For experienced gamblers, the iGaming industry is a new alternative to the traditional gambling business. Online gambling platforms have become go-to destinations for players around the globe. According to various estimates, the global market for online casinos is now worth over $40 billion. A major chunk of these revenues is generated by the standard online casinos. These regular online casinos have gained popularity since the mid-2010s. Today, Bitcoin casinos are the latest attractions in the industry. The past year, however, has shown a visible transition of players from regular online casinos to Bitcoin casinos. Let’s find out why.
Understanding Regular Online Casinos vs. Bitcoin Casinos
For the modern-day gambler, Bitcoin casino is the latest buzzword in the community. As the world continues to be amazed at the astronomical growth of Bitcoin prices, the acceptance for cryptocurrency in the online gambling domain rises concurrently. Bitcoin casinos are like regular online casinos, except for the players wagering their bets with Bitcoin cryptocurrency (BTC). The games and payment methods are fully adapted to Bitcoin transactions. Players transfer Bitcoins to their casino user accounts and enjoy a seamless gambling experience just like a regular casino.
Regular online casinos at large do not accept cryptocurrency payments. They accept wagers only in fiat currencies such as the US dollar and Euro, among others. However, regular online casinos rake in a percentage of the players’ winnings. Most Bitcoin casinos do not take a share of the players’ winnings. Regulated by special laws, regular online casinos also run automated gaming systems to ensure that the house always has the upper edge of the winnings.
The Advantages of a Bitcoin Casino
To understand Bitcoin casinos precisely, it is important to know their key advantages.
- Bitcoin casinos offer a high level of anonymity. It is impossible to track down players and get their gameplay information.
- Bitcoin casinos are fast. They process payments instantly as they do not depend on bank transfers or other intermediaries.
- Placing bets on Bitcoin casinos is super easy.
- Bitcoin gambling is safe as the transactional data is protected with advanced blockchain encryptions.
- Bitcoin winnings are more valuable than cash prizes. The price of Bitcoin is constantly increasing, which is why a $500 worth of winnings in Bitcoin could be worth $1000 within a few months.
Bitcoin Casino vs. Regular Online Casino – Differences
There are no major differences between regular online casinos and Bitcoin casinos, except one. Bitcoin casinos primarily use Bitcoin for payments, whereas regular online casinos do not accept cryptocurrency payments. Some Bitcoin casinos may accept fiat currency payments as well. However, there are no such exceptions for regular online casinos.
These two types of online casinos may also reflect a few changes in their user interface and account dashboards. These cosmetic changes are prominently highlighted between online Bitcoin casino and leading regular online casinos.
An additional difference found in them is that regular online casinos are more regulated than Bitcoin casinos. Bitcoin casinos are not regulated in the US and several other leading markets for gambling. Meanwhile, regular online casinos are now licensed and regulated in almost every country in the world. Adhering to strict laws set by the respective gambling commissions, these regular online casinos take a small part of the players’ winnings as revenue.
The number of shady Bitcoin gambling websites is higher than that of regular online casinos. Several Bitcoin casinos have a programmed payout rate wherein all the winnings and the losses are transparently available on the blockchain. Compared to regular online casinos, Bitcoin casinos have a safer environment to verify transactions.
Bitcoin Casino vs. Regular Online Casino – Similarities
Both Bitcoin casinos and regular online casinos operate via the internet. Hence, they are subjected to several regulatory laws and require a special license for operations. For example, a Bitcoin casino licensed under The Malta Gaming Authority (MGA) is as good as a regular online casino authorized by the UK Gambling Commission.
Both these casinos are usually operated from offshore locations. They are headquartered in regions where the regulatory frameworks for online gambling or cryptocurrency are flexible.
The gaming variations in regular online casinos are also available in Bitcoin casinos. For example, players can place their bets on slots, poker, blackjack, roulette, and other games on both regular online casinos and Bitcoin casinos.
After explaining the differences and similarities between Bitcoin casinos and regular online casinos, it is important to note that there are scam casinos in both categories. Hence, players are advised to know key details about these platforms before adding their money. In 2020, more number of regular online casino operators will add Bitcoin casinos to their business. This helps players in making a smooth switch to crypto gambling without facing any frauds.