Since its inception in 2009, bitcoin has continued to grow in popularity. The value of the crypto-currency has skyrocketed from a few U.S. dollars for a coin at the outset to well over ten thousand dollars today, and its popularity and value are expected to continue to grow for the foreseeable future.
Unsurprisingly, this popularity has not gone unnoticed in the world of commerce, with tech giant Microsoft being one of the first companies to accept bitcoin as payment for its products and services in 2014. In recent years, the gambling community has also been served by the emergence of Bitcoin casinos specifically designed to accommodate players who have a preference for betting in crypto-currency.
How does a Bitcoin casino work?
A growing number of online casinos are accepting Bitcoin as a payment method, alongside more traditional currencies such as the US dollar or the British pound. However, there are specialized Bitcoin casinos that do not accept any other form of payment, meaning that all transactions, deposits and withdrawals are made exclusively in Bitcoin.
These casinos often operate using proprietary software that creates their own games and algorithms, and they gain the trust of their customers by openly sharing how they operate, or through word-of-mouth referrals. Although site visitors can play all sorts of online casino games, Bitcoin casinos are particularly popular among poker players - although this trend may change as casinos become more widespread and popular.
What are the advantages of a bitcoin-only casino?
Choosing to accept only bitcoin is an attractive proposition for casino site owners, as it means they don't have to pay processing fees for deposits and withdrawals or other associated bank fees. This means they can pass these savings on to their customers in the form of unlimited free transactions, higher sign-up bonuses and more attractive jackpots.
These monetary benefits are essential to gaining the trust of potential casino players, but Bitcoin casinos are also attractive because of the level of anonymity they offer. The amount of personal information players must submit is very small compared to traditional online casinos, which means they can maintain discretion and privacy. In addition to being free, deposits and withdrawals are also easier to manage through a Bitcoin casino.
Growing popularity
While traditional online casinos are still much more popular than Bitcoin casinos and look set to remain so for many years, there are many signs that Bitcoin casinos are gaining in popularity. The rise of the crypto-currency itself is one of them, while the fact that Bitcoin casinos are getting more and more members is another.
Indeed, online gaming as a whole is on the rise. According to statistics compiled by the UK government, the remote (or online) sector accounted for 39.9% of overall gross gaming yield (GGR) for the year ending March 2019, and that percentage even includes lottery winnings, which is no small amount. In fact, the total revenue generated by online gaming in 2018-19 was £5.7 billion, and this figure is expected to increase over the years. By all accounts, the future looks bright for the online casino industry in general and Bitcoin casinos in particular.