Published on August 2nd, 2020 | by minshewnetworks0
Why are Bitcoin Casinos being preferred to Standard Casinos?
Have you tried your luck at casino games like slot machines, roulette, blackjack, or poker? Before the invention of the internet and computers, casinos were among the most popular forms of entertainment. In fact, to date, gambling and casinos haven’t completely lost their charm.
In 2018, the global gambling market reached a value of approximately $449.3 billion. Since 2014, the CAGR of this industry has been 4.1%. By 2022, it’s expected to grow to $565.5 billion. Although Bitcoin casino gambling is still developing, it’ll soon take a more significant percentage of the market share. Further development of technology and security issues are sure to help with this growth. You can check out the Bspin Bitcoin casino for a great gambling experience.
So, how are Bitcoin casinos better than standard online casinos? Let’s dive deeper and analyze the pros and cons of both.
How are bitcoin casinos better than standard casinos?
Standard Online Casinos v/s Bitcoin Casinos
Cryptocurrency has brought significant changes to the online gambling industry. Spotting differences between the two is not too hard. There are some differences which make the latter more preferable compared to the first. When players wish to choose between online casinos and Bitcoin casinos, checking the critical difference can help.
Let us check out the significant differences between online casinos using regular currency and those that prefer digital currency or cryptocurrency.
The Currency Used
As mentioned time and again, as well as in the name itself, the most fundamental difference between these two types of casinos is the currency they use for various transactions. Regular online casinos use fiat currency as the medium of exchange and measure of value. These include the British Pound, US Dollar, Euros, local currency, etc. Alternatively, cryptocurrency casinos use bitcoin as the measure of value and medium of exchange.
The methods of transaction used are also different. It is because cryptocurrency does not need mechanisms like credit cards or financial institutions like banks for a person to use them. Cryptocurrency is decentralized, and therefore, for holding and transferring purposes, it uses different mechanisms. On the other hand, fiat currencies need either online money wallets or credit cards for transfer purposes and banks to handle. It brings a difference in the handling and transaction process for both types of casinos.
Due to the difference in currency and transaction mechanism, the transaction timelines also differ. Processing time is longer for fiat currencies. Cryptocurrency casinos, alternatively, have a short processing time.
Fairness Of The Game
Another major differentiating factor between online casinos and Bitcoin casinos is game fairness. Cryptocurrency casinos offer fairer games inarguably compared to the regular online casinos.
Cryptocurrency casinos use the provably fair algorithm and have a comparatively shallow house edge. Hence, players have a better chance of winning due to the chosen margin of 0.5-2% at cryptocurrency casinos. On the other hand, regular online casinos running on fiat currency hold on to a house edge of 3-15%, depending on the online casino and the kind of game you choose.
The provably fair algorithm mentioned above is another factor that upholds an unbiased nature. With all the software, comes a standard Random Number Generator System, which makes it possible. RGN ensures zero human interference. Therefore, every single outcome in every game is purely determined automatically. It gives both the player and the house an equal chance at winning.
Security is undoubtedly among the top priorities when we gamble online. If we compare the cryptocurrency casinos and regular online casinos, both differ significantly on the security front. It is on many levels. Firstly, cryptocurrency wallets are safer than bank accounts, debit cards, and credit cards. It is significantly hard for hackers to hack cryptocurrency casinos, while they can quickly get around the fiat casino encryption measures. Although it’s no cakewalk, in either case, the ease of difficulty is lower in the case of fiat currency. The blockchain has high encryption, and all cryptocurrency transfers take place using the blockchain.
Another element we cannot overlook on the security front is that account holders in cryptocurrency casinos have complete anonymity. Unlike regular online casinos, these do not require personal details of the players to be disclosed. It goes a long way to ensure the security of the owner’s identity and keeps them safe from malicious online sources.
The final aspect that reinforces security is that cryptocurrency is a decentralized currency. Unlike the fiat currency, no specific government or financial institution has any control over cryptocurrency. The government holds all fiat currency. This also means that your account may be frozen at any time due to specific reasons. On the other hand, in the case of cryptocurrency, you have complete control over your funds. There is no way to freeze your funds or account at any time. Talking financially, the cryptocurrency and bitcoin casinos offer a much more secure position than regular online casinos.
Blockchain Casinos – A Few Cons, Many Pros
We have already established that blockchain and cryptocurrency-based casinos offer almost the same experience superficially. Yet, the core and transactions are entirely different.
- Without involving any neutral party, users may play securely and anonymously on cryptocurrency casinos.
- The money is stored in a smart contract. All payments are automatic and instant.
- The odds of winning are better due to the lower house edge and the provably fair algorithm.
Hence, there is an absolute advantage these have over traditional online casinos. Yet, cryptocurrency may not be owned by everyone. Some individuals might not be tech-savvy enough to use cryptocurrency, and that’s where the traditional online casinos get an edge.
A Final Word
The critical differences highlighted above are incredibly significant. These create a difference in the gambling experience as well, between the two types of platforms. Any player must consider all these differences and his/her preferences before choosing between the two types of online casinos. We’re sure you will make the right choice and have lots of fun playing!