For most people with a risk tolerance for investment, they still prefer the idea of day trading. However, there are those that have turned to Bitcoin casinos to try their luck at gambling.
But what exactly are Bitcoin casinos?
In its basic definition, the term can be used to mean any sports betting firm and online casino that also accepts Bitcoins for transactions and not just cash.
Recently with the growth and popularity of Bitcoin, there has been an emergence of Bitcoin casinos which offer a unique array of games for the gambler who intends to transact in Bitcoins.
While there are still the traditional games which includes roulette, and casino fair, there are others that include spread betting, and online lotteries.
How Bitcoin casinos operate
Bitcoin has gained popularity among online casinos due to the fact that it is very simple to transfer and also its pseudonymity.
One of the main benefits of Bitcoin casinos is that there are no transaction fees involved and the number of daily transactions that any player can perform is unlimited.
Some Bitcoin casinos advertise much larger jackpots and huge profits thanks to much lower operation costs.
It is not surprising that some Bitcoin casinos have applied a formula used mainly by their traditional counterparts by customizing games and adding new rules.
Another benefit that draws people to Bitcoin casinos is that any profits that they make are simply not taxable. Well, not unless they are sent to a legal authority.
Are they legally recognized?
The regulations for Bitcoin casinos differ from one country to the next. Since there is no central authority involved, transactions cannot be mitigated or interrupted in any way.
Countries however provide regulation that are strong to prevent things going out of hand. For example, one cannot open and run a Bitcoin casino in their home territory.
The future of Bitcoin Casinos
There are those who strongly believe that the future will involve more than Bitcoins with Bitcoin casinos.
There could be more recent cryptocurrencies that bring even more benefits to the table. In fact, there has been more cryptocurrencies that have come out that anonymize the parties as well as the transactions.
One of such is Ethereum and has already sparked a lot of interest. Perhaps we will see online Bitcoin casinos decentralize a portion of their daily duties through blockchain technology.
