The advantages of Bitcoin betting go far beyond that of the traditional fiat based casinos that currently dominate the gambling industry. Owing to this, it is probably no surprise that use of cryptocurrency is fast replacing its fiat counterpart.
Gambling is what stretches back to time immemorial, and like many other favourite ancient traditions, the act of betting has grown to thrive to this day, albeit with a modern twist.
Indeed, most recently this modernisation has expanded to incorporate digital currencies, most famous of which being BTC. The inclusion of Bitcoin hasn’t just encouraged a brand new demographic of punters but also nourished entirely new ways to wager.
At the outset, there was a particular absence of online casinos custom-made for the digital utilisation currency, however, in the last few years, as media and retail affirmation of Bitcoin has expanded, so has the number of casinos offering Bitcoin betting.
Now, there is a complete range of online casino sites, offering various games to play; including classics like blackjack, roulette and poker. One of the most popular reasons to go to these online casino sites is to play Bitcoin casino slots.
Where some online casinos have noticed the turning tide of digital currency sentiment, choosing to add Bitcoin as a form of wager currency, there are a few who have taken cryptocurrency dedication to the next level. The best online casino websites offer hundreds of games to choose from with an emphasis on Bitcoin wagering.
Bitcoin Trumps Fiat
The online gambling industry saw about $45 bln in volume back in 2017 alone and cites a projected growth which is more than double this in 2024 with a huge $94 billion in estimated volume. Bitcoin, in comparison, has purportedly seen over $4.5 million in wagers made since 2014; which is a figure that seems to be growing even more extensive.
This exponential growth can be attributed to some key features of Bitcoin betting; namely, it’s anonymity, with several online casinos allowing for a quick deposit of Bitcoin without a direct link to any bank account providing the added advantage of no bank transfer or conversion fees.
Bitcoin has the further benefit of circumventing the illegality of online gambling in specific countries, the US being a chief example of a country that hasn’t yet outlawed Bitcoin gambling in online casinos.
Being an internet-based currency, Bitcoin acts as a natural progression for online gambling as well as such has optimised these casinos, not just via cost efficiency but also security and privacy.
The advantage of many of these newly emerging Bitcoin casinos is that they usually use Blockchain Technology to make sure that provably fair gambling, a procedure which ensures a fair yet transparent game by using a random number and hash generators, offering verification of bet results to make sure that the house doesn’t always win.