While traditional media is actively paying attention to cryptocurrency, various gambling portals have already learned about how to use its advantages. Many of those online casinos that once ventured to build a business around Bitcoin are still successfully operating. Of course, the Bitcoin exchange rate very much influenced the growth of interest in virtual currencies. However, even if we abstract from the charts with the BTC price, the willingness of representatives of the gambling industry to accept Bitcoin and other cryptocurrencies is very easy to explain. In this article, we will talk about the bitcoin boom and online gambling.
Online casinos before Bitcoin boom: How it was
The first online casinos appeared in the late 20th century and targeted wealthy Americans. In 1994, one of the Caribbean islands issued a license to start a business on the Internet. Later a specialized company from the Isle of Man developed special software. In 1996, the Mohawk Indian Reservation in Canada established a commission to legislate online casinos. A year later, 200 specialized sites accepted bets on the Internet. Meanwhile, regulators have responded to the online casino boom by tightening legislation. For example, Australia in 2000 obliged sites to obtain a government license and be monitored. However, this did not stop the players. Already in 2009, the online casino market volume was $ 21 billion.
The growth in payments caused a new surge in the regulator’s attention to online casinos. Many American banks have restricted the use of their cards on gambling sites. Indeed, this became one of the prerequisites for the emergence of the bitcoin sector. The total amount of bets on the bitcoin casino market from 2014 to 2017 amounted to more than $ 4 billion. New casinos continue to appear, they are focused not only on Bitcoin but also on other cryptocurrencies – Litecoin, XRP, Ethereum.
Indeed, cryptocurrencies are in a gray legal area and are themselves a subject of controversy. Combined with online casinos in the USA, they raise even more questions. Unfortunately, in some countries, bitcoin casinos are already equated to electronic casinos and are blocked by the decision of the regulator. It is impossible to establish the probability of winning when investing in cryptocurrency. The Bitcoin boom and online gambling go hand in hand with one another in the 21st century. Learn more about How Bitcoin Gambling Works Nowadays and start making real money in no time.
Bitcoin boom and online gambling: Cryptocurrency casinos
Currently, there are many types of online casinos. They differ in the principles of withdrawal of funds, games, bets, and much more. And today no one will be surprised by such projects. However, we must understand why bitcoin casinos are singled out as a separate variety. So, it is necessary to list the main innovations that are associated with this type of project for gambling. However, you need to take into account that these innovations are present in all online casinos. Here is the list of differences of this type of platforms:
- Here, cryptocurrencies are a means of payment. In particular, Bitcoin. Therefore, each player has to create a Bitcoin wallet and be able to use it.
- Besides, anonymous games and bets are possible. Indeed, blockchain systems promote anonymity. It is impossible to track the transfers made here. Cancellation of transactions is also not provided. This allows you to place bets without revealing any information about the players.
- Demonstrable honesty. Any player can prove mathematically that the results were not tampered with and that no one was able to influence the game. This algorithm first appeared in SatochiDICE, one of the first bitcoin casinos. They originally used it for playing dice. However, later they started to use it in other variations. The Juicy Stakes casino welcomes new players to play on cryptocurrency.
In general, bitcoin casinos have a lot of advantages over classic casinos. Some bitcoin casinos use a crowdfunding principle. Users invest in a project that benefits both parties. Therefore, investors receive additional profits, and the casino can afford to make higher rates due to additional funding. Also, do not forget about protection from fraudsters and hacking. Of course, a bitcoin wallet, if desired, can be hacked. However, the protection here is an order of magnitude better than in the case of classic platforms. Today, bitcoin casinos are the general name of all projects that accept cryptocurrency. They usually work with all major altcoins. In this case, it is additionally possible to enter and withdraw fiat currencies. Although the latter option is not available in all projects that connect the Bitcoin boom and online gambling. Read about Bitcoin: From Pizzas To The Casino Deposits to know more about this cryptocurrency.
Where to play for bitcoins with instant withdrawal?
BTC first appeared in 2009 and at that time had a price on the exchange of less than $ 1 per coin. However, by 2013, the rate had grown significantly and was already equal to $ 300 per coin. Moreover, the growth did not stop there. Every year, the value of the coin increased significantly. At the time of this writing, the rate is just over $ 40,000 per coin. As you might guess, few people are ready to immediately place bets for hundreds of thousands of dollars. The risk of losing a large sum is too great. Therefore, bitcoin casinos use bargaining chips. The smallest of them is Satoshi. It makes up one hundred millionth part of BTC.
What else you need to know
For you to better understand what Satoshi is, you can draw an analogy with real money: there is a dollar, and there is a penny. Similarly, there is Bitcoin, and there is a Satoshi. Here’s a breakdown of the most popular units:
- 1 BTC = 100,000,000 Satoshi (one hundred million Satoshi);
- 1 mBTC = 0.001 BTC = 100,000 Satoshi (one hundred thousand Satoshi).
Many of the best Bitcoin casino bonuses of 2020 provide the opportunity to play for free as incentives for signing up, depositing a deposit, or inviting friends. For this, free spins are issued. A certain number of free spins are withdrawn for each gaming session in the slot machine. If you already have money on the deposit and you use free spins, they will not take money from your account. Using free spins, you get a net income without risking your digital coins. Online gambling sites in the USA are reliable platforms where you can experience the Bitcoin boom and online gambling.
However, various bonuses are not only a generous gift from the casino but also additional restrictions. You need to take into account the wager – the minimum number of bets you need to make to withdraw funds from the casino. For example, you get a bonus of 5000 Satoshi with a wager of 20. This means that you must wager 20 times more Satoshi before withdrawing money from the casino account. The wagering amount is set by the institution.
Bitcoin boom and online gambling: How to choose a reliable casino?
When choosing any new service, it is worth considering a lot of rules and factors that can say a lot about the security of the upcoming cooperation. To avoid surprises when working with Bitcoin casinos, consider the following features:
- Study the reviews of other users. Try to look for reviews on different resources, visit specialized cryptocurrency forums. Indeed, the more reviews you read, the more complete the picture of your chosen casino will be. Read reviews on specialized resources. If a Bitcoin casino is worthwhile, then sites working with cryptocurrency topics will write about it. Pay attention to blogger reviews as well, but avoid overly promotional publications.
- Besides, choose a resource with high-quality technical support. Any quality company will take care of its image. The best way to check this is to evaluate the customer support of your chosen Bitcoin casino. Evaluate how detailed and accessible the information is presented on the site, call the technical support yourself and ask a couple of questions. Quality companies respond quickly and efficiently.
- Finally, check for a license. If the company has nothing to hide, it will first of all show its users’ documents confirming the passage of all checks and software licensing. The Juicy Stakes casino is a reliable platform to experience Bitcoin gambling. Therefore, learn about Best Bitcoin Roulette Games To Play Online and make real money in no time. Good luck!