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How Are Bitcoin and Traditional Online Casinos Different?

In the last 20 years, the online casino industry has enjoyed an incredible boom in popularity. According to calculations conducted by Grand View Research, the sector was worth a record $57.54 billion in 2021 and it’s expected to continue its upward trajectory for the foreseeable future, enjoying a compound annual growth rate (CAGR) of 11.7% until 2030.

Part of the reason for that continual growth is its refusal to rest on its laurels, with new innovations hitting the market all the time. One such step forward is the advent of Bitcoin casinos, which allow players to make deposits using cryptocurrency instead of standard currencies. But as well as that headline difference, there are a number of other ways in which they differ from traditional casinos. Here are some of the most prominent and important ones.

Security

Bitcoin and other cryptocurrencies are underpinned by blockchain technology, which is a sophisticated system of recording transactions online in a transparent but anonymous ledger. Entirely immutable, this watertight infrastructure cannot be hacked by cyber-criminals, making Bitcoin casinos that much more safe and secure than their traditional counterparts.

Legislation

Despite this tightening of security, Bitcoin casinos are also less regulated than other casinos. While this might instinctively make you think that they’re less secure as a result, the aforementioned blockchain technology keeps your sensitive data safe from prying eyes. Indeed, the very fact that Bitcoin casinos ask for less information upon sign-up means your data is not at risk in the same way it is for casinos that only accept conventional currencies.

Variation

While it’s true that there are fewer Bitcoin casinos than standard operators, the ones which do exist stock an incredibly diverse range of titles and games. For example, users of Bitcasino can access Pragmatic Play’s new Dog House slot earlier than many traditional customers would be able to. This early access to new titles, as well as greater variation in the catalogue, is a huge draw for Bitcoin consumers.

Transaction times

Because cryptocurrencies are decentralised by design, this means there is no middleman (such as a bank or credit card company) acting as a conduit for transactions. At the same time, the advanced technology behind Bitcoin means that it can process transactions far quicker than those institutions can, meaning your deposits and withdrawal will be dealt with in minutes rather than hours or days.

Promotions

Getting rid of those middlemen also precludes them from taking a cut of the proceeds and reduces the overheads for Bitcoin casinos. Keen to attract as wide a consumer base as possible, many cryptocurrency sites now pass these savings onto their customers in the form of lucrative perks and promotions, so signing up to such a site could make fiscal sense, too.

Now that you’re aware of the differences between Bitcoin casinos and traditional ones, the advantages of signing up to the former in favour of the latter should be abundantly apparent… so what are you waiting for?

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