The gambling industry is an everyday changing scenario where companies compete intensively to bring new added values for customers and attract new users with innovations, as soon as Bitcoin started gaining popularity, online casinos looked for the way to take profit of this trend and turn it into one of their competitive advantages.
Through this article, we’ll review all the advantages and implications of the incursion of Bitcoin in the online gambling world. We’ll verify the most important aspects of Bitcoin as a payment method of online entertainment, we’ll analyze the impact this crypto currency has had in online casinos and we’ll guide you with everything you need to know when you opting for choosing a Bitcoin Casino.
There are several factors that have been contributing to the rise of Bitcoin, which is mainly affected by the demand of this crypto currency. As any financial product or service the trust of customers is one of the main drivers for its growth, the value of Bitcoin was fluctuating and it had its rough days however since a while now Bitcoin has been showing a stable value because of the confidence users have acquired using Bitcoin as a payment method.
Another growth driver for the popularity of Bitcoin is the increasing number of business that accept it now as a payment method for their products or services and notoriously the industry of online gambling has also entered in this trend as more online casinos accept Bitcoin deposits and with the arising of online betting platforms that only operate with this currency.
Bitcoin casinos have become crypto currency casinos as each day other crypto currencies increase their popularity among the same niche of users and of course online platforms want to please their customers. The increasing popularity of Bitcoin affected positively the popularity of other cryptocurrencies and there’s also another factor that has intervened in this trend, as the geopolitical environment starts heating and stability seems to be far again from todays circumstances; people fear of the negative impact this has on the value of their money and Bitcoin and other crypto currencies as being decentralized currencies grant more certainty for people where the local currencies are too volatile.
How do Bitcoin Casinos work?
Before talking about Bitcoin casinos we’ll start with a brief introduction of Bitcoin and its functionality. As many of you know; Bitcoin is a crypto currency created back in 2009 that relies in its block chain to counter transfers from one user to another. For using Bitcoins it’s necessary to download an e-wallet on your computer or mobile device where they’ll be stored and used, and simply acquire them from one of the many companies that sells them.
One of the biggest pros of Bitcoin is the fact that this currency is decentralize which means there isn’t any bank or central company behind regulating, taxing or intervening in its value which for several users is a great plus.
Safety is also something that users seek when opting for using Bitcoin instead of banking accounts for doing transactions online, however there’s something you should keep in mind before sending or paying anything with Bitcoin: all transactions are final, and you must be very careful in every transaction as looking for refunds will be very hard, for not saying impossible.
The final main point of the utilization of Bitcoin is the anonymity, several users opt for using Bitcoin as its use is completely anonymous and you won’t require to provide any kind of personal or financial information for one transaction. It’s important to remember that this specific point of Bitcoin has been at the same time one of its main disadvantages as several criminal activities have opted for using Bitcoin for doing transactions without being detected and it has become one of the main reasons why certain governments have banned the use of Bitcoin in their countries.
It’s important to make a differentiation between Bitcoin Casinos and Online casinos that accept Bitcoin as one of their many payment methods; in the first case, we are talking about casinos that only work with Bitcoins and maybe a few other crypto currencies and the second case relates to all online platforms that have been live for a while and that are following the Bitcoin trend accepting it as one of their several other payment methods, it’s important to make the differentiation because Bitcoin casinos let users profit from the anonymity implied in using only Bitcoin and other crypto currencies which is one the main added values for online gamblers as they don’t want their gambling be related to their financial accounts and they can even use pseudonyms and not their real name for betting online which for several people is very convenient, and of course this won’t be possible when opting to use Bitcoin as payment method in regular online casinos.
Betting options in Bitcoin Casinos
The variety of games and betting options of Bitcoin casinos are in constant growth as this is one of the ways they compete between each other to attract more customers, however there are a few games and options that are especially popular among Bitcoin casinos and we’ll describe them below:
Slots: Slots are by far the most emblematic game in casinos in general and of course is also one of the favorite games in the world of Bitcoin casinos. You’ll find games from the traditional giants of the online gambling industry like Microgaming and Netent and you’ll also find new and attractive slots specialized in high quality graphics and animations that you’ll surely like.
Roulette: This famous game is available in almost every Bitcoin casino, this dynamic game has been one of the favorite among players for a long time and it’s easy to understand why, with multiple betting options and strategies this game ensures good entertainment.
Craps: An interesting choice among Bitcoin gamblers are the craps games, the popularity on normal online casinos isn’t as big as it is in the world of Bitcoin gambling, some speculate this is due to the investments early developers of games for Bitcoin did in these specific games and as the niche keeps growing and more people enter in the Bitcoin phenomenon the more popular craps become for Bitcoin casinos. Remember to make sure not only to understand the game but to read all the instructions and restrictions on every Bitcoin casino you play as each developer add its own game modality.
Sports: For some time, Bitcoin casinos specialized in the traditional casino games however as their niche started growing they saw the opportunity of diversifying their offer to sport betting options. For some users the variety of sports, tournaments or leagues that Bitcoin Casino offer may stay short for their preferences, however as Bitcoin continues to increase their acceptance among big online sport betting sites, the possibilities of betting in Bitcoin to your favorite team in whatever league keeps increasing.
The variety of betting options in Bitcoin casino keeps growing, however the niche of this modality of casinos is very particular and aims for one thing: technological innovation, it’s become clear for the professionals in the industry that in order to captivate these users they must offer a tech added value which has come in several forms like live betting games where users can interact directly with other players and real croupiers, animation modalities have been another preferred games among Bitcoin gamblers so you’ll surely find several high quality animated games in Bitcoin casinos. Other of the recent innovations of gambling that has been very well accepted in Bitcoin gambling is the offer of eSports betting as these sports are very popular among Bitcoin users.
Bitcoin Casinos promotions
As in all online casinos the bonus and promotions are very attractive and bring much fun to your favorite games, there are a few differences between these bonus on regular and Bitcoin gambling platforms and we’ll analyze them so you can have the full picture of what to expect from these attractive promotions.
The welcome promotions are most common among all online casinos that offer a bonus for your first deposit when creating a new account, the most common of these promotions in Bitcoin casinos offer to duplicate your first deposit, actually there are just a few Bitcoin casinos that will offer more than the 100% of your first deposit, but if you search carefully you may find some platforms that offer even 500% of your first deposit.
A promotion that is very characteristic of Bitcoin casinos is the free spins, some will offer 50 free spins for their slot games for new users, but this promotion is not only a welcome bonus, you will also be able to profit from this on their monthly or even weekly promotions.
The free spin bonus is one type of no deposit promotions that online casinos offer, the general rule of this kind of bonuses is that you don’t have to make any deposit or bet in order to obtain the benefits, in addition to the free spins there are other promotions of this kind however not all the earnings from these promotions are cashable, you must read the small print very carefully to check if you’ll be able to withdraw the earning of these promotions or if you’ll have to place them in bets of any kind before being able to get your earnings. Always remember that promotions are not free money but a leverage to improve your online gambling experience.
The community of Bitcoin users is large and diverse, however users from this market segment are closer than in other segments which gave the perfect scenario for referral promotions which have gained popularity lately, basically Bitcoin casinos will reward you for inviting friends to subscribe to their platform, some casinos will give you a limit of referral promotions but most of them are unlimited and available at any time, so make sure you get rewarded every time you recommend your favorite Bitcoin casino.
How to select a Bitcoin Casino?
The first point to analyze when selecting a Bitcoin casino is to decide whether you want to take advantage of the relative anonymity that Bitcoin casinos provide or if you’re just looking for an online betting platform that allows Bitcoin as one of their many payment methods. To stablish the searching departure.
As discussed before; all transactions in Bitcoin are final and it’s very important to trust the online casino you want to subscribe to before doing any transaction. Even when Bitcoin itself is not regulated by any entity you must make sure the online betting platform you select is regulated and it has a good and trackable reputation among other users.
Another crucial factor before subscribing to any gambling platform is to confirm the terms and conditions for deposits and withdrawals you want to make sure you fully understand how and when your earnings will be cashable to avoid any kind of misunderstanding and disappointments. We also highly recommend opting for Bitcoin casinos that have a good customer service and that is available to answer your questions and clear your doubts at any moment, especially if you’re new in the gambling world opt for Bitcoin casinos that offer a vast FAQ area and also that offer customer service chat.
Something that differentiate Bitcoin casinos from regular online casinos is the specialization they have with certain games, there are Bitcoin casinos that specializes in slots and offer a wide range of games and graphics that you will like and there are other Bitcoin casinos that specializes in eSports betting offering more matches, betting options and information about more tournaments than general Bitcoin casinos which will make it suitable to select several Bitcoin casinos that together will offer all you need to have the best experience for your online gambling entertainment. It may sound complicated to manage several platforms at the same time but also bear in mind you’ll have access to more bonus and promotions and that you’ll have the best from each of your favorite Bitcoin casino games.
The best promotions at Bitcoin Casinos