Although Bitcoin has not yet been recognized as the main currency, it has many practical uses. One of them is gambling. Bitcoin can be used to deposit and withdraw funds on many of the leading gambling sites, which has many benefits. Since the cryptocurrency breaks all growth records, the question arises whether this situation can be associated with the use of bitcoin in online casinos or virtual gambling. Let’s try to figure it out.
Investing in bitcoin
The early adopters of the first real cryptocurrency paid only a few cents for each bitcoin. An investment of $100 in 2010 brought their holders $20 million in 2017. Nobody knows how many people became millionaires simply by investing in bitcoins.
But before investing your savings it is worth considering. Buying bitcoins right now will not help you get rich. Unfortunately, it’s too late for that. Due to the advantages of digital currency, and most importantly, its independence from various countries, bitcoin has become the most successful option for investing and saving money. Its constant growth is due to the huge credit of trust from governments, large companies and the general population. Therefore, now cryptocurrency is mainly bought for the reliable preservation of their own funds.
What is cryptocurrency?
Cryptocurrencies have three characteristics:
- First, it is completely virtual. There are no bitcoin bills or coins. Cryptocurrency is a “virtual asset” that can be electronically transferred between parties.
- Secondly, cryptocurrencies use cryptography to create additional units and to store and verify transactions. Simply put: it is a form of encryption.
- The third trait that defines cryptocurrencies probably has the biggest impact on their appeal. Unlike traditional currencies, cryptocurrencies are not controlled by any banks, governments, or other central authorities.
- The amount of cryptocurrency is limited and its value is regulated exclusively by the market. The lack of government oversight also means that some transactions can be conducted completely anonymously.
New digital currencies appear all the time. Some of them have managed to grow to compete successfully with bitcoins.
Bitcoin in crypto casinos and online gambling
The popularity and prevalence of bitcoin has become the reason for its use in online casinos. At the same time, more and more gaming platforms decide to use it as a payment method. Most of them also allow you to withdraw funds in cryptocurrency.
The main advantages of a bitcoin casino:
- fast and convenient wallet registration;
- identity verification on the casino website is not required;
- convenient wallet replenishment and quick withdrawal of funds;
- anonymity of all Bitcoin users;
- quick withdrawal of bitcoins to any account in the selected currency;
- the ability to play with players from all over the world without restrictions;
- high level of security for all financial transactions due to the use of html5 technology;
- winnings are not taxed;
- no one will get access to someone else’s cryptocurrency accounts;
- all types of gambling offered by traditional casinos are available at bitcoin casinos.
Most importantly, this currency can be trusted. Other factors that contribute to the high ranking of these sites are: bitcoin slots gambling offers, bonuses and rewards, and overall user experience. There are also some other games that you usually won’t find in online casinos.
There are two types of gambling sites that accept this cryptocurrency:
- hybrid services with bitcoins;
- sites that only allow Bitcoin.
For hybrid services, Bitcoin is just one of many payment methods, alongside traditional options. The second type of site is entirely Bitcoin-based. Some may accept other cryptocurrencies as well.
In general, it is recommended to use hybrid websites. For two reasons. First of all: usually these are pages with a longer history that have earned a certain reputation. Most Bitcoin-only websites are relatively new, so it is difficult to be sure that they are trustworthy and will stand the test of time.
Second: a matter of convenience. While there are benefits to using cryptocurrencies, it’s good to be able to use other payment methods as well.
The use of bitcoins for gambling and betting has increased significantly lately. Until recently, only a few sites accepted virtual currency, but this is not the case today. As more and more gamblers choose to use bitcoins, gambling sites had to accept this currency or risk losing customers.
Impact of online casinos on the growth of bitcoin
We can say that the use of cryptocurrency in online gambling and virtual casinos is rather an indicator of the reliability and stability of bitcoin. That is, if there was no rapid leap in digital currency, its users would accumulate it. And since people began to have certain amounts in bitcoins, the temptation arose not only to spend them, but also to increase them. Due to the fact that the volume of bitcoins is limited, and they have a large capitalization, I want to have even more of them. One of the legal solutions is playing in online casinos and betting at bookmakers. Therefore, we can safely say that the use of cryptocurrency as a means of payment in online casinos has increased the popularity of bitcoin and influenced its growth.