It seems that the online gambling industry has been around forever, but only in the last 20 years or so has it become a norm to bet and play games online for real money. The reason it feels so outdated is that it has seen several major developments over the years, from instant play games to web wallets and mobile play.
The latest innovation concerns cryptocurrencies. These currencies offer many benefits to online gamblers and are therefore being adopted by more casinos and players than ever before.
This is why Bitcoin casinos are now well on their way to overtaking traditional pay-out casinos.
It’s fast and safe
Online casino players are in desperate need of faster and easier ways to process their winnings. Deposits are instant, and require the same convenience when it comes to withdrawals.
Unfortunately, this is not always possible with traditional payment options.
Even if the casino processes your withdrawal instantly, a bank transfer can take 5 days, a debit/credit card will take about 3 days, and while most web wallets are instant, the hassle of opening an account and verifying your bank account/identity makes it an embarrassingly slow process .
With Bitcoin and other cryptocurrencies, you just need to get a wallet for yourself and you are good to go. You can buy Bitcoins at currency exchanges or ask your friends to send them to you. It’s very quick and easy, and that’s what the players are calling it.
It is (somewhat) unknown
Bitcoin is often mistakenly believed to be completely anonymous. This is simply not the case, and the blockchain keeps track of some payments. However, it remains one of the most anonymous options available to wary online gamblers.
Unlike web wallets, debit cards, and credit cards, a crypto wallet is not connected to a bank account or home address. No one will know your name, address, phone number, or bank account. If you are worried about your situation and your habits abroad, Bitcoin may be just what you are looking for.
Bitcoin is hard to escape
Bitcoin has been on a roller coaster ride in 2021, but it looks like it’s finally back on the highs it made in 2020. It’s a currency that everyone knows, most people have, and everyone knows. Wants to own.
There are people who complain about cryptocurrencies and openly declare that they don’t believe these currencies are the future, before admitting that they have a small holding “just in case”.
It’s hard to get away from them, and for many, finding a way to use these coins is a great way to maintain interest in them. We are not saying that gambling on Bitcoin is a good way to grow your investment, as there is no guarantee that you will win, and you should never think that way.
But if you play slot machines with BTC and place sports bets with them, you will use them on a consistent basis and this will encourage you to invest more, learn more and keep your ear to the ground.
Lower Merchant Fee
There are a lot of hidden fees associated with online casino payments, especially if you use debit and credit cards, but also for bank transfers and web wallets. It is something that many players overlook because they do not see things from the other side, but it is a huge stumbling block for online casinos.
The casino is expected to pay a dealer fee each time a transaction is made. After all, someone needs to pay for those secure servers and transactions, and this applies to both deposits and withdrawals. This is true for all online retailers and service providers, but it is a bigger problem in the online casino industry, where many of these deposits require currency conversions.
The result is that casinos may lose a few percentage points per transaction, and while that may not sound like much, we are talking about companies that process millions of transactions annually.
It all adds up, and so they are desperate to keep these numbers as low as possible.
This is where cryptocurrencies come in.
Cryptocurrencies do not require expensive merchants, and while there are services out there to make life easier, they do not tend to charge fees like other merchants.
In other words, players are not only keen on using cryptocurrencies to gamble online, but many online casinos are equally enthusiastic, and this will surely see that these coins will surpass traditional payment options before long.
Image by Bruno / Germany from Pixabay