Bitcoin casinos are still a relatively new phenomenon, but they are growing in popularity. Interest around cryptocurrency continues to develop, often aided by high profile media cheerleaders such as Elon Musk. And with that comes an interest in using this new technology in other aspects of day to day life. Online casinos are no exception.
What is a Bitcoin Casino?
So,what exactly do we mean by a Bitcoin casino? There are two parts to this question and while both are relevant, we are more interested in the latter.
Online casinos date back the 1990s. They are usually funded with fiat currency, through long-established payment methods such as Visa or Mastercard. In more recent times, such casino sites have begun to integrate various crypto tokens as acceptable payment methods to use for online wagering.
However, these sites may let you deposit and withdraw in Bitcoin, but they do not allow people to play in that currency. The funds are first converted to a fiat currency like GBP, USD, or EUR, before entering your account.
Casino chips also display traditional currency amounts, since they are purchased from the cashier using the converted funds, rather than crypto. And that is the difference with a Bitcoin-first casino site.
When you deposit in Bitcoin, your account balance displays in Bitcoin. The chips you use to play your favourite slots or tables games, are all in Bitcoin too. The whole casino platform has been designed and built with cryptocurrency in mind. This is the true definition of a cryptocurrency casino.
Brief History of Bitcoin Casinos
Although online gambling dates to the mid-1990s, Bitcoin casinos do not exactly have a long history. The cryptocurrency itself was only brought to life in 2008 and was not actually available for use until January 2009.
Since the first ever Bitcoin wagers are undocumented, nobody knows what happened in those early days. But something we do know for certain is that by 2013, more than half of all transactions taking place with Bitcoin were doing so at online casinos and wagering sites.
The following year saw the launch of the first ever Bitcoin-first casino to receive a full gaming license, sparking a boom in cryptocurrency betting. But why exactly have they become so popular?
Advantages of a Cryptocurrency Casino
The advantages of Bitcoin casino sites are essentially the same as the advantages of cryptocurrency in general. Let’s look at the reasons behind the rise in popularity of such Bitcoin wagering sites.
The key factor whenever anyone discusses cryptocurrency is anonymity. The very nature of transacting on the blockchain ensures that purchases cannot be linked to specific individuals. And while it’s true that the online casino itself will still require you to verify your identity for their own internal fraud processes, your payments will remain anonymous.
Since gambling is still frowned upon in certain cultures or families, it’s entirely possible that you would not wish for a family member to notice gambling transactions on bank statements or such. Bitcoin casinos remove that risk.
Cryptocurrency casinos bring a level of accessibility that doesn’t exist with regular online wagering sites. To begin with, Bitcoin can be sent back and forth from anywhere in the world. In developing countries, for instance, where banking facilities are not so common, it can be entirely possible to fund a casino account using crypto via a mobile phone. This is simply not possible if the site only offers card payments or E-wallets.
Further, withdrawal times are greatly reduced, making your money much more accessible. If I win at a Bitcoin casino, I can have the money back in my crypto wallet in less than an hour. With a regular online casino, I may need to wait three days for a payment to be sent to my bank card, or even longer if we are dealing with E-wallets or bank transfers.
In addition to those benefits brought about by transacting in cryptocurrencies such as Bitcoin, there is also the fact that a crypto casino can offer its players better bonuses than regular online casinos or sportsbooks. One reason for this is to do with transactions costs.
Since a Bitcoin casino doesn’t have to absorb any costs imposed by credit or debit card companies, and since there is no risk of credit card fraud through chargebacks, crypto casinos can afford to be a little more generous in their bonuses.
Welcome bonuses are often be huge in comparison to those offered by traditional online wagering sites. And this can only be good news for players.
What Does the Future Hold for Bitcoin Casinos?
While nobody has a crystal ball, it seems fair to assume that the future of Bitcoin casinos is bright. The value of Bitcoin, and indeed all cryptocurrencies, is as high as it has ever been. In turn, this has fuelled further interest and investment in the game-changing payment methods.
The basic economics of supply and demand suggest that the more people who want to use something, the greater the need for an industry to give the people what they want. If they don’t, the competition will simply kill them off. So, it seems likely that more and more casinos will continue to use cryptocurrency as payment options for online gambling. It could even become the norm, if crypto takes off in other areas of day to day life.
The online casino industry is already hugely competitive. Sites need to work hard to attract and retain business. Any casino with a crypto-first approach and a desire to offer players an experience that is unique, will surely survive in this space, despite the competition.
Slots.gg is a good example. With its wide range of engaging games and its innovative, Bitcoin-first approach, they are not seeking to simply clone the usual online casino experience. As a result, they seem well placed to handle such a battle.