Gambling would be fair and dependable if it was secure, decentralized, transparent, and immutable. Any gambler who puts his or her best bet on would like to know that it is only the ‘odds’ that are influencing the bet and that there is nothing else odd in there. The first three words of the article would have evoked images of Bitcoin and block chain. Indeed, gambling was one of the first industries to recognize the potential of blockchain. The decentralized nature of blockchain, the elimination of the need for intermediaries in transaction processing, the proof of fair gaming, and the tamper-proof transparency that it provides users to check the randomness of results make it an excellent choice.
Most people who use Bitcoin casinos may be unaware of the technical complexities involved. So much has changed in the gambling and Bitcoin industries over the last decade, not only in terms of technology but also in terms of the number of users. It should be noted that no two Bitcoin casinos operate in the same way. According to the website the global online gambling market will be worth more than 94 billion US dollars in 2024. The market is currently worth nearly 46 billion US dollars, and it is expected to double in the coming years.
The Characteristics of Bitcoin Casinos
Despite their differences, all Bitcoin casinos share a few characteristics. One of the most fundamental features is provable fair gambling. Most Bitcoin casino players will not compromise on this. In fact, only a few casinos accept bitcoins but do not provide provably fair gambling. The blockchain enables quick withdrawals. Safety and security are ensured by storing funds in cold storage, out of reach of hackers.
Casinos that only accept Bitcoin
Bitcoin casinos are the pioneers in combining gambling and the crypto world. These companies create their own games, which may or may not be as fun and interactive as a casino. These casinos are entirely based on blockchain technology and are completely automated and decentralized. The bet is placed on a specific address, and the price is automatically sent to the address that placed the bet. Because of its decentralized nature, the casino was not subject to any legal jurisdiction and was not geographically limited. There are no bonus opportunities, and the experience is relatively dull. These Bitcoin casinos provide complete transparency in proving the fairness of the gamble.
Casinos that are hybrids
To compensate for the drawbacks of a pure Bitcoin casino, hybrid casinos were introduced. Hybrid casinos operate similarly to other online casinos, but they provide a few benefits that are unique to Bitcoin casinos, such as proving fairness in the gamble and quick withdrawals. They also provide bonuses that are not available in pure cryptocurrency casinos.
However, these benefits are accompanied by a few constraints. The hybrid casinos will be required to follow local laws as well as KYC procedures. They must be licensed, and territories that fall outside of the defined scope are not permitted to enter the casino.