Are Bitcoin Casinos a Thing and How do They Work
Bitcoin casinos look the same for players but the fact is that they differ quite a lot from traditional casinos (by the way, you can play real bitcoin games online here). The first difference is clear, instead of a fiat currency, they use a cryptocurrency or bitcoin in this case. The second difference is the fact that these casinos run on the blockchain technology which is a form of a distributed ledger. This means that there is no centralized body to regulate the system making it decentralized which provides security, transparency and anonymity.
Additionally, since there are no third-party services involved, the bitcoin-related transfers take a couple of minutes maximum. Bitcoin is still a new and confusing term for many but it is gaining a lot of traction and is finding its way in the gambling sector.
Bitcoin casinos run on software based on the blockchain technology. Their algorithms are based on random number generators and verifiable operators will provide their algorithm for checking online.
All online gamblers should consider bitcoin casinos because they provide additional transparency, security and anonymity. All that a person needs to provide to register in a bitcoin casino is an email address. Other operators usually seek for personal details, bank account, and much more like your address or even a scanned and valid ID. Additionally, it takes some ten seconds to register on bitcoin casinos.
Low Transaction Fees
Since third-party financial institutions are out of the picture, both the operator and the player benefit from decreased transaction fees. Transaction fees take up a significant portion of the entire pot.
One of the most important traits for most players is to remain anonymous. Maybe some people are gambling from countries where gambling is illicit and they wish to remain anonymous and some people use this to avoid taxes because bitcoin is not taxable in most of the world.
The use of bitcoin is currently increasing throughout the world. Various governments are considering blockchain-based systems but regulations on the cryptocurrencies are still vague and unclear. At the moment, most governments provide the possibility to use bitcoin but they don’t acknowledge it as a fiat currency which means that it is not taxable.