10/29/18

These Bitcoin Games Are Fueling Modern Gambling

Initially, Bitcoin seemed to have a sole use for which it was unilaterally created: the storage and transference of value. It was a solution to the many issues associated with the modern financial system including the presence of a central authority. However, as time went on, its original use has evolved into the production of more cryptocurrencies, and promoting the expansion of blockchain, the underlying technology, across several industries.

From creating multi-dimensional artwork in the art industry to developing better ways for individuals and companies to own property in the real estate industry, Bitcoin and other cryptocurrencies are disrupting the way things are traditionally done. Gambling and gaming, in general, have also seen positive changes regarding these virtual assets in a way that traces back to a need for the functionality that they provide.

Bitcoin is supported by blockchain technology which ensures that transactions carried out on its network are transparent, fast and verifiable, yet anonymous. For an industry like gambling, this is a potential gold mine. The fact that players will be able to place their bets using Bitcoin in a private way, no matter where they are, is a major appealing factor.

Anonymity is especially sought after for various reasons including avoiding potential attacks from cybercriminals and the stigma associated with gambling. These factors show that cryptocurrency is set to change the face of modern gambling.

The World of Modern Gambling

Accounts of gambling can be traced as far back as the 1400s among the ancient Egyptians and Chinese people. It became increasingly popular as the years passed and by the 19th century, the United States established its first casino in Cincinnati.

As the industry grew, so did the need for technological evolution and recently, one of the major ones came with the introduction of the internet. The 20th century recorded high stakes in physical casinos, leading to the advent of their online counterparts. These online casinos gave players the opportunity to gamble from their homes without the need to be present at the actual casino.

The concept of online casinos, where people could gamble virtually, was a huge hit and since then, there have been several huge online casinos in existence. Due to the increased adoption of internet devices, especially smartphones, social online gambling has grown and now accounts for more than over one-fifth of the online market today.

The legalization of online casinos spurred the emergence of more than 800 of them, which turned gambling into an industry worth billions of dollars. Now, cryptocurrency is another factor adding more value to the industry. By introducing Bitcoin casinos and games, the industry is gradually adopting virtual currencies.

What are Bitcoin Games?

Bitcoin games channel a combination of online gambling and cryptocurrency to make gambling more secure and accessible. As the gambling industry continues to develop, so does the Bitcoin games’ industry, although it has a lot of catching up to do.

While these games may not guarantee an instant profit, they are not too different from the normal games played in online casinos except for their means of payment centering around Bitcoin.

What are the Different Types of Bitcoin Games?

Almost every game in a regular casino can be played using Bitcoin as long as the online casino offers it. As long as bets are made and rewards are earned, fiat currency payments can be replaced by digital assets. Some popular games that can be played using Bitcoin include blackjack, slots, dice, and Plinko.

Bitcoin Blackjack

Blackjack is one of the most popular games in modern gambling because its combination of strategy, skill and luck attract thrill seekers all over the world. It involves players placing bets on a hand of cards, hoping to win the house.

Like any game, it has standard rules which apply in almost any casino and can be difficult to play, especially for an amateur gambler. Playing with Bitcoins does not change those rules, just how bets are made as well as how winnings are paid out. Cryptocurrency makes the payment process faster while ensuring that players remain anonymous.

How to Play Bitcoin Blackjack

It can be played by following these easy steps:

Register with a Bitcoin casino: While Bitcoin casinos are mostly safe, it's important to do some research before entrusting your BTC. This can be done by contacting the website support lines with questions concerning their operations. Potential players can also check for a website’s legal policies along with any licensing seals.
Fund a wallet: A Bitcoin wallet loaded with BTC must be connected to the casino account. This is where stakes will be withdrawn from as well as where all earnings will be transferred to.
Place a bet: Players are expected to choose a chip size and place a bet. Next, they are dealt with two cards facing up, while the dealer, represented by software in this case, will have one card facing up and one facing down. Based on their strategies, players must decide whether to stand, hit, split cards or double down.

While traditional online casinos use inbuilt software, which is subject to regular audits, to generate random numbers, Bitcoin casinos use a provably fair technology. It's designed to prove that the outcome of a round cannot be manipulated by anyone. This means that players can check for foul play in real-time. It ensures that there is trust and eliminates any suspicion of bias.

Bitcoin Slots

Slots involve placing wagers and spinning a reel to earn rewards. These wagers can be placed in form of Bitcoin in several online casinos from a funded account. The game is thrilling and has always been a fan favorite in casinos.

How to Play Bitcoin Slots

Bitcoin slots can be played in the following easy steps:

Find a secure online casino: Make sure to do your research before linking a Bitcoin wallet with any website. Cybercriminals are usually on the prowl, waiting for the next victim to show up. Gambling review sites show the ratings and reviews by users of different casinos, making it easy to pick a top-rated one.
Create an account: Register with the website and link a Bitcoin wallet or funding a custom wallet. Each casino varies in their payment systems.
Fund a custom account with Bitcoins: A player will not be able to wager without providing a wallet with BTC. Some casinos simply allow users to scan QR codes, making it easier to pay.
Choose a Bitcoin slots game: There are several slots games and a particular one of interest should be specified.
Spin the reels: While traditional casinos involve spinning actual reels, online casinos provide a “spin” option that users can select. After selecting this option, the reels begin to spin. Players wait for the reels to stop and check if the outcome matches any of their winning combinations. If it does, their earnings are instantly transferred in Bitcoins.

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Bitcoin Plinko

Plinko is one of the most popular casino games and it originally made its big debut in 1983 on the show “The Price is Right”. It's usually played with the aim of winning a money prize that can be up to $50,000 in one sitting. There are also smaller money prizes to be won in each round.

How to Play Bitcoin Plinko

Drop the ball: In traditional Plinko, a player drops a ball from the top of a structure known as a “Plinko pyramid”. It usually lands on a random number attached to a certain prize that the player takes home. In Bitcoin Plinko, a user has to make a selection that generates a random throw. The computer will produce a corresponding number.
Wait for the result: Following the result, the player’s Bitcoin wallet is credited with their earnings.

Bitcoin Plinko is simple and eliminates the effectiveness of generally reliable betting strategies.

Bitcoin Dice

While normal dice games allow players to pick numbers between one and six, Bitcoin dice takes a different approach. Players are allowed to select numbers between one and thousands. The objective of the game is for these players to predict whether the number they’ve picked will be less than whatever number the dice rolls.

Here, the dice refers to a software which will pick a number at random and allocate Bitcoin to the player if the winning conditions are fulfilled. For Bitcoin dice players to be successful, they must master the steps for playing the game.

How to Play Bitcoin Dice

Bitcoin dice can be played in the following easy steps:

Set up an account: On most websites, players are expected to set up accounts with details like usernames and wallet addresses to withdraw from and pay into. Once this is done, it's time for the next step.
Pick a lucky number: This is perhaps the most important step because it determines whether or not a player’s prediction will earn them any money. The range of numbers to choose from is different for every website. Some offer hundreds, thousands, and even hundreds of thousands.
Place a bet: After picking a number, players choose an amount of BTC to bet. it's important to choose this figure wisely since it's a risky game. Learning the minimum and maximum bet limits will also help players avoid any issues with the process.
Roll HI or Roll LO: This step involves making a prediction concerning the chosen number. A player who thinks the output of the dice roll will fall above the chosen number should opt for a ‘Roll HI’. If a player feels the output will fall below it, ‘Roll LO’ should be selected.
Roll the Dice and Wait for a Result: The website will automatically play the round in a way that can be likened to rolling an actual dice. If the outcome matches a player’s prediction, subsequent earnings are sent to a specified Bitcoin address.

Bitcoin Dice is relatively easy and can be extremely rewarding. However, players can lose their bets just as easily and leave with nothing. Despite these general steps for playing, each website has specific rules and it's important to read them before playing.

The Role of Cryptocurrency in Gambling

Bitcoin casinos offer a lot of benefits to stakeholders in the industry, including the following:

A potential increase in gambling by those who have had restrictions concerning anonymity, geographical location, and financial constraints.
A higher level of security due to the fact that data over blockchain networks is encrypted using cryptography.
Elimination of third parties, as well as human bias, since transactions are between the giver and receiver.
Ease of use. Unlike traditional gambling, Bitcoin eliminates the hassle of transferring money, especially from one currency to another.
Increased traffic to online casinos, allowing them to generate more money, which eventually leads to more taxes. Tax revenue from casinos aids certain groups including public schools in many states.

Final Thoughts

Bitcoin casinos still have a long way to go in terms of development and popularity since the community of cryptocurrency holders is relatively small. It's already clear that virtual currencies can provide an improved gambling experience which can be mutually beneficial for both the cryptocurrency and gambling industries. They can spur further adoption of cryptocurrency by gamblers and vice versa.

While Bitcoin gambling may sound thrilling, there is a big risk of loss associated with it. This risk is more pronounced due to the comparative value of fiat currencies like the US dollar against Bitcoin. This is why it's important to carry out proper research before playing any games, especially for the first time.