Since its inception in 2008, Bitcoin has risen to fame as one of the most important technologies of recent times. This digital asset has demonstrated that it holds real value, and that this value can be transmitted across the globe in a matter of minutes with minimal fees. There is no central controller of Bitcoin, and no threat of confiscation. For this reason – and the 5 others discussed below – we believe that Bitcoin is the best currency to use when gambling online. If you’re interested in using this cryptocurrency to place bets online, keep reading and we’ll explain all.
Bitcoin is pseudonymous. Discovering an identity from transactions on the blockchain can be time consuming and often impossible. For this reason, Bitcoin has been adopted by many gamblers looking to bet online without restrictions. Gambling online with Bitcoin is no different (legally) than gambling online with dollars, rubles or euros. The only difference is that for fiat currencies, the player must have a bank account or PayPal account and therefore their transactions can be vetted/restricted. With Bitcoin, these restrictions do not exist because each payment is “peer to peer” and is validated by thousands of amoral nodes in thousands of different locations. These nodes have a simple set of rules: if the transaction has the necessary balance and correct headers, then the payment can be sent. A node cannot and does not invalidate a transaction based on its purpose – gambling or otherwise.
Bitcoin was the first cryptocurrency to make use of a new technology known as blockchain. The blockchain is a record of all transactions that have ever been made on the network. Bitcoin’s blockchain is public and verifiable by anyone with an internet connection, meaning that any transaction sent from address A to address B can be checked. In gambling, this transparency is critical, as it can be used as proof as to whether a transaction was sent or not. If you made a withdrawal to a Bitcoin address that was never received, it would be trivial to demonstrate to the casino that the withdrawal was in fact never paid. This can also be used as evidence when making complaints at any of our Bitcoin casino reviews and helps to keep these gambling sites honest and fair.
Anyone who’s heard of Bitcoin will know that the price of this currency simply keeps rising. From a value of less than a dollar in 2008, the currency has risen many thousands of times over to reach a price of $4500 at the time of writing. As a result, the interest in getting hold of Bitcoin has reached fever-pitch levels, and gambling has become a route for many to earn more of this highly sought after currency. Those who choose to purchase Bitcoin from an online exchange or peer to peer market like LocalBitcoins.com, can then wager their BTC at any of the casinos listed on TheBitcoinStrip.com. Many choose to play Bitcoin dice games as they offer high-speed gambling action and fast payouts. Lucky players can quickly multiply their coins, building a bankroll which can then be held as an investment for those looking to get rich from the seemingly never-ending price growth of Bitcoin.
Bitcoin gambling is vastly more transparent than fiat currency gambling as already discussed. But transparency goes beyond simple transactions. Many of the dice games that can be played with Bitcoin incorporate a “provably fair algorithm” that ensures that each roll of the dice or turn of the card is truly random. Our guide linked above will explain this process in more detail, but the key factor here is that – using a few simple techniques – a player can check that the result of a casino’s random number generator was as it should be. We have a number of provably fair Bitcoin casinos listed on our website, however our current favorite is FortuneJack.
Bitcoin is yet to implement smart contract gambling as its blockchain does not enable automated payments based on particular outcomes. However, this technology is available on the Ethereum blockchain, and some of the very first smart contract casinos have now appeared in the wild. With regards to Bitcoin, “second layer” technology such as Rootstock (rsk.co) will enable smart contract programming on the Bitcoin blockchain. Put simply, smart contracts allow payments to execute autonomously based on programmed conditions. There are enormous possibilities (imagined and unimagined) available to businesses and individuals who make use of smart contracts, however the gambling space is one of the most exciting. If a casino was to take advantage of smart contract technology, then bets could be placed without the player or the casino needing to trust the other. This technology could dramatically reduce the cost of gambling for operators whilst allowing players to bet with more confidence at their favorite Bitcoin casino.
Smart contract gambling is not yet fully developed, however the technology is less than 2 years away and will be revolutionary for the gambling sector.
These reasons have hopefully provided you with a compelling case for gambling online with Bitcoin. We truly believe there is no better way to play!
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