June 30, 2022

Online Gambling With Bitcoin Payment

Eija Järvinen
Crypto & Hazard

Online casinos have been outdoing each other through innovation for years. The invention that is currently causing a lot of noise in the market is bitcoin casinos. In these casinos, the player can pay digitally with cryptocurrencies such as Bitcoin, Ethereum and others.

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How do crypto gambling providers actually differ from conventional casinos?

Online casinos that advertise the option to wager bitcoin have been around for a number of years. Even in the early days of Bitcoin, they use the currency to make gambling even easier and more user-friendly. Thus, players could send a specific amount to an address and receive a prize if the transaction ID had one or more specific final digits. In the meantime, however, gambling with cryptocurrencies such as Bitcoin is much more professional and, above all, more diverse.

Online casinos where players deposit and withdraw bitcoins are visually indistinguishable from real money casinos. They usually offer a large selection of games that are similar to the classic representatives in their variety. Of course, classics like the slot games on Big Bass Bonanza Slot not on gamstop are also represented in most Bitcoin casinos. Of course, the companies work with the same game providers as other providers. For the players, the experience in the individual games is therefore not different.

Advantages of bitcoin casinos exist at first glance

Some of the advantages of Crypto casinos are obvious. Players can use their Bitcoins to take a seat at the digital poker tables or spin the reels on the slot machines. So you do not need to enter a credit card or bank account. An aspect that has a positive effect on the number of members. Creating account and customer data is the biggest hurdle in customer acquisition. By eliminating this obligation, players also prevent the money earmarked for gambling from mixing with the normal budget in the bank account. So it becomes much easier to keep the money clearly separate.

However, users should not be fooled. While cryptocurrency gambling may look anonymous and straightforward, the reality is, as always, a little more nuanced. Unfortunately, it’s not quite as simple as it first sounds. The online casinos still need a license to be able to gamble. They are therefore forced to comply with the guidelines of the respective licensor and do not receive any special permits. As part of the fight against money laundering, providers, therefore, undertake that, in case of doubt, it must be possible to identify the individual players. Although a supposedly anonymous cryptocurrency is played in a corresponding casino, anonymity cannot be maintained.