Bitcoin casino is a relatively new trend in online gambling world practice. The current remote gaming institution type emergence and increasing popularity is caused by the widespread cryptocurrencies use. Read about bitcoin features and work experience in various jurisdictions in our material.
E-currency, which success ten years ago seemed would be hardly achieved, gradually started to occupy a significant place in people’s daily lives. So, the cryptocurrency usage is famous for both online purchases and investing or making various financial transactions types in world practice. The gambling industry paid a special attention to new phenomenon. So, bitcoin casinos emerged such a way.
Bitcoin casinos development in 2019
It’s required to look at new gambling institution type origin before reaching the current state of affairs in 2019 in bitcoin casino industry.
Bitcoin casinos emergence was preceded by both the cryptocurrency position strengthening in the markets as well as its increased popularity among the population. Gambling institutions-related projects started to actively appear on the Internet about five years ago, which implied the settlement in both fiat money and cryptocurrency as well.
Initially, the current institution type didn’t differ from classic virtual casinos, in addition to the ability to pay a deposit while using bitcoin or other e-currency. At the same time, there was an opportunity to make financial transactions in habitual currencies. The first bitcoin casinos provided the same gambling range as traditional gambling institutions.
However, bitcoin casinos have largely changed and started to offer the options, not available to traditional online gambling platforms users, within its evolution.
Bitcoin casino’s features
The ability to take part in gambling without spending private funds is a fairly common practice in jurisdictions, within which online casinos operate legally. The similar ones include European Union countries. Post-Soviet territory have got similar manifestations in the social casinos form, namely gambling institutions in social networks, in which games for real money don’t take place at all. Bitcoin casino’s feature, available in 2019, is the user both receives a welcome bonus and a chance to play without investing personal funds as well as an option to withdraw e-money to his own wallet.
Privacy is the second Bitcoin casinos’ feature. The user is not obliged to provide the operator with his personal data, since the transactions are made while using encrypted codes. One more Bitcoin online casino’s variety benefit is a quick funds withdrawal.
Bitcoin casino’s types
There are two cryptocurrency gambling institutions types. The first are the classic online gambling platforms, which provide an opportunity to deposit funds in e-currencies. The second type is specially intended platforms, which operation is carried out on the exclusively cryptocurrency transactions basis.
Bitcoin-based online casino: world experience
Bitcoin casino is gambling and cryptocurrency industries hybrid phenomenon. Therefore, it is worth paying attention to two components at once, while verifying the current entertainment type’s legality. The first is whether online casinos are allowed in the jurisdiction, the second is whether cryptocurrencies are legalized.
The cryptocurrencies use is allowed at the legislative level in such countries as Switzerland, Singapore, Japan, Denmark, Sweden, Norway, the Netherlands, South Korea, Finland, Germany, Canada, the Czech Republic and others.
However, not all countries, which legalized the transactions while using e-currency, have a loyal attitude to gambling entertainment. For example, the gambling institutions operation without licenses, regardless of whether they are hybrid or classic, is prohibited in such cryptocurrency countries as Germany, Denmark, Finland or the Netherlands.