Outside Source
Cryptocurrencies such as Bitcoin have evolved over the years from a mere banking option to a standard payment method for players and casinos. The number of casinos that prefer the use of Bitcoin to other payment methods has risen drastically. In most online casinos, players get a special bonus for using Bitcoin to fund their accounts and enjoy speedy payouts, often less than 48 hours. Let’s explore if Bitcoin casinos are here to stay or just a fad.
Why do players like Bitcoin?
Privacy
Gambling is still frowned upon or even outlawed in some parts of the world. Banks and financial institutions, in countries where gambling is illegal, don’t process transactions for gambling sites.
Bitcoin, on the other hand, doesn’t require a third party to process it.
You enjoy anonymity as your transaction records can’t be accessed by banks or governments with Bitcoin. Even better, hackers can’t get a hold of your banking information.
Convenience
Depositing funds into your account at online casinos is instant. While you have to wait for minutes or possibly hours when you use other payment methods to credit your account, with Bitcoin, you get to enjoy the latest casino games immediately. Withdrawals made using Bitcoin are also quite fast, taking less than 48 hours to get your winnings rather than waiting for several days.
Cost-Effective
Blockchain payments like Bitcoin are peer-to-peer transactions from the player to the casino. Bitcoin transactions are way cheaper as the fees involved are a tiny fraction compared to other payment methods. Players get to receive their winnings almost intact, and bookmakers cut down transaction fees, maximizing profit.
Concerns With Bitcoin Transactions
Casino Licensing Jurisdiction
Casinos that accept Bitcoin payments don’t have to obtain licences for a specific jurisdiction. Bookmakers save a lot on licence application fees since they are not tied down to specific localities. However, players face the uncertainty of gambling in a casino that’s not licensed in their area.
Currency Volatility
Bitcoin is prone to fluctuations in exchange prices from time to time because it’s still in the nascent stages of currency. When Bitcoin prices move up against the dollar, players reap the benefits of handsome rewards. In contrast, when the dollar gains against bitcoin, players bear the brunt of low returns.
Conclusion
While there are severe risks in Bitcoin use players, they favour it over other payment methods. Online casinos and players both stand to gain from Bitcoin, and it might just be the new hassle-free method that the gambling industry needs.
This article first appeared at BTCMANAGER
