How is Bitcoin Gambling different?
At first glance, there’s a lot of features in Bitcoin casinos that mirror those of normal online casinos. At the heart of it, all casinos offer you the chance to win money at games of chance. And Bitcoin casinos offer you no less: a chance to wager your coins and win more.
But the major difference with Bitcoin casinos when compared to their conventional counterparts lies in the very simplicity of Bitcoin: a decentralised, trustless, digital currency. By using Bitcoin (and other cryptocurrency) instead of traditional fiat, through credit cards, payment processors or banks, casinos operate on significantly lower overheads. No fees paid to banks for processing payments, no royalties paid to companies for using their technology.
It’s probably due to this single fact of cost savings that Bitcoin casinos are able to offer a lot more value to gamblers. Bitcoin’s innovative blockchain technology, secured by cryptography also brings an important fairness factor into play.
Low, transparent house edge
All casinos have a house edge. Simply put, this is a built-in advantage of the casino. A house edge ensures that, over the long term, the casino makes an average profit from player’s bet.
Land-based casinos and their online versions largely do not tell you what their house edge is, and is documented to be as high as 5%. In other words, a 5% house edge means a casino makes an average profit of 5% of every bet gamblers make, win or lose. With huge overheads, dealers, waiters, croupiers and cashiers to pay, this margin is what keeps casinos profitable.
Bitcoin casinos bucked this trend, offering lower than usual, verifiable house edges. You’ll be hard pressed to find any that offer house edges higher than 3.5%. The industry standard for Bitcoin dice house edges is a very low 1%, for example.
Provably fair gambling
The most you’ll ever get out of a typical online casino is a Random Number Generation (RNG) certification. This simply means that a third party inspector has audited and proven that the casino is using RNG software to determine random outcomes of its games. But there is no way for you to verify this on your own, nor does this reveal exactly how random outcomes are generated.
Bitcoin’s revolutionary innovation to gambling is the provably fair system, which uses the same cryptographic algorithms behind Bitcoin to prove that games are fair. You can even verify your own bets yourself. Bitcoin gambling is the fairest gambling available! Click here to learn more.
Quick micro betting
Enter any typical online casino and play a game. You may find a few tables that will let you wager small 10-cent bets, or even penny slots. But you’ll see that most minimum wagers start at around $0.20. Traditional casinos also won’t allow you to bet quickly, as you typically have to wait for each roll or hand or spin to finish before placing your next bet.
Bitcoin casinos, on the other hand, often allow bets as small as 1 satoshi (0.00000001) BTC. Even at Bitcoin’s highest price ($4,500 currently), that’s a wager of $0.000045! While it does seem pretty pointless to bet such small amounts, it does allow gamblers to test out Martingale strategies with long losing streaks. To demonstrate, a starting $0.01 Martingale bet would require you to have a $20.47 bankroll to last a 10-bet losing streak. On 1 satoshi, the same losing streak only requires you to have 0.00002047 BTC (less than $0.10).
Most Bitcoin gambling games also have an autobet feature, allowing up to hundreds of bets a minute, making it even easier and quicker to play out Martingale strategies.
Variable, customisable payouts
Another interesting aspect of Bitcoin casinos is the potential for massive payouts. What’s the typical highest payout at most casinos? A x36 straight roulette bet? With games like Bitcoin dice, gamblers can adjust either their payout rate or winning chance. It’s not unusual to have payouts as high as x9,000 or even as low as x1.002. Or, conversely, a chance to win close to 99% or as low as 0.01%. Where else can you turn 1 cent into almost $100 except at Bitcoin casinos?
There’s a lot more to discover, but the best way is to try out Bitcoin gambling yourself. Just like Bitcoin puts you in charge of your own money, you’ll enjoy more control over your gambling.