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As the world continues its march into the digital age, fiat currencies are slowly but surely giving way to cryptocurrencies. Through the use of block chain technology, crypto casino users are afforded a level of protection and privacy never before seen in the financial world.
Among the leading cryptocurrencies in the world is the one that got it all started, Bitcoin. Over the more than 11 years since Bitcoin was first introduced, the coin has consistently made headlines among investors. To say the least, the ups and downs have created an investment roller-coaster. During this same time frame, Bitcoin has also made significant headway as an acceptable and reliable means of exchange for goods and services.
That’s certainly the truth within the online casino gambling industry. In all fairness, barely more than 10% of the world’s registered and regulated online casinos are accepting Bitcoin deposits and withdrawals. However, there is a sense that the number in about ready to start growing, perhaps exploding within the industry.
The Benefits of Bitcoin for Gamblers
It’s only been within the last couple of years that the use of Bitcoin has garnered interest among online casino gamblers. This is due in part to the industry needing time to access its viability as a means of exchange for gambling services. Consistently, online casino operators are showing an increased interest in at least providing this option for gamblers who want it.
The most important question operators initially wanted answers to was, “would Bitcoin provide benefits for both operators and gamblers?” For operators, it cuts down on the need for administrative action. So much so that Bitcoin only casinos are having to hire fewer customer service reps to handle cash exchange issues.
As for gamblers, there are three primary benefits:
1. Anonymity = If there were only one benefit to using Bitcoin for online casino gamblers, this is the one they would want. Indeed, Bitcoin gives an extraordinary level of anonymity to online gamblers who choose to make deposits and withdrawals with Bitcoin. The fact Bitcoin transactions go through a public registry that does require monitoring by third parties like banks, gamblers can transact business without exposure to government agencies and outside sources.
2. Fast and Efficient = Historically, Bitcoin casino users can transact business in minutes. For gamblers, the Bitcoin would pass from their crypto wallets directly to an operator’s crypto wallet without any other intervention. The moment the Bitcoin deposit is confirmed by the operator, the gambler is ready to roll. Some online casinos even permit gamblers to gamble directly with Bitcoin. When a gambler is ready to make a withdrawal, they can usually bypass the statutory waiting periods and receive payment immediately.
3. Cost Savings = While credit card and eWallet providers are charging high transaction fees, Bitcoin transaction fees are very small, many times as low as $1 for a large transaction. The extra savings is something online casino gamblers can turn around and put in there wagering accounts for more gambling fun and excitement.