When it was launched in 2008, Bitcoin was hardly known outside the close-knit community of original miners. Some even dismissed it as a fad that wouldn’t last for long. As more people understood and adopted Bitcoin, its fortunes changed for the better. Today, it is a force to reckon with, given the proliferation of mining software and Bitcoin exchanges. However, one industry that is truly benefiting from the Bitcoin boom is the online gambling sector.
What is Bitcoin?
Bitcoin is a digital currency created to enable users to carry out anonymous transactions on what’s is known as a blockchain. It exists in the form of a string of codes that represent a certain value. When many of these codes come together, they form blocks which connect together to form a blockchain. Bitcoins operate outside the regulatory ambit of central banks and governments. Thus, transactions involve only the sender and the recipient. Bitcoin is sent instantly.
Benefits of Using Bitcoin?
Bitcoin has a number of benefits that make it a preferred mode of payment for online casinos. The following are the reasons casinos are allowing gamblers to make deposits and withdrawals in Bitcoin:
1. Low Transaction Fees
Compared to other payment methods, Bitcoin has very low transaction fees. All that’s required from you is a small fee that goes to Bitcoin miners. In essence, you pay much less than what’s charged for conventional payment methods such as credit cards, debit cards, and eWallets.
2. Faster Processing Of Cashouts
One interesting feature of online gambling is the time it takes to make withdrawals. It could take days or hours depending on the payment method. Bitcoin allows for very quick withdrawals. While some withdrawal methods take several days to process transactions Bitcoin takes up to 3 hours. Unlike the other methods, Bitcoin hardly requires third-party verification
3. Casino Operators Find Bitcoin to Be Cheaper
You need to understand the psychology of online gaming sites to know why they prefer Bitcoin. Due to its unregulated nature, casino operators do not need a license to use Bitcoin. After all, Bitcoin isn’t controlled by central banks and other government authorities. By saving on the licensing fees, online casinos operating on offshore locations are able to reduce their costs. Also, Bitcoin transactions are done with finality and there is no need for chargebacks.
4. Bitcoin Is Popular In Offshore Casinos
This cannot be said enough. No government or central bank has control over Bitcoin. For that reason, it is a very popular payment method for casinos in offshore locations. It is important to note that a number of sportsbooks, poker sites, and online casinos accept no other payment method other than Bitcoin.
How Is Bitcoin Changing The Casino Industry?
So how is Bitcoin changing the casino industry? It depends on whether you are looking at the online gaming industry or brick and mortar casinos. Either way, Bitcoin is disrupting the casino industry in the following ways:
1. Revolutionizing Online Casinos
For many online casinos, Bitcoin is one of the preferred payment methods. While some accept other payment methods, others rely entirely on Bitcoins. You, therefore, do not have to look far and wide to find casinos that accept cryptocurrencies such as Bitcoin and Ethereum. Not only do players get to deposit Bitcoins in their online gaming accounts, but they also receive their winnings in the cryptocurrency. They can then withdraw money in any of the acceptable fiat currencies including dollars, euros, and sterling pounds.
2. Changing Brick and Mortar Casinos
Did you know that some Brick and mortar casinos accept deposits in Bitcoin? Today, Bitcoin is acceptable in sports betting, poker rooms, and casinos. All this thanks to the almost insignificant Bitcoin transaction fees. In fact, Bitcoin is cheaper than some electronic payment methods such as PayPal. As noted above, the preference for Bitcoins comes from the fact that transactions are processed very fast. If anything, casino owners do not have to worry about the prying eyes of government authorities, given the unregulated nature of Bitcoin.
Clearly, the adoption of Bitcoin in the casino industry is redefining the way payments and withdrawals are done. The cryptocurrency provides some exciting benefits for both the players and operators of casinos. As things stand, Bitcoin will keep charting new territories in the gaming industry. Watch this space!