The world of Bitcoin gambling and online cryptocurrency casinos is expanding at a rapid pace. Players and operators are realizing that there are vast efficiencies in using blockchain technologies to make these digital venues work well.
Here are some of the biggest things to know about BTC gambling this year, as more players sit down to digital tables with Bitcoin or some other cryptocurrency in their virtual pockets.
Bitcoin Gambling: It’s Easy
Beginners sometimes wonder how you get started with Bitcoin gambling. It’s easy – you buy some Bitcoin and hold it in a digital wallet. Then you link that digital wallet to your player profile, and you’re essentially ready to go. That also makes it easy for operators to create a user interface and a user experience that’s easy for players to navigate.
It’s Often Anonymous
Some players also like the ability to use Bitcoin gambling to wager with anonymity – without showing, for example, their bank account information, or registering themselves as a known identity on the platform.
One caveat is that some platforms may require some personal information for various reasons. Some of them may have extra compliance requirements or be operating under some specific KYC/AML rules. But in general, there is no need for in-depth identification of players because of the frictionless transaction processes used in cryptocurrency trading.
To go a step further, using consensus-based verification, many of the top cryptocurrencies operate on a thoroughly decentralized model. That means instead of an institution like a bank holding value for depositors, the person’s assets and holdings are verified through the community of users. That’s part of what they call the immutable ledger design of blockchain, and it creates all sorts of opportunities to hold and grow money in various ways.
To put this another way, it means that Bitcoin gambling players can easily get involved in wagering their Bitcoin and even trading that Bitcoin for other coins like Ether or Litecoin. Operators and experts talk about cryptocurrency pairs that are part of the equation when interacting in a cryptocurrency exchange or casino environment.
Bitcoin Gambling Extras
Based on the consensus-based verification that we talked about above, it’s also easy for operators to give players incentives and extras that enhance what they can do in a particular BTC gambling platform.
For example, there is the practice of offering freerolls – where the player doesn’t have to pay for a particular wager but does receive cryptocurrency value if he or she wins.
There’s also the opportunity for rakeback and cashback offers where players earn part of what they’re playing with over time.
Then there’s a whole array of bonuses which have their own particular benefits according to how they are set up on the platform.
Part of this new innovation is called the ‘play to earn’ philosophy – it’s the idea that you’re basically rewarded for using a platform. It’s pretty much the opposite of traditional casino gambling. In traditional gambling, players came in and depleted their money, (since the house always wins), and then had to leave or go back for more money.
Often, the opposite is true here – as the players play, they gradually build up a bankroll that allows them to make bigger and bigger bets if they choose to – or cash out.
This is a powerful part of the appeal of Bitcoin gambling, and it’s something to keep in mind as you look at how these cryptocurrency casinos are operating.
Transparent Game Play
One of the biggest concerns of people joining Bitcoin gambling casinos is the idea that someone might be rigging the game.
After all, you can’t look at the physical cards. It’s all digital, and it’s all online. So how do you know that the game is being run fairly?
The good news is that there’s something called a provably fair gaming system where an algorithm verifies that results are being generated randomly and without bias.
For example, check out the FortuneJack online Bitcoin gambling platform that operates using a PFA setup. This way you know that the deck is not stacked against you, and you can play with confidence using some of the best new technology around. These new BTC gambling venues are an attractive option for asset holders who like the thrill of the game and want to get involved in a hot new segment of fintech.