There are more online casinos that either only or partially offer bitcoin as a payment method. The electronic currency will be 12 years old this year, and in a short time, there have been incredible changes in how we look at and use the digital currency. Bitcoins are predicted to become the standard in the gaming market in the future, and there are several reasons why.
Why bitcoin?
There are two common ways to look at bitcoin. Some people know that it is a digital currency that is extracted through mining, and that is not handled by any supervisory institution, such as a bank or government. All transactions take place directly between buyers and sellers. Others are familiar with it due to the discussion regarding the security of digital currencies. There are also those who claim that there are too many risks in using a currency that does not have an audit body. However, there are similar risks with banks and other financial institutions, which manage members’ finances digitally.
There are many reasons why bitcoin may become the preferred currency in online casinos. On the one hand, the control is entirely the players. There are no intermediaries affecting the value or transfer. It is a secure payment that goes directly to the recipient’s wallet. The transactions are also fast, and it does not take as long as it did in the beginning. Previously, a transfer of a value corresponding to a few cents could take up to an hour. However, the time which now varies between 30 seconds and 10 minutes, depends on the amount transferred.
Lower fees with bitcoin
Another advantage of a bitcoin casino is that the payment fee to the casino is much lower than with other payment methods. Card companies, for example, charge a fee for the casino and in order not to lose money, they compensate it by increasing the minimum deposits. With bitcoin, that fee is much lower. In addition to the payment methods, games with bitcoin work in the same way as other payment methods.
When playing at a bitcoin casino, it is important to keep in mind the exchange rate of the cryptocurrency. Where some casinos accept it as it is, others exchange it for another currency before gambling. At the end of October, the value of bitcoin rushed to land at the time of writing at the equivalent of 13,500 dollars. But it can just as easily sink again, and then you have less valuable gaming cash than you first put in.
Growing in more markets
It is not just in the online gaming industry that the use of bitcoin is increasing. There is a demand to be able to pay with digital currencies in trade. Although there are still few stores that accept digital currencies, platforms have begun to be developed that will make the process of exchanging bitcoin for the currencies that the stores accept easier.
The forecast for bitcoin is that it will become increasingly common. Especially online and at online casinos. This, together with an increase in use in trade, is a sign that more and more people prefer to use a currency that is safe, flexible and, above all, free from intermediaries. This makes bitcoin a suitable payment method in the gaming industry.
