Bitcoin (BTC) Gambling 2021 – Guide to Best Bitcoin Casinos
Bitcoin Casino – The online gaming and gambling industry is one of the rapidly growing sectors today. Owing to the popularity of online casinos, the industry has witnessed steady growth over the last few years. However, factors like the Covid-19 pandemic along with the rising prevalence of online casinos has escalated the growth of this industry. In a span of one year, the online gaming market increased from $58.9 million in 2019 to $66.7 billion by 2021 registering a growth of 13.2% CAGR. Further, statistics suggest that the valuation is expected to double to nearly $100 billion by 2023.
Moreover, with global events such as the Covid-19 pandemic, studies suggest that the market of online gambling is expected to reach $124 billion by 2027. Whilst components such as AR/VR have contributed to the rising popularity of online casinos, one of the key factors that are gaining prevalence in the industry is cryptocurrency and blockchain technology. The advantages of decentralized casinos coupled with cryptocurrency payments have drawn the attention of developers and players.
Bitcoin, the leading cryptocurrency with a dominance of more than 65% in the market, is one of the most sought after digital currency in online dApp casinos. In this article, we seek to understand the benefits of Bitcoin (BTC) gambling, how to evaluate the best Bitcoin (BTC) casinos, and what are the different gaming applications offered by developers in decentralized gambling casinos.
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BTC Casino DApp
Bitcoin (BTC) is a prominent cryptocurrency with a market capitalization of more than $350 billion as of November 2020. It leverages blockchain technology to enable a decentralized infrastructure for cryptocurrency payments. Bitcoin network allows instant peer-to-peer cryptocurrency transactions without the need for intermediaries or centralized institutions like banks.
The advantages of Bitcoin have captured the attention of developers to incorporate BTC into their existing online casino infrastructure as well as build Bitcoin casinos. Players also sought Bitcoin casinos so as to seek the benefits of BTC transactions. The inception of Bitcoin casinos in online gambling was in 2013 as betting accounted for more than 50% of BTC transactions. From 2014 to 2017, more than 3.7 million BTC were exchanged for online casinos. The number of Bitcoin casinos has increased from less than 100 in 2017 to around 229 in 2020.
The rising number of Bitcoin casinos is due to the advantages of Bitcoin in the online gaming and gambling industry.
- Direct Transactions
Bitcoin network allows peer to peer transactions across any part of the globe. Developers can incorporate Bitcoin in their online casinos for direct transactions with players. Moreover, players need not undergo lengthy payment processes with banking institutions. This facilitates gamblers to have a seamless playing experience.
Players interacting on online gambling platforms prefer to remain anonymous in their identity. However, most of the centralized casino platforms do not offer the feature of anonymity in player’s identities. Moreover, as centralized casinos incorporate third party financial institutions to process transactions, the nature of the player’s identity cannot remain anonymous. With Bitcoin casinos, players can engage in an optimum gambling experience without the need to undergo KYC or AML procedures.
- Increasing Adoption
Bitcoin is gaining mainstream adoption as institutions, corporations, and institutional investors have made headway towards this space. This facilitates players to take advantage of the rising valuation of Bitcoin. In other words, players benefit as they get rewarded in Bitcoin, the value of which keeps increasing. At the same time, please note that Bitcoin’s value may decrease as it is a volatile cryptocurrency.
Bitcoin decentralized casinos offer the option of instant withdrawals and deposits through cryptocurrency. Moreover, with Bitcoin, gamblers can take advantage of lower transaction fees along with direct and instant transactions across the globe.
Bitcoin network and its transactions are secure through cryptographic protocols. Moreover, as Bitcoin is a diversified platform with nodes (participants) from across the globe makes it resilient towards hacks and attacks. A player need not provide their financial information on the decentralized casino platform. Users can engage with their public and private key thereby facilitating greater security as compared to conventional platforms.
- Diversified Games
Players can enjoy a diversified section of games from traditional games like Blackjack to land-based casino games like slots. Some casinos even offer more than 3000 different games to keep players engaged. Moreover, some Bitcoin casinos also offer crypto-intensive gambles like crash games.
- Provably Fair
One of the biggest advantages of Bitcoin casinos is players can access provably fair mechanism. It is a tool that allows players to vet the results of the game in order to gauge if the casino is engaging in fairness. Through blockchain and cryptocurrency, gamblers can seize a transparent and fair online gaming experience.
Games at a Bitcoin Casino
Developers have incorporated Bitcoin in their existing infrastructure and have also built special decentralized casinos providing benefits of Bitcoin cryptocurrency. On such online casino platforms, players can take multiple advantages of Bitcoin including instant payouts, lower transaction fees, privacy, security, and more.
Blackjack is one of the popular conventional games offered by Bitcoin casinos. The game is played in the same manner as played in a land-based casino. Some online platforms also offer the option of a live dealer. Players can experience a real game via video connection with a live dealer, chat with other players, and more.
Gamblers can play slot games with a minimum betting amount. In a Bitcoin slot game, a player needs to spin the reel and receive a reward for the right combination. There are many Bitcoin slot games offered by platforms in different manners.
Similar to the land-based casino game, players need to spin the wheel on a crypto casino platform. Players can choose to place a bet on random numbers or black and red numbers. Bitcoin casinos also offer the option of a live dealer in a roulette game for players to get an optimum experience in online gaming.
Bitcoin Dice Games
Bitcoin dice has become one of the most sought after games on crypto casino platforms. The process of playing this game is that a player selects a random number from 0-99 and rolls the dice. While selecting a number with lower probability, there are greater chances of winning and vice versa. Bitcoin dice games usually have a lower house edge, thereby increasing the chances of winning.
Bitcoin poker on crypto casino platforms offer hundreds of different variations. Video poker has become one of the popular games in online gaming. In video poker, you can play with multiple players with the opportunity to discard one or more cards in exchange for hopes of receiving better cards.
Bitcoin Casino Bonus
Casino bonuses and dividends are one of the advantages of playing on cryptocurrency casino platforms. It facilitates developers with new players and also gives gamblers the opportunity to receive exciting bonuses.
Bonuses on crypto casinos come in a variety of forms.
- Bitcoin Free Spins – Crypto casinos offer free spins as a welcome bonus or deposit bonus to new players. Users can use these free spins in different games. Some Bitcoin casinos also offer 100+ free spins.
- No Deposit Bonus – Another type of welcome bonus is a ‘No Deposit Bonus’. With this bonus, players can access games without risks and with the points awarded by casino providers.
- Free Play Money – Some Bitcoin casinos offer free play money option as a bonus for players to continue playing when they run out of money.
How to Choose a Bitcoin Casino?
Here are some of the considerations that can be done by a player before choosing a Bitcoin casino.
- Is the casino probably fair?
Decentralized applications of online casinos have the option to offer provably fair tool as a means for players to vet the results after a game. A trustworthy Bitcoin casino will offer transparency to players that they are not manipulating their results.
- Is the casino licensed?
Whilst crypto casinos need not be regulated platforms, a licensed online casino offers a greater degree of trust in its operations. This ensures that players can take legal action if the casino is cheating or manipulating players.
- What are the payment terms?
Each Bitcoin casino has its own payment terms in regards to minimum payout, fees for withdrawals, and methods of payments. It is advisable for players to check payment terms before choosing a casino platform.
- Which are the games offered?
Bitcoin casinos offer different sets of games. A player who is interested in Blackjack will not seek a crypto casino offering dice games. Users can check which games are offered by a casino before registering or playing.
Bitcoin, cryptocurrency, and blockchain technology have proven to be innovative solutions in the online gaming industry. Moreover, decentralized casinos offer an all-around experience for players to engage in a transparent, trustless, and fair gaming experience. As the popularity of Bitcoin further rises, these platforms are likely to draw more players.