Why Bitcoin casinos are on the rise
In the past year, we’ve seen the invasion of crypto casinos, primarily Bitcoin, in the online gambling industry. This is one of the fastest growing casino trends up to date, and if it continues with the same trajectory, we will see a lot of market share coming into crypto gambling.
But, what is all the fuss about and why are players choosing Bitcoin casinos over traditional online gambling establishments?
If you are prepared to gamble and to win or lose money, what difference does it make to the currency or cryptocurrency that you are using in the process? Money is money, right?- Advertisement -
Well, players beg to differ. The reason why the Bitcoin casino industry is on the rise is because of all the benefits that come with this gambling process. In order for players to choose different concept casinos from the traditional way we are used for many years, the change must come with many advantages.
With that said, let’s highlight all the benefits that come from gambling at a Bitcoin casino and find the reason why this is a popular trend at the moment.
We live in a digital world where our information is scattered across the internet in many places. From social media to our favorite online casinos that we sign up to, our information is floating in someone’s servers waiting to be hacked.
We’ve seen on many occasions, even with big organizations like Facebook (Meta) where many people’s information is stolen or used without their permission.
However, as we advanced to a decentralized world, the situation changes. To understand the process better, Bitcoin is a cryptocurrency that operates on a Blockchain network constructed by many individual computers. So, everything you put on this network is carefully stored in code and scattered across many computers, making it virtually unhackable.
This means that Bitcoin casinos are more Privacy focused than any other online casino since all of the data and transactions are safely stored on the blockchain.
Additionally, most casinos won’t require you to enter personal information on sign-up. You can just enter your digital wallet and stay anonymous the entire time.
Faster Transactions and Lower Fees
One of the biggest benefits that come from Bitcoin casinos is the transaction process, which is accelerated using blockchain technology. Unlike regular online casinos that process fiat transactions which can take up to 5 days and sometimes even more if there is a holiday, Bitcoin casinos have almost instant transactions.
This means that players can deposit, withdraw, and gamble with their cryptocurrency instantly.
On top of that, Banks and credit card companies require a certain percentage (fee) for processing your transactions. If you are someone that uses a small odd strategy, this fee can eat away your winnings.
On the other hand, the fees on Bitcoin casinos can be much lower. The processing of the transactions on the blockchain still requires a “gas fee” but it is significantly lower than what the banks ask for.
Many Bonuses and Rewards
The operating costs of Bitcoin casinos are also lower, allowing casino businesses to earn more money in the process. In most cases, these casino companies decide to spread the additional profit across all the people that are playing their games in form of a Bitcoin welcome bonus and rewards.
The crypto casino world is full of bonuses that in most cases are higher compared to traditional fiat casinos. And who doesn’t love free money right?
Even though we live in a digitalized world, sometimes accessing your favorite casino is not possible due to the location you live in. The online casino industry is a complex system where many things need to align in order for you to be able to gamble.
This means that even if your country allows people to access online casinos, you might run into bank limitations and payment processors that are not available in your country.
With Bitcoin casinos, this is no longer the case.
Since every Bitcoin casino operates on a blockchain network that is decentralized and cannot be banned by any country, all people have access to Bitcoin transactions. This means that crypto casinos are solving the problem of geolocation restrictions.
All online casinos, whether we are talking about fiat or crypto casinos have to go through the process of obtaining a license where all of their games are thoroughly tested. However, even though casinos have obtained licenses, this didn’t win the trust of the players.
However, the situation is very different with Bitcoin casinos. Since all of the processes are happening on a decentralized network, it is impossible for casinos to change anything about the process.
Blockchain technology is just the thing that the online gambling industry needed in order to win the trust of many players and ensure the fairness of their games.