The Bitcoin revolution in online casinos
Bitcoin was introduced in 2009 and quickly became a popular topic of discussion. After the initial interest rate frenzy, people started to wonder what it all meant.
Despite the fact that Bitcoin is still accepted by some online casinos, has it ever really caused a revolution in gambling?
Most players would shrug their shoulders if you asked them whether they’d use Bitcoin in top-notch online casinos. It’s not as if there are any obvious advantages of using an alternative currency. Some websites offer a casino bonus for those who do choose to use cryptocurrency… Anyway, what is the point of this digital money?
Did you say Bitcoin-benefits?
Truth be told, Bitcoin can catch beginners’ attention or spark an interest in the average players in online casinos. So, you could say that this is one of the advantages.
Firstly, it’s the fact that these crypto-currencies are safer. The system used behind them is called a blockchain. We’re not going to go deep here, but this system is known to be highly secure by itself.
The next huge advantage is anonymity. When making a transaction, you are not required to give sensitive information. All you need is the address of your eWallet. So, what does that mean for you? Well, there are no third-parties involved; no banks – no fees (most of the time).
Let’s talk about the impact
I know what you’re thinking. Why hasn’t all of this taken over in the online casinos?
There’s a problem, and it’s called – value. The value of this crypto-currency has proven to not be stable. Bitcoin has had it’s highs and lows (within days, even hours). This is not financially stable, and many people (financial-advisers) recommend staying away from digital currencies.
Yep, many online casinos accept cryptocurrencies as a way of payment… but it does not mean it’s stable or dumping a lot of traditional money on the market.
So, what’s the future like?
More and more online casinos are accepting Bitcoin as a way to deposit funds. As a whole, believing that this will become an official way of payment is nonsense. Most gambling houses are still accepting (and are satisfied) the traditional method of transacting.
Lastly, time will tell what will happen. The casino industry is a massive market (and growing), and no one can predict it… so it’ll be cool to see what happens. Just stay tuned and learn more about the benefits of crypto-currencies.