What are Bitcoin Casinos?
Bitcoins has been increasing in popularity and now work alongside everyday currencies. Bitcoins have provided new possibilities in the world of gaming, gambling and lotteries using online Bitcoin casinos.
There are some casinos online now which use bitcoins as their only currency and others which offer bitcoins alongside the old tradition of paying in currencies such as USD. Bitcoin casinos originate from all over the world but should be subject to local laws. Using bitcoins these casinos let players bet on:
• Casino Games
• Sports Betting
• Gambling Games
• Online Lottery
• Spread Betting
Popular casinos include Satoshidice, bitzino, satoshibet, StrikeSapphire, switchpoker, bc-casino.com, BitLotto and BtcSpiortsBet.
How They Work
Software is the most important thing for any online gaming or gambling website and the same goes for bitcoin casinos as well. Larger casinos will have their own software which they have developed themselves while smaller ones will usually either rent or purchase the software needed.
Without much human intervention, the software will run the games and act as dealer for games that need human players. Bitcoin casinos will usually show how their algorithms work to gain players trust and prove that they are fair. For the ones that don’t do this, players are drawn to their casinos through word of mouth and other advertising strategies.
The most popular game in bitcoin casinos is poker, however there are a lot of other options available such as games and lotteries and new variations of games are always being invented.
The main reason that bitcoin casinos are growing in popularity is the anonymity they provide. A lot of sites don’t charge any transaction fees with as many daily transactions as you need. This differs from casinos that don’t use bitcoin which usually have limits and fees associated. As bitcoin casinos are online they can be accessed from across the globe by anyone at any time of the day or night. They also aren’t necessarily under the control of authorities so they may be able to make variations to games which would be illegal in other casinos.
Under The Microscope
When using a standard online casino which deals in normal currencies, these casinos have regulations and transactions that can be traced, which is not the same with bitcoin casinos. Because bitcoin transactions are digital, it makes it harder to audit these transactions. This can also call into question the fairness of the business.
To set up an account with a bitcoin casino, you usually only require a user name, password and email address, meaning that even in countries where gambling isn’t allowed this is hard to control. This is proving difficult for authorities looking to monitor online gambling.
In the United States, bitcoin casinos are illegal and most legally run bitcoin casinos are from outside the US. Players from all over the world, including people from the US can use these sites anonymously making it hard for authorities to regulate these casinos and gather any data that they may need.
How Have Bitcoin Casinos Helped Bitcoin?
Due to the anonymous nature of bitcoins, there isn’t a lot of information available. However there does appear to be a growth in Bitcoin transactions from Bitcoin casinos all around the world.
There has always been much debate around the ethical nature of gambling whether this is in a traditional casino or using a bitcoin casino. Bitcoin transactions are also very complex so it’s hard to know the exact operations involved. It’s always important to note the risks and legal side of using a bitcoin casino before getting too excited with the possibility of an easy, anonymous way to make money.