You’ve probably heard a great story about a guy who spent 10,000 bitcoins on a pizza in 2010. Then it was only 25 bucks! Today, for this amount of BTC, one could buy a delightful island off the coast of Florida, and use the remaining money to build several high-end restaurants. Hopefully that pizza was really tasty.
Therefore, it is not surprising that cryptocurrency began to attract people with a passion for everything that is risky and promising a profit. The advent of bitcoin dice was just a matter of time.
Now it is a whole ecosystem with its own leaders and no-names. It is very difficult to calculate the exact number of Bitcoin casinos in 2021. It is enough to know that a bitcoin wallet will come in handy on dozens, if not hundreds, of casino sites with cryptocurrency games.
It is noteworthy that this wallet can be used not only in traditional online casino games like blackjack, poker, roulette and craps.
Are there any risks?
The main problem with Bitcoin is that it is not regulated. The point is not only this, the currency is still rather in the phase of an experiment. The high level of anonymity carries with it the risks of fraud, which causes legal disputes about bitcoin gambling. Without the use of intermediaries, it is impossible to verify and confirm transactions, so users are faced with the fact that every cent they have taken from them cannot be returned back.
As a result, more payment companies are emerging to solve these problems. Which, by the way, doesn’t add any efficiency.
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How do bitcoin casinos work?
It is difficult to determine which item is the most attractive for players: anonymity or the ability to increase their winnings due to fluctuations in the cryptocurrency market. We think that both options act as undeniable advantages.
Some evidence also suggests that Bitcoin may be linked to criminal activities such as the black market, hackers, theft and money laundering. Due to the high level of anonymity, it is difficult to take any action against those who commit such crimes.
Is there a future?
In light of its growing popularity in recent years, it can be safely assumed that Bitcoin has all the prospects for growth as a regulated and recognizable currency. But, despite this, so far not too many gambling establishments allow this form of payment, and it still remains unregulated. Currently, government agencies are showing little interest in starting to regulate bitcoin. However, they acknowledge that this currency can have a beneficial effect on the gambling industry if it is properly integrated into it. Bitcoin games can carve a niche in the gambling industry.
We can safely say that bitcoins are now in their infancy. People who want to use this currency for bitcoin gambling are limited in their choice, as there are currently not very many bitcoin and bitcoin casino gambling sites.
But change is still happening slowly. The attitude of the gambling industry is gradually changing and gives rise to hope that soon Bitcoin users will be able to use it as widely as any other regulated currency.