummet that it experienced last year, bitcoin gambling is predicted to grow steadily this year and will continue to offer more options for gamblers to enjoy.
If you want to get started on bitcoin gambling, you need to have a bitcoin wallet first that you will use to hold your coins and of course, you need to fund that wallet in order to gamble across gambling websites. This concept is pretty much like PayPal but a lot safer.
Once your wallet is funded, you can start transferring coins to another bitcoin wallet with ease. So, are you ready to join in on the fun of gambling in bitcoin casinos?
Games Can Be Provably Fair With Bitcoin SV
The benefits of using Bitcoin SV (BSV) as a payment method for online gambling are numerous, but it can do more than just help with deposits and withdrawals. Through the BSV blockchain, operators can run what the industry calls provably fair games, creating more security and faith in the industry.
The faith that players have in online gambling is crucial. One of the most frequent questions I used to get, in my past customer service life, was how could we prove that the games were fair.
The truth is, all scrupulous online gaming operations get their random number generators tested at frequent intervals by licensed bodies to prove that they are fair. Any player who visits an online operators site will see a link to that license featured prominently. That’s not always enough to build confidence in a wary customer though.
People have a long memory, and it wasn’t that long ago that major sites like Ultimate Bet were caught in cheating scandals. A link to a license on a site is some proof of fairness, but to a conspiracy minded player, those can be mocked up.
With the BSV blockchain, developers can build their games to work with the blockchain, and as a result they are provably fair. Using verification tools, players can query the blockchain to pull millions of results, and prove for themselves how fair a game is. Because the blockchain is unalterable, players can be sure that there has been no malfeasance. If they want to show more, developers can also make their code open source, and let the players see for themselves how outcomes are determined.
A great example of this is phun.io, an exclusively BSV online operator. Their crash game works on provably fair code, that anyone can pull up and reference for themselves. It might get annoying to lose ten games in a row, but any question that the game is fair over millions of runs can be answered by just looking to the blockchain.
This type of technology would have been a lifesaver for my old customer service team. So many debates about fairness came down to answers like “we have a random number generator, its licensed, and please have faith in us.” With the BSV blockchain, there’s no need for faith, players can look at the proof for themselves.