Published on 13 July 2015 by Casino Admin
Bitcoins have been a frequently discussed topic around the web, for must people it has just been a bit of background noise. But, what really are bitcoins and how can the be applicable to slot gaming? Keeping in mind how the fees are lower than with other payment methods available online.
What are BitCoin Casinos?
A Bitcoin Casino is a new trend within the iGaming world where casinos specify on offering only payment methods which employ Bitcoins. Previously, the casinos available that have been Bitcoin optimised have been lacking in either design, payment methods, slots or other live casino games. Simply, they have not been very impressive up and until now. In theory, BitCoins and BitCoin Casino sites are a fantastic idea, the transactions are fast by design, the fees are close to non-existent and the currency is algorithmically immune to inflation.
Although keeping in mind that not every person who likes to play slots is tech-savvy, there are some aspects in which Bitcoins are lacking. You will find that you will need to go through a few steps before your money is actually converted to BitCoins, which you essentially buy online or from vendors who will give you an equivalent amount to what you paid. What you are essentially buying is money that has been generated from all over the world, from different IP’s and separate computers you will have received an equivalent amount of BitCoins that all have individual sources, which therefore makes whatever you spend completely anonymous.
The Future of Bitcoin
Regardless if the theory is sound, we have yet to see an abundance of BitCoin Casinos and even less so licensed or impressive ones. Only as of last week were we able to see the first BitCoin Casino implementing NetEnt games, which of course made us very excited. As with anything, players want to see BitCoin Casinos working properly before they feel safe depositing their own hard earned money.
We can definitely see that this is trending and would love to see BitCoin Casinos become more mainstream as they give the players a lower transaction fee, quicker transactions and a entirely anonymous approach to gaming. We will be following the developments as they progress and are very optimistic about what the future holds for BitCoins and BitCoin Casinos.