The casino gaming industry drastically changes every time any new technology is invented, and in 2009 the world saw the biggest change when Bitcoin was first introduced in the market. Since then, many new online casinos have started using Bitcoins as the preferred mode of payment because it has several advantages over other forms of payments. Online casinos can offer a payment method that is accepted throughout the world, and the players can use Bitcoins to play many free games like the Bier Haus slot machine online free.
So now, if a person wants to enjoy some of the casino games, they should have a thorough knowledge of how Bitcoins work so that they can get the best benefits from the casinos. However, it is not easy to understand how Bitcoins work since they are completely digital forms of money, and you have to buy them from several companies and organizations. In this comprehensive guide, you will find all the details about Bitcoins and how they have revolutionized the world of casino gaming.
What Is Bitcoin?
Bitcoin is the first cryptocurrency that was launched in 2009 by Satoshi Nakamoto, and since then, it has taken the financial world by storm. After the popularity of Bitcoins, many new cryptocurrencies were launched, but none of them could gain the market value of Bitcoins. This is because Bitcoin is a decentralized digital currency which means no intermediary would profit from the transactions any individual, company, or organization makes.
So anyone can buy or sell things with Bitcoins without involving any middleman like banks or other groups, which makes the transaction almost timeless. Online casinos were quick to grasp this concept of Bitcoins and readily introduced it in their casino websites. Now several online casinos accept cryptocurrencies like Bitcoins and Ethereum because it is beneficial both for the casino operators and the players. You will find out about the role of Bitcoins in online casinos in greater detail in the next section.
Erica Walter, a casino game reviewer, is positive about cryptocurrencies.
“More people can engage with casinos thanks to cryptocurrencies,” she adds.
Role of Bitcoins in Casino Gaming
Bitcoins play a huge role in casino gaming as it is successful in solving several problems that were faced when players used other payment methods. The traditional payment methods like net banking, credit and debit cards take lots of time in completing a transaction, and the players also have to pay an extra charge to the banks or the intermediary organizations. But if they use Bitcoins, then the payment will be completed instantly, and they will not have to pay any extra transaction charge to any banks. Some of the major roles that Bitcoins have in the world of casino gaming are as follows:
- Increased Security Measures. Bitcoins use the latest technological invention in security and safety measures called Blockchain technology to ensure that no one can manipulate or change the transactions made using Bitcoins. In the case of traditional payment methods, there are some risks that a hacker can hack into the private details of the players using the payment methods and can transfer money according to their wishes. However, with Bitcoin payments, it is not possible to transfer money without the authorization of the user as all the transactions ever made with Bitcoins are readily available in public ledgers. So any person can check the public ledgers to find out all the transaction records they have made using Bitcoins. You can play at several online casinos using Bitcoins without worrying about your payment security and safety.
- Superfast Transaction Time. Generally, when a player deposits money in an online casino using net banking or other methods, they have to wait for some time for the transaction to be completed. Moreover, different banks have different transaction periods, and sometimes, it can take up to one week to complete just one transaction. In the case of Bitcoins, you will not have to wait even for a moment to complete the transaction as there is no intermediary involved in the process.
- Very Low Transaction Charge. Whenever a casino player withdraws some money they have won in the casino games, they have to pay a certain amount to the banks or the middle organizations, but for Bitcoin transactions, the transaction charge is almost negligible. This is why many professional casino gamblers have shifted to using Bitcoins for playing at the casinos. In the long run, they can save lots of money on transaction charges.
- Special Cryptocurrency Casinos. Now many online casinos accept only cryptocurrencies like Bitcoins as they do not have to partner with other third-party organizations like banks and payment operators. It is prophesied that shortly, almost all online casinos will shift to using Bitcoins as their preferred modes of payment.
People generally fear new things, but once they come to know about the benefits of new things like Bitcoins, they start actively using them. So get over your fear of using Bitcoins and start playing at the online casinos using Bitcoins to get the most benefits.