Gambling is as old as history, but the coming of the internet has transformed the activity into a colossal market. Studies indicate that the online gambling market could hit $100 billion by 2025. But the value could be higher when accounting for Bitcoin casinos.
Bitcoin casinos are the latest sensation taking the gambling world by storm, especially as punters realise the convenience of gambling using digital currencies. This guide will help you to identify some of the best Bitcoin casinos in 2021.
Our Top Picks of The Best Bitcoin Casino
While these online casinos are still in the early stages of development, you are always sure to be spoilt of choice. Below is a list of some Bitcoin casinos along with their features and advantages.
What Is The Purpose of a Bitcoin Casino?
A Bitcoin casino is an online casino that transacts mainly in Bitcoin, though others support a wide range of cryptocurrencies and fiat currency. An online casino is a virtual platform that operates similar to a traditional brick-and-mortar casino. Enthusiasts meet at the casino to play and wager on a range of games.
Because a Bitcoin casino operates online, you have to create an account that identifies you as a player. Look at the account as a membership card that you obtain when you become a brick-and-mortar traditional casino member.
Their growing popularity stems from the anonymity they continue to offer gamblers. The fact that all transactions are encrypted continues to entice gamblers who cherish privacy and are looking to remain anonymous.
Lower transaction fees compared to other gambling platforms is another aspect that continues to fuel Bitcoin casino popularity. Zero transaction fees at the back of unlimited free daily transactions is an advantage that is unmatched elsewhere. In contrast, most of the fiat currency based casinos come with limits in transactions as well as hefty transaction fees.
The online nature of the Bitcoin casino business also enables global access and easy availability of players. Similarly, there is always a large number of players always at hand to gamble.
The first step to using an online casino involves selecting the right casino for you. For example, do you agree with the terms and conditions? Make sure you understand the fine print of terms and conditions as part of due diligence. Once you have settled on a pick, go ahead and open an account. The casino site will ask for personal information such as full name, telephone number, home address, date of birth, and any other information that might help meet KYC (Know Your Customer) guidelines.
Some Bitcoin gambling sites might not ask for much information beyond an email address because they offer anonymous gambling services. Having set up your account, the only thing remaining before you start trading is funding your account. Bitcoin casinos often ask for deposits in crypto, but it is not uncommon to find some that support deposits and withdrawals in both fiat and crypto.
How To Find The Best Bitcoin Casino
Check Regulations and Security of Bitcoin Casino
Bitcoin casinos must obtain regulatory thumbs up for them to claim legitimacy. Licensed and regulated casinos inspire confidence in the safety of your personal information as well as your funds. The best Bitcoin casino also employs high-standard security measures to protect the platform.
Check Fees of Bitcoin Casino
Most Bitcoin casinos do not charge fees on deposits and withdrawals. In cases where you incur fees, this is unlikely to go beyond 2% of the transaction amount. You should always check the selected Bitcoin casino's fee structure to ensure you are getting the best deal.
Additional Features of Bitcoin Casino
When Bitcoin casinos started coming up, they mostly competed in the area of games on offer. Now, the casino sites offer unique additional features to attract more gamblers. The most popular additional feature you will find is welcome bonuses. Other casinos offer free spins and other rewards.
Is a Bitcoin Casino Trustworthy?
A gambling platform that supports cryptocurrency seems like the perfect combination for controversy, but this is no longer the case. Bitcoin casinos have grown in popularity, especially on the back of Bitcoin price's unprecedented rally. Also, online casinos fall under legal businesses recognised by various regulators all over the world.
There are two things you should expect if you are to trust a Bitcoin casino. First, the casino should have all the correct licensing details. Usually, the casinos post the information on their sites for your viewing. You could also inquire about the regulatory status of the casino from the customer services.
Secondly, a trustworthy Bitcoin casino offers provably fair games. This is a critical requirement by regulators to ensure that games are not biased towards the house. How do you tell that the games are provably fair? Well, trustworthy Bitcoin casinos provide an analysis of the fairness of their games on their sites. They also show users how the system works so that you can work it out yourself.
Will a Bitcoin Casino Make Me Money?
In researching, we stumbled on various online reviews and user testaments claiming that a Bitcoin casino is a profitable venture. However, new users must always manage risk and try to learn how the platform works as gambling is a risky venture.
Bitcoin gambling is a novel niche, and most casinos are just building their brands. As such, you are likely to receive plenty of bonuses to egg you on and sign up with them. Nonetheless, you should be aware that online casinos play by the traditional casino market rules. This is to say that you should not rule out the house's probability of winning more than you do.
When researching, we found out that Bitcoin casinos have a large following and that users are increasing substantially. Ultimately, Bitcoin gambling is a slippery slope, and your risk-management skills and experience level will determine whether you earn money or not.
Bitcoin gambling is growing in popularity as cryptocurrency becomes more mainstream. Various Bitcoin casinos have started to offer gambling services with a touch of cryptocurrency, and the market is growing substantially. The fact that they can obtain regulatory approval implies the market is ripe for exploitation.
Bitcoin casinos are racing to fulfil the growing demand for Bitcoin gambling. Some online casinos are offering huge welcome bonuses to capture as many customers as possible. Nonetheless, customers should be aware that Bitcoin gambling is a high-risk endeavour that favours experience and risk-management skills.
Frequently Asked Questions
Bitcoin gambling is legal in many countries but always check with your local laws before using a platform.
Provably fair games are gambling games in which players have a fair chance of winning. For a Bitcoin casino to obtain an operating license, it must demonstrate to regulators that the games on offer are not biased in favour of the house. As such, Bitcoin casinos have cryptographic hash functions that generate random values to ensure that players do not cheat; neither can the house cheat because the cryptographic hash function is a piece of software that operates independently.
The first place to start is online. Look for and read reviews and user testimonials concerning the Bitcoin casino in question. The internet is full of players who would never hesitate to call out a house for playing dirty. You can also read the description of provably fair games on the casino sites and make your decision.
Bitcoin casinos do not charge fees on deposits and withdrawals but make sure to read the terms and conditions fine-print to be on the safe side.
No, all you need is a Bitcoin wallet. However, Bitcoin casinos that support transactions in fiat currency might require you to link a bank account.
Bitcoin casinos are regulated, and they should have relevant licenses before beginning to operate. As part of exhaustive due diligence, make sure you confirm the licensing status of a Bitcoin casino before signing up to avoid surprises.
Different Bitcoin casinos have different regulations concerning minimum deposits.
Yes, some Bitcoin casinos have gambling limits in place to make sure that you take a break to breathe and recalibrate your faculties. You should aim to learn better risk-management skills and better your strategies, which help control irresponsible gambling.