Over the last few years, the online casino industry has exploded as more licensed platforms are established. Online casinos have grown in popularity because they offer more variety of games, convenient accessibility from a smartphone or desktop, and the comfortability of playing anywhere at any time without having to leave the house.
As online casinos expand, various platforms have opted to include Bitcoin, the first established cryptocurrency, as a payment method and a withdrawal option. Online casinos that have included Bitcoin as a payment method have attracted more clients, made more convenient and safer payments, and paved the way for the future cryptocurrency casinos.
Bitcoin Casinos
Casinos weren’t so comfortable using Bitcoin as a payment method because of how unstable the currency is. Today, more casinos are accepting Bitcoin as cryptocurrency becomes globally more popular. Bitcoin online casinos have become a safer option for casino players.
There have been many reports across the globe of brick-and-mortar casinos suspected or declared as dealing in fraudulent activities. Online casinos have made gaming more secure because your information is completely safe. Most Bitcoin casinos don’t require your personal information to deposit because it uses the blockchain to complete the transaction.
Bitcoin: The Global Currency
Bitcoin is a decentralised currency which means that it’s independent and not regulated by any government. The fact that it’s decentralised allows any person from any country to buy and sell with crypto, making it a global currency. Besides cryptocurrency benefitting online players, it also offers advantages for online casinos.
Gambling is prohibited in some countries, which has given rise to unlicensed and unaccredited online casinos. People playing casino games on unreliable casino platforms face the risk of experiencing fraudulent activity. Casinos accepting Bitcoin as a payment opens their online platform to people from these countries.
By accepting Bitcoin, the casino attracts a new demographic they previously didn’t have. This offers their new clients a safe and convenient way to game. Thus, more casinos have recently been enticed by the benefits of Bitcoin as a global currency on their platforms.
Convenient and Secure Payment
The most attractive benefit of using Bitcoin is the convenience and security for players. Bitcoin as a decentralised currency makes transactions quick and secure. A player receives their payment within minutes compared to waiting three to five business days for the payments to reflect in their account. Since the currency is not regulated, transactions are cheaper because there isn’t a third party, like a bank, that charges transaction fees and taxes.
Paying with Bitcoin on an online casino offers more security for your personal information. Unlike traditional payment methods that the bank tracks, Bitcoin transactions are recorded on the blockchain, which is essentially an encrypted online ledger that can’t be easily hacked or obtained. So, your personal information is more secure than a traditional payment.
Once you’re ready to play an online casino game, all you have to do is scan your unique QR code or provide your Bitcoin address to make a payment or when you want to withdraw. This payment method makes your gambling experience more secure and convenient.
Extra Playing Perks
Bitcoin casinos encourage users to use Bitcoin as their preferred payment method by offering exclusive bonuses. When you make a deposit, the platform provides a ‘welcome bonus’ that’s higher than the bonuses offered to individuals using traditional fiat payment methods.
Online casinos usually offer free spins with their welcome bonus for those users who enjoy slots. If you’re a Bitcoin user, you’ll receive extra free spins once you’ve made a deposit and selected your specific slot game. We recommend Casino 21, an online casino that’s filled with bonuses.
What’s Next for Crypto?
Bitcoin, the first established cryptocurrency, was introduced under the alias Satoshi Nakamoto at the beginning of 2009. 13 years later, there are many forms of cryptocurrencies. Cryptocurrencies have since then expanded through the online world with NFTs, the metaverse, and more investing and opting for the decentralised currency.
Cryptocurrencies have revolutionised how we view currencies and online purchases in such a short period. Based on how quickly it has expanded, cryptocurrencies are likely to influence our economy in the future as they increase in popularity amongst different business sectors, like online casinos. By opening the door to Bitcoin, we may see online casinos accepting other established cryptocurrencies, like Ethereum.
That being said, initially, most online casinos and many sectors were resistant to accepting cryptocurrencies because they’re not as stable as fiat money (government-regulated currencies). The extreme fluctuations of cryptocurrencies value have received negative critiques from many business owners. Due to the erratic nature of the currency, many will only opt for decentralised currencies once they have a more stable value.
Conclusion
Overall, Bitcoin casinos offer users the opportunity to play casino games by using cryptocurrency payment options. This decision has benefited the overall community of players by providing a quicker, safer and cheaper payment method. It also allowed online casinos to attract a wider demographic of people worldwide to use their platform. Despite the unstable value fluctuations of the cryptocurrency, more online casinos are granting the decentralised currency to be used. After all, it’s the new global currency that crosses all borders, but we won’t know what the future for cryptocurrencies looks like exactly. We can only assume that more online casinos will accept it as a payment option and introduce others to their platform.
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