Bitcoin Casino – First Crypto Casino in Malaysia
Like many experts have expected in recent years, online casino gaming is already rising. This is how a pandemic affects multiple countries. Notwithstanding a big health problem, people still play, which is understandable because brick and mortar casinos are closed and physical or social distance required. Even with a worldwide pandemic, more and more people are now turning to online casino games. It’s mostly because of the facility.
What are Crypto Casinos?
Crypto casinos are the casinos that allow players to place bets and withdraw their winnings using cryptocurrency in the same way as traditional casinos allow their players to bet and withdraw in fiat currency. For example, US dollars, Euro, Indian Rupee, Mexican Peso, and so on. Nowadays, many players prefer to gamble with cryptocurrency as it guarantees a higher degree of anonymity and an opportunity to win the ever high-rising currency. The biggest and most trusted online casino BK8 is one such popular crypto casino popular in South Asia.
Best Crypto Casino Bonuses
When it is about online casinos, one of the top reasons that encourage people to play is the availability of bonuses or promotions. The trick of increasing your opportunities to win a big amount always lies in finding the best casino bonus. In cryptocurrency casinos, too, it is vital to look for the best online bonus to claim. Now, this can be a no deposit bonus, free spins on some selected slots or a match deposit welcome bonus to grab your attention.
It is best to go through the terms and conditions page before deciding as there are some casinos instead of depositing, only allowing the withdrawing of winnings in cryptocurrencies. There is also no shortage of online casinos that have special crypto welcome bonus offers for their players. The number of days on which the bonus will be available must, however, be reviewed.
The Best Cryptocurrency for Online Crypto Casino (BTC & USDT)
The year 2020 has witnessed a surge in industries that decided to adopt cryptocurrencies as an alternative payment model. However, online crypto casinos accept a range of cryptocurrencies as a payment method for the past few years. The tremendous rise in the prices of some digital coins has fueled the growth of online crypto casinos. So, have a look at the best cryptocurrency for online Crypto casinos.
Accepted by several casinos across the world, Bitcoin (BTC) is undoubtedly the best cryptocurrency that is catching the attention of casino players. Earlier, it was largely an alternative investment tool, but there has been a remarkable shift in the mindset since 2018. Now, more people are aware of the advantages it offers in terms of ultimate anonymity and privacy. So, this has emerged as all the more trusted among crypto casinos.
Created in January 2009, bitcoins not issued by any federal government are now appealing to the masses. Also, a massive amount of computing power goes into verifying each bitcoin transaction which makes it very safe. You can spot numerous casinos that accept bitcoins as their payment method along with other traditional payment methods. For example, BK8 accepts bitcoins and tether along with Indonesian Rupiah (IDR), Malaysian Ringgit (MYR), Thai Baht (THB), and Vietnamese Dong (VND) as a reputed cryptocurrency casino.
While it is true that tether (USDT) is quite a controversial cryptocurrency, it has also emerged as a highly stable and trusted cryptocurrency in recent years. What makes it so popular among all is its stability compared to other popular digital currencies such as bitcoins and Ethereum. The price fluctuations are a bare minimum. So, players are comfortably using the same at crypto casinos for their predictable value and high trading volume. Like bitcoin, it also offers payment anonymity, which is preferred by people who love online gambling.
The Rise of Crypto Casino – A Brief History
In August 2011, cryptocurrencies were embraced by an online poker casino for the first time in history, and bitcoin was the cryptocurrency. The fact that bitcoin is a decentralized and encrypted currency makes it somewhat popular among the players. However, there was still no significant rise in crypto casinos worldwide, but more cryptocurrencies started to emerge.
In September 2013, a player who goes by the name Nakowa successfully won a jaw-dropping 11,000 BTC, and this single win gives a huge boost to the emergence of crypto casinos across the globe. At that time, 11000 BTC was approximately close to $1.3 million. In bitcoin history, this was the highest ever win in those days, and today, you can easily spot a bitcoin online casino over the web.
In February 2014 came the first licensed Bitcoin casino. The trusted Curacao Gambling Licensing Authority licensed it. Its name was Bitcasino.io. Gradually, more online casino sites added cryptocurrencies as an optional payment method to stay relevant.
Till August 2014, bitcoin was used by these crypto casinos for payment methods, but this changed when a cryptocasino named CryptoGames offer a different cryptocurrency as an alternative payment method. Many even launched exclusive crypto casinos to catch the attention of the Millenials.
It was a historic moment for crypto casinos when NetBet in 2016 became the 1st UK licensed operator of a crypto casino and ably satisfied all the government’s regulatory conditions. It was permitted to accept BTC from its players legally! Consequently, many new cryptocurrencies started to appear, but things become tough when China imposed a blanket ban on the exchange of these digital currencies in 2017.
The dust settles soon, and today, Crypto casinos operate in the same way as traditional casinos. The only exception is that you can deposit cryptocurrency instead of a fiat currency. The process to deposit and withdraw funds is also almost the same.
There are now countless online casinos that let their players play with cryptocurrency and enjoy all their favourite slot games, poker games, table games, and so on.
How Does Cryptocurrency Work?
While the study of cryptography emerged because of the need to ensure secure communication in which the message can be decoded only by the intended person, it evolves with the advance in technology in the digital era.
Now, it incorporates elements from mathematical theory and computer science to ensure a safe online transaction. A person does not need to use his name or bank details while using cryptocurrency to secure payments or withdrawals.
Since cryptocurrencies make use of decentralized technology, any such need is eliminated. Instead, these work on blockchain technology, which is a distributed public ledger on which every single transaction is updated. These currencies are generated by a process called mining. One can store and spend these cryptocurrencies by using cryptographic wallets.
Are Crypto Casinos Safe?
Despite the controversy that these crypto casinos are not safe because of its anonymity, it is safe. Only you have complete control over your e-wallet, and it is possible to have such a wallet with a pseudonym. This is the reason for which many players get attracted to these casinos. Moreover, there is added security.
At crypto casinos like BK8, you will never be asked for any personal detail such as your banking details, personal details, or any other sensitive data like it is in the case of other online casinos or land-based casinos. You can make instant deposits and quickly withdraw your winnings as per your wish while playing at a crypto casino. It is minimal or almost no chance of theft or crypto hacking that makes these crypto casinos safer to the players.
A Seamless Crypto Casinos Experience
At our bitcoin casino, BTC, ETH and USDT are allowed as cryptocurrencies. However, make sure that you have cryptocurrency in your e-wallet. You have to know that these wallets exist in the online world in the same way as a PayPal account or bank account and are secured with encrypted technology. A crypto deposit may take 3-5 minutes, depending on the chosen cryptocurrency. So, to make a crypto (Bitcoin, Ethereum, Tether) deposit at this crypto casino, follow these three easy steps.
Step 1 – Click on Deposit and select your Crypto method. This can be either network Bitcoin or USDT.
Step 2 – Now, login to your wallet app and scan the QR code for your BTC/ETH/USDT address.
Step 3 – Finally, transfer the amount you want.
Remember, a minimal transaction fee in BTC, ETH or USDT is charged for every successful transaction, and this will be charged by your e-wallet. The withdrawal process is also almost the same in most crypto casino, and you have to provide your BTC/ETH/USDT address to the crypto casino. There will be no delay in the transfer of your winnings as the process is very streamlined.
The Future of Crypto Casino
Despite the growing popularity of crypto casino, it is a fact that central banks and law enforcement authorities are very suspicious about these casinos. Even some tax authorities suspect the operation of crypto casinos as many may use this for money-laundering purposes.
Given the risk involved in depositing money by using traditional methods, there is no doubt that the future of crypto casinos is bright. More and more players are now using cryptocurrencies for gambling. There is already a significant rise in the number of crypto casinos in the recent few years. So, it is only a matter of time, and soon, everyone interested in gambling will come to know about these casinos.