The cryptocurrency market may be in a bit of a slump, but that doesn’t mean all is lost for the crypto industry. There are still plenty of opportunities to make money in the space, and one of those ways is through Bitcoin casinos.
Bitcoin has been making headlines recently as more and more people begin to realize how much potential it really has. It’s no wonder so many people have begun to invest in cryptocurrencies, seeing the value they can potentially add to their portfolio. In fact, according to Statista, there were over 7 million active Bitcoin wallets worldwide at the end of 2017.
But while it’s great to see crypto enthusiasts taking part in the crypto craze, what about those who aren’t so keen on getting involved? Or perhaps you’re simply not sure if investing your hard-earned cash into a cryptocurrency would be wise? Well, then you could always head to a Bitcoin casino!
If you’re someone who’s looking to get involved with this new and exciting form of financial technology, then you’ll probably already know that it was developed by an anonymous programmer or group of programmers called Satoshi Nakamoto back in 2009. And since then, the digital currency has gone from strength to strength, becoming an accepted method of payment for a wide variety of online purchases.
And it’s now being taken seriously enough that some businesses are even beginning to accept Bitcoin payments as a viable alternative to traditional methods of payment. This includes a number of major retailers, such as Overstock, which announced earlier this year that it would start accepting Bitcoin along with other popular cryptocurrencies such as Litecoin and Dogecoin.
So why does this matter? Because by accepting these types of cryptocurrencies as valid forms of payment, companies like Overstock are able to open up a whole new world of possibilities for themselves. By offering customers the chance to buy products using Bitcoin instead of traditional fiat currencies, they can take advantage of the benefits of this relatively untapped market, without having to worry about the volatility that comes with trading in fiat money.
As well as opening up opportunities for retailers like Overstock, Bitcoin itself has also seen its fair share of success. For example, in July 2016, Mt Gox — the largest exchange for buying and selling BTC — suffered a massive security breach, which led to the loss of thousands of bitcoins. But despite this, the market continued to grow, reaching $13 billion in total value at the end of last month.
This growth isn’t just limited to retail stores and exchanges, either. Crypto mining has become a highly lucrative business due to the rise in demand from investors seeking to capitalize on the increased popularity of Bitcoin. As we’ve mentioned above, more than 7 million active Bitcoin wallets exist across the globe today, and there are more than 1,300 different cryptocurrencies currently available for trade.
So while crypto mining hasn’t quite reached the level of profitability that some experts predicted it would reach back when the first coins began to hit the scene, it’s certainly a growing area that continues to attract huge investments. This is because Bitcoin and other forms of cryptocurrency are still relatively new and unproven, meaning the chances of striking gold are higher than ever before.
One thing that makes Bitcoin mining profitable is the use of specialized hardware, known as ASICs (Application Specific Integrated Circuits). These devices are designed specifically to mine cryptocurrencies, and can perform complex calculations very quickly. They also consume large amounts of electricity to do so, meaning that the more miners there are, the more power they need.
There are currently around 5,000 different ASICs operating in the Bitcoin network at any given time, which means that for every two minutes, only one Bitcoin can be generated. However, if you’re interested in learning more about Bitcoin mining and what it takes to get started, check out our guide on how to learn how to mine Bitcoin.
Of course, while Bitcoin mining is a lucrative option, it’s not for everyone. With that said, there are still plenty of reasons why Bitcoin casinos are proving to be a better alternative to mainstream casinos. Here’s why…
One of the biggest concerns surrounding gambling sites is the risk of losing cash or credit card details, especially if you’re playing for real money. Unfortunately, the same problem applies to Bitcoin casinos, as anyone who uses this type of currency will need to find somewhere secure to store their funds.
The security of the people is the biggest reasons that make the online Bitcoin casinos as the favourite choice of the people. A person can plan to use wager free crypto casino that are available as an option for the people. In the long run a person can make good returns to get the best results.
With Bitcoin casinos, however, this shouldn’t be too much of an issue. Unlike traditional online casinos, where you might lose access to your account if your credit card expires or gets stolen, Bitcoin casinos don’t require you to provide any personal information whatsoever.
In addition to this, as long as you keep your computer protected with anti-virus software and keep your wallet safe, it’s unlikely that anything will happen to your funds. So while Bitcoin casinos won’t offer the same level of protection as physical brick-and-mortar locations, they will be far safer than most traditional online casinos.
Another big benefit of Bitcoin casinos is that they typically offer 100 percent payout rates. When you play traditional online slots, games or roulette, you’re often left waiting days or weeks for your winnings to arrive. This is because the majority of online casinos use credit card processors to handle transactions, which means that processing times can take several days.
However, with Bitcoin casinos, it’s almost impossible for them to lose your money. If they did, they’d have to refund all of your winnings immediately, which would leave them with nothing in return. As a result, even though they usually offer lower payouts than regular casinos, you’re far more likely to get your money back quickly.
- No restrictions
When you visit a traditional casino, you won’t be allowed to gamble if you’re under 18 years old. While this is hardly an issue for adults, it becomes a big problem for younger players. This is because many casinos only allow minors to gamble if they can show ID, which could mean that they’re forced to spend hours trying to prove who they are.
With Bitcoin casinos, however, all bets are fair game. You can gamble whenever you want, for as long as you want, with no age limits. Some may argue that Bitcoin casinos don’t offer the same range of games as conventional casinos, but when you consider the convenience offered by Bitcoin, that argument loses a lot of weight.
- Lower entry requirements
When you sign up to a traditional casino, you’ll usually need to deposit several hundred dollars worth of cash or cards into your account before you can start betting on the house. This is because they need to cover any losses that they incur during the process, and they generally charge a hefty fee for doing so.
On the other hand, Bitcoin casinos don’t have the same issues. All you need to do is create an account and enter your email address and password, and you’ll be ready to go. Of course, this means you’ll need to be comfortable with dealing with online transactions, but it’s a small price to pay when compared to the advantages provided by Bitcoin casinos.
- More options
Although Bitcoin casinos don’t offer the same range of games as traditional casinos, the good news is that they do offer a vast array of online slot games. Some of the top titles include Cashino, Mega Fortune, Starburst, Lucky Lady’s Charm, and Secrets of Atlantis, among others.
Not only that, but you’ll also be able to play video poker, blackjack, baccarat, and roulette, all of which are extremely popular within the Bitcoin community. Although you won’t be able to place live bets or play table games, you’ll still have plenty of other ways to enjoy yourself.
- Low minimum bet sizes
Unlike traditional casinos, which tend to have minimum wager requirements of between $10-$25 per spin, Bitcoin casinos don’t impose any limits on how much you can bet. The reason for this is simple: unlike traditional casinos, Bitcoin casinos are completely online, which means they don’t rely on actual cash or credit cards.
This means that they don’t have to cover any losses should they suffer a few bad bets, and so they’re able to let you bet whatever amount you like, regardless of whether or not it makes sense. As a result, you’ll be able to choose how much you want to risk, rather than having to settle for whatever the house offers.
- No transaction fees
Because Bitcoin casinos don’t use a third party to process transactions, they don’t charge any fees. If you decide to transfer your funds to another user, all you need to do is select the person you want to send the money to, and click ‘Send’. You’ll receive your winnings instantly, and won’t have to wait for days or weeks for the transaction to be processed.
These features alone make Bitcoin casinos a far superior alternative to traditional casinos, but there are still more advantages offered by Bitcoin casinos than many people realize. The key is knowing when to stop, and when to look elsewhere for your gaming needs.