Is Bitcoin booming at online casinos too?

Cryptocurrencies are revolutionizing the online gambling industry. A few years ago, very few online casinos took Bitcoin very seriously. Today, the cryptocurrency is transforming the global economy. An increasing amount of online gambling companies are accepting digital currency.

Bitcoin is a peer-to-peer digital currency, electronic cash that you can use to send money to friends or merchants. Created and held electronically, Bitcoin is entirely decentralized, which means it’s not controlled by any singular institution, like a bank. It can be transferred securely, anonymously and very quickly by anyone from one end of the world to another. For nearly a decade, Bitcoin has built an undisputed reputation on its security and privacy. Using Bitcoin does not require you to enter any of your personal or private information to make a transaction.

The advantages of using Bitcoin

Some online casinos uniquely accept cryptocurrency, and these are called Bitcoin casinos. There are many benefits for the player when it comes to this payment option. Let us look into them closely.

• Bitcoin is private - Bitcoin is the world’s most private way to trade money, and since banks and government systems have no jurisdiction over it. People who use it to make casino deposits, or to withdraw their winnings, don’t have to worry about their secrets being out.
• Low-cost alternative to other payment methods - Many of the most popular payment methods out there have their fees. Some of the world’s biggest banking systems charge fees for everything from transferring money in the first place to currency conversion. Bitcoin remedies this since it is decentralized and not regulated by governments, banks, or other entities. Transactions are stored in something called a blockchain, which allows cryptocurrencies to work as they should.
• It’s really fast - Standard currency being moved from your bank to a casino or vice-versa can take several hours or even days. All the regulation put in place is designed to prevent everything from fraud to money laundering, and because the government backs banks and credit card providers, the same cannot be said for Bitcoin. As soon as the casino says you can withdraw your money, that money is available in your cryptocurrency account, but it may take a small amount of time for the block associated with the blockchain to process. This might take 10 minutes or up to a few hours.

Gambling is big business, and online gambling represents a significant and growing proportion of that business, about 8% currently. Right now Bitcoin gambling only accounts for a tiny percentage of the total of online gambling revenues. However, it is clear that the opportunity exists to make significant income within the industry and, with bitcoin’s advantages in terms of low-cost, speedy payments, cryptocurrency-based gambling firms are doing their best to do just that.

Did you know?

The entire purpose of Bitcoin and any cryptocurrency was never to become a vehicle for speculative investment. Instead, the concept envisioned by inventor Satoshi Nakamoto (a pseudonym used by an as yet unidentified innovator) was altogether different.

Nakamoto created Bitcoin to serve as an alternative to the fiat currency system. He was especially interested in replacing the standard system of electronically exchanging funds, which is facilitated by middlemen like credit card companies, banks, and payment processors. Bitcoin’s purpose is to make those middlemen obsolete, as the currency’s cryptographic code foundation combines with the blockchain, loosely described as a continuous, anonymous ledger of Bitcoin transactions, to create true two-party exchanges.

As any online gambler knows quite well, banks and credit card companies love to get in your business the minute you try to make an online gambling deposit. Because of the misty federal laws regarding online gambling operators, your transactions can be regularly blocked by the bank, rejected by the card issuer, or otherwise held up. This dilemma has caused major headaches for millions of players all over the world, not just in America. When transactions are blocked, players can’t reload their bankroll to enjoy their favourite hobby.

The first Bitcoin-based casino to launch was BitCasino.io, which made its debut back in 2014. Tauri Tiitsaar, who serves as Head of Casino Operations for BitCasino.io, spoke about the inception of Bitcoin-based gaming: “We recognized the significant pitfalls in the current payment processing channels, specifically in regards to cost and speed of processing deposits and withdrawals. Once we discovered bitcoins and the blockchain, we knew that it was the perfect digital gaming token for online gambling, which made all payment processing instant and free. This means we could process our player’s winnings instantly and seamlessly, which is something any player likes!”

Now, BitCasino.io is home to more than 700 table games, slots, video poker variants, and other ways to wager Bitcoin. The site has also pioneered the development of many Bitcoin-based casino staples, including Bitcoin Blackjack. Bitcoin has changed the gambling world in many ways, and it’ll probably continue to do so for many years. Some of the changes are good, and some might not be good, but only time will tell the overall influence cryptocurrency has on the gambling world.