Online casinos have been flirting with the idea of accepting Bitcoins for nearly half-a-decade now. A rising number of gambling platforms view cryptocurrencies as a way to attract punters who are looking for anonymity.
Land-based casinos, in contrast with an online casino, haven’t been as keen about crypto transactions and they prefer sticking to low-risk fiat currencies. Whether Bitcoin will ever replace traditional currencies is a question that’s frequently asked. But in order to answer that question, we must first analyze what Bitcoin is and how it works.
What is Bitcoin and Why Do Online Gamblers Love it?
Bitcoin is a cryptocurrency that was introduced over a decade back. BTC allows peer-to-peer transactions while eliminating third-parties, which means no external interferences from the government and regulatory bodies.
Network nodes and open-source networks verify transactions. The nodes are responsible for pushing and noting down transactions within the blockchain.
Blockchain transactions once complete cannot be reversed or manipulated. This guarantees the highest security among every digital payment mode currently in use.
Online casinos started experimenting with this new currency as early as 2010. While a handful of operators hosting online poker accept both crypto tokens and standard currencies, most crypto casinos rely solely on blockchain tokens for the entire payment process.
It’s not very difficult to fathom the reason behind such popularity once you analyze the requirements of the online gambling community and the perks of using crypto tokens.
Here’s our list of three factors to help you better grasp the concept.
1. Decentralized Payment Method
Bitcoin isn’t controlled by a single party. For instance, a standardized bank cannot step in and cancel your BTC transaction. Since online gambling is heavily regulated in most parts of the world, a decentralized currency is like the missing piece of the puzzle.
Thanks to the unique blockchain technology, BTC users can seamlessly transfer digital tokens peer-to-peer in minutes without hefty fees or third-party intervention. However, transactions once complete cannot be reversed. Keep that in mind before authorizing payment.
2. Perfect for International Transactions
The same peer-to-peer nature of Bitcoin that aids anonymous transfers, help international transactions. Since the currency isn’t regulated, there is no restriction on BTC transactions even in the remotest corners of the world if you have the infrastructure set up. BTC transfers can occur from anywhere across the world in a matter of minutes.
3. Ease of Use
Compared to fiat currencies, cryptocurrencies are easy to use once you get the hang of things. Since such transactions remove the need for expensive third-party gateway fees, they are a popular choice among punters.
Once you setup your crypto wallet and exchange fiat currencies for digital tokens, you’re ready to commence transactions.
Since governments have strict control over physical gambling institutions, the chances of legalizing Bitcoin at brick-and-mortar casinos are slim. Moreover, BTC still doesn’t command enough respect as a reputed payment method and its highly-volatile nature doesn’t help.