Betting With The Blockchain: Bitcoin Casinos

It can all seem a little bit confusing (even to an experienced gambler) if you’ve not got much experience with cryptocurrencies. With that in mind, today we’re going to give you a quick overview of what Bitcoin is, why it’s being used in casinos, and things to watch out for.

Let’s get started.

What Is Bitcoin?

There are 1001 different articles online about “what is Bitcoin”, and we’re not going to try and recreate them here.

All you need to know is that it’s a virtual currency based on a technology called the blockchain. Once something has been added to the blockchain it cannot be removed and as such it creates a permanent record of transactions.

How Do Bitcoin Casinos Work?

All Bitcoins are kept in encrypted virtual wallets and depositing funds into a Bitcoin casino is no different to sending money via Bitcoin for goods and services. You’ll send money from your wallet to the casino’s wallet, you’ll tell them your public wallet address, and they will credit the funds to your account.

All funds in Bitcoin casinos are denominated in Bitcoin, they are not converted into USD or any other currency. As such, you’ll be placing bets in Bitcoin, and anything you win will be in Bitcoin too. 

Why Do People Want To Use Bitcoin Casinos?

There are a number of different reasons that people want to use Bitcoin casinos 2023. Perhaps the most obvious one is simply because they can. Many people who own Bitcoin are big believers in the currency and want to push mainstream adoption of it wherever possible. Being able to enjoy gambling by using it furthers their “cause”.

However, for those of us who are not die-hard crypto enthusiasts Bitcoin casinos have several other advantages over traditional money (or FIAT in crypto terms).

The most significant advantage is transaction fees. It’s not uncommon to pay when transferring money to a casino (especially if it’s in a different country), but Bitcoin, however, does not have this issue. It’s not 100% free to send Bitcoin, but it’s super cheap in comparison to traditional payment methods – we’re talking a few cents per transaction.

Also, Bitcoin is international (and reasonably anonymous). This means that people from countries with strict gambling restrictions can now game online by using the virtual currency.

Note: We’re not recommending that anyone uses a Bitcoin casino if gambling is prohibited in their location as it’s probably illegal – but we’re not lawyers. This information is purely for informational purposes.

Work has started on using the blockchain of cryptocurrencies (not Bitcoin) to verify the fairness of online casinos algorithms. It’s far too detailed for this article – but it’s a fun fact we wanted to share.

Conclusion

So there you have it, that’s a little bit about Bitcoin casinos, why they exist, and why they are so popular.

Cryptocurrencies, in general, are getting more and more investors as the weeks, months, and years go by. They are set to change the world in much more dramatic ways than online gambling…

But if you’ve not tried a Bitcoin casino yet, we highly recommend you do – as there’s something about them that makes us feel like we are living (and gambling) in the future.

And it’s a whole heap of fun.