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BITCOIN CASINOS: THE FUTURE OF ONLINE GAMBLING

By Kendall Jenkins on 2021-09-14 12:13:00

Bitcoin casinos are some of the most popular online gambling venues in the world a the moment. Here’s what the future holds. 

The Role Of Bitcoin Casinos In The Gambling Industry’s Future

Bitcoin casinos are among the most popular choice for aspiring and experienced bettors nowadays. Even venues that don’t accept cryptocurrencies represent countless punters’ favorite places for entertainment and excitement. Simultaneously, the chance to win a life-changing jackpot also has plenty of appeal. When you add the possibility to enjoy countless casino games from the comfort of your home, this activity truly becomes remarkably mouthwatering. 

Since this industry is worth billions of dollars, some of the world’s largest casino and betting companies partake in various markets. Bitcoin and other cryptocurrencies are the latest trends to swarm the industry, causing the rise of numerous Bitcoin-friendly and even Bitcoin-exclusive venues. Both traditional and Bitcoin online gambling have benefits and downsides, but we’ll focus on the latter to see why they most likely represent the industry’s future. The market is evolving at a staggering rate, and understanding past trends to accurately extrapolate future ones is crucial for staying afloat. Let’s begin.

Bitcoin Casinos: What Are They And What You Need To Know

Online casinos worldwide have been jumping on the bandwagon for a while when it comes to Bitcoin. The craze has become so massive that you can use your smartphone to deposit and withdraw to and from your favorite online operator. However, Bitcoin has been around for more than a decade and first saw the light of day in 2009. Back when it first surfaced, this cryptocurrency was more of an underground currency than formal virtual money. 

In the “old” days, Bitcoin barely had any value, and only a few early adopters and enthusiasts were experimenting with it. The first real-world Bitcoin purchase took place in 2011 for a pizza that cost 10,000 BTC. However, today’s situation looks incomparably different, with many considering this currency the age’s “digital gold.” Despite initially being ignored, today people use Bitcoin for countless activities like investments, trading, online shopping, and also gambling in Bitcoin casinos.

There are online casino operators that specialize in all things Bitcoin. In other words, these casinos offer only Bitcoin as the available payment method due to the numerous advantages it provides (more on them in a bit). Therefore, a Bitcoin casino is similar to an average online casino but only accepts Bitcoin payments/withdrawals and specializes in Bitcoin games.

Why Are Bitcoin Casinos So Popular?

Rather than representing a passing trend, more and more operators have recently begun adopting this cryptocurrency. Consequently, punters and industry analysts look for reasons for such a steady increase in the number of Bitcoin-friendly online gambling operators. Much of the appeal of this and other cryptocurrencies involves practical use and increased safety. Here are some of the reasons for these venues’ popularity:

  • Effortless operation

  • Superior safety

  • Low cost/free transactions

  • Fast payments

  • Anonymity

  • Absence of restrictions.

Effortless Operation

There are no special conditions required to own or use Bitcoin for online casino gambling. Most gambling and betting enthusiasts feel attracted to Bitcoin venues thanks to the simplicity of the process. There is no need to go through typical KYC procedures or the trouble of submitting documents and waiting for the casino team to verify them, etc. 

In other words, players’ input begins and ends with depositing Bitcoin to their casino account and using it to play casino games. When they’re ready, they withdraw funds back to their Bitcoin wallet and Bob’s your uncle. Virtually anyone can own Bitcoin and use it to gamble in online casinos, opening the market to more potential players.

Superior Safety

One of the most significant upsides of using this cryptocurrency to gamble in Bitcoin casinos is safety. Virtual money operates differently than fiat currencies. Digital money was designed to prevent tracking by government institutions, financial authorities, and other third parties. More often than not, these third parties include hackers and other individuals looking to steal money and your personal/bank account information. 

However, since cryptocurrencies’ design involves heavy encryption that prevents tracking, it is virtually impossible to access users’ sensitive information. Consequently, virtual money is ideal for online casino gambling, and it’s also public - this means anyone can verify the transactions. 

Low Cost/Free Transactions

One of the most significant reasons for the growth in popularity of Bitcoin casinos is that this cryptocurrency doesn’t involve transaction fees. Compared to traditional payments in online gambling, like credit cards, e-wallets, and bank transfers, Bitcoin is more cost-effective. 

Depositing and cashing out funds to and from your favorite casino frequently can incur high costs per transaction when using standard payment methods. On the other hand, Bitcoin is primarily free or involves a small fee with some operators. Additionally, you may find venues that offer players the ability to speed up transactions additional for a negligible cost. 

Fast Payments

The processing time is another problematic aspect of online casino gambling for countless punters. Deposits are typically instant when it comes to traditional payment methods. However, withdrawals can sometimes take up to seven business days, depending on your chosen option. Bank transfers are usually the lengthiest, but you won’t have such issues with Bitcoin.

The average waiting time for Bitcoin transactions is around 10 minutes for both deposits and withdrawals. Your geographical location doesn’t matter, meaning that the speed of transactions plays a crucial role in the sector’s development.

Anonymity

All cryptocurrencies use blockchain technology to function, meaning that it is impossible to link the transaction with its origin. Confidentiality and privacy are among the top reasons why Bitcoin is hugely popular nowadays. If you’ve ever gambled in an online or live casino, you needed to provide your personal and banking information to set up an account.

However, using cryptocurrencies eliminates the need to reveal your identity to the casino or link your bank account. In other words, your personal information remains private.

Absence Of Restrictions

As long as you have an internet connection, cryptocurrencies allow you to send and receive payments anywhere and from anyone. However, since cryptocurrencies are still a somewhat young trend, players often worry about the legality of engaging in Bitcoin gambling.

For example, betting on sports at a reputable venue is a primary concern for countless players. But, there’s no need to worry. If you’re looking for trustworthy and safe online casinos, we recommend trying Casino Sieger. This operator has been around since 2009. Its thriving offering in a cut-throat industry is proof that it’s doing something right. 

However, remember that Bitcoin gambling isn’t illegal because most operators undergo regular testing to ensure legitimate operation. As things stand right now, Bitcoin casinos are the industry’s future and will continue becoming more exciting and popular.

 

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