Bitcoin is a relatively new form of currency, (sometimes also referred to simply as a cryptocurrency), which was first seen in 2009, but was not really known globally until around 2011. Unlike traditional currencies Bitcoin has no overall regulatory body like a bank to manage it, and it doesn’t differ in value between countries.
Precisely because Bitcoin is not perceived like a regular currency there can be quite huge differences between playing at an online casino which accepts Bitcoin as payment, and playing at those which don’t. Here we look in more detail at these, often quite surprising, differences.
Difference #1 – Bitcoin and standard casinos aren’t regulated in the same way
Standard online (and land-based) casinos are subject to lots of rules and regulations, although these are different from country to country, depending on the gambling laws each has in place. In countries where it is not legal to gamble money online, such as Japan or Russia, Internet providers monitor user activity to identify any new site which tries to break these rules. However, cryptocurrencies like Bitcoin are exempt from these rules so a casino using this currency can trade anywhere. You can read more about the topic of bitcoin casino in japan if you are interested in trying it out there.
Difference #2 – Financial transactions are faster with Bitcoin casinos
This is largely because Bitcoin casinos don’t operate using banks and credit card merchants, and processing time is largely eliminated. You can expect your transactions to be processed instantly when using Bitcoin because there are no layers of bureaucracy to work your way through. A quick blockchain check to confirm things is made before a deposit to a Bitcoin casino is accepted, and you won’t have to factor in two or three ‘waiting days’ to take it out again either.
Difference #3 –There are no additional fees to pay with Bitcoin casinos
Currency conversion fees, admin charges, tax payments – you leave them all behind to fade into unpleasant memories by using a Bitcoin casino.
Difference #4 – Your investment holds value
Unlike fluctuating (and generally falling overall) regular currencies the Bitcoin you hold in an online casino account is generally stable at worst, and gaining value at best.
Difference #5 – Bitcoin casinos are more secure than standard online casinos
This is largely because Bitcoin casino platforms use digital coin wallets for money both deposited and withdrawn, and these are considered to be very much safer and harder to hack into than any system using banks, debit and credit cards.
Difference #6 – Bitcoin casinos often have a lower house edge
This means that players can generally enjoy a slightly higher average return playing on a Bitcoin online casino site than they would when playing on a regular casino site. The average Bitcoin casino has a house edge between 0.5 – 2%, which is very low indeed.
Bitcoin may still be considered a fairly new kid on the currency block, but it’s a real asset, and Bitcoin casino users are reaping lots of the excellent benefits Bitcoin brings.
Image: Bitcoin Casino via Shutterstock/Sellwell