Cryptocurrency is getting more and more popular with time. Ever since the very first introduction, it already had a big future in the digital era of society. Now, when everything is moving online even more rapidly, cryptocurrencies are playing a huge role in the transformation of the transfer and payment industry.
Almost every single field in the whole world accepts cryptos as a payment method. This is why many companies supply different payment methods including Bitcoin and other cryptos. Some of the biggest industries such as gambling have been the first ones to accept crypto payment and are very successful in this aspect.
Crypto payments in the gambling industry have become even more popular throughout the past several years and it is no surprise that it is getting even more and more popular with time. It is said that soon, Bitcoin might overtake the online gambling industry and become the major payment method for many players.
While all of this definitely might come true, it is essential to note that the increased popularity of Bitcoin and crypto payments in the gambling industry, as well as an increased amount of Bitcoin casinos, is for a reason. And here we will introduce you to the most important ones.
Decentralized Model
Unlike any other payment methods, Bitcoin is not only unique due to its digital feature, but due to the decentralized model as well. This is basically considered as one of the most important and the most useful features of digital currency. The decentralized model means that there is no institution in the world that can decide and dictate the currency changes.
The term refers to the fact that there is no third-party involvement in regards to the cryptocurrency. It also means that the bank can not reject online casino deposits because they don’t have any command over them. According to the source of www.bitcoincasinosreviews.com, offshore online casinos initially started accepting this cryptocurrency in the mid-2010s. They needed a way to get around restrictive banking laws to connect with players. If there are some online casinos left that do not have accepted digital currency yet, they’ll undoubtedly be doing so in the near future.
No Fees
It should be mentioned once again that the Bitcoin and crypto casinos are especially appealing to the offshore gambling operators. This is not only because of the decentralized nature but also because of the fact that they can avoid paying plenty of fees. The regulated online casinos in any country have specific fees to pay to the state. Just like any other institution or company in the country. Though, when there is no law to obey and the offshore casinos do not operate under the local laws, it enables them to skip paying any kind of fees.
A regulated internet casino is one that gains licensing before operating in a market. These casinos enjoy blue-chip banking options, such as Visa, Mastercard, Neteller, PayPal, Skrill, and bank transfers. They don’t need to accept cryptocurrencies as payment. Obviously, the majority of the offshore casinos still accept traditional payment methods, though banks that issue Mastercard and Visa-branded cards often reject deposits made at unregulated gaming sites.
To make it even more clear, it is as simple as it is. The regulated and licensed online casinos do not need decentralized BTC payments in order to skip the fees. Because if they are regulated, they are licensed, and thus do not operate offshore. Though, there are many offshore operators, because of the strict regulations on gambling in certain countries.
In many cases, you can place a BTC deposit while paying less than 1% of the total transaction. Contrast this to the 3% that major credit card networks take. You’re not usually the one paying the 3% deposit fee either – the casinos do it as a service. Regulated gaming sites can appreciate this aspect because it would save them serious money.
Quick withdrawals
It is obvious that the sooner you get your money, the better it is. In the case of Bitcoin payments and Bitcoin accounts, this can happen as soon as several seconds. Banking methods like wire transfer and deposit cards, take way longer than expected and more often are connected to technical issues.
You don’t usually need to worry about this with Bitcoin. Any BTC deposit or cash out that you make normally completes within less than 60 minutes. The best thing is that you do not even have to worry about the miner rejecting your transaction because it simply does not happen.
The only thing you have to think of is the internet connection. This is the only case it can malfunction and slow the speed of the transaction. Other than these rare times, though, you don’t need to worry about Bitcoin deposits/withdrawals taking too long.
Of course, no regulated gaming site has crossed the Bitcoin bridge yet. They don’t feel the need to accept BTC right now. Furthermore, these online casinos would likely need approval from their respective jurisdiction before moving forward with crypto. They may not receive this approval in the immediate future due to Bitcoin’s sketchy reputation. One more plus is that the online casinos would finally address this method, because of the high credit card processing fees, which sometimes might take as much as 30% of the winnings, depending on the country.
Anonymity
People nowadays value privacy the most. For some people being anonymous is of vital importance and takes it all. This is very understandable, as in the era of technology it takes only a few clicks to get most of the information about the transaction and operation of the person.
Moreover, some transactions and operations might have very negative feedback and a very negative outlook on your history. Not many players appreciate online gambling operations being visible on their bank accounts. Thus, they prefer to stay anonymous and maintain their privacy. From one side they want to enjoy the gameplay, but from another side, they want to avoid any significant judgments.
Now, you should be able to understand why anonymity is one of the most valuable and perfect features of the BTC. The Bitcoin network only identifies you by your wallet address. Going further, any transaction you make shows up as a long string of numbers and letters on the network. Contrast this to bank and credit card statements, which lay all of your details out there.
It does not mean that the Bitcoin payments are 100% anonymous if someone really wants to know whether you are playing and spending on the gambling rather than your wife, they shall know it under the investigation process. Though, this can not be completed without the professional engagement and investigation process. So no worries, even the bank won’t be able to control your operations and transactions.
Final words
Bitcoin is a relatively new method, compared to cash and even credit or debit cards, though it has already covered a significant part of the online gambling industry and the rhythm it has chosen does not seem like slowing down.
Many offshore gambling sites now accept the leading cryptocurrencies and are relying on them very much. Though, with valid argumentation and predictions, it will become even more mainstream in the gaming world. Regulated internet casinos might even start accepting BTC at some point.
It definitely does not happen tomorrow or the day after it, though in 5 to 10 years’ time, we will all witness the massive transaction process.
