Bitcoin casinos are those casinos that allow deposits and payouts in Bitcoin. In such casinos, the payments by the players are made to a Bitcoin wallet of the casino. Payments are made in millibitcoins, which is equal to 1/1000th value of a Bitcoin.
These Bitcoin casinos are present all over the world, however, they are governed by laws. With all the transactions in these casinos, happening in Bitcoin, the players place the bets in Bitcoin. The Bitcoin-based transactions include betting in gambling games and sports betting.
History of Bitcoin Casino
Bitcoin was invented by Satoshi Nakamoto in 2009. Nakamoto released a paper on his invention of this currency on October 31, 2008. The name of this paper was “Bitcoin: A Peer-to-Peer Electronic Cash System”. However, the first version of Bitcoin was generated in January 2009.
The value of the Bitcoin dollar was not even 1 USD in February 2011. However, it reached 67 USD in April 2012
How do Bitcoin casinos work?
Bitcoin casinos work through software programs. The transactions in Bitcoins are very quick. Unlike fiat money-based casinos, these casinos transfer your money within minutes. Money transfer happens in currency-based casinos within days. It is better to deal with those Bitcoin casinos that use provably fair algorithms. These algorithms indicate that the results given out by casinos are authentic.
Why Bitcoin casinos are gaining popularity?
The reason why Bitcoin casinos are getting popular is that you can play on these sites from the comfort of your home. Apart from that, the money transfers happen in a time span of around 5 minutes or even lower time. The time required for registering on these sites is also low; it takes hardly 10 seconds for registration. Besides, the transaction fee has also been reduced to a great extent in such casinos, adding to their widespread popularity and acceptance.
Another great advantage is that you can chat with someone who is already playing in this casino, without revealing your true identity. Since Bitcoin transactions are anonymous, players are saved from the hassles of paying exorbitant taxes on your big wins.
Most Casinos Now Support Bitcoin Payments
Currently, some casinos accept payments both in dollars as well as Bitcoin; while there are also some that don’t approve Bitcoin payments. Looking at the immense acceptance of Bitcoin casinos, it seems imperative that those casinos which haven’t yet started accepting payments in Bitcoin are most likely to die out in the near future. It is, therefore, essential that players conduct thorough research before placing their bets and choose a casino that accepts payments in Bitcoin.
Are Bitcoin Casinos Legal?
The existing laws in the US do not state that gambling in Bitcoin is against the law. Some states in the US have declared gambling as illegal and Bitcoin gambling as completely illegal. While there are some states where gambling is legal and state governments earn a lot of their revenue from the conventional casinos. There is, therefore, a lack of clarity on the existing laws regarding gambling in the US.
Bitcoin gambling is prohibited in countries such as Bolivia and Pakistan.
Conclusion
Bitcoin casinos have now secured a good place for itself in the casino sphere. However, there still are some people who maintain a skeptical attitude towards it due to some very basic reasons. First, they cannot rely on Bitcoin as it is subject to high volatility. Second, their awareness regarding Bitcoin is limited and they find it rather confusing.
But these reasons are not enough to restrict the popularity and acceptance of Bitcoin casinos. They hold tremendous potential to take the casino industry to an altogether different level. The increase in awareness among the mainstream population regarding the usability of Bitcoin will definitely trigger further development of the Bitcoin casino industry.