Category Archives: Online Blackjack Canada
The World of Bitcoin Casinos
Bitcoin online casinos are able to allow almost anyone to experience the fun and exhilaration provided by this kind of entertainment. They are very similar to standard online casinos; the only real difference is in the currency accepted for the games, and the way that it is handled. For those interested in trying bitcoin casinos out, there are already a number of different sites available online, including Bit Starz, Bitcoin Games, Casino BetChan, BetChain Online Bitcoin Casino, LimoPlay and mBit casino.
How Bitcoin Casinos Got Started
Of course the origin of bitcoin casinos is closely linked to the launch of this cryptocurrency, and this digital payment system, released in 2009, was invented by Satoshi Nakamoto, an unknown computer programmer, or group of programmers.
The system can be defined as a peer-to-peer one, and transactions are undertaken between users, directly, with no intermediary required. These dealings are confirmed by network nodes, and then recorded in the blockchain, a publicly distributed ledger. Thanks to the fact that the bitcoin system works without a single administrator or central repository, it is the first decentralised digital currency in existence.
Users are able to mine bitcoins, and these can also be exchanged for other products, currencies and services, including playing real money casino games like the online blackjack Canada, and the rest of the world’s operators, are able to provide.
As of 2015, more than 100 000 vendors and merchants are accepting this cryptocurrency as payment. Research provided by Cambridge University in 2017 revealed that there are currently between 2.9 and 5.8 million unique users currently making use of a cryptocurrency wallet, and the vast majority of these are using bitcoin.
Challenges Cryptocurrency Gambling Sites Face
The biggest obstacle bitcoin casinos are facing is the uptake of this cryptocurrency itself. The barrier can be seen as educational; people are able to conduct transactions by means of MasterCard and Visa without necessarily understanding how the payment networks for these works, but transacting with bitcoins still requires a degree of technical knowledge that is currently lacking in most online gamblers.
In order to combat this, mainstream campaigns have been launched in order to educate potential players, but it remains an issue that the bitcoin community as whole will need to broach.
The Future of Bitcoin Casino Gambling
Over the past few years, the market of bitcoin casinos has grown significantly, and it is now closing the gap in terms of popularity to traditional online casinos. Numerous analysts worldwide, however, have stated that casinos dealing in cryptocurrency are likely where online gambling is headed in the future. This is totally understandable when one considers the rising popularity of this cryptocurrency, alongside the features being made available by these casinos. These include:
- Worldwide access, with no limitations imposed on currencies
- High standards for player safety, and fair game results thanks to the provably impartial protocols in place
- Incredibly quick in-game transactions, as well as lightning-fast deposit and withdrawal processes
- Total anonymity
Bitcoin casinos will definitely continue to evolve, and will introduce new games, as well as a wider variety of these, support for multiple digital currencies, more live-dealer games, bigger and better promotions, and subsequent higher payouts.