How Does Bitcoin Gambling Work?
Online Gambling 2.0 Is Here
Gambling with Bitcoin may seem like a strange or difficult topic to some but it is actually quite easy, very fun and one of the best consumer experiences that presently exists with Bitcoin giving you every reason to want to try! Let us explain in this easy Bitcoin Gambling guide.
When it comes to online casinos, there historically has been a lot of issues surrounding the business model since the birth of the internet. The industry is ripe with fraud, ponzi schemes, rigged gaming engines and high fees and costs.
Enter Bitcoin casinos.
BTC casinos have to an extent turned the entire industry upside down for those users that have engaged in their operations demanding more than was formerly even economically possible with the fiat based model that still largely dominates the casino industry today. With the reduction in fraud, payment processor costs and other systems, the cost of Bitcoin deposits, withdrawals or other acquisitions cuts down the payment friction immensely. This leads to a product that can be dramatically cheaper than the fiat based systems leading to many benefits that are passed onto the consumer. Many Bitcoin casino games can hold house edges as low as 1% to 2% meanwhile the fiat based casinos may charge as high as 5% to 10% for their games. This may lead to an 80% savings for consumers!
Great Consumer Side Benefits
This type of savings for Bitcoin gamblers has not gone unnoticed and will turn even the staunchest of fiat-based casino supporters into Bitcoin advocates very quickly once they see the potential of the technology. With many Bitcoin based products on the market today in 2019-2020, the end benefit to the consumer is quite small or in many cases, even worse than simply using fiat. For example, take purchasing a hotel room. If a user was to purchase a hotel room with a credit card, the experience more often than not is relatively easy and on top of that, they will receive points or cash back rewarding the consumer for their spending. With Bitcoin payments for hotel rooms, the reverse tends to be the case. People frequently have to pay a premium to own Bitcoin in the first place and then may have to pay Bitcoin transaction fees on top of their hotel price to obtain the room.
The difference in user experiences between many industries has not gone unnoticed which is why the Bitcoin gambling industry has blossomed and many other markets have seen relatively stagnant growth.
On top of the great consumer benefits associated with Bitcoin gambling and Bitcoin casinos as we have already discussed, there are other benefits to the Bitcoin betting scene as well we have yet to discuss. The next has to do with Ponzi schemes. With online casinos, there is often little oversight with how their operations are run and if the operators are negligent or criminal in their behavior or actions, there is little way for the gambler or consumer to know any better. Again, enter Bitcoin casinos, such as MintDice.
With Bitcoin, you can show proof of solvency, which means that the assets that we claim to have actually exist. With a fiat-based casino, they may host a jackpot for a mind boggling $100,000 win with an online slots game, but can they actually pay out the win? This is nearly impossible to know since there's almost no way for you to see their bank account details for many reasons, which include their own natural protections. But with Bitcoin, you can simply have a wallet signed to MintDice or any other Bitcoin casino which shows a proof of asset holding. In the case of MintDice, if there is potential for someone to win millions of dollars from the MintDice Bitcoin casino, we will show millions of dollars available in our wallet balances. Which is exactly what we have on hand for any eventual winner and what we do show off to the world with a proof of solvency!
Finally, as part of the trifecta coup-de-grace, many Bitcoin casinos have started implementing Provably Fair gaming technology by default. Be careful, as not all Bitcoin casinos actually offer Provably Fair technology, so only play at casinos that do offer this for your own protection. But Provably Fair technology is effectively the gold standard when it comes to gambling. It's the one way that Bitcoin gamblers can rest assured that when they placed a bet, the outcome was fair and there is nothing that the MintDice casino could have done to change it's outcome. Read more about Provably Fair technology here if you are interested.
One Major Future For Bitcoin?
So when you consider all of the benefits of Bitcoin Gambling relative to online fiat-based gambling, you have to wonder "why do anything else?" And that's a good question. The predominant reasons why fiat-based gambling is the vast majority of present day gambling will largely do with consumer awareness and what people are comfortable with doing and owning in the first place. But given the huge consumer advantages to Bitcoin Gambling and cryptocurrency casinos, it is fairly obvious to the keen observer than this type of technology will likely continue to emerge and take greater shares of the industry as a whole as time goes on and the technologies continue to develop. This, will in turn, benefit everyone, both Bitcoin gambler, Bitcoin investor and Bitcoin casino owner alike as they all stand to gain from this use of Blockchain technology.
If you've been convinced, the best place to start is with MintDice, the world's best Bitcoin casino offering nothing but 100% Provably Fair games with both casino games and Bitcoin games of skill. So what are you waiting for? Buy some Bitcoin and deposit your Bitcoin on MintDice today, win cryptocurrency and have some fun while doing it!