Bitcoin casinos are a relatively new phenomenon, but they have quickly become the preferred choice for online gambling websites. So why do so many players switch to Bitcoin? We can guarantee players that they will not be cheated because I play there myself.
Why gambling with BTC is great?
It is not uncommon to have to wait days, or sometimes even weeks, for a payout in a typical online casino. Sometimes the payout even takes months. It’s not always the casino’s fault, because your bank (and theirs) don’t like to handle online casino transactions. In addition, the company making the payment runs a high risk of credit card fraud, and they often have to take draconian precautions with their payments.
Bitcoin payments cannot be reversed after a very short period of time. So Bitcoin Casinos can credit your account immediately after your deposit and send you your winnings as soon as you initiate the withdrawal. The difference is like day and night when a big win floats somewhere and you wonder what happened to the money!
Bitcoin gives you the option to remain completely anonymous when you play online. In contrast, you will need to reveal your name, address, credit card details and other personal information, sometimes your Social Security number (!) when playing elsewhere. Some Bitcoin casinos do not even require an email address.
How can you be sure that the game is fair, especially when it seems that the dealer is getting the good cards? Bitcoin’s cryptographic innovations have introduced the concept of provably fair, which was first used by Bitzino in 2012 and has since been adopted by all major Bitcoin casinos.
We’ve written a more detailed description on our own proof fair page, but in short, we can say that the system uses cryptographic hashes to “cut” the deck digital before you start playing. This ensures that the casino software and the player do not know how the cards are arranged in the deck before the game. This is by and large the assurance that they have a fair game.
Bitcoin Casinos save credit card fees and offer proven fair gaming, which means they do not require expensive third party certificates. These savings are then often passed on to the player in the form of better odds and more generous bonus offers or referral programs.
In addition, lower access restrictions mean more choice and more innovative games for casino players.
The openness of the blockchain influences all businesses that are built on it. Many people believe that Bitcoin will lead them into a new era of transparent business promotions and Bitcoin casinos are no exception.