Bitcoin is a crypto-currency which has increased in popularity in the recent years. It has hit the mainstream in the year 2011 and the currency is not like the traditional currencies such as the Euro, Pound Sterling, and the US Dollar. In fact, there is not an existence of a central bank and it operates solely in the marketplace. This network came into existence first in 2009 and since then it has witnessed a meteoric rise worldwide. Thousands of businesses including the largest online retailers accept bitcoins. This currency can be transferred between the users through the bitcoin addresses, which consist of numbers and lettersranging between 27 and 34 characters.
The transactions through these currencies are done for free. Running an online casino or a gambling site involves cost, called the processing fee. Whenever a player deposits money using a debit card, a credit card or e-wallets like Skrill or PayPal, there is a fee involved for all the services. Many online gambling casino sites cover this processing fee while many pass it on to their players. In the unregulated markets, customers often have to bear the withdrawal fees, which cost them 10% of their winning amount. Due to this reason, a bitcoin casino is attractive to the online gambling operators.
Advantages of the Bitcoin casinos
One of the greatest advantages of the bitcoin casinos are the zero processing fees. No processing fee is charged at the time of depositing and withdrawing money. This allows the online casinos to have more money for promotions and deposit bonuses and most importantly, it gives them the best payouts for the online casino gamblers. Another important aspect of being crucial is the decentralization and lack of ties with any government or a bank. Funds cannot be frozen or seized in the way similar to the bank using the traditional currency. This is a big advantage for the people living in the illegal and unregulated markets.
Many times it has happened that the funds of the US online gamblers have been frozen many times in the past decade by the US. The bitcoins allow the players to have ultimate control on their money and also give them the opportunity to do whatever they like to do with their funds. They offer anonymity while gambling online. Most of these bitcoin casinos ask for the player’s email address for the password recovery purpose. The majority of these casinos do not ask for any personal information like the name and address, contact number, or bank account details. These features make it immensely popular as it is safe and secure.
Selecting the right online casino
While choosing an onlinebitcoincasino, consider few factors. Check whether the casino has the provably fair software. This answer can be found on the casino’s web page. There may be times when it is difficult to check whether the bitcoin casinos are provably fair. In this case, it is best to choose any other provider. Irrespective of the method of payment used, always ensure that the gambling online site is a legal establishment. For the purpose of own safety and protection, it is always recommended to check the network of the partners in the casino, end users’ reviews and the professional reviews.
