Satoshi Nakamoto invented Bitcoins (BTC) and released the open-source software in 2009. The price of a single BTC today is close to $430, which is incredible, as they were initially worth pennies when released publicly.
The price of a BTC remains extremely volatile today. However, in the past year, the value of a Bitcoin has increased by roughly $200. This article isn’t about the value, though, so let’s get into the benefits of playing with a BTC casino.
Let’s face it, most of our information is no longer private. Typically, a player needs to provide an online casino with a credit card or debit card to process deposits and payouts. You’re putting a lot of trust in a casino when providing this information.
Bitcoin can be completely anonymous if you take a few precautionary steps. Using disposable wallet addresses is important, but the most important step is to remain anonymous when buying and selling BTC, which is possible through several services.
One such service is LocalBitcoins, although you should be cautious when buying or selling BTC anonymously.
Online casino deposits are instant in most cases already. People today crave instant gratification and therefore casinos often credit deposits instantly even if the payment doesn’t clear immediately. However, payouts in many cases aren’t instant.
If you like in the UK, payouts through e-wallets are instant already. However, if you live in the USA, it can take weeks in some cases to receive payouts from online casinos, this is where Bitcoins start to shine.
BTC casinos are capable of offering instant withdraws to players with no transaction limits.
Ever have to pay a $50 fee to have an online casino send you a Western Union payout? It isn’t fun. One of the benefits of BTC are the low transaction costs. When you send BTC, you pay a small fee in most cases to a BTC miner who processes the transaction.
There’s no fee when you receive BTC withdraws unless the wallet you use charges a fee.
When sending money, the fee is often lower than $0.50, which on a $100 deposit is only 0.05% and it’s even lower when you’re depositing more. With transaction fees increasing across the industry, Bitcoin provides players with some relief.
Online casinos have utilized random number generators (RNG) for years to ensure games are fair. While these work great, one issue some players have with RNGs is that they can’t personally verify that the fairness of the casino games.
Bitcoin casinos utilize a technology called “Provably Fair,” which makes it impossible for the casino to cheat players. The player can personally verify that every game round is fair. I recommend reading up on this technology to understand it fully.
It’s a unique feature that players love and as more learn of the feature, more players will flock to BTC casinos.