Connect with us

Bitcoin

7 Reasons Why Online Casinos Are Embracing Bitcoin

Published

on

Online Casinos Are Embracing Bitcoin

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

online casinoThe 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.

Anonymous Transactions

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.

Faster Transactions

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.

Payments Security

Las VegasThe 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.

Bitcoin

Almost a Quarter of High-Tech Consumers in South Africa Now Own Cryptocurrency

Published

on

High-Tech Consumers in South Africa

A new study titled “Digital Lifestyle Measure report” conducted by MBIT found that 23 percent of high-tech consumers in South Africa own at least one cryptocurrency, with bitcoin being the most common holding. 

New Report Shows High-Tech Consumers Hold Crypto

In the”Digital Lifestyle Measure report” report, each level of tech consumer (high, medium, and low) was grouped according to DM segmentation. A high-tech consumer is identified and tagged as a “DLM5 consumer”, and for the low-tech consumers, a “DLM1 consumer” was used. 

To place each of the participants in the right groups, the survey made use of a question and answer (Q&A) method. Each person was categorised according to how well they were able to answer the provided questions. The questions mostly focused on their private digital lifestyle and technological gadgets they own and can operate well.

The result of this survey shows that only six percent of the low-tech consumers (DLM 1) own crypto, while 23 percent of high tech consumers own cryptocurrencies. The remaining percentage was then shared in the order: DLM 2: seven percent, DLM 3: twelve percent, and DLM 4: eight percent.

cryptoThe report also stated that of the DML5 population, about 42 perfect of them are of the notion that cryptocurrencies are here to stay. Same goes for 30 percent of the DLM 4 consumers group.

Conversely, 41 percent of the low-tech consumers (DLM1 consumers) did not know what cryptocurrencies are all about, according to IOL

From the DLM 3 consumer group, about 34 percent of them cannot say what the future looks like for cryptocurrencies but 26 percent of them claimed cryptocurrencies to be the “future of financial transacting.”

The report has further shown that high tech consumers who are continually paying for something electronically, are more likely to buy crypto in the long run.

Based on the google trends data, South Africa currently has the highest levels of interest in bitcoin across the world. Hence, it should come as no surprise that tech-savvy South Africans are the ones investing in digital currencies and tokens. 

Continue Reading

Bitcoin

Ecobank Report: Most African Regulators Are Taking a “Wait and See” Approach to Cryptocurrency Regulation

Published

on

African Regulators

While there has been a substantial increase in the adoption of cryptocurrencies in Africa compared to three years ago, there has been minimal effort from African countries to try and regulate cryptocurrencies despite their increased use in various African nations according to a new report by Ecobank.

Ecobank tracked “the current state of cryptocurrency regulation in all markets in Sub-Saharan Africa” through the regulatory responses that have been issued by central banks or financial regulators. In the report, the pan-African bank found that most African regulators are taking a “wait and see” approach when it comes to cryptocurrency regulation.

The report stated: “Many African governments and regulators recognise both the risks and the potential positive impacts of cryptocurrencies, and some also appreciate the difference between cryptocurrencies and the underlying blockchain technology. But they have been reticent in authorising cryptocurrency transactions, and mostly remain apprehensive about the potential risks. African countries appear to be looking to their neighbours to regulate and innovate first, and learn from their mistakes, rather than being the first mover.”

The reported noted that the main reason why African governments were being skeptical about licensing the use of cryptocurrencies was their citizens getting overexposed to cryptocurrency investments and there being a future crash that would cause a ripple effect in the broader economy.

African Regulators’ Stance

African RegulatorsOut of the 39 jurisdictions surveyed, more than 21 countries in the region are yet to make a public declaration on the use of cryptocurrencies.

So far, there have been three countries that have taken a stance on cryptocurrency. Namibia tops the list having banned the commercial use of digital currencies. However, South Africa and Swaziland are the only two countries in Sub-Saharan Africa that have adopted “a generally favourable and permissive stance, but without full legality”.

The remaining countries fall somewhere in between and “refuse” to directly regulate cryptocurrencies claiming that bitcoin and other digital currencies “operate in the grey area between legality and illegality” and have issued warnings to their citizens and investors against using or investing in them. The bank also noted that conversations regarding the speculative nature and instability of cryptocurrency prices have overshadowed their benefits and the potential they bring.

The bank went ahead to note: “Unfortunately, the spectacular rise and fall in the traded value of cryptocurrencies has drowned out broader discussion on the potential benefits this new technology could bring. The transformational impact that could be delivered by tokenising products and services on the blockchain has been compared to that of the Internet. Crypto tokens and currencies could enable consumers to transact instantly, cross-border and for free, provide them with KYC-compliant digital IDs, and incentivise their behaviour and change the way they engage with governments & service providers.”

Ecobank will continue to track cryptocurrency regulation in Sub-Saharan Africa and provide regular updates that will reflect the regulation progress in the African nations.

Continue Reading

Bitcoin

Paxful Continues #BuiltWithBitcoin Charitable Initiative in Africa with the Construction of a Second School

Published

on

#BuiltWithBitcoin

Peer-to-peer bitcoin exchange Paxful announced the newest chapter in its #BuiltWithBitcoin charitable initiative: the construction of a school in Rwanda – for students aged six to fifteen – in the Nyamata Sector of Rwanda’s Bugesera District. This will be the second bitcoin-funded school that Paxful has raised funds for.

bitcoinContinuing its partnership with NGO Zam Zam Water, Paxful has kickstarted the project with a $20,000 donation. The total construction cost of the school is estimated to be $100,000. The remaining balance, Paxful hopes, will be raised through its fundraising campaign.

Donations can be made via Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dash.  Paxful will match all community donations until the $100,000 goal is met.

“The #BuiltWithBitcoin initiative is a testament to the power of cryptocurrency,” said Ray Youssef, CEO of Paxful. He added:

“We firmly believe that it can improve lives and make the world a better place.”

The planned school is expected to be almost twice the size of the first bitcoin-funded school and will serve up to 300 primary school students upon completion. Furthermore, the school will include a cafeteria, a 35,000-liter potable water well, solar panels for sustainability, and many other resources for the education and enjoyment of students, staff, and faculty, according to a company press release.

“Education is a crucial tool for helping those in developing nations increase their standard of living, so we are very pleased to partner with Paxful to serve these bright young students,” said Yusuf A. Nessary, founder and president of Zam Zam Water. He added:

“This is only a small glimpse into what we can and will continue to do with the power of cryptocurrency.”

Paxful began the #BuiltwithBitcoin initiative in 2017 to promote philanthropy and charity within the cryptocurrency industry. The company plans to construct 100 African schools, as well as donate money for wells and other projects.

To contribute to #BuiltwithBitcoin, send all donations to Zam Zam Water:

BTC (Bitcoin): 3Q5CESP85hhXTLSy2HDbSyNchb5Bi8D7ku
BCH (Bitcoin Cash): 15YGniLxo77kfMUWGoRNT6ShUQC93MvaXg

Continue Reading

Popular Posts