✅ Approved Bitcoin Casinos list 2nd March 2021
Best Bitcoin Casinos for 2021
Bitcoin and other cryptocurrencies took the world by storm in 2017 with their massive jump in value. For the first time, many regular people realized that these digital currencies were more than just the playthings of tech-savvy entrepreneurs and that they had the potential to change our entire monetary system.
However, years before Bitcoin entered mainstream acceptance, cryptocurrencies had already developed a thriving online economy centered around its use. Bitcoin was valued for its ability to perform in a new and unique way, instant and private transactions with very low fees thanks to its decentralized nature. Among the innovations to arise because of such benefits were Bitcoin Casinos.
Bitcoin casinos are similar to regular online casinos, except they use cryptocurrencies such as Bitcoin instead of traditional currency. Some established online casinos do offer the option of using cryptocurrency.
Some casinos also use blockchain technology as a base for their casino and already run on web 3.0 compatible platforms.
Variety of Slots
BTC casinos offer players a variety of ways to bet their cryptocurrency. They include classic table games and card games, lotteries and even sports betting, as well as blockchain technology based games (Web 3.0).
One of the most interesting aspects from the Bitcoin related innovations about fair gaming is the Blockchain verified true randomness.
Play from around the Globe
Laws regarding Bitcoin casinos vary from country to country. Though they are very loved in many countries, you should always check your local laws for understanding if gambling with bitcoin is allowed in your location.
Most online casinos will automatically inform players from authorized gaming restrictions, anyhow you should always check yourself for making sure.
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Trustworthy and more benefits
Players want casinos to be trustworthy, especially since they’re putting their own hard-earned money on the line. Unfortunately, there are many stories about online casinos scamming players by tilting the odds unfairly in their favor or using dirty tricks to steal players’ deposits.
- Since Bitcoin and other cryptocurrencies operate on the blockchain, there is much greater transparency
- Without getting too technical, the blockchain is composed of “blocks” of digital information that are permanently stored in a public database.
- This means that every transaction between a player and casino is recorded and stored in a unique block that is impossible to retroactively edit.
- In order for the transaction to even take place, the information from both sides of the transaction (amount of money, time, etc.) must be verified by a network of computers.
- This would make it basically impossible for any casino to steal money from players who use cryptocurrency.
While the house always has the edge in casino games, there is a reasonable expectation that players will win at least some of the time. A casino game is considered fair if the player can be guaranteed certain odds, even if the house wins in the long run.
Fair and transparent
A game would not be fair if its software were rigged to always make a player lose or to not pay when a player does win. As mentioned in the previous section, this is an issue many players run into with traditional online casinos. Since the blockchain keeps public records of all transactions (and thus all wins and losses), it is possible to know what your true odds are of winning a bet. In fact, there is a cryptocurrency-based casino called FairPlay that centers its entire business model around their guaranteed fairness and transparency.
- One company, FunFair, is actively trying to decentralize all online gambling by putting casinos onto the blockchain. They have created an ambitious online platform to host casinos on and guarantee fairness and transparency at a low cost to casino developers. While FunFair doesn’t operate any casinos itself, it licenses its technology and games to such operators.
- FunFair has also created its own alt-coin, the FUN token. FUN tokens are essentially the betting chips used by the Bitcoin casinos on FunFair’s network. Casino operators and their customers must use FUN tokens if they are operating through FunFair. Players can exchange other cryptocurrencies and also fiat for FUN tokens.
- FUN tokens are beneficial to players and casino operators alike as they provide another degree of transparency and are easy to send from wallet to wallet at high speeds.
Bitcoin casinos are shaking up the online gaming industry. Cryptocurrencies such as Bitcoin allow players to make fast transactions with no fees attached, and players can be assured a degree of fairness and privacy in their gaming.
It is well possible that all reputable online casinos will operate on the blockchain in the future.
We are a casino guide, providing information for potential players and people interested in learning more about the benefits of blockchain technology within the iGaming space. Bitcoin-casinos.net does not charge any fees or similar from its users, our website is completely free to use.