The popularity of cryptocurrencies like BTC, ETH, and LTC has excitingly spilled over to the online gambling space. As a result, many gambling websites have started accepting crypto-based payments. Per a Chainanalysis survey, there are around 70 crypto casinos running in the USA. So far, these gambling destinations have pulled in $2.8 billion from players.
This article explores the rising popularity of the best Bitcoin casinos in the United States and around the globe.
What is a BTC casino?
Bitcoin casinos or BTC casinos accept payments in BTC and other cryptos. According to cryptocasinos247.com, these gambling sites also process your payments in Bitcoin and other cryptocurrencies.
Having said that, there are a number of crypto casinos that also accept payments via cards, bank transfers, e-wallets, and prepaid cards.
Before playing Bitcoin casino games, gamblers are required to first buy BTCs with regular currency and then deposit their crypto into their wallet.
How Bitcoin casinos work
Source: thenewscrypto.com
What’s not to enjoy about crypto casinos? They have low to no transaction costs, quick payments, unique slots, and substantial bonuses. Therefore, it is no surprise that some gamers prefer Bitcoin casinos over regular casinos.
Cryptocurrencies are gaining popularity all around the globe and every day, more and more casinos are accepting Bitcoin as a payment method.
Online casino sites have taken over the gaming business with Bitcoin casinos offering impressive bonuses when you sign up for a new account. Read on to find out more about registering at a Bitcoin casino and the bonuses they offer.
Bitcoin casinos operate in the same way as traditional internet casinos do. Players may open an account, transfer funds, and play games for cash prizes. The main difference is that bitcoin casinos accept bitcoin as their principal currency.
Bitcoin casinos are built on the blockchain, which has many benefits over regular online casinos. Since all transactions are documented on the blockchain, bitcoin casinos are more transparent than traditional internet casinos. This implies that gamers can rest easy knowing their financial and personal data is in safe hands. Crypto casinos also provide speedier payments since bank transactions are not required to clear.
How to register at a Bitcoin casino
After researching and finding a bitcoin casino, simply head over to the website and sign up on the homepage. Complete the registration form correctly and tick the boxes to confirm you’re over the gaming age and agree to the casino’s terms and conditions. The next step is to check your email for confirmation.
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Sign in and deposit
After verifying your account, you can sign in on the casino’s site and start playing. The casino’s terms and conditions may provide a sign-up bonus, so be on the lookout for that.
Bitcoin casino bonuses
Source: johnslots.com
When it comes to bonuses, some traditional gaming sites offer 2x bonuses in value. Instead, Bitcoin casinos often provide bonuses up to 1 BTC or more. Hence, Bitcoin casinos give much higher bonuses. However, bonuses will be awarded in installments with wagering requirements.
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Deposit Bonuses
These bonuses become available at a bitcoin casino when a certain amount of bitcoin is deposited. Deposit bonuses typically function by matching deposits by a percentage. The value is often between 50 and 110%.
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No-Deposit Bonuses
These are incentives that may be collected without making a deposit. However, they also come with a slew of terms and conditions.
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Free Bonus Spins
Besides deposit matching, crypto casinos also offer free spins. These incentives enable gamers to try out their luck on the platform’s games at a bitcoin casino.
What is the advantage of Bitcoin casinos over traditional gambling websites?
Source: coinbuzz.com
There are many reasons why BTC gambling websites have an edge over traditional casinos; let’s take a look through them.
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Anonymity
When you deposit funds with a traditional casino, you are required to provide your name, card number, CVV number, and other sensitive information. All this information can reach third parties, thereby compromising your account security.
This isn’t the case with Bitcoin casinos. When you deposit funds to your crypto casino, you are assigned a unique number on the blockchain that can’t be viewed by others. This means all your payment information, like the amount of money you’ve spent, your name, etc. is secret. This is by far the biggest advantage of playing on Bitcoin casinos.
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Lower transaction fees
While traditional gambling sites typically won’t charge any fees on your transactions. In quite a few cases, your payment provider may also impose a fee on your deposits and withdrawals. These fees can significantly affect your winnings.
Using Bitcoin entails lower fees, and in some cases imposes zero charges on your transactions. The reason is that Bitcoin uses a decentralized platform and therefore, is free of most charges associated with financial institutions.
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Crypto games
Source: blog.bc.game
You can also play crypto games on Bitcoin casinos. These games aren’t your classic gambling games like roulette or poker, but more like a video games. Not all Bitcoin casinos offer crypto games though.
Crypto gamers can earn BTC or Non-Fungible Tokens by playing and winning their games and can later own these assets. Gamblers can also exchange their in-game tokens for stablecoins or convert the former to fiat currency.
A few top crypto games worth consideration are:
- Axie Infinity
- The Sandbox
- Splinterlands, and others.
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Fast transaction speeds
Transaction times are faster on Bitcoin casinos than on traditional gambling sites. Unlike bank transfers, which may take one business day, Bitcoin transfers take between 10 and 20 minutes.
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Fewer restrictions
Players can access Bitcoin casinos not just in the United States, but in other parts of the world. This is an added benefit because some countries don’t allow overseas gamblers to access their gambling websites.
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Transparency
All payments and results on Bitcoin casinos are transparent and accessible. Every such gambling website has an unchangeable public registry that displays all the actions of gamblers and the casino.
On Bitcoin’s decentralized system, which is built by several independent nodes, no entity can have an unfair advantage in the entire gambling process. This means all users are completely unaware of the result when you spin a slot or deal a card.
Conclusion
There are many reasons behind the growth of Bitcoin casinos in the market, such as lower transaction fees and anonymity. Lately, many Twitch and YouTube influencers have also persuaded regular online gamblers to switch to Bitcoin casinos. BTC gambling websites will only grow in the future because of Bitcoin’s decentralized platform and Facebook’s foray into the Metaverse.
