The online gambling industry seems to have been around forever, but only in the last 20 years has it been considered normal to place bets and play online games for real money. The reason it feels so old is that it has undergone several major evolutions over the years, from instant games to web wallets and mobile games.
The most recent innovation concerns cryptocurrencies. These coins offer a multitude of benefits for online players and are therefore being embraced by more casinos and more players than ever before.
Here’s why Bitcoin casinos are now on their way to outperforming traditional payment casinos.
It’s fast and safe
Online casino players are desperate for faster and easier ways to process their winnings. Deposits are instant and demand the same convenience when it comes to withdrawals.
Unfortunately, that is not always possible with traditional payment options.
Even if the casino processes your withdrawal immediately, a bank transfer could take 5 days, a debit / credit card will take about 3 days, and while most web wallets are instant, the hassle of opening an account and verifying your account / bank identity makes for an oddly slow process.
With Bitcoin and other cryptocurrencies, you just need to get a wallet and go. You can buy Bitcoins at exchange houses or ask your friends to send them to you. They are very fast and easy, and that is what the players have been crying out for.
It is (somewhat) anonymous
Bitcoin is often mistakenly believed to be completely anonymous. That is simply not the case, and the blockchain keeps track of some payments. However, it is still one of the most anonymous options out there for cautious online gamers.
Unlike web wallets, debit cards, and credit cards, a crypto wallet is not connected to a bank account or a home address. No one will know your name, address, phone number, or bank account. If you’re concerned about exposing yourself and your habits, Bitcoin might be just what you’re looking for.
It’s hard to escape Bitcoin
Bitcoin has been on a roller coaster ride in 2021, but it seems like it’s finally getting back to the heights it reached in 2020. It’s a currency that everyone knows, most people own, and everyone wants to own.
There are people who complain about cryptocurrencies and openly state that they do not believe that these currencies are the future, just before admitting that they have a small stake “just in case”.
It’s hard to walk away from it, and for many, finding a way to use those coins is a great way to maintain interest in them. We are not saying that Bitcoin gambling is a good way to grow your investment, as there is no guarantee that you will win, and you should never think like that.
But if you are playing BTC slots and betting on them, you will be using them consistently and that will encourage you to invest more, learn more, and keep your ear to the ground.
Merchant fees are lower
There are many hidden fees associated with online casino payments, especially if you use debit cards and credit cards, but also for bank transfers and web wallets. It is something that many players overlook because they do not see things from the other side, but it is a huge obstacle for online casinos.
A casino is expected to pay a commercial fee each time a transaction takes place. After all, someone has to pay for those secure servers and transactions, and that applies to both deposits and withdrawals. This is true for all online retailers and service providers, but it is more of a problem in the online casino industry as many of those deposits require currency conversions.
The upshot is that casinos could be losing a couple of percentage points for each transaction, and while that may seem like little, we are talking about companies that process millions of transactions a year.
It all adds up, so they’re desperate to keep those numbers as low as possible.
That’s where cryptocurrencies come in.
Cryptocurrencies don’t require expensive merchants, and while there are services to make life easier, they tend not to charge as much as other merchants.
In other words, not only are players interested in using cryptocurrencies for online gambling, but many online casinos are just as excited, and that is sure to have these coins outperforming traditional payment options in no time.
Image by Bruno / Germany from Pixabay
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October 15, 2021 at 03:15AM
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The best Bitcoin casinos are on their way to outperforming traditional casinos - Explica
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