A relatively new phenomenon in the online gambling scene are Bitcoin Casinos which have swiftly become the preferred option for iGaming portals. This is because Bitcoin betting is now being considered as one of the safest ways for players to play online. As a matter of fact, the popularity surrounding the Bitcoin industry goes far beyond the web-based community, stretching to offline users as well.
The change for so many casino players to the Bitcoin currency is due to the following reasons.
1. The Speed
For the typical online casino, players sometimes have to wait for days, weeks or even months for their winnings and bonus payouts. In most cases, it’s hardly the casino’s fault since some banks might be lacking an online transaction service, or the company handling the payment has a great risk threshold. Credit Card fraud for instance, offers a great risk potential and the company therefore often has to resort to employing a raft of draconian precautions before the payments are processed.
But for Bitcoin transactions, the payments are swiftly confirmed and it’s hard to undo them even after a short period of time has passed. This simply means that Bitcoin casinos will credit a player’s bank account as soon as the payment is made; sending the winnings immediately a player initiates the payment. The marked difference is not unlike day and night, more especially when there’s a huge payout hovering in the ether and the online player keeps wondering where the money is at. This naturally makes a huge difference to online casino players.
2. The Anonymity
The total anonymity option that is afforded by using the Bitcoin currency is an added advantage when playing online. This is quite a big contrast to other types of online casinos where personal information is demanded which includes the player’s name, physical address plus credit card details, and at times even a Social Security Number is asked for. However, players will be happy to find that some Bitcoin casinos don’t even ask for an e-mail address to process their payments.
3. Fair Play
It’s near impossible for players to be sure that a certain game they’re playing is fair, particularly when it appears as if the dealer is getting all the good cards. This aspect has seen introduction of the cryptography that is employed in Bitcoin innovations, which proves the aspect of fairness [provably fair]. This fair play facet was employed for the first time by Bitzino in 2012, and has since then been deployed by many major Bitcoin casinos in the online iGaming industry.
Basically, this fair game system employs cryptographic hashes by which the Digital deck is “cut” before the game begins in order to ascertain neither the players nor the casino software is aware how the arrangement of the cards in the deck is before the game starts. This is also an added insurance which confirms players get to enjoy a fair game.
4. Value for Money
Playing in Bitcoin Casinos offers a great saving on credit card fees and because these casinos have been proven to offer fair games, this also means that no expensive certifications from 3rd parties are required. These attendant savings are naturally passed on to the online players in the form of more generous bonus offers, better gaming rates plus placement programs.
Moreover, players get to experience lower access restrictions with more choice and certainly more innovative game titles.
In business, the openness of the block chain touches on all the dealings that have been built upon it and this is where usage of Bitcoins sets a unique mark. As such, most people have come to realize that this crypto currency will lead to a new era of transparent business dealings, and Bitcoin casinos will most definitely be no exception.