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Bitcoin Casinos Inside Out
One of the simplest aspects of blockchain technology is transparency. This implies, that a business that uses a public blockchain will create everything they do completely open to the public. In that way, anyone will audit their records and confirm that they are doing what they promised. One interesting potential application for this sort of forced honesty is online gambling and casinos.
Today, online gambling has grown significantly and in countries where it’s legal, are billion dollar businesses. The problem is that nobody knows how fair (or unfair) these platforms are. We a tendency to all assume there is a house advantage, however will a player ever really stand a fair chance of winning big?
That’s the thought behind blockchain gambling platforms. Since everything is powered by smart contracts which will be audited, anyone can verify what’s going on behind the scenes. This might potentially allow for a lot more honest and open gambling and casino experience. Secondly, having the ability to use cryptocurrency instead of fiat currency could potentially open up this business to thousands of new players every year.
Region Locking a Potential Problem
Another actual issue facing these projects is global restrictions. As an example, if you want to use bitcoin casinos, you have to live in one of the territories where it is allowed. Experienced players know how hard it’s to find a reliable online casino that would serve U.S. citizens and the same refers to bitcoin gambling sites.
The current legal framework in most of the United States DOES NOT expressly stipulate that betting bitcoins or other cryptocurrency in online casinos is illegal. To understand better whether bitcoin gambling is outlawed or not in the USA, let’s look at the most important applicable law that governs online gambling.
It may be possible to bypass these global restrictions using a VPN service, however these casinos may be required to perform personal identification (KYC), which may require proof of citizenship or simply proof of address in a supported country or territory.
Bitcoin Casinos are a real thing
According to Cointelegraph, in early 2017 gamblers wagered an average of $4,000 in Bitcoin each minute (approx. 4 BTC at that time). The number shows that Bitcoin casinos were in high favor with regular gamblers back then, though the concept of cryptocurrency wasn’t therefore wide accepted. Clearly, the industry has since progressed and Bitcoin casinos are getting a greater deal.
These websites are like regular online gambling services but have a small edge – they accept both fiat and crypto payments. Some casinos could support only cryptocurrency though.
Major Bitcoin casinos have their integral wallets where players can store BTC or other cryptocurrencies. There are totally different bonuses and promo campaigns that also are like regular casinos offers: deposit multipliers, no deposit bonuses, free spins and tickets to tournaments. Due to the high price of Bitcoin, casinos display deposits in mBTC, which is equal to 0.001 BTC. Withdrawing is often limited, so gamblers can’t cash out all money at once.
Think you’re able to bet with bitcoin? Getting started with this bitcoin gambling website is very simple; we’ve got curated the top poker sites, casinos and sportsbooks and created them simply searchable and comparable via the navigation. We usually score websites well for their high level of security, responsive customer service, software quality and whether they are ‘provably fair’.
Bitcoin casinos – the best in class casinos created available to anyone in the world. Casino play is by far the most popular form of gambling for bitcoin users, and this can be mirrored with the huge range of platforms and software providers dealing in bitcoin. Whether you’re trying to find 3D slots, table games or even live dealers, there is a casino games for you!
Bitcoin poker sites – while the player numbers are dwarfed by mainstream sites likeas PokerStars and Full Tilt Poker, the level of quality, content and activity on some bitcoin poker rooms is quite enough to excite the most experienced poker player. The leading poker sites have thousands of daily active players together with generous deposit bonuses, regular tournaments and bitcoin freerolls.
Bitcoin sportsbooks – the expansion of bitcoin sports betting has been large over the past few years, which trend is’t showing any sign of stopping – particularly as some well respected brands are currently getting into the bitcoin combine. The choices for sports betting with bitcoin range from ice hockey, football and tennis through to soccer, basketball and even ‘esports’. While some sportsbooks offer a relatively basic service, variety of the larger brands currently also offer live sports betting with bitcoin
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