Bitcoin casinos are becoming a global phenomenon. And with their success, how they run their business should be inspected. Perhaps other commercial industries can take note of the quickly evolving world of online gambling and its recent successful integration of cryptocurrencies.
Online gambling has always been huge. It has entertained the much of the world for years, with round-the-clock gaming to live interactions with the blackjack dealer. The landscape has evolved however, and Bitcoin has taken over.
Conventional currency casinos may still hold the lion’s share of users, but there is a shift occurring towards online casinos that use Bitcoin as their medium of wagering. The two different currency casinos are not always separated, though, with many conventional casinos starting to facilitate the use of Bitcoin.
Bitcoin is one of many cryptocurrencies, a decentralised currency that is not only universal, but isn’t controlled by a single government. Transactions of cryptocurrencies occur through blockchain, peer-to-peer, making it anonymous, instant and powerful.
Whilst online casinos are also allowing the use of altcoins, Bitcoin happens to be the most widely used, that offers some core stability in its foundation and price that many others cannot.
How Does a Bitcoin Casino Work?
Bitcoin Casinos are merely software programs that are always up and running on a server. Whilst the casinos themselves hire employees for 24 hour support, there doesn’t need to be any real human intervention in the running of the software itself. Automation is one way they can keep labour costs down, which is important in the low-fee nature of the user’s experience.
Additionally, some not all crypto gambling sites will be transparent with the algorithm itself regarding the games. Platforms that do are praised for their transparency, making the provably fair. The odds most often pre-programmed fixed odds that deliver results on randomised games, making it easy, and arguably morally required, to be transparent on the algorithm.
Bitcoin Casino Success
If it isn’t clear already, the success of Bitcoin casinos comes from the instant transactions that it can facilitate, the anonymity that it provides, and the frictionless and free transactions. A major problem for online gambling companies is that, whilst by nature of being online they can reach a global audience, they actually can’t, because many countries and states rule gambling as illegal, or it is merely frowned upon.
The success of bitcoin casinos boil down to a few things: accessibility and anonymity. Many online gamblers prefer to remain anonymous, which conventional currency casinos cannot provide like Bitcoin does, let alone the Bitcoin casinos seldom asking for personal details.
What about setting up an account? This is likely to take the user about 15 seconds for the above reasons, compared to the long process of conventional casinos. How long does it take to withdraw money from the users account? Again, a few minutes for many Bitcoin casinos, instead of days. The fast paced nature of Bitcoin casinos begins to paint a clear picture of why users are starting to use them exclusively.
Digital casinos have adjusted to this issue by offering digital currency – this makes sense and sounds like an obvious evolution. Using regional currency only restricts and creates barriers for users, making it slow and costly to deposit and withdrawal.