With the recent news of Bitcoin hitting $40,000, speculations emerged as to what we can do with it. Partly for the success of the cryptocurrency has to do with the acceptance of Bitcoin in our daily lives.
Namely, more and more services are using Bitcoin as a means to pay for goods. And one industry that has been using Bitcoin for quite some time now is the gambling industry.
Online casinos are one of the first to implement Bitcoin as a means to deposit funds. Not only that, but some even allow you to gamble with the cryptocurrency.
So that asks the question, will we see a world with Bitcoin casinos? The answer is not only a big yes, but there is talk that these casinos will be the future of the online gambling industry.
As to what these claims are based on, well that’s something that we will talk about in this article about.
So with all that said, let’s start.
1. The Decentralized Nature of Bitcoin
If you’re a complete rookie when it comes to cryptocurrencies, then there is one thing to know. Bitcoin, as well as many other currencies, are decentralized. This means that there is no single entity or individual that controls it.
Instead, every holder shares a piece. Another thing to note is that there is no third-party control. If an online casino accepts Bitcoin as a deposit method, then there is no one that can reject your deposit since no one has any control over it.
Many online casinos accept the cryptocurrency as a means to get around certain banking laws that can be quite destructive and restrictive. And if a particular online casino accepts crypto as a means to deposit funds, then there is nothing stopping them from continuing the trend.
2. Low Fees
The low fees are something that makes Bitcoin highly attractive. If the decentralized nature of the cryptocurrency wasn’t enough for online casinos, then this one certainly takes the cake.
Whenever depositing the crypto on any platform, you usually pay fees lower than 1%. And might think that this is nothing special, but it certainly is as most payment methods such as Visa, Mastercard, Maestro card, Skrill, etc, take 3%.
You might think that these are very small margins. And you’d be correct. But what you don’t know is that you’re not the one paying these percentages. It is the online casinos doing it as a service for the customer.
So the cryptocurrency not only benefits customers, but it most certainly benefits the online casinos.
3. Fast and Reliable Transactions, Withdrawals, and Deposits
While Bitcoin doesn’t have the lightning-fast transaction speeds of some of its competitors, such as Ripple and Litecoin, it is still fast none the less.
Recent data shows that, unfortunately, Visa is still king in this regard. Visa cards allow 24,000 transactions per second, making it the fastest service out there. In comparison, Bitcoin makes only 7 transactions per second, although it depends on the miners.
But what people don’t seem to understand is that you cannot get rejected with the crypto. Miners are the people responsible for approving every transaction on the Blockchain, so you don’t have to worry about a miner rejecting your deposit.
Banks on the other hand can reject your deposit, leaving you angry and frustrated. Although you might have to wait a few minutes for the deposit to arrive, the fact that it will is something that appeals to many in the online casino industry.
Numerous online casinos that accept Bitcoin, such as Playamo, implement the cryptocurrency solely because it provides users with an easy-to-use method of depositing.
Yet another thing we know about the Blockchain is that it is completely anonymous. This means that people can use it without anyone knowing it’s them.
And this is what makes it such a popular payment method with online casinos. If people are worried about online privacy, then rest assured as Bitcoin has you covered.
A lot of people fall into the trap of making fake details to create accounts with online casinos, and that creates a problem in its self.
With cryptocurrencies, everyone is anonymous. The biggest problem with online casinos is that they ask for your ID as a verification means. This is a problem for many people that don’t really trust the service they’re using.
This isn’t the case with online casinos that accept Bitcoin. All you need to do is simply create an account and you don’t even have to use your main email address.
The anonymity factor is that makes them so highly popular and perhaps even the future of the online gambling industry.
5. Greater Implementation
The sudden resurrection of Bitcoin will certainly have a positive, long-lasting effect on the online gambling industry. Namely, everyone wants to get on the Bitcoin hypetrain, including online casinos.
While there were only a few establishments that accepted the cryptocurrency back in 2010, now there are thousands.
This is what gave birth to the term “Bitcoin Casinos”, as it refers to online casinos that mainly accept the cryptocurrency as a means to deposit funds. And the security, anonymity, fast deposit & withdrawal speeds and availability are what make them so popular with users.
Since more and more online casinos emerge, the ones that are regulated will lose more customers than they actually gain. And since no one can track or own the Blockchain, that means no bank or government can control the revenue.
The more services and industries accept Bitcoin, the more we’ll see its use first-hand in our daily lives. And for many people, online gambling is a great way to relax after a hard day’s work.
Since the currency has gone a long way from its initial $0.1 price back in 2009, more and more people are looking for ways to invest in it. And for the smart folks, gambling with Bitcoin might just be the way to increase their portfolio.
But for online casinos, it presents a unique opportunity to become the most trusted “Bitcoin Casino” once things start to get moving in the near future.