What to expect from Bitcoin casinos
Bitcoin is blowing up, literally. Here’s how it’s going to impact casinos.
Bitcoin is a digital currency running on a blockchain network. It has high market value because one unit equates to 2583.48 US dollars currently. With millions of btc (16 million approximation) circulating the world, it is truly a widespread currency. That is why some famous gambling houses allow it as a mode of betting. There are also houses exclusively using bitcoins as the primary coinage.
As anonymous as its alleged founder, Satoshi Nakamoto, so is the bitcoin gambling industry. Only those with btc wallets can wager using it. However, www.slotozilla.com provides more insight on bitcoin casinos currently in business.
Characteristics of Bitcoin Casinos
In as much as casinos using bitcoins for wagering are similar to other online houses, there are a few things to expect.
The Bitcoin exists in a peer to peer connection. As such, all information that flows between the gambler and the casino is encrypted. This encryption shields it from third parties. The system has withstood hackers and prying eyes since its inception in 2008; why should the defense be breached now. As a subscriber to a btc casino, expect your financial and personal details to be safe and sound.
BTC, as the crypto-currency is abbreviated, does not belong to any country in the world. As a result, no tariffs apply to it. Therefore, you will not be taxed in your entire run of betting using bitcoins. No electronic payment method other than the btc wallets and btc addresses, facilitate the transfer of funds to and fro. This tax-exempt situation means that you will receive your winnings in full, unlike in mainstream currencies.
Earlier, the value of the bitcoins against the dollars showed the strength of this digital currency. Even a stake as little as 0.001BTC can result in a huge win. Technically, every win from a btc bet is a big win. The payout rate is high and instant. Hitting a btc casino jackpot translates to millions of prize money.
Efficiency in Transactions
The set up in the btc address system ensures efficient consistency. Every transaction is independent of the next and occurs only once. Once a payment process happens, it is irreversible as it is instantly saved as a block in the chain network. This simple but impenetrable system keeps the bitcoins transactions highly proficient.
- Lower fees/no commission
Bitcoin payments are free hence you get actual value for your money. The exemption from bills and other charges distinguishes the cryptocurrency form of payment from other casinos’ methods.
Deposits, payouts, and withdrawals are fast in btc casinos. Your stake reflects in your account instantly. Similarly, once you win, you do not have to wait for hours or days to claim your earnings; you can get it within seconds.
- Transactions are globally accepted
Currencies differ from one country to another. It is also common to access an online casino only to find out that your country’s currency is not accepted. The bitcoin casinos, however, take all global currencies because you are just required to convert your currency to the universally accepted bitcoins.
Also, there are bitcoin casinos that accept the other currencies as well for betting purposes.
In line with others, bitcoin casinos also seek to maintain and grow their client base. Promotion and bonuses availed to new and continuing players intending to keep them playing the slot games. The rewards include:
- Free spins for slots and wheel games
- Free games
- Welcome bonuses
- No deposit bonuses
- Deposit bonuses
- Jackpots and Progressive jackpots
The figures for the perks differ depending on the bitcoin casinos view. Some are more generous than others.
The loyalty reward programs are also offered in Bitcoin casinos. Players who visit frequently earn comp points which accumulate over a period. The ultimate goal is to be enlisted in the VIP program. In this club, members have access to exclusive rewards such as feature games and jackpots. Loyalty points are also redeemable for free spins and games among other bonuses.
There are specific Bitcoin casino games and software providers who supply these houses with games for punters to play. These games include:
- Roulette (table game)
- Blackjack, Poker, and Baccarat (card games)
- Video Poker
- Scratch Cards
All the above-stated games have the bitcoin as the central theme. The most popular game category is the slots and video slots. Several slots indeed use the bitcoin theme well, but I found Satoshi’s Secret Bitcoin slot quite remarkable. It has six reels and 20 pay lines. The most notable slot symbol is the anonymous hooded hacker, Satoshi Nakamoto.
Well, the sole requirement for any player who wishes to gamble in btc casinos is to have a btc account. You should then buy bitcoins using your currency. You will then register in a casino of your choice. Once you have done that, it is quite easy to proceed. Some of the renowned bitcoin casinos are the Oshi, 7Bit and mBit casinos.
In summary, the Bitcoin casinos have lots of features to offer. The fast, universal and tax-free mode of payment is beneficial to gamblers. Also, customer details are secure from online threats while the requirements to join are not trivial at all. The games are plentiful and can be played for free or for monetary gain. Also, the casinos offer a bevy of bonuses to customers with loyal players getting additional perks.