So, you’re looking to explore the many benefits of online crypto casinos, but you’re a complete noobie? Don’t worry, we all have to start somewhere! This Bitcoin casino guide will begin with a quick overview of just what Bitcoin actually is. Next, we will explain why the online casino industry has been screaming out for a change since it became a thing in the late 1990’s and then finally, we will present an argument as to how Bitcoin casinos can solve these outdated issues!
What is Bitcoin?
Funny enough, this was actually one of the most googled questions of 2017! In a nutshell, Bitcoin is a digital currency that is not backed by any central bank (like the U.S. Federal Reserve), nor is it controlled by any single person or authority (like a private bank). Instead, there is a finite supply of 21 million, which will be reached in the year 2140.
Unlike “real-world money” such as USD or EUR, there are no physical paper notes or coins. Instead, when you hold Bitcoin, it is held digitally on the public blockchain. The underlying technology behind the Blockchain is what makes Bitcoin so remarkable. Transactions don’t need a central department (like your local bank) to verify a movement of funds, as responsibilities are distributed across thousands of independent machines, known as “nodes”. Once a transaction is confirmed, this appears on the public ledger for all to see!
The most important thing to remember is that the entire Bitcoin system is decentralized. You are the only person that has access to your private keys (like an ATM pin number), and as long as you keep these secure, you can’t have your funds stolen. For a more comprehensive guide on how the Bitcoin network functions, click here to view our guide.
What’s wrong with just using “traditional” online casinos?
When online gambling was first introduced in the late 1990’s, it took the world by storm. No longer did you need to visit your local land-based casino, put on a suit and have to interact with a dealer! You simply need to enter your credit card details and spin away! However, it wasn’t until the innovation of blockchain technology that cracks soon begun to surface.
Firstly, think about the process you have to go through to get started. When you go to register an account, you will have to provide the online casino with a significant amount of personal information. Normally this includes your full name, address, date of birth, nationality and maybe even the name of your first pet! You wouldn’t expect to give away so much information when you go to your local supermarket, so why should you have to when you gamble?
Now that you have given the online casino your personal details, you are then ready to deposit some funds. Although your credit card details will most likely be encrypted, they are still held on centralized servers. This means that if these servers were subsequently hacked by a criminal, they would be able to steal your details!
Next – and sticking with the point of centralized servers, how do you know when you play your favorite casino guide, whether it’s roulette, blackjack or whatever, that the odds are actually true? Sure, if you are playing roulette, the “theoretical odds” of hitting your number are 35/1, but how can you prove that the software is playing fair? Well guess what? You can’t!
All of this data is stored private behind closed doors, so the only thing you can do is trust that the casino are legitimate. Now we are not saying that all casinos are out there to cheat you, but as history suggests, time and time again we hear media scandals that casino odds have been fixed.
Finally, if you were lucky enough to walk away a winner, you would expect your funds back straight away, right? Think again! Before you can make any withdrawals you will then be required to submit a plethora of sensitive documents. This will most commonly include at least a passport and bank statement, however potentially more if the casino demand it. Even when you have sent these in, you will still have the wait a few days for the casino to verify them!
So how can Bitcoin casinos solve these ridiculous issues?
If you’ve read our Bitcoin casino guide up to this point, you’re probably wondering what the alternative is? Well, firstly, Bitcoin casinos do not have a highly bureaucratic account opening procedure. In most cases, all you will need to provide is your email address. Once you have done this, you can instantly deposit Bitcoin straight in to your account.
Remember how we said using your credit card online is risky, as online casinos keep their servers centralized? Well you don’t have this issue with Bitcoin casinos as you deposit directly from your wallet, meaning that you don’t have to give the operator any personal details.
When it comes to trust, here’s the best part. We mentioned earlier in our Bitcoin casino guide that each and every transaction is available to view on the public blockchain. This is also true for casino transactions! Every spin of the roulette wheel or roll of the dice can be independently verified for fairness. If the casino attempts to apply an act of malpractice, they will get found out!
Finally, when it comes to withdrawing your winnings, you don’t need to send in vast amount of documents, and then wait for the security team to verify them! Simply withdraw the funds back to your Bitcoin wallet, and at most, you will receive them in a couple of hours!
So, all in all, every Bitcoin casino provides you with a convenient, safe, secure and fast way of gambling online. So what are you waiting for? Go and check out a Bitcoin casino today!