What are Bitcoin Casinos?
To put it into the simplest of terms, a Bitcoin Casino is any type of online casino or sports betting agency that accepts and uses Bitcoin or Bitcoin Cash either as preference or together with fiat currency.
All over the globe various fields of industry have begun to realise the power and applicability of Cryptocurrencies, and Bitcoin being the first one created and the most famous one could not be an exception.
Bitcoin Casinos can offer a large variety of games and services that are specifically tailor-made for the gambler who is seeking to transact in Bitcoin as opposed to fiat currency such as US Dollar. And apart from the traditional casino games, they also offer sports-based betting, lotteries and in some cases spread betting.
For practical and functional reasons, the Bitcoin Casinos have begun to use the term mBTC (”milli Bitcoin”), rather than the traditional term of BTC or Bitcoin.
1 mBTC represent the value of one thousandth of a Bitcoin or 0.001 BTC.
How do Bitcoin Casinos work?
They actually operate very similarly to their traditional counterparts, but more than that, Bitcoin casinos provide new registrations with the use of an in-house wallet that allows you to transfer your Bitcoins to.
All activity that is partaken on the games is done through the stored funds of the user. So, typically a user places a bet from his/her wallet and can either profit or lose depending on the outcome of the bet.
Once the bet is complete, if it is successful then the profits are transferred to the user’s in-house wallet. After that if the user wishes, he/she can also transfer the funds to their bank accounts as well. However, keep in mind that several crypto casinos implement a limit as to how much a user can withdraw at once. That is why it is necessary for your own benefit, to always read the terms and conditions carefully of any Online Casino that you choose to participate in.