The online gambling industry feels like it has been around forever, but it is only in the last 20 years or so that betting and playing real money online games has become commonplace. The reason it looks so old is that it has experienced several major developments over the years, ranging from instant play games to web wallets and mobile play.
The most recent innovation is related to cryptocurrencies. These currencies offer many benefits to online gamblers and are therefore being adopted by more casinos and more players than ever before.
This is why bitcoin casinos are now set to overtake traditional payment casinos.
it’s fast and secure
Online casino players are desperate for quick and easy ways to process their winnings. Deposits are instant, and they demand the same convenience when it comes to withdrawals.
Unfortunately, this is not always possible with traditional payment options.
Even if the casino processes your withdrawal immediately, a bank transfer can take up to 5 days, a debit/credit card will take around 3 days, and while most web wallets are instant, account opening and your bank account/s. The hassle of verifying identity makes this an oddly slow process.
With bitcoin and other cryptocurrencies, you just need to get yourself a wallet and you are ready to go. You can buy bitcoins from a currency exchange or ask your friends to send them to you. They’re so quick and easy, and that’s why players are crying.
It’s (Somewhat) Anonymous
It is often mistakenly believed that bitcoin is completely anonymous. That’s just not the case, and the blockchain keeps track of some of the payments. However, it is still one of the most anonymous options for the careful online gambler.
Unlike web wallets, debit cards and credit cards, crypto wallets are not linked to a bank account or home address. No one will know your name, address, phone number or bank account. If you are concerned about putting yourself and your habits out there, then Bitcoin might be what you are looking for.
bitcoin is hard to avoid
Bitcoin has been on a rollercoaster ride in 2021, but it looks like it is finally returning to the heights it achieved in 2020. It’s a currency that everyone knows about, most people have, and everyone Wants to own.
There are those who complain about cryptocurrencies and openly state that they do not think these currencies are the future, before admitting that they have a small holding “just in case”.
It’s hard to get away from it, and for many people, finding a way to use those coins is a great way to keep interest in them. We are not saying that bitcoin gambling is a good way to increase your investment, as there is no guarantee that you will win, and you should never think so.
But if you are playing slots with BTC and placing sports bets with them, you will use them consistently and this will encourage you to invest more, learn more and keep your ears to the ground.
Merchant fees are low
There are a lot of hidden fees associated with online casino payments, especially if you are using debit cards and credit cards, but also for bank transfers and web wallets. This is something that many players overlook because they do not see things from the other side, but it is a major deterrent for online casinos.
A casino is expected to pay a merchant fee every time a transaction takes place. After all, one needs to pay for those secure servers and transactions, and this applies to both deposits and withdrawals. This is true for all online retailers and service providers, but it is more problematic in the online casino industry, as many of those deposits require currency conversion.
The result is that the casino can lose a few percentage points for every transaction and while this may not sound like much, we are talking about companies that process millions of transactions annually.
It all adds up, and so they are desperate to keep those numbers as low as possible.
This is where cryptocurrency comes in.
Crypto doesn’t require expensive merchants and while there are services out there to make life easier, they don’t charge as high as other merchants.
In other words, players are not only keen to use cryptocurrencies for online gambling, but many online casinos are equally excited, and surely these coins will overtake traditional payment options before long.
Image by Bruno / Germany from Pixabay