Updated:Jul 7, 2022 9:01 am
Online gambling is constantly evolving, thanks to technological innovations and advancements. As a result, bitcoin payments have become acceptable in the casino industry. As the evolution continues, multiple online casinos like JokerCasino, accept bitcoin as a payment mode.
Bitcoins casinos have been around, but they have recently become popular. The online gambling industry has also mushroomed as more states continue legalizing gambling online. The gambling market is estimated to be $158.2 Billion in 2028. Decentralized casinos serve players and operators alike through cost reduction and reliable transactions.
However, most players aren’t yet familiar with the advantages crypto casinos offer. But as the evolution continues, bitcoin is believed to impact the future of online gambling significantly.
What is Blockchain?
In traditional online casinos, gamblers deposit money for betting and later withdraw funds. Of course, this depends on the operator’s integrity. Since moving the funds is expensive, operators make it time-consuming or difficult for punters to withdraw money. But in blockchain, things work differently.
Blockchain is a vast database that stores blocks of data chained together to create a single ledger of transactions. Essentially, data is distributed among the network, providing an incontrovertible and provable record of assets. This creates a decentralized record of all transactions. The primary purpose of blockchain is to allow people to share valuable data securely.
By accepting cryptocurrency wallets, operators can allow gamblers to stay anonymous. Players can bypass disclosing sensitive, personal information to any site for verification. More so, withdrawals from an online gambling site can be instant.
Why Decentralized Casinos Offer Hope in the Gambling Industry
Traditional casinos are still prominent, but they have a few hitches that blockchain can resolve.
They Provide Payment Security
The available payment methods in traditional casinos come with waiting periods. For instance, gamblers might be forced to wait between two to seven days for processing transactions. The delay is because the payment options must get verified with centralized banking authorities.
Cryptocurrency transactions are not centralized, meaning the funds can get accessed within minutes. As a result, players can enjoy hitch-free and timely payments.
In addition, a monetary transaction in decentralized casinos is very safe. As you know, online casinos require gamblers to disclose their banking details during registration. Giving out your card information is risky, and some casinos might sell off your data.
Luckily, decentralized online gambling sites prioritize security and safety. Punter’s information is well-guarded to reduce the risk of payment duplication and hacking.
Bitcoin casinos also offer bonuses, just like the traditional ones. But when it comes to crypto gambling sites, you’ll get a wide range of promotions and bonuses. More so, these bonuses are more generous than their conventional counterparts.
Welcome bonuses are offered to gamblers to motivate them to register in reliable online casinos. You can enjoy exciting features without using too much funds. Regular players can enjoy other bonuses, including free spins, reloads, and cashback. In addition, bitcoin casinos offer reloads with low amounts to encourage players to return to the platform.
Wide Game Catalogs
The game lobby of decentralized gambling sites is usually impressive and filled with an extensive and exclusive collection of slots. The games are created by top-notch software providers, like Betsoft, Evolution Gaming, Microgaming, and IGT, to name a few.
You’re, therefore, assured to have fair and high-quality casino games. You can also access exclusive crypto games. Something like crypto dice revolves around betting on the dice roll, with a house edge of 1%.
Affordability and Convenience
One of the most significant advantages of decentralized casinos is their convenience. Players from countries where casinos are restricted benefit largely from Bitcoin casinos. They can easily access gambling sites and enjoy all the perks.
Similarly, fund transaction processes are more convenient and seamless. As a player, you instantly access your funds from any point in the world. No delays or hitches when withdrawing your winnings.
What discourages most punters is the additional charges when playing traditional online casinos. Subsequently, these costs affect the winnings. Fortunately, Bitcoin casinos offer you full winnings, subjected to extremely low charges. And since casinos are not delimited by any institution, transactions are more affordable.
International Acceptance and Anonymity
As the blockchain becomes more acceptable globally, so are the crypto casinos. These gambling sites accept punters from many countries. Unfortunately, currency conversions are a major headache for players. The lack of fiat currencies ensures you can perform transactions using any currency, regardless of your country.
The Future is Promising
Blockchain technologies have penetrated the gambling industry, and operators are leveraging this technology. It provides fairness, convenience, and security to elevate casinos in the public eye. Although the crypto games appeared recently, they have won the love of gamblers. This trend is expected to intensify the unique opportunities the technology provides.