Complete Guide to Bitcoin Casinos

Blockchain technology is slowly making its way in various industries & the online gambling industry is no exception! The rapid rise of cryptocurrencies in the past few years has helped online casinos reinventing their offerings. Digital currencies do not possess any physical form & they have bypassed the problems which are associated with the traditional systems of finances which allow secure, anonymous & frictionless transactions among the parties. Bitcoin is a cryptocurrency that involves electronic cash for carrying out online purchases.

Advantages & Disadvantages of Using Bitcoin Cryptocurrency in Online Casinos

Advantages:

• Anonymity
• Safe payment method
• Fewer costs of transactions
• Transparent transactions
• Instant Transfer

Disadvantages:

• No Certainty of legal status
• High volatility
• Limited count of Bitcoin casinos
• No refunds or chargebacks

Effect of Market Regulations on Cryptocurrencies

Here are some of the crucial actions of national regulators which have been undertaken or are likely to be undertaken in upcoming years:

• Various licenses aim at regulation of multiple spheres of online gambling business.
• Online gambling businesses have been banned by some of the countries which have not yet developed their own licenses.
• Organizing online gambling businesses without a suitable license in the countries where the online gambling business is banned may lead to prosecution.
• The gambling websites which give illegal access to the players belonging to prohibited markets get their domain names blocked in those territories.

Statistical Analysis of Bitcoin Casinos

• As per the statistics shown by search engines, bitcoin casino’s popularity has increased rapidly worldwide.
• Most active Bitcoin users average age is 32 years which mainly include men having higher education & incomes.
• Being aware of the peculiarities of using cryptocurrency or Bitcoin in casinos, casino gaming enthusiasts are getting inclined more towards it & are also well-informed about the complete process or working of online Bitcoin casino platforms.
• The popularity of Bitcoin casinos at various geographical locations in terms of percentage is as follow:

• The popularity of Bitcoin casinos is the highest in the USA.

Categories of Bitcoin Casinos

There are mainly two categories of Bitcoin casinos including:

• Bitcoin casinos- these casinos are known for operating in Bitcoin exclusively. All withdrawals, as well as deposits in these casinos, are processed through cryptocurrency. It comes with the benefit of enhanced anonymity for the players.
• Hybrid Casino- hybrid casinos are known as standard casinos which accept Bitcoin withdrawals & deposits. Such Bitcoin casinos enable players for depositing Bitcoins but they get converted to fiat currency before players start the gameplay.

Popular Gaming Cryptocurrencies

1. DreamTeam Token — DREAM
2. LOOM
3. Theta Token -THETA
4. Ethbet (EBET)
5. Decentraland
6. Game Credits (GAME)
7. Ionomy (ION)
8. MobileGo
9. Enjin (ENJ)

Why Are Online Casino Operators Switching to Bitcoin Casinos?

• Other cryptocurrencies and Bitcoin’s default principle protects the online casinos from fraud by players. Thus operators need not waste time on various dispute handling & avoid claiming for getting money back.
• The use of cryptocurrencies ensure visitors flow and help in expanding the market significantly.
• Since the count of specialized online casinos is lower than the traditional ones, thus competition is lower.
• There are no extra expenses that are associated with different conversions.
• Count of players who is using cryptocurrencies is expected to grow in future.
• The cost involved in commencing a Bitcoin casino is quite less as compared to the traditional ones.
• Cryptocurrencies prove to be the perfect alternatives for societies having stagnant or unstable financial systems.

Future Scope of Bitcoin Casinos

• Bitcoin casinos share around the world has not exceeded 15% yet but witnessing the current pace of development of the cryptocurrency industry, it is expected to grow substantially in upcoming years.
• Bitcoin is a self-regulating system that is protected from outside interference and it meets the requirements of both owners as well as visitors of online casinos.
• The use of cryptocurrencies has eliminated the various inconveniences which are associated with usage of the fiat money.
• Opening an online crypto casino has proved to be profitable. But you should include cryptocurrency as well as fiat payment options so that your players do not face any level of inconvenience.
• The global trends clearly predict that in the near future cryptocurrencies, especially Bitcoins will be able to replace other online currencies.

So, I think after reading this article I am sure you might be aware of the complete guide to a bitcoin casino.