Many people may not know that Bitcoin was created in 2009 and in mid-2017 you’d have been forgiven for never actually hearing about it. At the end of 2017 though it exploded into life and its astronomical price () got people talking about this new form of money throughout the world. That rise in the price came with a rise in interest and since then we have seen a boom in all areas related to Bitcoin.
Cryptocurrency is now being used in various spheres, including online casinos. There is a wide range of them, all offering unique opportunities and options. There are multi-currency casinos that work with both fiat and crypto money, and cryptocurrency-only websites. Some crypto casinos even offer special promotions and list them in the form of Bitcoin bonuses on CasinoBonusCheck.com. But why is Bitcoin becoming so popular in gambling? Let’s find out.
What exactly is Bitcoin?
For those who don’t know, Bitcoin is an online currency which uses complex cryptography in order to keep the coin private and prevent fraud. It’s a highly secure system and one that many people are turning to as an alternative to the traditional banks which failed people so badly during the financial crash.
Cryptocurrencies like Bitcoin are becoming more accepted as they become more understood. We are seeing an increase in the number of places that are accepting it and Bitcoin casinos are an example of where the future lies, as there will be more companies who are looking to take advantage of a rising popularity of the coin.
The advantages of Bitcoin in gambling
Bitcoin casinos are becoming increasingly popular due to the advantages that come with cryptocurrency. There are many reasons why people would prefer to spend their money through a website that takes digital currency rather than one which takes fiat currency such as US Dollars.
Cryptocurrency casinos allow people who own Bitcoin a space to use their coins and win more of them. Not only are there online casinos that accept Bitcoin as a payment method alongside fiat currency, but there are now gambling websites that deal with cryptocurrency only.
This is useful for those looking to gamble in the countries where it may not generally be allowed. If you live in a US state where gambling is banned, for example, then you now have the choice to use your coins in a Bitcoin casino. The thing is that many countries do not have clear regulations for Bitcoin as it is still a new phenomenon in the financial field. Moreover, when making Bitcoin transactions you do not need to reveal your identity or personal details - all you need is to share your wallet address. That is obviously bending the laws but is an example of how a Bitcoin casino can appeal to some people.
People see gambling as a very private matter and many think that it’s no-one else’s business what they do with their money. Bitcoin casinos offer this ultimate anonymity as the coins are stored in your own cryptocurrency wallet. There is no bank transaction trail and there is no other way for a company, government or financial institution to know what you are doing with your money.
The lack of personal information required by Bitcoin casinos entices people to them as most of the information that you need to give are simply the cryptographic keys that will determine how you are going to interact with other users.
There is also the lack of control from regulatory bodies which is at the heart of what digital currencies want to offer. Bitcoin aims to be decentralized without any third-party control that is often imposed on money by lawmakers.
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Many people have fallen in love with Bitcoin
Using a Bitcoin casino simply makes sense for a lot of people. They have this online money so why not get the chance to spend it in an online casino without having to worry about any third parties getting involved and while having the anonymity to do whatever you want to do.
There is also the added benefit of Bitcoin being something new and exciting. Crypto casinos will continue to grow in popularity as the number of people owning cryptocurrency will continue to increase. Being able to use it in a casino is an intriguing way of using cryptocurrency and another sign that Bitcoin is taking further steps to being a regular coin.
Don’t be overly optimistic though
Governments take different approaches to controlling the innovative form of money - some countries impose an outright ban on cryptocurrency, others work on flexible legislative frameworks, and still others prefer to just ignore it. However, the world of cryptocurrency is evolving and extending its coverage, and at some point it will be impossible to neglect Bitcoin.
Thus, with the anonymity that they provide and the lack of legislation they have to adhere to, Bitcoin casinos might come under close regulatory scrutiny. So, be sure to engage in Bitcoin gambling only if you know how it works and what kind of risks it may carry.