The crypto market is expanding not only with the number of users as well as the number of cryptocurrencies available on the market because there are over 10,000 cryptocurrencies that you can purchase and use in your day-to-day life.
Actually, one of the crypto market’s main advantages is that it expands and evolves rapidly. Many businesses saw the money-making potential of Bitcoin and other cryptocurrencies, which was one of the primary reasons why they decided to accept crypto payments in the first place. The real advancement in the sector has come with the latest bull cycle in the crypto market.
Bitcoin has experienced huge growth from 2020 to 2021, by 170%. During that time, many other cryptocurrencies followed suit, which was the main factor that propelled the mainstream revolution in the crypto market.
Businesses like Twitch, Microsoft, PayPal, Tesla, and others publicly declared their support for Bitcoin and other cryptocurrencies and started to accept crypto payments. The same trend was also noticeable in online casinos.
Namely, online casinos will be one of the most popular and profitable sectors in 2023. They continue to integrate different technological innovations, which would expand their demographics and connect them with another audience of target users. For this reason, today, you can find quite a lot of Bitcoin casino sites, and it’s safe to say that their number will continue to grow.
In this article, we will cover everything you need to know when you want to play casino games with your cryptocurrencies, and we will also explore the background of Bitcoin and blockchain technology.
What are Blockchain Technology and Bitcoin
Blockchain technology has become a buzzword not just in the crypto market but generally; it has become a hot topic worldwide and in the media. Blockchain technology is a decentralized, distributed public database where crypto payments are processed and recorded in the network. It is a digital ledger composed of blocks of transactions of that specific cryptocurrency.
Some blockchain networks might have a restricted number of blocks based on their design, and others may also have a limited number of cryptocurrencies that can be produced on the network.
It is worth mentioning that the blockchain network, which was initially set up for Bitcoin, provides complete transparency. It is a public database because everyone can see everything about the network, including the date of the transactions, except for the data on the identity of the users.
The blockchain network is that it is maintained in a cluster of computers around the world. Each computer has the same authority when it comes to verifying crypto transactions which means that blockchain technology is also a peer-to-peer-based database. Another advantage of the blockchain network is anonymity; in other words, tracing transactions with specific individuals is impossible.
The main attributes of Bitcoin are based on the foundation of booking technology. In other words, Bitcoin offers lower transaction fees than many fiat currencies and short processing times since BTC transactions are generally approved instantly. It provides enhanced security to both the sender and receiver. These attributes make BTC an appealing payment option for online casinos since there isn’t an additional fee for accepting crypto payments on Bitcoin casino sites.
Main Differences Between Bitcoin Casinos and Regular Casinos
The main difference between Bitcoin and regular online casinos is that you can wager with your crypto funds and play your favorite casino games with specific cryptocurrencies. In this case, your BTC. That is the main difference between the two.
Apart from that, you can also access crypto bonuses which are specifically designed for crypto casino players. In terms of the gaming selection, you’ll be glad to know that it pretty much stays the same. You will have access to the full gaming library which typically covers slot games, poker, baccarat blackjack, and other table and live casino games.
The process of creating an account remains the same on both fronts. You must register and fulfill the Know Your Customer procedure to be approved to make deposits and withdrawals on the platform. It’s also worth noting that you must have a crypto wallet to play with your crypto funds on those sites.
When it comes to payment options, you have to read the payment policy, as some casinos might charge casino players additional fees for processing deposits and withdrawals. In addition to that, they also might have withdrawal and deposit limits. That is not necessarily tied to Bitcoin and other cryptocurrencies, but it’s just the specific policy of the online casino. This is why you should always read the terms and conditions as well as the payment policy of the casino before signing up on the platform.
Another aspect of Bitcoin casinos and online casinos that remains the same is the gambling license. Whether you’re playing on an online casino or a regular casino site that only focuses on fiat currencies, you should always check the gambling license first.
Bitcoin casinos must also be regulated by gambling agencies like the Malta Gaming Authority, UK Gambling Commission, and other regulatory bodies when the casino holds a valid gambling license proving that the online casino is safe for all casino players that want to play with their BTC.
Types of Bitcoin Casinos
There are Bitcoin casinos that are purely focused on Bitcoin and other cryptocurrencies, and they do not cater to anyone else other than crypto casino players. They are rare, however, compared to hybrid online casinos, which offer the chance to wager with your virtual currencies, including Bitcoin and fiat currencies, and support regular payment methods.
If you’re just looking to play with your BTC, then you might focus on playing on Bitcoin casinos that will obviously have a full range of crypto bonuses. Otherwise, on hybrid casinos, you’ll probably find a good mix of crypto bonuses and bonuses for regular casino players and payment methods covering fiat currencies.
But, in both cases, make sure to read all about the gaming license of the online casino and its payment policy.