Bitcoin casinos are getting more and more popular by the day. Crypto-pundits are shaking their heads in utter amazement at this turn of events in gambling. Before the Bitcoin invasion, gamblers had limited bank funding options. The usage of fiat currencies was truly a thorn in the flesh of gamblers who valued their privacy and security.
The introduction of Bitcoin casinos is a certainly a game-changing solution that has unlocked more opportunities for the gamblers of today’s generation. There is still much to be written about this cryptographic digital currency and its multi-purpose applications.
Bitcoin Casinos: What Are They?
A casino is a public building that offers gambling services. Bitcoin casinos aren’t so different. They are betting companies that accept bitcoin (BTC) deposits from gamblers instead of the traditional state currencies (fiat). Bitcoin casinos are revolutionizing gambling businesses in unprecedented ways. They are literally taking over the sports betting world by storm.
To brighten the corners of the promising betting industry, programmers are developing custom games with the idea of meeting the desires of cryptocurrency dealers. From archeology to zoology, Bitcoin casinos feature several games. Examples include lotteries, roulette and sports betting.
Users make deposits and withdrawals by using their BTC in-house wallets. Bitcoin earnings can also be transferred to private wallets within a short time. The casino players use their Bitcoin wallets to place bets on games and wait for the outcomes. When a game is over and a player has won, the Bitcoin profits are sent straight to his in-house wallet.
To add more opportunities for their customers, many Bitcoin casinos have begun creating offers for Bitcoin jackpots as high as 500 bitcoins. These huge jackpot offers are part of the promotion schemes put in place by casinos, to attract more gamblers to their game centers.
Why the Popularity of Bitcoin Casinos?
Behind the popular trending facts about bitcoin casinos, are deep and interesting secrets. The reason for the popularity of Bitcoin casinos is a no-brainer. It all starts with how gamblers crave freedom and anonymity. As previously discussed, traditional banking institutions place limitations on how much and when gamblers may access their funds. On the other hand, gamblers care about the high transaction fees that are attached to frequent bank withdrawals of funds. Moreover, they can’t trust the security of their identities and financial transaction histories with bankers.
Casinos are going digital with Bitcoin because it’s the surest way of escaping regulatory standards. Bitcoin transaction fees are relatively low. It’s also no wonder some casinos go a step further by charging zero transaction fees in order to prove to the world that cryptocurrency betting is the right way to go. Bitcoin casinos operate better and with lower margins than traditional fiat-dependent casinos.
In summary, Bitcoin casinos are becoming popular because of the anonymity associated with Bitcoin accounts — in addition to the low fees and fewer restrictions of the crypto world. The icing on the cake is that gamblers’ earnings don’t immediately attract taxes, except in situations whereby one is legally required to do so.