Since it appeared, Bitcoin has been developing at lightning speed, and today, we see even more ways of using it in practice. One sector that has welcomed Bitcoin and other cryptocurrencies with open arms is online gambling, an industry that’s become the most popular entertainment source in the modern world.
The merger between Bitcoin and online casinos has resulted in crypto-friendly websites that offer more convenience and privacy to their members. So, unsurprisingly, nearly 50% of BTC transactions are connected to gambling.
The following article will further elaborate on Bitcoin online gambling and explain what makes it so popular. However, if you’re new to the world of Bitcoin, we’d suggest going through this crypto blog first.
Reasons Behind the Bitcoin Casino Popularity
Bitcoin and its alternatives have caught people’s attention looking for more secure and convenient ways to handle online transactions. Thanks to cryptocurrencies, people from all parts of the world can access casino sites and enjoy thrilling games, even those where online gambling is heavily frowned upon.
Although most people gamble for fun, not everyone is comfortable with their bank accounts and statements containing such information. Thankfully, Bitcoin is a decentralised currency, meaning banks and third parties are not involved in the transactions. So, if you don’t want your bank accounts linked to online casinos, cryptocurrencies are the best solution.
Finally, Bitcoin transactions occur within the blockchain framework, which is practically impenetrable. This system allows you to play games in a perfectly safe environment where you don’t have to worry about privacy or game fairness.
Benefits of Using Bitcoin in Online Gambling
Although we’re still discovering Bitcoin’s advantages, the ones we already know can convince any player to start making BTC casino transactions. Below, you can find the list of the most important perks Bitcoin has over fiat currencies:
- No restrictions — The usual transfer limits do not apply.
- Wide game variety — Although there aren’t many Bitcoin-centred casinos, other online platforms that support BTC payments offer fantastic gaming collections.
- Direct winnings transfer — Since third parties are not involved in Bitcoin transactions, casinos pay out the winnings directly to you.
- Added security layer — Bitcoin doesn’t use encryption. Instead, it relies on ECDSA (Elliptic Curve Digital Signature Algorithm), which is even more secure than regular encryption protocols.
- Owner-only funds — You’re the only one who controls your Bitcoins. Unlike banks with insight into your account, blockchain technology only allows the owner to oversee the transactions.
Why Will People Keep Playing in Bitcoin Casinos?
Without indications that interest in Bitcoin will drop anytime soon, the number of players using this cryptocurrency in online casinos will only continue to grow. If you’re wondering why, here are a couple of elements that make Bitcoin a popular choice:
- Little to no transaction fees — Unlike banks and traditional e-wallets, Bitcoin transactions bear nearly non-existent fees.
- Fast transactions — Depositing and withdrawing your coins from an online casino takes just a couple of moments.
- Anonymity — You don’t have to provide any personal details to create a crypto wallet or transfer the coins. All you need is the BTC wallet address and keys.
- Security — Blockchain technology allows for perfectly safe and secure transactions. The entire system and security layers make any fraudulent activities impossible.
Future of Bitcoin Casinos
Despite being volatile, Bitcoin still attracts people from all over the world. Anyone looking for independence from banks, increased security, and added anonymity starts investing in Bitcoin. Additionally, cutting-edge crypto wallets make storing the coins and using them for online casino transactions easier.
For that and all the reasons mentioned above, we believe the future of Bitcoin in online gambling is rock-solid. On the other hand, a growing number of online casinos is beginning to understand the potential of Bitcoin, making room for more crypto-friendly websites to appear in the future.
Since this cryptocurrency has penetrated various industries and become a primary online payment for many people, it isn’t a surprise if all online casino operators began accepting BTC transactions.
Source: Bitcoinist News