Gambling is not something new, and casinos all over the world are making it more legal now. However, with online work emerging and expanding, online gambling is also something that came up in the picture.
Now, what is Bitcoin Casino?
There was a time when online casinos worked on the transaction of fiat currency in a digital form. But, since the huge exposure of Bitcoin and tech moguls investing huge amounts in Cryptocurrency, people are seeing that more and more online casino platforms are now accepting Bitcoin as their form of payment.
If you’ve stumbled across this article to understand the different ways in which you could benefit from Bitcoin casino, then keep reading.
What Is Bitcoin?
Bitcoin is the first digital currency that commenced the whole Cryptocurrency phenomenon in our world. Although, there was a point when Cryptocurrency was deemed to be something ‘not that serious.’ Some didn’t believe in it, and the others blatantly made fun of it. However, Cryptocurrency was able to resist most of the criticism, and now along with Bitcoin, many altcoins are paving the financial world.
Traditional Casino Vs. Bitcoin Casino
There is a difference between traditional and Bitcoin casinos, and some might even prefer the Cryptocurrency ones over the traditional casino.
1. Transactional Currency
Needless to say that the first and the foremost difference that you will find between the two is the transactional currency. In normal traditional casinos, transactional currencies are in the form of dollars, euros, etc.
On the other hand, Bitcoin casinos mostly trade with Bitcoin, but some might allow other altcoins in transactions as well. However, that depends on the platform which you are using.
2. The Fairness Of The Game
When we talk about the fairness of the game, we are talking about the house vs. gambler phenomenon, which is very common in most casino games. Traditional casinos have a higher percentage of the house edge to ensure that gamblers do not win all the money.
However, when it comes to the online bitcoin casinos, they have a fair algorithm that doesn’t give the house an excessive edge over the players. So, your chances of winning there are pretty high.
3. Security During The Game
It is encrypted with Blockchain, where each piece of information is given in the form of Blocks. Now, when it comes to hacking them, it is difficult to penetrate these blocks; nobody can see all the information, only the one you are trading with. With anonymous bitcoin casinos, security is increased further, as nobody can see your personal details, not even the casino itself.
In Bitcoin, it is very difficult to conceal information when it comes to gambling. Everyone knows how many Bitcoins are present in the digital world at the current moment. Plus, everyone knows the current rate.
So, it is difficult to cheat someone with big promises and flashy images, which are very common in traditional casinos.
Frequently Asked Questions
If you are planning on venturing into the world of Cryptocurrency and you are still confused about it, then here are a few frequently asked questions that might be able to help you.
1. How Do I Use a Bitcoin Casino?
Ans. You first have to link your Bitcoin wallet with that of the Bitcoin casino platform which you are choosing.
On the deposit and withdrawal page of the online domain, you will generally find a fiat money option and a Bitcoin option. You then click on the Bitcoin option, and they will give you a set of instructions that can make your transactions easy.
2. Are Such Crypto Casinos A Legit Source?
Ans. Yes, these are legit sources for you to invest your Cryptocurrency if you have an interest in gambling. These domains are licensed after giving a certain amount of gaming commission, but you might notice that some of these casinos might have a geographical border restriction.