More industries get involved and capitalize on the cryptocurrency ecosystem, especially online gambling communities that employ Bitcoin as its primary payment method. But since new innovations are just around the corner, many of these businesses have extended their services to cater to Bitcoin users. Players can now earn free coins in the form of in-game credits or bonuses if they gamble with bitcoins.
Gambling Properties of Bitcoin
Bitcoin is the preferred payment method of many online casino players and operators. Both parties benefit from the anonymous nature of the coin–Bitcoin cannot be regulated or manipulated by banks, governments, and financial institutions. Although there are other countries with strict protocols concerning gambling, Bitcoin online casinos are from its grips. Because of this, the crypto-betting industry was able to open more opportunities for online casinos around the world.
Another factor why gambling websites prefer Bitcoin and altcoins points to the technology’s innovative nature. The decentralized feature makes it possible for any user to skip third-party processors when performing a transaction. The sender and the receiver, or in this case the player and the online casino are the only parties involved during transactions. With the absence of middlemen, players won’t ever shoulder excessive fees and online casinos will draw in more customers.
Types of Rewards and Credits
Deposit bonus – the most widely-used bonus offer in online casinos. It allows bettors to unlock bonuses in forms of bitcoins by depositing an initial fund on your account. The percentage for each bonus depends on certain terms and conditions.
No-deposit bonus – an offer where you’re not required to spend anything. This is a way for relatively new casinos to attract new customers. Upon registration, new users can get initial funds or bonuses if they follow the wagering requirements set by the casino.
Free Spins – this bonus doesn’t payout in crypto, but gives rewards in the form of free spins for slot games. Free spins allow you to play Bitcoin slots for free if you meet the wagering requirements.
The marketing strategy of online casinos as to not let players abuse their bonuses is to set a wagering requirement for Bitcoin users. Most casinos will only let players cash out their winnings from the bonuses if they wager the multiplied amount of a particular bonus. The lowest multipliers in favor of players are x5, but the limit differs from one game to another. In other cases, there are also time limitations for using the promo and utilizing the rollover; some free spins can only be used during weekends, and some deposit bonuses can only be done at midnight.