As the name suggests, a bitcoin casino is an online platform dedicated for betting. With the emergence of bitcoin, several bitcoin casinos have emerged to provide services to the ones willing to transact in Bitcoin i.e. digital currency. They have their own list of games developed for the users who want to enjoy casino from their couch.
By 2024, the global online gambling industry is believed to be more than $94 billion. Since fiat-based models can easily be replaced by cryptos, online fiat-based gambling can be completely replace by crypto-based gambling.
BlockPublisher had a chance to talk to the CEO of MintDice, Bryce, and get his opinion plus insight on the future of bitcoin adoption and the prospect of blockchain industry. He talked very optimistic of both and said;
“I am bullish on the future of Bitcoin and blockchain technology. I think it is a good industry on it’s own right that gets magnified in an emerging industry.”
How does a bitcoin casino work
If you are in a mood to use your digital currency in a bitcoin casino, you’ll have to create a wallet for that particular casino. Afterwards, you add the amount you want to bet in that wallet. Up till now, things are the same as a real world casino. You go to the counter, buy some coins and use them for games.
Every bet will either add or cut money from your wallet depending upon the fact that you lost or won the bet. The bets can be as huge as you want them to be. Some online casinos have gone really beyond the limit and offered to win sums around $500.
After the completion of a game, the profits are returned to the wallet of the user. Money can be withdrawn from the wallet but the casinos often put a limit on withdrawal so that the user does not withdraws all of the money at once. The terms and conditions of an online casino must be read before playing. It’s always better to know the rules of a game before playing it.
Popularity of bitcoin casinos
Most of the people prefer bitcoin casinos because of the anonymity they provide. Another reason lies in the fact that cryptocurrency helps them escape all kinds of regulatory authorities. Best bitcoin casinos are giving attractive offers to their customers i.e. zero transaction fee and unlimited transaction in a day. Now who won’t be attracted to that? Another reason that attracts the players towards bitcoin casinos is, their profits and losses are not taxable. A handful of people are happy while paying taxes. All of the others are turning towards bitcoin casinos.
Are they legal
Even after all this time, bitcoin and associated stuff lies in the gray zone. Bitcoin casinos are no exception. It is still not clear and transparent that bitcoin casinos are legal and can openly be declared as a game. Laws of US do not allow any citizen to cater a bitcoin casino from their house’s premises. This clearly indicates that most of such casinos are being operated from outside and are being used by a considerable chunk of U.S citizens.
Where to find a bitcoin casino
There are a number of bitcoin casinos, but you can’t choose randomly. Your selection of casino will influence the amount deducted from each transaction. If you find a free transaction casino, do make it sure that everything is legit. Your money and time should be respected.
BTC casinos have turned the gambling industry upside down for those that have engaged in their operations demanding more than was formerly even economically possible with the fiat-based model that still largely dominates the casino industry today. With visible reduction in fraud, payment processor costs and other systems, the cost of bitcoin deposits, withdrawals cuts down operational fee immensely.