The industry of online gambling or iGaming has emerged not a long time ago. With the Internet becoming more accessible, gamblers all over the world have realized the convenience of playing without visiting land-based casinos.
A huge step the online casinos’ development is experiencing right now is related to the cryptocurrency boom. Digital assets like Bitcoin facilitate gambling, allowing users to remain anonymous and don’t disclose their personal data. With crypto, money transfers become faster and cheaper. But the question is, can these modern casinos change the balance of power in the industry?
Key features of Bitcoin
Bitcoin (BTC) is the first cryptocurrency that caused a huge hype around the blockchain technology and a new way of dealing with payments. It was launched in 2009 by a mysterious person under a pseudonym of Satoshi Nakamoto. It is a new-age peer-to-peer online payment system based on blockchain – a specific decentralized network consisting of numerous computers which store the same copy of the entire database. Blockchain is known for its transparency, anonymity, and security. It’s safer than traditional storages because it’s doesn’t feature a single server but keeps everything on several equal nodes.
Bitcoin utilizes the best features of the blockchain technology to provide fast and cheap worldwide payments. All these transactions are online; users can send and receive BTC using their crypto wallets. On exchanges, people can also trade BTC for other cryptos or fiat money. Bitcoin and blockchain became really popular among young investors and developers, changing the focus in many industries related to money and making traditional businesses reconsider their payment means.
The entertainment industry may benefit a lot from using Bitcoin and other currencies powered by blockchain. Let’s look at the most notable features of casinos which accept crypto and implement blockchain.
To define what impact Bitcoin gambling platforms have on the iGaming industry, it’s essential to distinguish two types of them.
On the one hand, there are traditional online casinos which support crypto along with fiat money. They accept deposits in BTC or other currencies; they also can give crypto bonuses for specific actions. As these websites are centralized, they don’t adopt key advantages of blockchain systems.
On the other hand, there are truly decentralized casinos which are based on blockchain. They usually accept only cryptocurrencies and offer all blockchain features like anonymity and provably fair gambling.
With the increasing popularity of crypto, more regular online casinos decide to accept it. Check some of the most famous centralized casinos which support BTC: FortuneJack, Bitcasino, BitStarz, mBit, 1xbit. They provide a brand new way to transfer and withdraw money, but most of them still ask gamblers to provide personal data. Their users can’t check the fairness of RNG and other games’ settings.
If you want to find more reliable platforms, explore crypto-related blogs and read articles from the industry experts. You can find the gambling website which meets your needs among the best Bitcoin casinos reviewed by Katie Wager.
Gambling platforms based on blockchain are different. Unlike regular casinos, they don’t feature a single server or storage, they don’t have to meet governmental requirements, and they can reveal a technical side of games, increasing the customers’ trust to their services.
There are three key advantages of decentralized casinos for both gambling operators and customers:
- Provably fair gambling. All features of blockchain platforms are visible to users: anybody can see the RTP percentage of any game or check the fairness of RNGs to make sure that machines aren’t rigged.
- Anonymous transactions. Playing with crypto, people don’t have to send any sensitive data. They don’t link bank accounts but use in-system wallets protected by encryption. Additionally, crypto transfers are faster than traditional ones.
- Enhanced security. Blockchain-powered casinos adopt all the security measures needed to protect users’ transactions.
We can expect that players will choose decentralized platforms over traditional websites. It’s crucial to make Bitcoin casinos more user-friendly and popularize cryptocurrency in general.
The future of Bitcoin gambling
A lot of casinos accept not only BTC but also ETH, ZEC, and other coins. Many projects launch their own platforms with unique tokens. The technology of blockchain is a really promising one, as it can create a fully transparent and fair ecosystem where both casinos and customers trust each other. With the rise of cryptocurrencies, decentralized gambling platforms have more chances to become trendy.
We believe that Bitcoin casinos can move iGaming towards decentralization. Accepting more convenient crypto payments is just the beginning of this process – sooner or later, more gambling platforms will utilize blockchain’s features, introducing new approaches to the community.