Bitcoin is one of the biggest technological innovations in the last decade that still haven’t reached its full potential. The introduction of a new way of transferring money has brought a lot of attention to this new technology, growing into a multiple-billion dollar market.
This is why many industries, including online gambling, are trying to adopt this technology and find its usefulness in their offerings.
As of now, there are plenty of crypto casinos online where people can gamble using their favorite cryptocurrencies. What started as a trend where everyone was skeptical about its success, grew into a huge movement that is re-shaping the online gambling space.
Even though traditional online casinos are still dominating the online gambling industry, the rise of crypto casinos in the past couple of years has proven to be a new market segment that might be the future of gambling.
There are many gamblers nowadays that prefer to play with cryptocurrencies over traditional fiat currencies in online casinos, and there is a good reason for that. The introduction of cryptocurrencies in gambling isn’t just for following the latest technological trends.
Cryptocurrency in online casinos is present in order to solve a couple of problems such as transaction fees, making the process more available, improved security, faster transactions, and much more.
So here are a few reasons why people are picking a Bitcoin casino to bet instead of one with deposits and withdrawals in fiat currencies.
Since everything is gone digital, it is hard to keep a low profile if you are browsing the internet, or creating a social media account. The trouble with digitalization is that once you create something on the internet, there is a good chance that it will stay there forever.
The invasion of privacy is considered to be one of the biggest problems with digitalization, and fortunately, blockchain technology has a solution for that problem.
The latest technology allows people to stay private while registering or browsing the internet, which is one of the main reasons why people choose Bitcoin over traditional currencies in online casinos. The registration process in crypto casinos is much simpler since you’ll only need to add your digital wallet, and every transaction is recorded on the blockchain making the process more transparent and safer.
Lower Fees and Faster Transactions
Another important benefit that comes from the use of Bitcoin in gambling is the lower fees and faster transactions, which were the main problem of the online gambling market a few years ago.
Traditional online gambling companies allowed people to withdraw their winnings directly to their bank account or credit card, which sometimes can take up to 5 days or even more. Not to mention that such transactions come with a processing fee that can go up to $30 or more dollars eating away your winnings.
Thanks to Bitcoin all of these problems are gone. Bitcoin works on a decentralized blockchain network where transactions are processed almost instantly (depending on the network’s busyness). Additionally, the fees included for processing these transactions are much lower, and they will continue to go down as technology advances.
The Process is Decentralized
The idea of someone taking control over our funds, private information, or rights has always been a risk factor for gamblers. However, since Bitcoin is working on a decentralized network, nobody can take your Bitcoins or freeze your account, which can be the case with banks.
Can you imagine working hard to earn your money for someone to freeze your account and take away everything you’ve worked for?
That cannot happen with Bitcoin. Not even the government has the right or ability to interact with your assets on the digital wallet. The idea of transferring the power to the people sounds very attractive to bettors, which is why they choose crypto casinos.
Helps People Bypass Geo-Restrictions
Even though online gambling is already an advanced industry present in most regions in the world, there are some areas where people cannot play their favorite casino games due to geo-restrictions. These geo-restrictions might come from the government not allowing online gambling, or people not having a way to transfer their money on and off a casino website.
Thanks to Bitcoin, all of these problems are solved. As we mentioned before, Cryptocurrencies are decentralized and nobody can interact with them. This helps people bypass geo restrictions and access online casinos where they can safely deposit and play their favorite casino games using Bitcoin.
The operational cost for running a crypto casino is much lower compared to a traditional online casino. This leaves the casino with more profit, which is usually spread across the players in the forms of bonuses and rewards just to attract more people to try out this new form of gambling.
With that said, many crypto casinos offer more attractive Welcome or Deposit bonuses, making people switch from traditional online gambling to Bitcoin gambling just to take advantage of the free money.