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Does a Higher Bitcoin Value Mean More Bitcoin Casinos?

Written by:
Payton
Published on:
May/27/2020

Bitcoin is one of the most baffling currency concepts ever created in the 21st century. While others are keener to continue transacting with traditional currency, others have shifted to using bitcoin in their daily transactions. Some have even gone so far as playing in online casinos using this cryptocurrency. 

 

How Bitcoin Casinos Work

In essence, a bitcoin casino is similar to a traditional casino except that it’s online. There are online games available where you can bet the same way you would in a physical casino. It uses bitcoin as its main digital currency or it can also just have options for bitcoin in payment and withdrawal.  

A bitcoin casino works by having online casino games on its platform. The casino or company maybe their own game developer or they can be renting games from others. For those who rent their games, they can ask for the game developer and owner to have customized features for their casino. 

Just like an online casino, a bitcoin casino uses algorithms that will mimic a table dealer especially during games that require all participants to be real people. Because there is always going to be a suspicion that the cards are not dealt fairly, some bitcoin casinos disclose their algorithm to their players. 

 

Why Bitcoin Casinos are Growing in Popularity

 

There is no doubt that the bitcoin casinos will keep growing, hence more casinos using this cryptocurrency will increase in the next few years. How is that possible? Is the increasing value of bitcoin determine the number of bitcoin casinos? 

Many factors affect the growth of bitcoin casinos. The first is the preference of people to remain anonymous. This is the main advantage of a bitcoin casino to a physical one, and sometimes, to an online casino that uses traditional currency. For bitcoin casinos, most accounts do not need any basic information. At most, they will ask for a username and an email address which you can both create without giving your true identity. 

The second factor is the increasing value of bitcoins. While the bitcoin value does not determine the increase in the number of casinos per se, it does add to why people want to go into bitcoin casinos. Since some bitcoin casinos offer to exchange in a traditional currency, you can just wait for the value of bitcoin to increase before you withdraw it. 

Another reason why bitcoin casinos are popular is the zero transaction fee. This removes the added payments made for every transaction or deposit. Hence, a bitcoin casino is a lot cheaper than the traditional ones. 

Lastly, bitcoin casinos are convenient. Since everything is online, you can access any bitcoin casino anywhere around the globe. Of course, this assumes that the bitcoin casino is legal in your area. Usually, casinos are locally regulated so you might want to double-check that first. 

Overall, there are a lot of advantages in playing in bitcoin casinos rather than physical ones which lead to more people wanting to play in these platforms.

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