Cryptocurrencies are very popular nowadays, with new cryptocurrencies gaining popularity with every passing year. With the popularity of bitcoin as an international decentralized alternative currency is gaining ground, a new online arena for gambliing, gaming and lotteries has emerged through something called bitcoin casinos.
What Are Bitcoin Casinos
For people who are new to cryptocurrency, bitcoin is the most popular digital currency based on blockchain technology. There are online casinos that operate only on bitcoin currency. However in most cases, bitcoin is used as an additional means of transaction. There are increasingly many online casinos that are accommodating seamless bitcoin transactions. Bitcoin casinos are operating all over the globe, although they are subject to the local laws. Gamblers can bet their bitcoin money on casino games, gambling games, sports betting, online lotteries and spread betting. Bitcoin casinos are quite popular in the United States of America, even though they are considered illegal. The anonymity that bitcoin casinos offer is the most attractive quality of this business. Even though bitcoin casinos remain an ethical gray area, bitcoin casinos are speculated to have a large impact on the bitcoin market. Data on this is, however, quite limited. Some of the most popular bitcoin casinos around the world are SatoshiDice, Bitzino, Satoshibet, StrikeSapphire, BCLC, Sportsbet.io among others.
How Bitcoin Casinos Operate
The heart of any online gambling or gaming business is software, and the same goes for bitcoin casinos. Most of the bitcoin casinos that currently operate successfully run their own gaming software, developed on their own. Other smaller bitcoin casinos may use purchased or rented versions, which may be customised by adding their own unique features to the game. The software is usually bug proof and therefore conducts and runs the game quite seamlessly without human intervention. Bitcoin casinos, due to the digital nature of the business, face the challenge of convincing the users about the fairness of their operation. Some casinos try to build trust by openly disclosing how their casinos work, while some other casinos rely on peer to peer references or the uniqueness of the games they offer.
Why Are Bitcoin Casinos Gaining Popularity
The biggest advantage of bitcoin casinos is the anonymity that bitcoin as a cryptocurrency offers. It is so secure that no one has even found the person under the pseudonym ‘Satoshi Nakamoto’ who is supposed to have invented the legendary cryptocurrency. Bitcoin casinos do not offer transaction fees and do not limit the daily number of transactions. Since gaming online is generally not controlled by any government authority, and there is hardly any regulation in most countries regarding cryptocurrency, casino gambling with bitcoin is becoming increasingly popular.