In the past few years, blockchain has taken the world by storm with its many use cases. The world of online gambling and betting has also been revolutionized by introducing this new technology that first appeared in 2009 when Bitcoin was launched.
Cryptocurrencies, which rely on the use of blockchain, have seen a rise in adoption in the casino sector, even from many traditional online bookies and gambling venues. 1xBit is a crypto sportsbook and online casino that focused its entire platform to cater to crypto gamblers, having more than 20 digital assets as payment options.
The implementation of crypto payments by online casino sites like BoomtownBingo has allowed many users worldwide to place bets and gamble in spite of regulatory restrictions or other financial impediments.
What Does Blockchain Bring to Online Casinos?
Blockchain relies on many complex algorithms to issue assets, execute and settle transactions across the network, and maintain the overall security and general properties of the chain. By implementing the blockchain technology, crypto casinos can benefit from the following advantages:
Instant deposits and withdrawals
All transactions carried out in a blockchain are done automatically through its smart contracts, realizing the payments in real-time and without the need for third-party involvement or management. This means that there is no bank or payment system to process crypto transfers, saving the user more time. Transaction confirmation is done through built-in protocols, meaning that you deposit or withdraw crypto to your casino account quickly.
Because of this, 1xBit is able to provide fast payouts for all its crypto users.
Also, with traditional payment systems, withdrawals are usually a big issue, as they can take up to 8 working days to process your funds. With cryptos, this is not a problem, as you get your coins to your wallet on the same day you requested the withdrawal.
Due to the automated system through which crypto transactions are processed, your gambling transactions have considerably lower fees compared to banking-based options.
There are no fees when depositing or withdrawing on 1xBit, allowing the player to keep more of his profits.
Cryptos such as Litecoin, Bitcoin, and Ethereum, are all based on a blockchain security protocol which prevents anyone, even the creator of the chain, to halt the transaction and modify its details, or steal funds from any network wallets.
Blockchain data is immutable, and once it has been recorded on the ledger it cannot be modified. This means that no transaction can be undone once the final confirmation has been made. With regular payment systems, there is always the risk of overdue transactions, false transactions, or chargebacks.
All transactions done through a traditional banking system can be traced where and when you have used your money. With cryptos, gamblers can enjoy the anonymity they always wanted, as the blockchain does not record any names, personal addresses, phone numbers, or email addresses that might give away your real identity.
Players can sign up on 1xBit, knowing that it is a fully anonymous sportsbook and casino, as only cryptos are accepted here.
With just one click, you can create a multi-currency account on 1xBit and take advantage of the high odds and incredible bonuses. One of the casino’s most notable offers is its welcome bonus of 7 BTC available for new registrants.
On 1xBit, you will never get bored, as the platform has a library of more than 5000 slots titles from 100+ game providers, dozens of live dealers, and sports events.
With its anonymity, 0 fees, fast payouts, amazing bonuses, and game selection, 1xBit proves that a crypto casino is the best casino.