Cryptocurrency is one of those inventions that has taken the world by storm because of how fast its reception has been. Because of the convenience it provides, many industries have taken to using as a method of payment. Despite some industries being sceptical, many others have taken advantage of it and are now reaping the benefits from its use. One such industry that is thriving after embracing the use of Bitcoin is the online casino industry.
Crypto is increasingly becoming a common concept in the online gambling community. Many casinos have started to accept cryptocurrency as a payment method, some exclusively, due to its numerous advantages. This includes lower fees, faster transactions, improved security, and anonymity for customers. Analysing the increasing popularity of BTC in online casinos requires an understanding of how it works and why it has become so popular with gamblers.
The Factors Behind The Growing Popularity Of Crypto Casinos
The technology behind crypto allows for secure transactions between two parties without the requirement of a third party such as a bank or credit card company. Also, cryptocurrencies are decentralised meaning that there is no single entity that controls them or that can manipulate their value.
This makes them perfect for online gambling as they provide far greater security and privacy levels than more traditional payment methods. On top of this, the use of Bitcoin eliminates costly transaction fees associated with the more traditional payment methods and also allows users to swiftly transfer funds from one account to another. Cryptocurrencies employ blockchain technology which allow one person to send the crypto from their wallet to another wallet which in turn cuts down transaction costs.
Another benefit of crypto is its anonymity. When opening a crypto wallet, you are not asked to give your financial information meaning you can gamble Bitcoin anonymously. Because your details are nowhere to be seen, players are able to gamble anonymously from wherever they are in the world, including in countries where online gambling is forbidden.
This is the perfect scenario for people that don’t want their personal details and private data to be available on the internet for obvious security purposes. Naturally then, as users become more and more aware of the benefits that are associated with crypto, the more the popularity of cryptocurrency grows in online casinos. It is fair to say then, that, in the not too distant future, more people will have learned about BTC, and, in turn, more casinos will have amalgamated it into their systems of payment methods.
The Impact Of Crypto On Casino Bonuses
Not only have cryptocurrencies become a pretty standard option in the online gambling industry, but many casinos are also now offering bonuses and promotions to the players that use them. This has had a substantial influence on the way that online casinos offer their customer perks. For instance, some BTC casinos are now offering larger bonuses for deposits that have been made with cryptos such as Bitcoin or Ethereum than they do for deposits made with traditional payment methods.
The reason for this is because cryptocurrencies can be processed more securely and faster than alternative payment methods, which makes them an attractive option for both online casino operators and players alike. There really is only one downside to receiving bonuses using crypto and that they are highly volatile. Today they could be worth a lot but, after only few days, they could be worth less than anticipated.
Regulation And Compliance
Because cryptocurrencies are not regulated by a government body or central authority, they can pose a risk of fraudulent activities more than traditional modes of payment. Due to this, some jurisdictions have imposed strict rules and regulations on the use of Bitcoin and other cryptocurrencies.
In some countries they have even banned the use of crypto for online gambling activities. In the jurisdictions where it is accepted, online casinos need a license to operate. Other than that, so long as the state where the casino is registered accepts cryptocurrency as a payment method, you are good to go.