To begin with, let’s take a look at what Bitcoins are. There are numerous by which names Bitcoins are referred to as, viz. Virtual currency, Crypto currency or digital currency, and this gives you a brief idea about what Bitcoins really are. Bitcoin was invented as a payment mechanism by Satoshi Nakamoto in the year of 2008 and was finally made available for public use in the year 2009. Ever since, its popularity has just been booming continually. In today’s time, a plethora of businesses and casinos accept bitcoins as a substitute for the physical form of money.
Nowadays, the online gambling industry is slowly shifting towards the regular usage of Bitcoin instead of regular money. The edge that Bitcoin has over normal currency is that the transfer of Bitcoins from a user to another is absolutely free. There is no fee charged upon the transfer being made, much like in the case of payments through debit and credit cards, where a small percentage of fees are charged.
From the point of view of the gamblers, Bitcoins are beneficial in the sense that they cannot be frozen in any circumstances as it is a currency not bound by any regulations from a bank or the government.
There are online casinos that only accept Bitcoins and there also a handful who accept both the normal fiat money and Bitcoins. These are often referred to as “hybrid casinos”.
Bitcoin casinos are functionally similar to the originally instated online casinos, the only differences being that the withdrawal and deposition of Bitcoins is absolutely free and the odds are slightly towards the better end.
The games that these bitcoin casinos provide the gamblers with are the same as the games provided to them by the online casinos. Some of the more favored games amongst the Bitcoin users are Roulette, Blackjack and slots. Bitcoin slots are a heaven for slots players with the fact being kept in mind that their payout percentage is higher than the normal, traditional online casinos.
All of this may sound very lucrative and alluring but one needs to be sure that the bitcoin casino he is about to use, should be properly licensed to use Bitcoins. Not having a license does not indicate fraud or wrong doing but it is always recommended to go for Bitcoin Casinos that have a license on them.
The system of using Bitcoins sounds simple but one must always make sure that they know what they are dealing with. Awareness with regards to the working and operation of Bitcoin systems, is always adviced, before hopping on your personal computer and diving right into the world of gambling through these Bitcoin Casinos. We all know the first brick of the world of gambling has the word “risk” written all over it but let us make sure that the risk factor is reduced only to the point of losing money as a part of the game and not otherwise! Be wise, play hard, risk more, and win tons!