How Casino Industry Is Being Transformed By Bitcoin
has been a blessing in disguise since its introduction in 2008. It’s currently the best alternative to traditional currency systems when viewed in terms of online gaming. First of all, it is not regulated by a central bank, and that means it’s free from bureaucracy. Also, since it is decentralized, the price of Bitcoin can never be determined by the central bank or any other monetary institution. Instead, this is determined by the free market. So while the philosophy behind the use of Bitcoin is interesting, the most interesting part of it has to do with its potential use on casinos that deal in crypto-currency.
Ease with which gamblers can deposit and cash out using Bitcoin
Casinos that use traditional banking systems such as credit cards, debit cards, bank wire and many others are characterized by significantly higher fees and delayed transaction times. This way of doing things often slows down the process when it comes to how money moves in and out of a player’s account.
Other countries have also set up barriers for online casinos operating in their space. These hurdles are now possible to bypass when a player is using a casino that accepts Bitcoin. Fees that are associated with Bitcoin casinos are lower than those charged in traditional online casinos. Processing time is quicker, thus players tend to feel more comfortable playing in these sites.
Top casino brands are now moving over to Bitcoin
Initially, these casino brands thought that Bitcoin was a fad, hence did not bother to implement it. When casino startups accepting this crypto-currency came into the picture (as Bitcoin grew in popularity), they saw the potential that was in this form of currency.
Today, these casinos are convinced that crypto-currency is the next generation currency in online payment solutions. And with all the top Bitcoin casinos now promising the benefits of using this currency on their platforms, things have gotten better as more players have actually come to trust these casinos.
The trend is very strong
Online casinos have been operating for a decade now. The same cannot be said about Bitcoin casinos, although more casinos are now beginning to include this form of currency in their deposit and withdrawal options.
Online gambling now takes a large chunk of the global gambling market. And since big casino sites are moving with speed to implement Bitcoin, it means that the trend will only grow stronger in the industry.
What is more, the average casino user on the internet is a tech-savvy individual. They are more inclined to use Bitcoin or at least learn about it if they haven’t already.
These factors, when combined together, indicate that Bitcoin will continue to revolutionize the gambling industry as it grows in popularity.
Finally, players can say goodbye to the old days when people had to wait for a significant length of time to complete a transaction. The traditional payment systems are going in the way of the Dinosaur since their appeal will slowly fade away in casinos. And with the way the internet has made work easier, it means that payment options are now coming into the hands of a self-regulated community instead of a centralized financial institution.