Most of the online casinos take currency as payment but nowadays, many are playing in online casinos are promoting the use of cryptocurrencies. A new concept called bitcoin casinos has come into existence recently, which is helping crypto traders and investors use their digital assets in gambling.
As Bitcoin’s popularity has engulfed worldwide, many online gaming houses have cropped up, where they accept Bitcoin as one of the leading cryptocurrencies as payments or wins. Also, players feel comfortable playing games in these casinos as they are similar to traditional online casino games like roulette, slots, blackjack, and poker.
SatoshiHero is one of the Bitcoin casino online sites where players can play with cryptocurrencies and get speedy withdrawals within fifteen minutes. Cashout limits are absent, and no extra fees are charged to the players.
Popularity Of Bitcoin Casinos
Since Bitcoin has inched itself into an online currency used in mainstream online markets, it has managed to enter as a currency in gaming houses, too. A few other factors that increased the popularity of casinos include,
They provide the players’ online anonymity, wherein no personal information is asked when opening a player’s account in Bitcoin casinos.
Fast & Convenient Transactions
They help in providing fast and convenient financial transactions online. The payments made and withdrawn are directly done from a Bitcoin wallet to another wallet.
Less Transaction Fees
The transaction fees involved when using cryptos in Bitcoin gaming houses are less when compared to transaction fees in traditional online gaming houses. This is mainly due to, no involvement of third parties in processing the financial transactions.
Offer More Bonus
The regulations implemented by the authorities on gaming houses are different when compared to traditional online gaming houses, due to which these Bitcoin gaming houses offer more bonuses, along with other promotional offers to players taking part in games on their playing sites.
Security Concerns At Bitcoin Casinos
All companies doing online financial transactions have to be concerned mainly with one thing, and that is hacking. The same is the case of Bitcoin casinos; getting hacked online is their primary security concern. Therefore, they take all the security measures necessary to protect themselves from these hackers.
Another security concern is the possibility of fraud. Since Bitcoin comes under a decentralized system, no government authorities nor any financial authority are regulating it. Therefore, tracking and putting someone on trial who commits fraud using cryptocurrencies becomes difficult.
Technology Empowering Bitcoin Casinos
In order to overcome the security concerns faced by Bitcoin casinos, many online gaming houses are tirelessly investing in technologies that help in upgrading their software. A few technologies that are powering casinos include,
Technology Through Blockchain
Bitcoin and other cryptocurrencies available online are built on blockchain technology; hence, it is their nerve center. It helps protect all transactions from the possibility of manipulations by providing proper encryption and decentralized technology.
The Smart Contract
Smart contracts are a form of configurable code that are programmable and help in clearing the way to verify and enforce all negotiations required for executing an agreement without the help of mediators.
The Cryptography Technology
The cryptography technology ensures that all transactions performed on Bitcoin casinos are encrypted, thus making sure that all the customer’s information and financial dealings stay secure.
The boundaries that existed before, between gaming houses and cryptocurrencies, have started merging, which has helped evolve Bitcoin casinos. This merger promises a bright future with mutual benefits from fast online transactions, lower transaction fees, and protection of online privacy.
It is always advisable for online players to withdraw their winnings in Bitcoins as this will help them avoid any extra charges imposed by online casinos.