Bitcoin gambling is gaining momentum!
While traditional media were just starting to pay attention to cryptocurrency, various gambling portals were pondering over how best to take advantage of it. Many of those crypto-casinos, which once ventured to build their business around Bitcoin (or simply added a few cryptocurrencies as another payment method), are still operating successfully today.
Of course, Bitcoin’s exchange rate has very much influenced the growth of interest in virtual currencies. But even if we abstract away from BTC price charts, the willingness of gambling industry representatives to accept Bitcoin and other cryptocurrencies is very easy to explain.
Benefits of Bitcoin casino games
The unprecedented interest in cryptocurrencies and Bitcoin in particular was largely due to the technical features of this innovative ecosystem. Financially savvy people have paid particular attention to several key aspects of digital currencies:
- 1. Payment processing speed
- 2. The cheapness of money transfers
- 3. Possibility to send small parts of one BTC
- 4. Secure and confidential transactions
- 5. Relative independence from the state
It so happens that each of these points is of great importance in online gambling. So as soon as the first casinos with Bitcoin slot machines appeared on the Internet, others began to realize the undeniable benefits of cryptocurrency for casino gaming.
The technical features of transaction processing in the Bitcoin network make money transfers very fast. The transfer of funds from one account to another is instantaneous. All that remains is to wait for the final confirmation of the transaction by the miners. Except for periods of extreme network load, this procedure takes about 10 minutes.
Speaking of miners. It is also much cheaper to transfer funds via Bitcoin. The user specifies the amount of the «miner’s» commission for each transfer. If you compare these pennies with the possible costs of banks, payment systems and all sorts of intermediaries in the transfer of traditional fiat currencies, cryptocurrency seems a particularly favorable solution.
For the average online casino user, it can be a double benefit. Firstly, he will be able to save on deposits and withdrawals. Secondly, gambling portals themselves will lose less profit on commissions, which allows offering players more «tasty» bonuses.
Perhaps the most obvious advantage of Bitcoin games is the privacy of the player. In Bitcoin, there is no personal data about the owner of the cryptocurrency. They are not sent along with wallet addresses or public keys. Many Bitcoin casinos do not even require specific personal information from users — or if they do, it is only to comply with legal procedures.
Bonuses in Bitcoin Gaming
It’s hard to surprise gamblers with bonuses. And yet, cryptocurrency portals succeed from time to time. First of all, we are talking about deposit bonuses — under the condition of large deposits, players are often entitled to huge sums.
100% deposit bonus with possibility to get up to 1 BTC already became almost a standard for every big bitcoin-casino. Some portals go further, raising the value up to 3, 5 and even 7 BTC. And this is only bonus for the first deposits.
Players are also waiting for a sea of freespins, various no deposit bonuses, promo codes, quests and tournaments. Large bitcoin casinos from time to time hold large-scale competitions with huge prizes — a few years ago, crypto-enthusiasts would have considered it a joke at best. Now you can win a trip to Las Vegas on a cryptocurrency site.
Just go to the first casino with Bitcoin games, and the promotional offers will catch your eye. All in all, this becomes another reason for casinos to be interested in cryptocurrency gambling