To say that Bitcoin’s popularity is rapidly growing would be an understatement. As of July 2022, more than 83 million people have unique crypto wallets on the exchange Blockchain.com, which is a 72% increase from the previous year, and a 237% expansion compared to 2018. Roughly 22% of America’s population have, at some point, owned their share of Bitcoins, and around 250,000 BTC transactions occur daily. Hence, there is no doubt that this digital money form has gone mainstream, and one of the industries that have helped it get there is online gambling.
People could test their luck using virtual money since 2011. However, it was not until these past few years that this sector started to gain massive traction, which only happened after crypto casino started dramatically boosting their game libraries with third-party slots and live dealer options. Today, there are few differences between gambling sites that accept coin-based transfers and those that only rely on fiat ones. That said, suspicions about the safety of Bitcoin casinos still loom. That is so because of an antiquated perception of blockchain technology that still proliferates amongst the public. Below, we analyze how these sites protect their players and in what precisely lies their appeal.
Bitcoin Casino Regulation
While many may believe that Bitcoin casinos are rogue gambling sites that don’t follow any laws or rules, that is inaccurate. Most high-profile crypto gambling platforms on the Web have attained regulatory approval to offer their services internationally from credible industry licensors. Around 90% of Bitcoin casinos with vast player pools have a Curacao seal of approval regarding their legitimacy. This small Caribbean nation was among the first countries to legalize online gambling. It now has four master license holders that can issue sublicenses to Curacao-based businesses wishing to be active in this sphere.
Panama is another smaller territory with a gaming regulator that allows its licensees to offer their services globally, called The Junta de Control de Juegos, or the Gaming Control Board of Panama. These bodies ensure that their operators follow industry standards in every department category. Here are some safe online Bitcoin casinos to play with, licensed in either Panama or Curacao. Wild Casino, Super Slots, and El Royale Casino.
Virtually all Bitcoin casinos implement advanced encryption to stop prying eyes from seeing what online gamblers are sharing with their chosen operators. As a rule of thumb, most of these platforms utilize 256-Bits ECC (Elliptic Curve Cryptography) keys to cipher user data. Yet, some opt for an RSA 2,048-Bits Key, a relatively older and slower algorithm still super applicable in our modern world.
Both these and other data ciphering technologies implemented at Bitcoin gambling sites make it impossible for anyone to access the data these platforms hold and receive. Moreover, they adhere to internationally recognized criteria, such as the EU’s Data Protection Regulation concerning how they handle the data they store.
Provably Fair Games
For years, provably fair games were the backbone of the crypto gaming sector. Dice was likely the first gambling product that accepted crypto wagers, and similarly, simplistic picks such as hi-lo, Crash, Plinko, and Mines have also carved out a niche as mainstay provably fair picks.
The term provably fair refers to the algorithms these games use for their result generation process, allowing maximum transparency. It makes the outcome randomization process verifiable by all players, who also have the option to reset the seed number used to create their game results.
In the past, probably fair games were the only gambling choices at Bitcoin casinos. They have taken a back seat to table options and slots. Nevertheless, many still can get found as remnants of yonder in casino lobbies, tied in with various promotions.
In general, crypto gambling sites provide the same support options as fiat ones. That means that 24/7 live chat, email aid, and a FAQ page should be present at most Bitcoin casinos. That is the golden support trifecta, and in most cases, they should resolve user issues reasonably quickly. Naturally, not all three are always present at all interactive gaming sites.
Live support is the sector standard, and most players expect it. A robust help center is also handy and can relieve a platform’s support team of unneeded player interactions, but for some reason, many operators choose not to invest in one. The only discernable difference between crypto and fiat sites is that the latter is far more likely to offer phone support. Though, that is only common for top-name brands.
Do Bitcoin Casinos Offer Bonuses?
Yes. Furthermore, Bitcoin casino bonuses are often more diverse than those found at regular online casinos, featuring uniquely crypto promos like chat rain, faucet funds, mystery chests, and more.
This article was written in collaboration with legit online gambling experts.