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Bitcoin in Online Casinos: Peculiarities and Benefits

Bitcoin in Online Casinos: Peculiarities and Benefits

Updated 26/07/2023
Bitcoin means not only the absence of a fee but also a problem-free withdrawal of funds and quick replenishment of the account for players. All these things cannot be observed when calculating with cards and virtual money. Bitcoin is more profitable and convenient in all respects.

Cryptocurrency is hidden from us because it lives on the Internet. It is virtual money that can only be seen when cashing out a Bitcoin account. However, many operators launch their online crypto casinos and get substantial revenues.

Bitcoin cryptocurrency in online gambling

Gaminator helps entrepreneurs open a Bitcoin gambling site in a matter of time. Our specialists produce diverse entertainment and administrative software for the business.

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Cryptocurrency in iGaming

Bitcoin is identified with the word "freedom", as it is truly independent of any regulators, controlling bodies and any other currencies.

These digital assets appear on the network by exchanging between users in a torrent service or an e-mail. The Bitcoin system has a key cypher with only the name of the mailbox and the password.

The address of the Bitcoin’s owner is indicated by numbers and letters. All components of the cryptosystem are intangible and located in the network, such as:

  • a Bitcoin wallet;
  • a personal account;
  • a card.

To own and store cryptocurrency, registration to the system is required. The user will obtain a personal code and an opened wallet. For Bitcoin to travel, there is a network of addresses, with the help of which users send tokens to each other, sell or buy.

There are 2 types of Bitcoin wallets — heavy or light, which differ only in the display of transfers carried out in them, which resembles WebMoney. Lightweight wallets are the most convenient and simple, and they can be carried out using mobile phones.

As for the cryptocurrency exchange rate, it is set by itself. The main role here is played by the supply and demand for electronic money.

The Key Benefits of Bitcoin

The strongest points of tokens are:

  1. Anonymity. You do not need to enter your data when registering and using Bitcoin.
  2. Protection against inflation. Bitcoin is virtual: it is not printed on machines or used in the form of regular bills or nickels. It cannot depreciate in any way, and it is not threatened by any inflation.
  3. Freedom from censorship and control. A Bitcoin wallet cannot be controlled, blocked, stolen or robbed, as it is encrypted and opens only to its owner.

Cryptocurrency may be used in various types of payments, including:

  • fees for mobile services;
  • internet monthly charges;
  • financial operations in an online store, etc.

Many large companies have added Bitcoin to the list of their financial services.

The Summary Table of Cryptocurrency Indicators in 2019

Review parameters

Characteristics

The maximum possible amount of currency

21 000 000 ВТС

Number of received units

80,22% (16845738)

Market capitalisation

141 508 089 160 US dollars

Unit cost

8 400 US dollars

New block generation time

10 minutes

The total number of gambling bids in cryptocurrency

9,7 billion

Total bet amount

1 443 233 BTC

Average for deposits

0,00014880 BTC

Gambling investors’ profit indicators

5 032 BTC

Number of bets per second

308 deposits

Applying Bitcoin in Online Casinos

Applying bitcoin in online casinos

This type of currency, which is not afraid of inflation and is free from financial regulators, was immediately noticed by the gambling industry. Here are the reasons for Bitcoin's popularity in the sphere:

  • Using cryptocurrency, web casino owners do not have to worry about the reliability, security and privacy of their establishments.
  • Users are not charged a commission for Bitcoin payments, which attracts players and gambling entrepreneurs even more, and they choose this currency to install on the site.
  • The next attractive point is freedom from state bodies, banks and any other legal structures.
  • For players, Bitcoin means the absence of a commission, a problem-free withdrawal of funds, and quick replenishment of the account.
  • Another plus is the ability of Bitcoin to work in any place and on the territory of any jurisdiction.

The following factors are the additional advantages of using cryptocurrency in the wagering sector:

  1. Progressive audience. The most active and advanced members of internet communities select casinos with electronic money support. People who are interested in the economic side of the IT sphere and the latest technologies immerse themselves in the game process and often make very substantial bets.
  2. Minimal contributions. A casino that accepts cryptocurrency is an excellent choice for users who do not place large wagers. The system's creator provided for the division of the virtual unit into the smallest components. A player can bet 1 satoshi per round, which is about $0.002.
  3. High currency volatility. The price of electronic money is constantly growing. In just 3 years, the value of cryptocurrency has increased almost 10 times.
  4. Guaranteed withdrawal of funds. In institutions that allow token payments, the situation of blocking the user account is excluded, so the client can conduct transactions at any time.
  5. Maximum anonymity. With virtual currency, there is no need to register on game portals and confirm an identity. This is a great solution for users who want to protect individual information and confidential financial data.

Bitcoin Games

Here are the most common amusements:

  • online slots;
  • Bitcoin casino roulette;
  • blackjack;
  • video poker;
  • craps;
  • live casino.

Bitcoin casino owners are integrating many new games into their sites. Usually, such establishments offer several types of amusements and pay high interest on winnings. And the main attractive point is complete and unconditional confidentiality in such casinos.

The Main Things about the Use of Bitcoin in Casinos

Cryptocurrency is a trend in the wagering industry, designed to radically change the very foundations of gambling. Bitcoin users receive a lot of unique advantages, and this makes electronic currency one of the most popular and sought-after forms of payment.

According to statistics, at the beginning of 2019, every 10th platform in the world began to accept electronic money. Experts believe that in a couple of years, the number of web establishments using cryptocurrency will increase more than 7 times.

Gaminator is an experienced aggregator that offers to open a lucrative gambling project. Whether it is a Bitcoin casino or an online sportsbook, you will be satisfied with the service provided.

From our company, wagering operators may also order:

  • betting scripts;
  • administration software;
  • a vast collection of games from top providers;
  • promotion programs, etc.
For inquiries regarding the free demo version of a BTC project and to learn more about the promising business, please get in touch with the Gaminator managers.

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Artur Zimnij
Author
Artur Zimnij
Gambling business specialist
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