Since its inception, Bitcoin has grown at lightning speed, and today we see even more ways to use it in practice. One industry that has welcomed Bitcoin and other cryptocurrencies with open arms is online gambling, an industry that has become the most popular source of entertainment in the modern world.
The merger between Bitcoin and online casinos has resulted in crypto-friendly websites that offer more convenience and privacy to their members. So, unsurprisingly, almost 50% of BTC transactions are gambling related.
The following article will go into more detail about Bitcoin online gambling and explain what makes it so popular. However, if you are new to the world of Bitcoin, we suggest you browse this crypto blog first.
Reasons behind the popularity of Bitcoin casino
Bitcoin and its alternatives have caught the attention of people looking for safer and more convenient ways to handle online transactions. Thanks to cryptocurrencies, people from all parts of the world can access casino sites and enjoy exciting games, even those where online gambling is very frowned upon.
While most people play for fun, not everyone is comfortable with their bank accounts and statements containing such information. Fortunately, Bitcoin is a decentralized currency, which means that banks and third parties are not involved in transactions. So, if you don’t want your bank accounts tied to online casinos, cryptocurrencies are the best solution.
Finally, Bitcoin transactions take place within the framework of the blockchain, which is virtually impenetrable. This system allows you to play games in a perfectly safe environment where you don’t have to worry about the privacy or fairness of the game.
Benefits of using Bitcoin in online gambling
While we are still discovering the benefits of Bitcoin, the ones we already know can convince any player to start making BTC casino transactions. Below you can find the list of the most important advantages of Bitcoin over fiat currencies:
- No restrictions – The usual transfer limits do not apply.
- Wide variety of games – While there aren’t many Bitcoin-centric casinos, other online platforms that support BTC payments offer some fantastic game collections.
- Direct transfer of winnings – Since third parties are not involved in Bitcoin transactions, casinos pay you the winnings directly.
- Security layer added – Bitcoin does not use encryption. Instead, it relies on ECDSA (Elliptic Curve Digital Signature Algorithm), which is even more secure than conventional encryption protocols.
- Funds reserved for the owner – You are the only one to control your Bitcoins. Unlike banks which have an overview of your account, blockchain technology only allows the owner to oversee transactions.
Why will people continue to play at Bitcoin casinos?
Without any indication that interest in Bitcoin will wane anytime soon, the number of players using this cryptocurrency at online casinos will only continue to increase. If you’re wondering why, here are a few things that make Bitcoin a popular choice:
- Little or no transaction fees – Unlike traditional banks and electronic wallets, Bitcoin transactions incur almost no fees.
- Fast transactions – It only takes a few moments to deposit and withdraw your coins from an online casino.
- Anonymity – You don’t have to provide any personal information to create a crypto wallet or transfer the coins. All you need is the address and keys of the BTC wallet.
- Security – Blockchain technology allows perfectly safe and secure transactions. The entire system and layers of security make it impossible for fraudulent activity.
The future of Bitcoin casinos
Despite its volatility, Bitcoin still attracts people from all over the world. Anyone looking for independence from banks, increased security and greater anonymity starts investing in Bitcoin. Additionally, state-of-the-art crypto wallets make it easy to store coins and use them for online casino transactions.
For that and for all of the reasons mentioned above, we believe the future of Bitcoin in online gambling is rock solid. On the other hand, a growing number of online casinos are starting to understand the potential of Bitcoin, making way for more crypto-friendly websites in the future.
Since this cryptocurrency has entered various industries and has become a primary online payment for many people, it is no surprise that all online casino operators are starting to accept BTC transactions.