Starting from the making of Bitcoin in 2009, the digital currency has turned into a tremendous monetary power. One result of crypto’s touchy development is its reception in practically every industry, including online gambling. Due to the low processing fees, higher security, decentralization, and anonymity that this technology offers, it quickly became the first choice for gamblers all around the world.
Because of innovation and a few developments in the gambling business, the market is advancing to oblige the utilization of cryptocurrency. Nowadays, there are plenty of online casinos like Bovada, that offer gambling with Bitcoin and are booming with customers due to the popularity of such a gambling model.
In today’s article, we will take a look at why casinos are adopting Bitcoin and all the benefits that come from gambling with this new technology.
- 1 What is a Bitcoin Casino?
- 2 Benefits that Come from Bitcoin Casinos
What is a Bitcoin Casino?
Before we can highlight the utility behind this technology and how it is used in the process of gambling, we need to understand what a Bitcoin casino entails.
The simplest explanation is that a Bitcoin casino resembles a traditional online casino, but instead of using fiat currency in the gambling process, this casino allows you to deposit and withdraw Bitcoin, or in other words, allows crypto transactions.
Bitcoin casinos operate using Blockchain technology to process all the transactions and the process is entirely independent of any government organization or private entity.
Now that we know how a Bitcoin casino functions, it is time to look at the number of reasons why online casinos are promoting this style of gambling and investing in crypto technology.
Benefits that Come from Bitcoin Casinos
In order to see why such casinos are growing in popularity, we need to take a look at all the benefits that come from crypto gambling. At first glance, it looks like the crypto technology is designed specifically for online gambling just because it brings the following benefits:
One of the biggest reasons why most people choose to gamble at crypto casinos is the lower fees that they have to pay on each transaction. Traditional online casinos work with banks and other payment processors in order to fulfill transactions. However, banks and payment processors are taking a portion of the money transferred as a fee, which can potentially eat out your profits.
On the other hand, Bitcoin transactions have lower processing fees and they don’t depend on any bank or payment processor.
Transaction Processing Time
Another benefit that comes from Bitcoin casinos is the time that it takes to process transactions. Since traditional casinos depend on the bank to process transactions, the process can take up to five days for you to see your funds in your bank account, and sometimes even more if there is a bank holiday.
However, since Bitcoin transactions are authenticated on the blockchain, such transactions happen instantaneously. So, you’ll be able to see your crypto in your wallet within 10 minutes.
Anonymity is crucial, especially when we talk about online gambling. People are not comfortable sharing private information when they register at online casinos, and Bitcoin is here with a solution.
Bitcoin casinos require you only to connect your digital wallet, and you don’t need to fill out other bank details. This makes the process more anonymous and you don’t have to worry about the safety of your private information.
Bitcoin is Easy to Use
Transferring cryptocurrencies on the internet have never been easier. Usually, there are a couple of steps you need to go through before you are able to gamble at an online casino, but the situation is different with Bitcoin in the mixture.
All you need to have is a digital wallet for you to store your Bitcoin on, and you can purchase Bitcoin from a crypto exchange.
Once you have your Bitcoin in your wallet, you can transfer it by adding copy/pasting an address.
Ability to Create Unique Games
In the past couple of years, we’ve witnessed the birth of a new gaming genre called play-to-earn games. Such games are based on crypto technology and are utilizing the power of the blockchain.
Casinos are adopting crypto technology, as it will grant them the opportunity to create new and revolutionary games that involve smart contracts, digital collectibles, and the ability to create games on top of the blockchain.
This new gaming segment opens the gates of a billion-dollar industry that still hasn’t been fully explored.
Lower Costs and Higher Bonuses
Traditional online casinos have higher operating costs just because there are many other businesses involved in the process. For example, payment gateways are charging a flat percentage to casinos for each processed transaction.
However, when online casinos choose to adopt Bitcoin technology, their costs are drastically lowered, which means that the casino makes more money.
This is the reason why online crypto casinos usually have better bonuses than traditional casinos.
Even though the online gambling industry has made a huge leap forward in the past couple of days in terms of the availability of such games, and the legalization of online gambling, there are still some regions where online casino games are not available to the public.
People from such regions cannot play online casino games due to geo-restrictions, or unavailability of payment processors (banks).
However, since Bitcoin is independent, it knows no borders and it can be used internationally no matter the laws, or restrictions that regions have. This helps casinos increase their potential audience.
Experts Believe that Bitcoin Will Grow Up in Value
It is hard to think of an asset that has done incredibly as Bitcoin did in the past couple of years. It outpaced the S&P 500, Real estate, and any other investment options, which is why it became a top choice for big casinos that want to keep a portion of their profits in Bitcoin.
Since most people expect Bitcoin to continue climbing in value, having a Bitcoin casino and keeping the reserves in this asset class can be very beneficial for casinos.
The point here is that they will make additional profits the more they hold to their Bitcoin.