When new ways of earning exponentially are introduced, people generally raise doubts about the safety and the reliability of these options. Especially in gambling, every aspect that promises higher winnings is double-checked by the players before betting big on it. The same goes for Bitcoin casinos. During the ongoing pandemic, the stellar growth of cryptocurrencies, particularly Bitcoin, has driven online gamblers’ interests towards crypto casinos. Bitcoin casinos are the new destination for millions of players around the world. However, the lucrative offers that Bitcoin casinos claim has gotten everybody wondering about their legitimacy.
What is Bitcoin Casino?
To know how legit these Bitcoin casinos are, it is important to understand what they are and how they work. Bitcoin casinos are like online casino websites. They are online platforms where players can sign-up and create a registered user account to play casino games and place bets on their moves. The defining characteristic of Bitcoin casinos is that these platforms accept payments solely in cryptocurrencies and that too in Bitcoins. BTC transactions are the primary mode of adding funds to a Bitcoin casino user account. Bitcoin casinos also accept fiat currencies but use decentralized exchanges to convert this real money into crypto money. All wagers are placed in Bitcoins, and the same applied to the winnings. Every win at a casino game is credited to the players’ accounts in the form of BTC tokens.
How a Bitcoin Casino Works
Bitcoin casinos operate like online gambling sites. They offer a wide range of games for the players and keep them engaged with newer gaming varieties. Top Bitcoin Casinos also offer sportsbook betting, where players can bet on their favorite sporting events while playing online casinos. Bitcoin casinos have an integrated cryptocurrency wallet that keeps track of all the Bitcoin transactions. This wallet is used as a payment gateway to add funds or withdraw winnings from the players’ accounts. Bitcoin casino withdrawals require crypto-friendly bank accounts for transferring the winnings. As the price of Bitcoin fluctuates, the value of bets and winnings change. Hence, a player’s winnings may be of higher value when the Bitcoin prices increase over time. The value can also plunge if the prices fall.
Double Fakes or Easy Wins – What Works for Bitcoin Casinos?
One of the key concerns of Bitcoin casinos is their regulatory status. Bitcoin casinos are not legalized in several developed gambling markets. There isn’t any robust regulatory infrastructure that can be trusted to check the reliability of a Bitcoin casino and its operations. Most players, hence, wonder if Bitcoin casinos conduct double fakes to attract the audience. Some even find Bitcoin casinos providing easy wins to the players for bringing in more crowd to their online platform.
Frankly, Bitcoin casinos are not using double fakes nor providing easy wins. In general, Bitcoin casinos treat their players the same way other online casino sites do. Bitcoin casinos have not singularized the players into one category. Some of their operations are completely legitimate and licensed. They are closely regulated by leading gambling authorities such as the UK Gambling Commission. However, some operations are not entirely legit. In Bitcoin gambling, there is always an appealing prospect designed to keep the players engaged and invite new players on board. To do this, popular Bitcoin casinos supplement their platforms with doctored reviews, high winnings, and lucrative offers.
Are Bitcoin Casinos Legit?
The only way to find out if a Bitcoin casino is legit is to check the decentralized currency exchange that it uses. A trusted exchange ensures no foul play when it comes to withdrawals. Reliable Bitcoin casinos apply the same rules used in a regular gambling environment. By using digital currency, players merely purchase the gambling service offered by these crypto casinos. Popular Bitcoin casinos are legit because they make sure their players can access reputable crypto exchanges to buy Bitcoins and store them safely.
With all things considered, there is no scope for Bitcoin casinos to use double fakes. These days, most players on Bitcoin casinos have already adopted cryptocurrencies. And, they are completely aware of the authenticity of a Bitcoin transaction. With the end-to-end protection of transactional data through blockchain technologies, it is easy to identify double fakes and counterfeits. When it comes to offering easy wins, most Bitcoin casinos use Provably Fair gaming mechanisms to avoid foul play. This mechanism cannot be tampered with and ensures fair gambling for every player. Also, providing easy winnings to the players is not a favorable thing for Bitcoin casinos. Considering the surging value of Bitcoin, any Bitcoin casino will lose heavily if they divert their investments in increasing the players’ winnings.