Bitcoin and Crypto Casinos on The Rise
The blockchain has literally come out of nowhere helping people make untraceable monetary transactions using virtual currencies. Of course, where there is money involved the online casino will always follow. This has given birth to the recent rise in the number of online casinos now accepting BitCoin as well as fiat currencies, and even more recently the rise of crypto only online casinos.
We are now seeing more online casinos than ever advertising their services to those that are using cryptos, using blockchain gambling provably fair algorithms as an alternative to RNGs (Random Number Generators).
In turn, in 2017 there were several reports of jackpot winners bringing in 100+ Bitcoin Cash (BTC) wins. The first reports of slot players winning Bitcoin slot jackpots began way back in 2013. One player won a staggering 11,000 Bitcoins for a 0.01 BTC bet. At the time the win was worth $1.5 million, but in today’s valuation of Bitcoin that win would have been $88 million.
Crypto & Fiat Currency Gambling Is Becoming More Common
Today in 2021 BTC or ETH jackpots playing video slots are commonplace. Meanwhile, fiat currency gambling is also growing alongside crypto gambling. Some casinos even allow players to keep a balance in their domestic fiat currency while also keeping another balance in crypto.
Players can then choose whether to play the game using fiat currency or using crypto so they can switch from RNG tech to Provably Fair tech used on the public ledger of the blockchain ecosystem for crypto being use to place bets.
Plenty of Online Casinos Accepting Cryptocurrency
Some of the largest online casinos accepting Bitcoin offer games with a house edge of just 0.5%. This still means the casino makes money, but then when you also consider that these casinos also offer Welcome Bonus Codes as well as regular bonuses, you have to wonder what the angle is here.
There are 2 focal points of risk to make here:
- Digital currencies are so unstable that their value can diminish overnight
- How does a 0.5% edge make the casino any profit at all if there are also bonuses?
Players can pick up casino bonuses using either fiat currency or crypto at many of the casinos accepting both currency types for deposits, withdrawals, and placing bets on games like online video slots or table games. Many of these bonuses come with a deposit match bonus or in the form of free spins.
Some casinos even offer the free spins bonuses with 0x wagering attached. However, more commonly free spins come with wagering requirements and any winnings are paid to the player in bonus money to play through. What’s interesting is that cryptocurrency casinos also offer the same type of bonuses, and those that accept both crypto and fiat still offer the same bonus deals to those that want to deposit via fiat and those that want to deposit and play using crypto.
Are Digital Currencies Here To Stay?
At the moment, no one really knows if digital currencies are here to stay or not. At the end of 2017, there was a huge surge in value across a large percentage of digital currencies. Most notably was Bitcoins rise from $1,000 per Bitcoin to an astronomical $20,000 per bitcoin. However, the instability of the market was soon evident as in 2018 Bitcoin has dropped back to below $10,000 per coin; a trend that has affected pretty much every cryptocurrency that showed huge increases in 2017.
It is clear that we are going to see an increasing number of blockchain based casinos enter the online casino marketplace, offering better odds than casinos that accept fiat currencies. Also, the fact that the blockchain is a place many can gamble online anonymously means that those that are in locations where online gambling is illegal are able to get around the law; especially in countries/places where governments do not recognise cryptocurrencies as legal tender.
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