27.05.2022 - Bitcoin online casinos will be popular in 2022. In 2021, the format is quite likely to be the gaming industry's main attraction. Almost all online casinos already provide free services, bonuses, a variety of games, the possibility to wager on credit, and free trial spins to all players.
The rising popularity of online casinos has sparked a meteoric rise in interest in cryptocurrency as a primary payment method. Casinos most commonly take BTC, ETH, XRP, USDT, and ADA, although there are other more unusual possibilities. BestAuCasinosOnline will tell you about pros and cons of such sites.
Benefits of Bitcoin Casinos
1. Security. The blockchain technology used by Bitcoin assures payment security. It is extremely safe because of its network's decentralised data storage, which makes it impossible to lose money.
2. Anonymity. Because Bitcoins allow you to make anonymous payments and withdrawals, you may play casino games without disclosing your name. There is no need to interact with banks or disclose any personal or financial information; simply input your wallet code, which consists of Latin letters and digits.
3. No fees. Bitcoin casino sites do not charge additional fees for bitcoin transactions. This means more money to play with.
4. Fast transactions. Bitcoin wallets exist as mobile apps, making transactions convenient, fast and possible anytime, anywhere.
5. Speed. Transactions are completed within minutes
Why do gamblers like crypto casinos?
Rather than having the backing of a state, as in the case of national currency, cryptocurrency is supported by a decentralised registry that contains data on all transactions. This registry is distributed across a wide base of millions of copies. This has several results: firstly, anyone with access to the netwrix can verify the transaction; secondly, the bitcoin's history cannot be faked. Any attempt to tamper with a block of the network will affect all blocks. Players appreciate the transparency and security inherent in decentralised public records.
While cryptocurrencies are completely transparent, they also offer greater anonymity. The fact that cryptocurrency transaction history is embedded in the blockchain is already sufficient proof of identity. It does not guarantee 100% anonymity, the e-wallet address is recorded in the blockchain, even if the name and email of the holder are not.
This does, however, imply that Bitcoin users must supply the same amount of personal information as other payment methods. However, some blockchain-based casinos demand no more information from players than their e-wallet and email address.
The terms cryptocurrency and blockchain are sometimes used interchangeably. But they are not exactly the same thing: Bitcoin is based on blockchain, but blockchain can be used for many other purposes — the concepts are often taken together.
One of the blockchain ideas that online casino players love so much is proven honesty. Initially, provably fair games use an algorithm that allows players to verify that the game has not been tampered with and the results are real. Players need to be assured that the outcome of the game is not determined by a bet. Like blockchain, provable fairness is based on players' interest in trust and transparency. Proven fair games are often created to appeal to players who are interested in cryptocurrency.
Withdrawal speed is always a concern for players. Having to wait too long for a bank or other third party to process a transaction can motivate players to write negative reviews about the platform on forums. Crypto-transactions do not require the involvement of third parties. Instead of going through a bank or any other payment solution provider, the bitcoin goes directly from the casino to the player's wallet. And instead of several days, such a transfer takes about an hour, charging no fees.
What is the difference between a regular online casino and a blockchain casino?
Any casino that supports cryptocurrency payments can be called a crypto-casino.
That said, some casinos use blockchain technology already in the development of their platform. This allows them to automate payments with smart contracts. Blockchain casinos have their own followers, including dedicated affiliate sites. But opening a blockchain casino can limit your portfolio of games to only those that are also blockchain-based.
On the other hand, more and more casinos are opting to accept payment in cryptocurrency alongside the national currencies already available. This gives them a wider reach both in terms of players and player content.
Are there any downsides?
There aren't many disadvantages to operating a bitcoin casino.
Firstly, it is very difficult to predict how regulation might change. One of the peculiarities of bitcoin is that it is a decentralised network, not a sovereign state. And yet it is impossible to predict how governments will treat cryptocurrencies in the future.
Moreover, in some places, cryptocurrencies have a bad reputation: their anonymity and lack of a centralised authorising body lead to suspicions of criminal activity.
Cryptocurrencies such as Bitcoin, Ethereum and Litecoin are known for their volatility. Casinos need to be prepared for currency value spikes and make sure they always have enough capital to cover players' winnings, despite changes in value. Some casinos manage this risk by automatically converting cryptocurrencies into standard national currencies, converting them back when payouts are needed.
Bitcoin casino trends in 2022
The bitcoin online casino industry is rapidly transforming, so making predictions, especially for business, is extremely difficult. But we have nevertheless highlighted a few likely trends that have emerged in 2020, maintaining their influence on the future. New trends are likely to emerge, but the underlying trends are sure to remain.
What to expect in 2022:
1. The popularity of mobile gaming is growing. Gamers are increasingly choosing smartphones and tablets over PCs, because it's easier to use them. The abundance of bitcoin management e-wallets, as well as developers' reorientation toward mobile platforms, argue in favour of this version. We can't claim that gamers will abandon PC/MAC in droves, but the general direction of gambling is evident.
2. The incorporation of VR technology into everyday life. This is particularly popular in the PC and powerful console gaming sectors. However, gamers who have experienced 3D are now looking for bitcoin online casinos that provide a comparable experience. Will companies adopt the new technology? Given the highly competitive nature of the industry and worldwide trends, the answer is almost certainly yes.
3. Online bitcoin casinos We're not talking about the ability to pay with BTC here, but rather the entire conversion of casinos to cryptocurrency. If authorities do not deliberately hinder innovation, the firm will very certainly shift to a "Bitcoin alone" model rather than the existing "fiat + cryptocurrency" model. Regular casino players, on the other hand, would embrace the opportunity to "move to the dark side" (bitcoin's anonymity is far greater than traditional money).
4. The surge in popularity of cybersports in general. This is owing to the availability of strong, low-cost smartphones and tablets that allow gamers to access casinos without having to make a big financial investment in gear. This is true not only for bitcoin-based online casinos, but also for traditional sports betting. All of this will have a positive impact on the gaming industry.
We also review online crypto casinos for casino players from Canada, so you can check BestAuCasinosOnline.