Crypto casinos are fast becoming popular among enthusiasts of online gambling. That’s because the benefits outweigh the newness of the technology and the risks it poses.
What are a few benefits of playing your favorite online casino games on a platform that accepts Bitcoin and other cryptocurrencies?
- Deposits and withdrawals are faster and usually cheaper
- Anonymous playing is a possibility that can help you keep your financial privacy
- Some Bitcoin casinos offer bigger and better bonuses.
There are a few other benefits, so if these sound good, let’s dive into why and how you could play at a Bitcoin casino.
Bitcoin Casinos — Provably Fair
Perhaps the biggest reason to play at a Bitcoin Casino is that most offer the ability to prove your game was fair. In an era of digital and online gaming, making sure the game is fair should be of paramount importance. After all, you don’t want too much unfair advantage going to the house, do you?
Provably Fair is defined by one article as:
“In the case of online gambling, probably means the odds and outcome of a bet can be proven, through code and blockchain transactions, to have not been manipulated. Being provable is a new concept for online gambling and is only possible because of the invention of blockchain technology (the same technology that powers Bitcoin).”
Wikipedia helps dig into the definition by adding that:
“In a provably fair gambling system, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game. This is usually by using open-source algorithms for random seed generation, hashing, and for the random number generator. Once a game has been played, the player can use these algorithms to test the game’s response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.”
In short, when you play at a Bitcoin casino that offers a provably fair gaming system, you can check the outcome of each and every game. This keeps the field fair and keeps you enjoying your gaming experience without the stress of wondering if the house or fellow players are cheating.
Bitcoin Casinos — Saving you money
The benefit of cryptocurrencies over fiat systems is ubiquitous over many applications. The first and foremost is saving on fees and time.
Fiat systems, like ACH and SWIFT, can take days to process both deposits and withdrawals. Bitcoin and such cryptocurrencies can achieve this in hours if not minutes.
The latest crypto news can keep you informed about new cryptocurrencies that achieve their purpose even faster, as well as keep you updated about the improvements to Ethereum (Such as in Ethereum 2.0) and the cryptocurrencies which you might be currently using.
The reason why you might want to try a Bitcoin casino, therefore, is that when you deposit money to play, you can start playing with that money far faster than if you were using a fiat system.
The benefit extends likewise to withdrawals. As long as you keep inside any withdrawal limits imposed by the bitcoin casino, you’ll be able to withdraw your winnings within minutes to a few hours of winning them.
Such withdrawal speeds are particularly important when it comes to addressing the volatility of Bitcoin and other cryptocurrencies. Due to their volatility, you might want to withdraw your winnings before they sink in value. Then again, they could also rise in value and return even more to your already won pile.
In a way, playing on a Bitcoin casino gives you even more experience since your winnings themselves can increase or decrease depending on the state of the market.
Bitcoin Casinos — Better Bonuses?
Since cryptocurrencies offer savings in time and money for not only the users but for the Bitcoin casino as well — these savings can be passed on to the user in the form of bigger and better bonuses.
One such bonus that might not be monetary is the ability to play anonymously. This could be valuable to certain people who want financial freedom and privacy with their hard-earned money.
Some crypto casinos will offer anonymous play to players who make sure to deposit and withdraw in cryptocurrencies only. Keep in mind you should also make sure the way you acquired your cryptocurrency was in an anonymous manner, but that’s a separate article.
One of the reasons not to play at a Bitcoin Casino — which must be addressed — is the volatility problem mentioned earlier.
It’s good to mention it again. Bitcoin and cryptocurrencies are volatile. Using them to play can increase or decrease your winnings. Make sure you’re okay with that and know how to mitigate it. The best way is to be ready to withdraw your winnings to an exchange where you can sell it for fiat or stable coins. If you do that then you should be a step ahead.
That’s it. Now go have fun!