Bitcoin is the most popular cryptocurrency and a global payment method. It is the first decentralized digital currency to operate without a central bank or central administrator. The network is peer-to-peer and transactions take place between users, without an intermediary. There are more and more online casinos that use Bitcoin as a means of payment. It’s fast and simple. That is what appeals to many players. The big risk of the Bitcoin is its fluctuating value. One day the value is higher than another day.
Online casinos are usually at the forefront of technological developments and security, so it is already possible to pay with Bitcoins at various gambling sites. There are even casinos that focus exclusively on cryptocurrency. In that case, depositing money is very simple, you transfer the coins via a QR code and the amount will arrive within seconds. The advantages are the speed and anonymity of this process.
In some ways, bitcoin casinos are no different from other casinos. For example, they must still have a valid license. But what makes a casino focused on bitcoins special is that they can use blockchain technology. This means that they can work more transparently, offer an acceptable return rate, and are innovative.
The main distinction between “regular” (online) casinos and bitcoin casinos is working from the blockchain. If you play at a bitcoin casino, you can immediately deposit your won bitcoins into your wallet, without the intervention of an extra payment layer and without delay. Furthermore, the blockchain greatly increases your anonymity. However, it does of course require a technical investment from the casino. For a traditional casino, where payments are still made with the “normal” currency, the changing laws and regulations regarding cryptocurrencies are also a major stumbling block. As a result, they are not tackling that quickly for the time being.