Cryptocurrencies and blockchain technology have continued to gain worldwide attention due to their core features. In many respects, cryptocurrencies are regarded as a modern-day miracle as they have revolutionized the mode of operation for financial transactions.
Since Bitcoin was the first and leading crypto asset, it has been adopted by many industries as a payment method on their platform. An example is the online gambling industry. With the adoption of this popular digital asset by online gambling platforms, a new type of gambling has emerged, referred to as Bitcoin gambling.
Due to the unique nature of Bitcoin, many gambling enthusiasts hold the belief that Bitcoin gambling has the potential to become the future of online gambling. This guide will consider five reasons gamblers can expect to see an increase in the number of online casinos that offer Bitcoin gambling to their users.
Bitcoin Payments Are Faster
Currently, debit cards and credit cards are the most popular payment options available to bettors in the online gambling space. These payment options also used to be the fastest methods available to gamblers for making deposits and withdrawals from their favourite online betting sites.
Despite their popularity and worldwide acceptance, these payment options have several limitations. For example, card payments can take between three to five business days to process, which can be very frustrating for players. In most cases, players lose their winnings due to this problem. Also, card payments may not be viable for gamblers living in certain countries.
Bitcoin is the only payment method that allows gamblers to withdraw instantly after gameplay compared to other payment options. As a result, gamblers can expect to receive their winnings earlier when they select Bitcoin as their payment option. This payment option is also available in all countries globally and can not be controlled by government agencies due to its decentralized nature.
Cheaper Transaction Fees
Traditional payment methods often charge casino operators and gamblers exorbitant gambling fees. Instead of paying these fees, in most cases, casino operators simply transfer such fees to bettors as transaction charges during deposits and withdrawals. Generally, these fees are usually attached to credit cards, debit cards and fiat payment options.
As for transaction fees, most merchants partnering with online casinos charge fees ranging between 1.4% to 3.5% of the total transaction sum. Some payment merchants charge a higher fee. However, such merchants are not commonly used within the online gambling industry. The casino will pass the charge to players on their platform in this situation.
It is important to note that payments made through traditional payment methods in an online casino are considered cash payments. Therefore, gamblers can expect to incur charges similar to cash withdrawals from ATMs. Usually, the value of the cost attached to these transactions varies. However, bettors can expect to see a fixed deduction with an interest charge attached.
Unlike traditional payment options, there are no hidden transaction fees associated with bitcoin gambling. In part, this can be attributed to the decentralized nature of cryptocurrencies. Due to this feature, cryptocurrencies and Bitcoin are not subject to deductions or taxes centralized authorities or merchants.
For this reason, online casinos that offer bitcoin gambling are not charged for Bitcoin or crypto transactions. As a result, there is no need to pass on the cost of transactions fees to casino players on their platform. As a payment option, bitcoins offer an advantage to both casinos and players – It’s a win-win that is guaranteed to bode well for the future of crypto gambling in general.
Bitcoin Gambling Offers More Freedom
As soon as you remove the influence of centralized authorities from online gambling, casinos will have more control, and they are freer to act as they see fit. In other words, they do not have to obey gambling regulations attached to payment methods. Similarly, they are not subject to transaction fees from payment merchants.
Due to these freedoms, online casinos do not have to worry about sudden fee increases. Additionally, these betting platforms are not disturbed by sudden policy changes aimed at curtailing the activities of payment merchants partnering with online casinos.
Previously, unfavourable policy changes have resulted in chaos for gambling authorities, leading to further inconvenience and hardship for online gamblers. With Bitcoin gambling, casinos will be able to choose their own payment options. Users will also benefit from a secure payment system free from the control of centralized bodies and their unfavourable policies.
Security stands out as the most important factor when selecting an online betting site. As a result, experienced gamblers will only select betting platforms that offer trustworthy payment options to their users. Although all traditional payment options guarantee some form of security to their users. Their security features do not match those of blockchain technology.
Due to its high level of transparency, blockchain-based projects are totally secure and reliable. This feature makes Bitcoin an excellent payment option for online gambling operators and gamblers alike.
Additionally, there is a low risk of fraudulent transactions or reoccurring transactions with Bitcoin since it relies on an immutable ledger. Simply put, nobody can access or tamper with cryptocurrency ledgers for illicit purposes. The security features attached to Bitcoin gambling makes it ideal for online casinos focused on delivering a safe and secure gambling environment.
Cross-Border Gambling Opportunities
Bitcoin gambling is expected to grow in the future as a result of cross-border betting opportunities. With bitcoin gambling, international players can play in multiple offshore casinos without having to worry about their safety or the value of their native currencies.
In other words, it allows players to continue playing without authenticating their identity or mailing address. Additionally, bettors can deposit and withdraw their earnings from anywhere in the world, quickly and without restrictions.
Within a short space of time, Bitcoin gambling has become very popular among online gamblers around the world. Its popularity is down to the benefits it offers to both gambling operators and gamblers.
Despite the lack of adoption of Bitcoin gambling by some players, there are positive signs to suggest that this is about to change. For that reason, e expect that the number of crypto casinos worldwide will increase in the coming years.