What is a Bitcoin Casino?

1

Bitcoin has redefined the online gambling niche since it was introduced into the gambling sphere in 2013. Compared to some of the top-rated online casinos such as Мasalbet, which relied on fiat currencies to offer their services, Bitcoin casinos offer many advantages. Players can expect faster transaction speeds, provably fair games, improved safety and security, among many others. The result of these advantages is an increased number of tech-savvy players and those looking for a more private gambling experience joining Bitcoin gambling.

In this article, you will learn about the advantages of Bitcoin casinos in detail. Moreover, you will get a quick comparison between the traditional and Bitcoin casinos in 2024.

What is a Bitcoin Casino?

As the name suggests, a Bitcoin casino is a platform that accepts BTC as one of the payment methods. Players can use Bitcoin to deposit, pay for their gaming sessions and withdraw winnings using Bitcoin. It could be a website that exclusively supports Bitcoin and other cryptocurrencies or a hybrid. The latter option (hybrid casinos) supports fiat currencies alongside cryptocurrencies.

Bitcoin vs. Traditional Online Casinos – Which is Better?

The main difference between Bitcoin and traditional casinos arises from how the transactions are handled. This section compares Bitcoin to conventional online casinos in the following parameters:

• Transaction speeds
• Fees
• Privacy
• Provably fair gaming
• Most of the other aspects of gaming, especially games, software providers, promotions and bonuses, plus the quality of customer support services, vary from one brand to another. The above parameters cut across all Bitcoin casinos online.

Transaction speeds

Transactions made using fiat currencies must be approved by a central body, i.e., a financial institution. This is not the case for Bitcoin and other cryptocurrencies, as they are not controlled or monitored by a central body. Because of this, the transaction speeds made using Bitcoin tend to be faster. Typically, you can expect near-instant deposits and withdrawals can be processed within one hour of approval. Fiat currencies can take up to three business days to be processed. The withdrawal times mentioned are after the casino's processing time.

Fees

Because Bitcoin isn't controlled by any central body, transactions tend to have very minimal fees attached to them. This makes it cheaper to deposit and withdraw using BTC than fiat currencies.

Privacy

You won't be leaving a paper trail when you decide to gamble using Bitcoin. While all Bitcoin transactions are carried out on a public ledger, they don't reveal the real ID of the user. This makes it possible for you to transact to and from the casino anonymously. However, you might have to complete the KYC verification from the casino's side, which is a requirement for all gambling sites (both fiat and Bitcoin casinos).

Provably fair gaming

Traditionally, results in online casino games are determined using a pre-programmed RNG. The same applies to Bitcoin games, but with a slight twist – players can verify the outcome was 100% accurate. This is the concept behind provably fair gaming, which is exclusive to crypto-backed games.

The games incorporate Blockchain technology, which is at the core of Bitcoin and other cryptocurrencies. This allows players to check themselves using a series of hashes that the outcome was indeed 100% accurate and not manipulated by the casino.

Are Bitcoin Casinos Legal?

The legality of Bitcoin casinos depends on your location and gambling jurisdiction. While some countries allow for online gambling activities, some have laws that prohibit any form of gambling – both offline and online. This can prevent operators from accepting players from such countries.

Over the years, players have found the use of VPN software useful when trying to navigate these roadblocks. However, while you might circumnavigate the Geo-Location verification on your device, you may fail to pass the KYC verification process, which is a must complete. Completing the KYC involves sending a copy of your government-issued ID and utility bill for verification. Failing the KYC verification means you cannot cash out your winnings plus the initial amount deposited.

Despite traditional fiat-backed online casinos offering many benefits, nothing beats the convenience, safety and security, and fairness of Bitcoin casinos. Plus, it also offers you many advantages like faster withdrawal times, the ability to transact anonymously, variety of games, and much more!