For many years, online casinos have shied away from accepting bitcoin due to the digital currency’s perceived association with criminal activities. That has changed. Nowadays, more and more casinos are accepting the cryptocurrency for placing bets as they are waking up to the benefits of accepting bitcoin as a payment method. In this article, you will discover why online casinos are embracing bitcoin.
Ease of Integration as a Payment Method
Getting set up to accept bitcoin payments is very easy and does not take up much time. Online casinos can accept payments via customer bitcoin addresses linked to their accounts. The bitcoin amount deposited on the gambling site is then converted into fiat currency with which the user can then place his bets.
Low Transaction Costs
The transaction fees involved when using bitcoin are lower than most other digital payment options such as credit card transactions, for example. Bitcoin’s low fees help both the players and the casinos as it gives gamblers more money to place their bets with and it reduces operational costs for online casinos.
Processing credit card payments can be an expensive endeavor for online casinos. Using bitcoin, instead, solves that problem since there are no intermediaries when it comes to deposits and withdrawals, making the process simpler and much cheaper for both involved parties.
Many online casino players prefer to use bitcoin as it provides them a level of privacy that traditional payment methods cannot match. The user does not have to rely upon an operator’s level of security or the bank’s for that matter. Since payments are made through a pseudo-anonymous bitcoin wallet address, players can choose to remain anonymous when gambling.
By using bitcoin, players lessen the risk of fraud through keeping their anonymity as no details are shared during transactions, which is the case for credit cards and other more traditional digital payment methods. With more users preferring to remain anonymous when gambling online, operators are now increasingly integrating bitcoin into their platforms.
Another reason why online gambling platforms such as Casino NetBet are accepting bitcoin payments is that it offers a quick and reliable way to manage deposits and withdrawals online. When using an e-wallet, a credit card or a direct bank transfer, players can expect processing for this payments to take a while. On the other hand, bitcoin payments from the customer to the online casino and vice versa usually take 20-30 minutes.
The rapid expansion of online casinos has increased the demand for online security for all players. The security umbrella must not only encompass user deposits and withdrawals but also ensure the feeling of fairness in the games. Casinos have in the past, collaborated with established online services such as Visa and MasterCard, who are renown for their security-centric business practices.
Having said that, bitcoin is now widely recognized in the online gaming industry as a secure method of payment. There are no middlemen involved in bitcoin money transfers as the digital currency uses a trustless peer-to-peer system that ensures that there is no double spending and no transaction reversals.
Enables users from countries where gambling is frowned upon to place bets
In a number of countries, gambling is frowned upon due to religious and cultural norms. However, individuals who still want to gamble in online casinos can do so if they use bitcoin as their preferred payment method to deposit and withdraw their funds. Given bitcoin’s pseudo-anonymous nature, it is very hard for authorities to link bitcoin wallet addresses to the individual owning them, which safeguards gamblers who want to place bets online in countries where gambling is frowned upon.
Bitcoiners are Gamblers in Nature
Individuals who buy bitcoin as an investment are naturally risk takers due to the volatile nature of bitcoin as a currency and as an investment class. The price of bitcoin has rallied from $0.01 to over $2,000 in the last eight years but has not done so in a straight line. Daily moves up and down 10% have not been seldom, yet that has not deterred bitcoin holders from buying the currency and using it to make financial transactions. Risk-taking individuals are exactly the kind of client that online casinos want to attract as they are willing to gamble with high stakes.
By enabling bitcoin payments, online casinos are able to attract more risk loving customers to place their bets, which is another reason why more and more online casinos are embracing bitcoin.
Given the long list of reasons why it is beneficial for online casinos to accept bitcoin, it comes as no surprise that an increasing number of online betting operators are opening their doors for the digital currency as a payment method. Not only are online casinos able to reach a wider customer base by accepting bitcoin but it also enables both players and casinos to reduce transaction costs while increasing payment security.