The lucrative world of Bitcoin gamblingCan you think of a world without the internet today? The internet is omnipotent and omnipresent, and almost everything is possible in the virtual world. Less than a decade back, a quiet internet revolution took place. In May 2007, somebody under the pseudonym of Satoshi Nakamoto floated a new concept for a virtual currency based on cryptography. In 2008, “Bitcoin” was born and, in less than a year, people were taking it seriously, with Bitcoin transactions being made and the first Bitcoin exchange being established.
Despite a few glitches, and its initial growing pains, the adoption of Bitcoin throughout the internet has become a reality. The best thing about Bitcoin is that it is the first ever currency that could be “mined” by anyone with a computer and that no Government or any other regulatory authority could exercise control over it. It is an established fact by now that where there is currency, people will find easy ways to procure us, thus, online gambling with using Bitcoin was born. Just like traditional online gambling, gambling with Bitcoin grew quickly as Casinos adopted the idea. In the last five years, online gambling has garnered mammoth activity (US $34 billion in 2015), and in less than a decade of its existence, gambling with Bitcoin already constitutes 10% of the total online gambling market.
The market presents a wide range of opportunities
It is evident that the Bitcoin community loves gambling, and why not? There are significant advantages that Bitcoin gambling has over conventional gambling. First and foremost, it is completely anonymous which gives people a huge sense of comfort. Also, it is quick, immediate, and much more gratifying. This is because the payouts can happen in smaller quantities nearly instantaneously. Payouts are what make the world on online gambling a lot more difficult and complex to understand and create a susceptibility to fraud.
|Bitcoin gambling is getting popular|
Online gamers are now swearing by Bitcoin gambling because it has indeed made its mark as a savior to those online gamers who lived in fear due to the illegality of online gambling with fiat currency in a large part of the world. Players in the US and other countries can now enjoy gambling online and reap the joys of playing games such as online poker, dice, and the likes while not bothered by registration, funding, and transaction fees. Literally anybody sitting in any corner of the world can enjoy the benefits of online gambling with Bitcoin and can make big money.
Few wonder how Bitcoin casinos are growing by leaps and bounds in popularity. Just because there is no particular authority regulating Bitcoin casinos does not mean that they are not regulated at all. Just like in traditional casinos, Bitcoin casino games are regulated by a concept called provable fairness. The basic premise is that each outcome from a roll of a dice or from any other game is based on a mathematical algorithm using data provided by the player and validated by the casino. This makes it impossible for any player or the casino to tamper with the outcome of a game.
Many types of Bitcoin games
The Bitcoin world has opened a world of opportunities for gamers and offers the traditional favorites such as Poker, Blackjack, Roulette, Slots, and Dice. Out of all of these games, Dice is the most popular because no particular skills are required and it is very easy to learn and play.
In a Bitcoin-based Dice game, all a player has to do is pick a number based on the odds for each number and wait for the computer to roll the dice to see whether or not they won. When a game is so simple and rewarding, and the outcome is guaranteed to be completely random, what more can you ask for? The beauty of these games is that it is totally automated, fair, and transparent. The house edge (cost of the bet) for Bitcoin-based Dice games is typically the lowest you will see online.
Another popular online game in the world of Bitcoin is online Poker. The main difference between traditional Poker and online poker is what is called “rake backs”. At a traditional Poker site, a player must pay a transaction fee, while in Bitcoin Poker, these fees are distributed to the players at low rake charges of 2.5%. This gives the player a significant advantage when compared to non-Bitcoin Poker sites.
Not entirely without challengesThere is no doubt about the fact that Bitcoin is here to stay and may take over the world of online gaming entirely. But that does not mean that this world is without its own set of challenges. The biggest challenge is with regulations. With strict anti-gambling laws in the US, even the most popular of Bitcoin casinos have not been able to successfully break into the US market. Secondly, despite the fairness of the games and the transparency involved, there is a safety aspect that cannot be ignored. Money laundering is a great fear of Bitcoin casinos as transactions by players are anonymous and untraceable.
Another important factor is the security of the platform. If a casino operator does not put in enough effort to secure his or her platform, it may be susceptible to theft. To mitigate this risk, casino owners are providing their utmost best in securing their platforms by keeping the Casino funds safe in cold wallets. Cold wallets remain untouched by the players and cannot be accessed on the internet. Although each casino owner must also maintain a hot wallet in order to make instant payouts possible, only a fraction of the Casino funds is ever in the hot wallet. Each casino has a cut-off for a hot wallet. In other words, when the balance in the hot wallet reaches a certain level, funds are safely transferred to the cold wallet.
All in all, the world of online gambling may be gaining popularity, but like anything dealing with gambling, it is not free of risks. If you are an online gamer who is new to Bitcoin, make the effort to understand cryptocurrencies first before you take the plunge. Also, stay away from casinos that are either poorly funded or do not maintain a cold wallet! Those casinos are the ones most susceptible to theft. As casino owners ourselves at Crypto-Games.net, we pride ourselves in taking the necessary security precautions to provide a safe and worry-free gambling environment. Itching to start gaming? Come join us and we hope you catch the winning spirit!