Like all economies, the casinos and bookmakers have been hit hard by the COVID-19 pandemic. Traditionally, casinos were venues where punters could play a few rounds, relax, and then cash out.
Now with the implementation of mandatory social-distancing and lockdown protocols, punters have been forced to remain inside and at home.
In response, casinos and other players in the gaming industry have been forced to take their business online. Like all other industries, cryptocurrencies such as Bitcoin are gradually being accepted by online casinos and bookmakers.
From a certain degree anonymity offered to the ease in which transactions can be processed, there are plenty of reasons why cryptocurrencies have found their niche with a select group of gamers.
Here, we take a look at why Bitcoin casinos have become increasingly popular in recent times.
A disclaimer before we continue: Bitcoin casinos are illegal in many countries such as the United States. This article is intended as a form of education and not to encourage gambling at illegally run casinos.
Quite likely the number one reason why Bitcoin gambling is so popular is the anonymity that it offers.
From the perspective of a casino operator, protecting one’s identity can be the difference between jail time and freedom.
Bank transfers or credit card purchases all leave an electronic audit trail which can be traced. With Bitcoin, it is extremely difficult to track down individuals which allows many illegal casino owners to operate with relative impunity.
For a punter gaming at a casino, anonymous Bitcoin transactions allow him/her to protect their privacy and provides an additional layer of security.
Some individuals would rather their activities remain hidden from loved ones, hence the usage of Bitcoins. That’s when an Encrypted Messaging App like Tezro can be useful.
However, all this anonymity does have its share of drawbacks. For starters, because most Bitcoin casinos have their own gaming systems, the question of fair play often comes into question.
Also, should a punter be cheated of his/her winnings, they usually have little to no legal recourse and would not be able to reclaim their earnings.
2. Ease of transfers
A big advantage that Bitcoin transfers have over cash transfers is the fact that transactions can be completed instantaneously. Where platforms such as Paypal require a period of several days for the transaction to be completed.
The option to immediately gain access to one’s winnings is a huge incentive to gamble with Bitcoin. With the wide availability of crypto wallets available, users are essentially spoilt for choice.
Furthermore, conventional payment platforms usually charge a nominal service fee and impose daily transaction limits which are a major inconvenience.
WIth crypto transfers however, all transactions are free of charge and do not limit the amount that can be transferred – something which is a massive advantage when compared to mainstream payment platforms.
3. Bitcoin casinos can circumvent certain laws
In some countries, it is illegal for residents to gamble with real currency. Those caught flouting this law face severe penalties and, in some cases, jail time.
Bitcoin casinos are able to conveniently circumvent this regulation as fiat currency is not being gambled. From here, gamers are able receive their earnings in the cryptocurrency of their choice which can then be converted into actual cash.
While not necessarily illegal, such activities are usually frowned upon by most governments. As such, Bitcoin casinos occupy a legal grey area in most jurisdictions.
If you’re planning to game at a Bitcoin casino, you’d do well to take all required precautions to protect yourself from getting scammed. Additionally, take a look at your country’s laws regarding gambling and casinos.