Bitcoin is almost synonymous with Japan. After all, its creator has a Japanese-sounding pseudonym, Satoshi Nakamoto. Although no one knows the real identity of Bitcoin’s originator, many modern technologies were quick to adopt the innovation because of its security, freedom from restrictive regulations, and transparency.
These attributes make Bitcoin and other cryptocurrencies the payment of choice of many online casinos, including Japanese platforms.
But what are Japan’s Bitcoin casinos? Let’s dig deeper into how these online gaming platforms work and examine their popularity in the Land of the Rising Sun and the rest of the world.
What’s a Bitcoin Casino?
Bitcoin casinos aren’t significantly different from traditional casino platforms. Users can enjoy their favorite casino games, like roulette, slots, poker, blackjack, and more.
The difference? As the name implies, Bitcoin casinos accept mainly Bitcoin cryptocurrency as payment.
For example, users topping up their casino accounts can transfer the corresponding Bitcoin amount. Likewise, withdrawing winnings also comes in Bitcoin.
Some gamers call such casinos “crypto casinos” because they accept not only Bitcoin but also other cryptocurrencies like Ethereum (ETH), Tether (USDT), and Litecoin (LTC). The point is that these gambling platforms prefer cryptocurrencies over conventional payment systems involving cash and credit.
Why Are Bitcoin and Other Cryptocurrencies Popular in Japan?
As mentioned, Bitcoin’s creator has a Japanese-sounding name, Satoshi Nakamoto. The world might never know this genius’ true identity, but many crypto enthusiasts recognize his Japanese roots. And that’s one cause for celebration and pride among the Japanese.
Recent developments reinforce such observations.
For instance, Japan’s Payment Services Act considers and recognizes cryptocurrencies (like Bitcoin) as legal payment methods despite being non-flat currency-denominated. The law also stipulates that unspecified individuals can use cryptos to pay for services and products. Moreover, the PSA doesn’t restrict investing and owning cryptocurrencies.
Studies show that Japan has nearly nine million registered cryptocurrency accounts, up from around six million a year before. If these numbers don’t blow your mind, Japan’s crypto usage should.
Over five million Japanese actively use Bitcoin, Ethereum, and other crypto. Additionally, more than a hundred thousand merchants and establishments now accept crypto as a legitimate payment method.
Is that enough evidence of crypto’s popularity in Japan? It might not be as robust as those in the US, but the numbers are promising.
How Do Bitcoin Casinos Work?
If you’ve ever played online casinos, you should already be familiar with how Bitcoin casinos work. As mentioned, the only difference is in the payment method. Players don’t use cash or credit to deposit into their casino accounts. Instead, they use Bitcoin (or other acceptable cryptocurrencies).
So, how does it work?
Bitcoin casinos leverage blockchain technology. It’s a peer-to-peer system that records individual transactions into information blocks, with each section leveraging the one before it. The technology is a chronology of digital transactions, like a ledger.
When a casino player pays with Bitcoin, the transaction gets logged or added into the public ledger. This instance creates an unmistakable (and un-modifiable) record, giving players peace of mind.
What Are the Privileges of Playing in Bitcoin Casinos?
You might want to check this site https://bitcoincasino.jp/ and find bitcoin casinos in Japan that accept Bitcoin and other cryptocurrencies. These companies can provide the most significant advantages or privileges of playing their casino games.
- Anonymity
Nobody wants to receive the “gambler” label. Unfortunately, traditional payment systems require personal information that can get leaked to the public. Bitcoin’s blockchain technology safeguards one’s need for anonymity. It doesn’t require you to input anything.
- Security
Although hackers tried distributing fraudulent Android Coronavirus trackers to steal Bitcoin from unsuspecting Bitcoin owners in 2021, blockchain technology remains as formidable as Fort Knox. The only security concerns lie in cryptocurrency exchanges and wallets. If these platforms aren’t secure, then Bitcoin isn’t safe, too. Pick a trustworthy wallet or exchange, and you’ll never worry about data security.
- Efficiency
Another plus of Bitcoin is its lightning-fast payment processing. Players can top-up their accounts or withdraw winnings within minutes. Try that with conventional methods, and you’ll count days.
- Transparency
Blockchain technology is a peer-to-peer public ledger that promotes data transparency. It fosters and strengthens trust between Bitcoin casino operators and players, ensuring optimal enjoyment. Users can examine the records and feel secure that no casino game is rigged or manipulated.
What Are the Special Features of Bitcoin Casinos in Japan?
Bitcoin casino platforms work the same as online casino sites, except they accept cryptocurrencies, such as Bitcoin, for transactions. They also offer various innovative and new games, promotions and bonuses, and the convenience of playing online or via an app. And, of course, crypto casinos offer anonymity, fast transactions, privacy, security, and global access to different casino platforms.
Final Thoughts
Japan isn’t the only country where Bitcoin casinos flourish. Blockchain technology’s security, anonymity, transparency, and efficiency are significant benefits casino players cannot get from other payment models. Since Bitcoin’s creator has Japanese roots (verified or otherwise), it makes perfect sense to put the limelight on Bitcoin casinos in the Land of the Rising Sun.
To sum it up, Bitcoin casinos aren’t any different from conventional platforms. They only vary in payment method – Bitcoin (and other cryptos) instead of credit or cash. And that’s where Bitcoin’s blockchain technology takes center stage.