It’s an exciting time to be alive with the emergence of Bitcoin casinos. But what is it actually, and what’s different about it compared to traditional casinos?
In this guide, we’ll talk about what Bitcoin casinos are, what you can do there, and comparing it to traditional casinos.
A short explanation about Bitcoin casinos
Simply, a Bitcoin casino is an online gambling platform that doesn’t use traditional means of payment, like cash or credit cards. Instead, the casino uses Bitcoin to place bets and pay out winnings.
There are many reasons why Bitcoin is increasingly popular in gambling and casinos. Some of the reasons we’ll highlight below.
The most crucial advantage to using Bitcoin in Bitcoin casinos is that you can play games wherever you are — even if casinos are censored in your region, making it convenient for those who want to try and get their hands on Bitcoin gambling. Privacy is another advantage you get with Bitcoin casinos, since you don’t compromise your bank and financial details.
What is Bitcoin?
If you’re unfamiliar with Bitcoin, Bitcoin is digital cash that is issued independently (not from a bank or government). It works similarly to cash, because you store Bitcoin inside a software called a Bitcoin wallet.
Creating a Bitcoin wallet doesn’t require going to a bank. Instead, you will receive recovery phrases that you must keep safe and private. After setting up the wallet, you can then lock your wallet with a password as you would with a banking application.
Can I use cash on a Bitcoin casino?
Bitcoin casinos take place entirely online, which means you don’t use physical cash. Some Bitcoin casinos offer players the ability to use their credit cards, but that would defeat the purpose of Bitcoin, won’t it?
Instead, players would first have to buy some Bitcoin at a crypto exchange, and then transfer that Bitcoin to the player’s casino account. For inexperienced players, this may look like a hassle. But here are the benefits of using Bitcoin in a Bitcoin casino:
No one can steal your Bitcoin
Bitcoin is digital cash, which means no one can store the Bitcoin for you, but yourself. Instead of relying on the security of a bank or even the casinos themselves, you can literally keep thousands of dollars worth of cash in Bitcoin at your home.
Privacy
As prefaced above, privacy and data breaches is a common problem on many traditional platforms. However, if you transfer Bitcoin and make bets with it, your true identity will always be concealed. The only way people can tell if you’ve gambled is if you’ve disclosed your Bitcoin wallet address.
Cheaper gambling commissions
While online gambling platforms have reduced the cost of commissions, you still need to pay banks if the casino’s currency is different, and pay withdrawal fees. On Bitcoin casinos, you only pay a small amount for the platform and a smaller amount in Bitcoin transfer fees between Bitcoin wallets.
Is a Bitcoin casino better than traditional casinos?
What’s better depends on who you ask — but we can agree that better security, enhanced privacy, game fairness, social inclusion, and high game variety are perks that Bitcoin casinos get.
Better security and enhanced privacy
As mentioned before, no one can steal your Bitcoin unless you share your recovery phrases. No one can also know that you’ve gambled, provided that you don’t reveal your wallet address. If you’ve been playing at traditional casinos (online or offline), you know that these things aren’t guaranteed.
There are cases where players get into trouble in their respective region, simply because gambling is outlawed. Banks could freeze the players’ account for that specific reason. That doesn’t happen in Bitcoin casinos.
In addition, you can withdraw your Bitcoin easily and much more quickly, where traditional casinos may even take days to transfer your winnings to your bank account.
Games are provably fair
Most online traditional casinos don’t reveal how their games really work under the hood. If they own the games themselves, who can guarantee that they aren’t tweaking the odds variable and make the house win more?
Bitcoin casino games use random number generators that are based on the Bitcoin blockchain. On some Bitcoin casinos, you can even inspect the program behind the games, to see if it’s legitimate and fair. That’s because in Bitcoin casinos, transparency is an important aspect.
Social inclusion
Have you noticed that in some traditional casinos, players from a specific region are barred from playing certain games?
This is no accident, and the reason may vary. Perhaps the casino doesn’t want to deal with paying out winnings to countries where gambling is banned, but we can never know the true reason.
Bitcoin casinos are, by nature, decentralized. This means everyone, regardless of jurisdiction, has access to the games. Even the money system — Bitcoin — is decentralized, because as we mentioned, it’s not issued by any government.
Game Variety
Bitcoin casinos offer a lot more variety in terms of games. The games themselves can get creative with varying payout rates. Traditional casinos, even those that are online, may find it difficult to catch up to the same standards.
Try out Bitcoin casino!
Now that you know what a Bitcoin casino is, head on over to Gambulls to get started! We’ve got a diverse selection of Bitcoin casino games in our collection.
Whether you’re into Slots, Jackpots, Roulettes, or anything in between there is no shortage of games to choose from at Gambulls.
On a closing note, it’s important to keep in mind that as with any casino game there will always be an element of luck in the game. Despite the claimed RTP of the games, you should still be aware of your limits and set a target for when you want to fold and cash in your gains.
Additionally, cryptocurrencies are highly volatile assets with price and market movements that can fluctuate greatly depending on many factors. Be sure to assess your risk levels and do your own research on the crypto coins you decide to use before proceeding.
