Top casinos accepting Bitcoin
Bitcoin needs no introduction. At some point, everyone found out about him. The cryptocurrency idea, in which few people believed, turned into a grandiose takeoff, which has not ended until now. We will not go into details and count how much each of us could earn on the rise in price of this currency. It’s better to focus on our top online casinos that accept bitcoin. After all, despite everything, playing in an online casino for bitcoins is one of the most effective and accessible methods for everyone to make this cryptocurrency work for themselves and multiply it without dull and long trading sessions and playing on its course.
Bitcoin is a technological project with open source, which means that it is not controlled by banks or large corporations and everyone can take part in this grandiose project.
The cryptocurrency itself was first launched in 2009, by a person or group of people under the pseudonym Satoshi Nakamoto. Bitcoin uses cryptographic algorithms to protect transactions and does not have a payment reversibility function. Electronic payments are made directly, without intermediaries.
The funds available in the bitcoin account cannot be seized or blocked by anyone other than the holder of the cryptographic key (or persons to whom it has become known). Also, for such payments, a third party may be involved for the reversibility of the payment (analogous to a secure transaction). Because of its architecture, bitcoin is decentralized, that is, it does not have any single center controlling it. All participants of this project are absolutely equal among themselves and have the same opportunities.
Bitcoin in an online casino
Naturally, online casinos could not pass by such an attractive story and even new online casinos began to open, using bitcoin as the main deposit method, while some use it simply as an addition to the main currency.
In some online casinos, you can get a no deposit bonus in bitcoins. There are other attractive online casino bonuses in which this cryptocurrency can be credited to the player’s account for loyalty program points.
How Bitcoin Casinos Work
Software is the basis of any online casino or gaming business, and this is also true for bitcoin casinos. Most of these popular establishments with a large user base run their own game software developed independently. Other small players use purchased or rented versions, which can be customized by adding several unique features to the game.
The software conducts and runs the game with minimal human intervention. For games that are played only by real players, the software plays the role of a table dealer (actually conducting the game). Due to the digital nature of their business, bitcoin casinos face the problem of convincing users of the fairness of their operations. Most bitcoin casinos try to establish trust by openly revealing how their software algorithms work.
Poker is the most popular game for Bitcoin casinos, while there are (and continues to appear) many other interesting games, lotteries and variations of popular games.
Why Bitcoin Casinos Are Gaining Popularity
Anonymity remains the biggest advantage for Bitcoin casino users, as well as for any bitcoin transaction.
Most Bitcoin casino sites offer zero transaction fees with an unlimited number of free daily transactions, while traditional currency casinos set limits and transaction fees. The digital online nature of this business provides access from anywhere in the world and easy accessibility for a large number of players around the clock.
Since online games are largely beyond the competence and control of the authorities, many online games have been configured to take into account changes in the rules of the game. Such variations are legally prohibited in traditional online currency casinos, and this has become the main reason for the popularity of bitcoin casinos.
Legal Aspects of Bitcoin Casinos
Due to the nature of bitcoin transactions and the issues listed above, running a Bitcoin casino is illegal in the US and most legally known Bitcoin casinos are hosted outside the US. Interested users from all over the world (including a significant user base from the United States) make transactions on these bitcoin sites anonymously, which creates a big problem for the authorities to streamline, control and legalize transactions. The lack of public information about such enterprises, based on anonymity, creates a problem for collecting the data necessary to ensure compliance with the rules.
The Impact of Bitcoin Casinos on Bitcoin Transactions
Due to the lack of publicly available information about bitcoin, it is difficult to assess the details and the impact of a bitcoin casino on its turnover rate. Based on some limited information available, it is clear that ” April 2012 launch of the gaming site SatoshiDice.com this was enough to increase the total number of daily bitcoin transactions by almost five times.”This indicates how much the anonymous world is passionate about gambling.
The reality remains that Bitcoin casinos are receiving more and more transactions with a steady growth rate since 2012. This further spurred the use of this cryptocurrency.
Casino gambling, whether based on conventional currency transactions or anonymous digital currency transactions, has always been a controversial topic for ethical reasons. Add to this the complexity of bitcoin transactions, and you get a significant complication of bitcoin casino operations. No matter how tempting it is to get carried away with easy options for making money, we advise you to always keep in mind the legal aspects, problems and risks.