(Newswire.net — August 31, 2018) — The recent world cup was one of a kind. Underdogs stunned established teams. Fans were treated to lots of surprising matches. Online, many gamblers participated in sports betting using cryptocurrencies for the first time.
Elsewhere in China, the government was busy cracking down gambling casinos. In mid-July, Chinese authorities made a bust of a company estimated to have helped players gamble over $11 billion in six months. A few days later, police in the country made yet another arrest. This time, a website linked to cryptocurrency gambling was brought down. More than 500 individuals were also arrested in the process.
Gambling in most parts of China is illegal. The only exception is given to lottery companies and wagering and Macau—the Chinese territory known as a casino-lovers’ haven worldwide.
For the average Chinese player, gambling either means participating in lotteries or traveling to Macau. Not anymore, however, as bitcoin casinos are offering punters the chance to bypass their government’s tough laws.
What are Bitcoin Casinos and how do they work?
Operating like any other casino, bitcoin gambling sites accept payments using cryptocurrencies instead of fiat money. They are registered and licensed in a particular country. With bitcoin being legal in more than 150 countries, the companies offer their services in almost every country.
Some of the casinos put restrictions to ban players from particular countries. Most don’t have any restrictions and will accept players from countries like China any day.
Are the Casinos secured?
Since most of the platforms are registered, you can be confident they are secure. When you fund your account using bitcoin, the crypto goes to the platforms’ secured wallets. No one can hack offline-based accounts unless there is a security breach by the owners.
The websites contain HTTPS encryption and everyone uses unique login details and passwords to gain access. Some advanced platforms accept anonymous trading, whereby you don’t provide any names or details that could give you out to authorities.
Apart from using standard security techniques, bitcoin casinos are nowadays geared to help players from countries where gambling is illegal. As an example, the platforms accept cryptocurrencies like Monero that are impossible to trace back to owners.
Free Bonuses and Games to attract Players
Most people who’ve never tried out a bitcoin casino are anxious to use one. Cryptocurrencies are often thrown shade at from all corners. From banks that feel threatened by the new payment systems to billionaires who don’t trust crypto, there are many reasons to fear digital assets.
However, bitcoin’s transition into mainstream and the rapid growth of bitcoin has helped legitimize the industry. On their part, bitcoin casinos attract gamblers with lots of free bonuses and free games regularly.
Nearly every modern crypto-based casino has a promotional campaign. From no deposit bonus casino UK platforms to 100% first deposit bonuses in the U.S. and Europe, there are lots of opportunities to try out a bitcoin platform.
What Services do Bitcoin Casinos Offer?
Only different in the payments used to access services, bitcoin casinos offer the same types of services you find on other platforms. In summary, the most common services you’ll find are:
- Casino games like slots, blackjack, Baccarat, and poker
- Sports betting for soccer, basketball and other games
- Online lotteries
- Financial markets prediction services for major currencies
- Spread betting
Who are the Game Providers?
If you’re like many players, you can’t gamble on a casino without knowing who the providers are. Developers are an important component of the industry. Renowned companies provide top notch games with great graphics and storylines. Their games are dynamic, relatable and attractive to play.
Of equal importance, good developers provide provably fair games. Bitcoin casinos are not always able to prove the last point. But with the help of the blockchain, some have figured out ways to prove their games are fair. Others are bold enough to reveal how their algorithms work. All in all, players can now comfortable engage in bitcoin casinos without the fear that games are rigged.
Fast Payments
One of the most unique features of cryptocurrencies is their ability to facilitate instant payments. Some, like ethereum, have transaction speed that averages 15 minutes. Others, though less popular, have lightning speeds.
Bitcoin casinos have gained a lot of popularity in recent years for being able to facilitate payments within hours. Compared to banks, an average bitcoin transaction takes under one hour. A typical SWIFT payment is completed in 3 days. Some wire payments take longer.
For players who want to fund their accounts and begin to gamble immediately, bitcoin casinos are an ideal option. Most of the platforms accept a variety of coins, some whose transaction speed is less than ten minutes. Withdrawing funds can also be processed at similar speeds. You can win on a wagering platform and access your money immediately.
How popular are Bitcoin Casinos?
With more than 500 casinos accepting bitcoin payments and hundreds of thousands flocking the platforms, they’re undeniably popular. Bitcoin lovers are the biggest clientele for the companies of course.
However, some casinos are more popular than others. Secure platforms with a reputation for great services and games are better rated by players. Due to legal reasons, there are platforms that explicitly say they don’t accept U.S. and Chinese players.
But with few or no verification details required, players from restricted countries still gamble on the platforms. Where secure browsers like tor are banned, players tend to use VPNs. China has stricter security rules, but gamblers have found solace in bitcoin betting sites.
Even though tor and some VPNs may be illegal, players are able to access bitcoin companies and pay with untraceable coins like Monero. That way, players are always to participate in gambling no matter how much their governments attempt to illegalize wagering.
To Wrap Up
China is one of the few countries where online gambling can get you imprisoned. But thanks to bitcoin and other cryptocurrencies, players in China and around the world can gamble securely. Bitcoin casinos are increasing in popularity. They support hundreds of games provided by established developers. They’re licensed and are beating their non-crypto counterparts by offering professional customer services.