Bitcoin and Cryptocurrency do not appear to be disappearing anywhere fast. Despite recent market fluctuations, crashes and speculation in the wider community, the usage of these new-age currencies has grown significantly over the past few years. Bitcoin and Crypto are not a fad – they’re here to stay, one way or another.
As the awareness surrounding Bitcoin and Crypto has grown, so has the understanding and usage of terminology. It is no surprise that more online businesses have started accepting Bitcoin/Crypto as a payment method. The online gambling industry is the most prominent leader, resulting in more recreational gamblers turning to Bitcoin to fund their online casino accounts.
This article examines why more people are using this new-age digital currency at online casinos and the significant benefits of doing so.
For The Novices: What Is Bitcoin?
Before we start, however, we’ll cover the simple basics of what Bitcoin is and how it works, so those who aren’t yet savvy about this decentralised currency can get to grips with the fundamentals.
Bitcoin (BTC) is a well-known and widely used Cryptocurrency created by an unknown person going by the alias of Satoshi Nakamoto in 2009. This new online currency means that transactions are made with no middlemen, or in plain terms: no banks. Because there are virtually no middlemen, there are incredibly low transaction fees, as opposed to the chunky processing fees that you’d typically encounter when using mainstream banks. The reason is that they’re not tied to any country or subject to any regulation or institution. This is probably one of the biggest perks of using Bitcoin.
Bitcoin is stored virtually in a digital wallet. These wallets exist either in the ‘cloud’ or on a computer. Many kinds of these wallets are available; some of the most popular and well-known wallets include Blockchain, BitPay, Coinbase and Mycelium. It’s up to you which one you use. Think of Bitcoin as a digital wallet or a virtual bank account, allowing users to send or receive Bitcoin transactions like a regular bank.
As we said at the beginning of this article, you can use your Bitcoin to buy and pay for things online, including spending Bitcoin at online casinos. If a casino accepts Bitcoin, it’s likely also to take various other Cryptocurrencies such as Ethereum (ETH), Tether (USDT), XRP (XRP), Lite Coin (LTC), and Tron (TRX). Here are some examples of popular Bitcoin casinos.
Benefits of Using Cryptocurrency at Online Casinos
While several different Cryptocurrencies exist, Bitcoin is easily the most popular. People who do not even know what Cryptocurrency is are likely to understand or would have heard the word ‘Bitcoin’. Since more online casinos are starting to accept it, here are the top perks as we see it of using Bitcoin casinos:
Maybe not as anonymous as it was a few years ago due to various new rules and regulations creeping in. However, using Bitcoin is still far more unknown than taking money out of your bank account and putting it into your online casino account. There is no ‘validation’ process in place. Nobody cares if you are using your Bitcoin for gambling and casino games. It’s also a suitable alternate payment method for some people, as specific payment systems will not allow you to deposit money into gambling accounts, which is why some prefer to use Bitcoin casinos.
While this is not genuinely an issue when you play at an online casino, people do love the transparency of Bitcoin. Because every single transaction is made in the open and can be viewed on the Blockchain, an online casino can’t claim that they never received the payment you sent them. Realistically, this is unlikely ever to be an issue you’ll run into with an online casino but knowing that you can personally trace and view your payment is a nice feeling.
Many people will put money into their online casino account from their Bitcoin wallet when the value is high. In theory, if the value plummeted shortly afterwards, you could still make a loss at the online casino and walk away with more money than if you had kept your hands on the Bitcoin, which is quite incredible. It is not a good investment strategy, but we still like this as one of the hypothetical benefits.
In many cases, you will find that the transaction fees when you work with Bitcoin and Crypto are much lower, almost zero in fact, than other currencies, although this will depend on the online casino you are using.
It’s quick and easy.
Like regular ‘FIAT’ currencies, Bitcoin deposits are instant. When it comes to withdrawing, in our experience, using Bitcoin tends to be much quicker, nearing instantaneous, compared to traditional methods.
As you can see, there are many perks but only few drawbacks to using Bitcoin at online casinos. If you are new to Bitcoin and Cryptocurrency on any level, then we recommend you do your research first. There are plenty of Bitcoin guides that are rich in information and tips to help you get started. Just spend a little time getting to grips with this new way of banking before getting started, is the best advice we can offer.