It might have taken a decade, but there is no denying that cryptocurrencies have hit the mainstream. As they continue to grow in popularity, users are looking for more ways to spend their carefully accumulated currency. Cryptocurrencies might be fairly commonplace these days, but due to their fluctuating values many businesses still don’t accept them as a valid form of payment.
Online casinos have been far more open-minded in their outlook to the ‘currency of the internet’. If you make sure to read reviews, you’ll find that there are now heaps of online casinos that accept crypto currencies. It makes sense when you think about it. Taking on crypto is something of a gamble, so who would be better suited to take on the challenge than those who like a flutter! There is one outlier that stands out when it comes to casinos, and that’s Bitcoin. Let’s take a look at why Bitcoin is the king of crypto in online casinos.
The Most Popular of Them All
First and foremost, Bitcoin is the most famous of all cryptocurrencies. It is generally considered to be the first, and has paved the way for more than 6,000 altcoins that have since been developed. As a result, Bitcoin is the most popular and widely used of all cryptocurrencies. It therefore stands to reason that online casinos would want to adopt Bitcoin over its competitors. Of all the crypto options available Bitcoin is the most widely accepted at online casinos.
Bitcoin is well established as an accepted payment method at online casinos. In 2016, NetBet became the first online casino to accept Bitcoin. Since then many more operators have joined in, allowing their customers to make deposits using Bitcoin. Unfortunately, some online casinos still don’t accept payments made with crypto or e-wallets. As casinos strive to compete with each other for new customers, we think that the future does lie with Bitcoin and that the number of casinos that accept Bitcoin will grow.
Value for Money
Due to the ever-changing value of Bitcoin, it can sometimes provide great bang for your buck. Add on to that the absence of transaction fees and you’re onto a winner. Most credit cards will charge the cardholder extra for the privilege of making a deposit at an online casino. This is not the case with Bitcoin. As this currency is decentralized, there is no middleman between you and your chosen casino.
This lack of a central bank also makes Bitcoin incredibly fast to use. After first depositing Bitcoin into an e-wallet, it’s a quick and easy process to make deposits at online casinos. A growing number of online casinos are also adding features like automated payouts for Bitcoin users, so that winnings can be sent directly back to your e-wallet.
Digital wallets are a convenient and discreet way to keep spending money separate from other savings accounts. Many conventional banks turn their noses up at customers who use online casinos. Bitcoin and e-wallets can serve as useful ways of sidestepping this issue. Bitcoin payments are completely anonymous, making them an ideal way to play at online casinos discreetly.
Safe and Secure
Many people have turned to Bitcoin due to its reputation for security. After Bitcoin is mined, transactions are recorded in blockchain. Although blockchain is public, the linear structure of blockchain makes it incredibly difficult to hack. Blockchain doesn’t show any information from which users can be identified, nor can it be altered. In combination with a digital wallet, you can rest at ease that no one will be getting their hands on your money.
For added security, you should always make sure that the online casino you choose is licensed by the appropriate gambling regulator. To find out if the site is licensed, scroll to the bottom of the page. A licensing logo should be visible in the site’s footer. In the UK the gambling regulator is the UKGC, also known as the Gambling Commission.
Advances in technology are changing the world at a rapid pace. While some online casinos might not want to adopt Bitcoin payments now, this attitude could find them on the back foot in the near future. It has already been over ten years since Bitcoin was invented, and the king of crypto is definitely here to stay. If you’re eyeing up crypto options for online casinos, then you cant go far wrong with Bitcoin. As long as you remember to play safely and within your limits, then it looks like a sure bet.