Everyone knows Bitcoin by now, but very few really know how they work and what the purpose is. Many think it’s just an electronic currency that doesn’t print, but that’s only half the story. Because Bitcoin is one thing above all: decentralized. All other currencies like our euro are issued and controlled by central banks. They can be exchanged both in printed form and virtually. The point is that Bitcoin is not controlled by individual institutions at all, they are in the blockchain. The blockchain works something like this: everyone can join and „mine“ with their PC. During the mining process, individual parts of the blockchain are saved. The more you „mined“ the more Bitcoin you get as a reward.And Bitcoin lives from the fact that many millions of individual computers are busy mining, because this way the transactions are stored decentrally. If enough people participate – and this is the case with Bitcoin, it is also not possible to manipulate with extremely high computing power (such as that of Google, for example). Theoretically, that would work if you control 51% of the blockchain.
Why should I consider depositing with Bitcoin in casinos?
The big advantage is that nobody has control over it except the huge blockchain. The German government can say today: „Hey banks, we no longer want our citizens to spend their money in online casinosspending simply doesn’t make payments anymore. „Bitcoin is of no interest at all, which means that Americans can also play with casinos in Bitcoin – although in the USA almost all payment methods are blocked. Now of course everyone has to be clear about this whether he wants to and wants to play anyway even though it is actually not legal like in the USA. That is for sure. But the whole blockchain revolution wants to make governments and banks redundant. Bitcoin was now the very first step with a decentralized currency and it it will take a few more years until it is really recognized and can be used to pay in cafes or normal online shopping, but soon there will also be blockchain casinos.For example, the code of a slot machine is stored in the blockchain, you can always track how high the chances are, how high theReturn to player is who, when, how much won, and so on. This even makes a review of the casinos superfluous because licensors can then view them directly on the blockchain. Then nobody can manipulate and trick his machines. That would have something or? 🙂
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However, there are currently no good casinos that only exist in the blockchain. Likewise, there are very few casinos that only bet on Bitcoin. Hybrid casinos currently seem to be establishing themselves, ie those that allow both Bitcoin and euros. You can use it to deposit in Bitcoin and withdraw in euros, or vice versa. Bitcoin is treated like any other currency such as CHF, AUD, CAD, etc. Bitstarz is such a casino that has been growing in popularity since 2020 and is still popular in the year 2020.
How do you play on Bitcoin slot machines?
Basically like everyone else. The fact that a casino accepts Bitcoin does not mean that they limit themselves with the slot machine manufacturers . Bitstarz Casino offers, for example, NetEnt , Microgaming , iSoftBet, Betsoft, Endorphina, Ezugi and Leander. Well, the last two manufacturers may not be so well known, but Netent, Micro and isoft are of course an announcement. So you can basically play with Bitcoin on all machines that such a casino also offers. And in the case of Bitstarz, that’s a whole lot.
What are the advantages of Bitcoin casinos?
The logical answer would be: „yes, you can gamble with Bitcoin!“. True, of course, but that’s not all. A Bitcoin Casino can – if it wants to – pass some regulatory hurdles like in the United States. Bitstarz also allows US players, for example, but they can only deposit with Bitcoin. Now, of course, such a casino has a competitive advantage over one that the US player does not accept because of the legislation. Whether that is an unfair advantage or not remains to be seen. The fact is that it is.
Another advantage is the payment processing, which of course works with Bitcoins within a few seconds and without any fees. Fees are certainly incurred for you if you buy bitcoins through marketplaces or want to exchange them again for euros to get them into your bank account. But what goes to and from the casino is absolutely free of charge. You may now think that there are no fees at other casinos and that is also correct at good casinos. But it should be noted that this is more or less subsidized. In other words, the casino charges these fees somewhere and can therefore give back less. And that can be considerable sums if you consider that Mastercard or Visa simply cut a few percent off every transaction …
Coins other than Bitcoin
There are now countless, but nobody can prevail against the top dog Bitcoin. And to be honest, it’s not bad either. Spreading just one blockchain currency is hard enough, why should there be room for a dozen more? There are also Ethereum with their currency Ether, which go further than just being available for payments. It can be assumed that the first casinos based on the Ethereum blockchain will soon be available, such as Etheroll.
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