Bitcoin Casinos – A New Online Gambling Movement

Lifestyle | December 19, 2022, Monday // 09:09
Bulgaria: Bitcoin Casinos – A New Online Gambling Movement Jievani Weerasinghe by Unsplash

Going by a recent market research study performed by Custom Market Insights, a leading consulting firm from Pune, the global online gambling market is on track to hit yearly revenue numbers of $145 billion in the next eight years, growing at a rate of 12% annually. Its report, and others like it, cite the rise of Bitcoin casinos as a contributing factor to the dramatic projected expansion of this industry. That should come as little surprise, as this sector heavily relies on new technological advancements. Given that blockchain tech has become all the rage in the past few years. It stands to reason that it would dramatically influence the interactive gaming sphere, spilling over into it.

In 2020, stats showed that only 4% of all online gambling got conducted using cryptocurrencies. Yet, in 2021, the UK market saw a 615% increase in crypto casino betting, and the US one notched a jump of 536%. Thus, it is clear that we are on the verge of a Bitcoin gaming explosion. And the subheadings that follow detail why this is inevitable while also explaining the top advantages these sites have over traditional fiat casinos.

Explanation Regarding What Precisely Is a Bitcoin Casino

Before an analysis gets presented on the perks of BTC casinos, it is handy to define what these platforms are and how they work. In short, they are nothing more than websites featuring gambling products that accept Bitcoin units as stakes. It should get mentioned that the term Bitcoin casino gets used to describe virtually any site that allows any form of digital coin wagering. That is so due to the market dominance that the world’s premier virtual currency still has right now. Its popularity is unmatched in the coin landscape, with many casuals using the term Bitcoin as a stand-in for all cryptos since` it is impossible for those not deep into this transaction method to delineate its nuances.

Naturally, the top BTC casinos have other distinct features that only hubs in this genre exhibit, but the ability to facilitate Bitcoin wagering is their main characteristic. Everything else comes after.

How BTC Casinos Facilitate Swift Registration

They do so by letting users sign-up for their offered services using their social media credentials. That is right. At most crypto casinos, gamblers can register within seconds by opting to share the personal data they have already given to a social media network where they are active. That is possible through an existing Twitter and Facebook account, but it is also in play for those active on Bitcoin-specific hubs such as Metamask.

Even those who choose not to do this can become a BTC casino member in seconds by only supplying a username, password, and email address. It is highly unusual for Bitcoin gambling apps to ask for anything other than these three things. Though, they will likely demand that new users click on a verification link sent to their email inbox to have a 100% functioning account. It is super unlikely for a Bitcoin casino to require anyone to enter their actual name or address upon joining. Nevertheless, that will likely be mandated if the site in question follows through with industry-standard KYC procedures.

Just How Fast & Secure Are Bitcoin Transactions?

Few people know that VISA processes upward of 24,000 transactions per second, whereas the Bitcoin blockchain can only make around seven transfers per second go through. That said, VISA and similar payment companies get bottled up with procedures that significantly slow down the speed with which they can process transactions. Virtual currencies do not have this problem. Coin movement gets recorded on a digital ledger shared between a pool of selected users. Its governances get handled through a decentralized voting system, with no institution looming over ledger processing. Hence, each transfer is transparent and super secure.

Moreover, Bitcoin payments often happen between ten minutes and one hour. The cause of this range is on account of the different situations in play that may require a different amount of network transformations, plus ledger congestion. For the most part, Bitcoin casinos require at least two confirmations, incurring a wait time of around ten minutes per transfer.

Are Crypto Casino Bonuses Different?

Yes. While most fiat online casino gamblers have gotten used to getting only deposit matches and free spins, crypto casino sites look to mix things up on the promo front by supplying unique deals unavailable in the fiat section of the industry. Mystery chests, which are loot box-like promotions that provide hidden random rewards, are one such prime example. These are standardly a part of VIP programs that seek to reward loyal players with benefits like cashback and level-up bonuses.

Chat rain, a small number of coins given to gamblers active in a BTC casino’s public conversation window, is another Bitcoin gambling staple, as are free faucets that give away coins for users who choose to complete simple tasks. Of course. On top of these, deposit matches and complimentary reel rotations on predefined slots are also a thing at many Bitcoin casinos.

Do BTC Gaming Sites Have More Games?

They do because most of them get regulated by Curacao-based bodies with laxer technical game testing criteria. That means providers do not have to go through many hassles or meet high standards to partner with Bitcoin casino operators. That is to the benefit of Bitcoin gamblers, who get pampered by sites with thousands of games whose outcome generation processes get tested by independent third parties, agencies like TST and iTech labs.

Furthermore, aside from online slots, live tables, software dealer picks, video poker, and lottery titles, BTC casinos also offer provably fair games. And most also supply virtual sports, plus options incorporating skill-based elements that appear akin to arcade-style shooters of yore.

Worldwide Acceptance & Betting Anonymity

Unlike when considering using top-brand fiat casinos, gamblers that select to play at provably fair BTC casino sites or those that have decided to forego Know Your Customer policies do not need to worry about looking at a list of restricted countries. That is so because these platforms accept all comers. Even more importantly, they do not care about the identity of anyone in their player pool. They do not have any personal data on the gamblers that play their housed games using Bitcoin, allowing them gaming secrecy.

To Sum Up

Bitcoin casinos are starting to get a massive foothold in interactive gaming. They are doing this because they deliver more games, better bonuses, faster transfer speeds, and unparallel levels of convenience, and allow gamblers to enjoy games of chance in secrecy if that is something they desire. It is clear that Bitcoin and other cryptocurrencies will get inevitably tied to the growth of the online gambling market going forward.

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