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Bitcoin & Co

Why online casinos are embracing Bitcoin payment

J. Salvina

Many cryptocurrency skeptics were pointing out that Bitcoin and other digital assets are not here to stay for a long time. However, many industries have adopted Bitcoin payments and now we cannot even think of them without cryptocurrencies being an option. Even though it may be a surprise for many readers - one of the largest industries that are embracing Bitcoin payments is iGaming. Majority of online casinos have started offering Bitcoin payment options and the customers are extremely happy about it.

When a person is entering an online casino, the main thought in his mind is, of course, winning. However, there is a concern about the safety of the funds. This is why Bitcoin payments are in the list of the best payment methods in online casinos. They are fast, secure and anonymous. But there are some of the other reasons why Bitcoin casino list is growing.

It’s fast and cheap

In today’s world, people do not want to wait. We all expect the fastest possible execution of our transactions. Yet, not every payment method can do it faster and better than Bitcoin, and hardly any traditional payment system can compete with Bitcoin in terms of privacy. While with the other payment methods the processing time can be anywhere between 24 hours and several days, Bitcoins can be withdrawn in less than an hour. Yet it is important to note that even if cryptocurrencies may experience major delays in the transaction speed, still, this is rather rare.

At the same time, the commission is relatively low. For Bitcoin transactions, the commission is nearly non-existing, while with a credit card it can be up to 3 or 5 percent.

At the beginning of 2017, there were doubts about the usage of Bitcoin in online casino transactions. At that time, Coindesk was reporting that there would not be Bitcoin in a casino anytime soon, however, as we see now, the Bitcoin is one of the most demanding payment methods within the iGaming segment.

Safety and security

There is not much to talk about the safety and security of Bitcoin as it is named to be the most secure ways of making transactions. As mentioned above, this is one of the main concerns of online casino users. While scammers are well aware of how to hack traditional payment methods and gather user information, it is much harder with the Bitcoin payment. Moreover, when you are making transactions with Bitcoin, they are anonymous, meaning that you cannot see who is sending you the currency, while you are receiving it without any problem. Besides that, such transactions do not show up on your banking history, and hence do not provide any impact on your credit score.

Flexibility and decentralization

Last but not least, flexibility and decentralization are the main reasons why the Bitcoin payments are so embraced by online casinos and welcomed by their users. Since there is no limitation, one can receive any amount of digital assets. On the other hand, decentralization offers more confidence both to the online casinos and bettors, as the currency is not governed by the government of any country. This is extremely important in the grey areas, the places that do not provide an open framework for the iGaming regulation.

These are the main reasons why Bitcoin is considered one of the best payment methods and why more and more online casinos are embracing it. According to CNBC, online casinos are even the most interesting ways to spend your digital currency. The fast, cheap and secure transactions are what every bettor wishes for when entering online casino and Bitcoin definitely makes this wish come true.