Bitcoin has long been one of the highly respected cryptocurrencies around the world. So it comes as no surprise that when it was integrated with the iGaming industry, it would completely revolutionize the way players and operators engage with it. A decentralized currency such as Bitcoin and other currencies created by the blockchain has opened up the floodgates to a new market of online casino players. In this guide, we’ll discuss iGaming with Bitcoin and how it can benefit the players in many ways.
Bitcoin in iGaming: How It Got Adopted
Before we go into the overview of casinos accepting Bitcoin, it is essential to discuss how it got adopted in the first place. Many early cryptocurrency casino operators were tech-savvy individuals who believed that privacy and a decentralized payment method would be better for many of their players. On top of that, they thought that the payment methods available with regular online casinos would have a bit of a disadvantage, such as the amount of time it took for the withdrawals to be received by the requested player or the security layers or lack thereof that were present.
As such, Bitcoin had already gained attention by the time cryptocurrency casinos were accepted. Bitcoin was already being used as a payment method across various e-commerce platforms. For others, it was an asset to invest in, as the price would typically go up or down depending on market sentiment.
Overview of Benefits of Casinos Accepting Bitcoin
Now, we will examine the benefits players can experience when playing at online casinos accepting Bitcoin. Even if this is your first time playing on such platforms, you’ll notice plenty of differences compared to playing on platforms that accept e-wallets, credit or debit cards, or other forms of payment. Here’s a look at the following list:
Benefits for Players
- Anonymity and privacy: First and foremost, Bitcoin in iGaming will allow you to experience a level of anonymity that is provided for you. Especially when you are utilizing it to deposit your account and receive your winnings after making a withdrawal request.
- Lower transaction fees: Bitcoin transactions will have lower fees compared to other payment methods available on online casino platforms. The lower transaction fees will ensure that you keep more of your winnings in your pocket instead of sacrificing them due to the costs that may be incurred after requesting withdrawal.
- Faster transactions: When it comes to transaction processing time, Bitcoin is typically much faster than the other payment methods available on online casino platforms. You can expect deposits and withdrawals to be completed within minutes. This eliminates any wait times associated with other transaction methods, such as bank transfers and credit cards. For those who want a quick turnaround, Bitcoin could be the best option. Whether it’s buying it on eToro or other exchanges, your newly purchased Bitcoin will be ready for deposit in your online casino account once you have it.
Benefits for Operators
Now that we have looked at the benefits for players, it’s time to look at the advantages from the iGaming operator’s point of view. Here’s a look now at the following benefits that they might enjoy by accepting Bitcoin on their platform:
- Global reach: Bitcoin has a global reach like no other. That’s because it has no restrictions that traditional banks impose. For this reason, iGaming operators see this as an opportunity to work around any of the stringent financial regulations that otherwise exist and can also directly affect online casinos. Thus, they won’t have to deal with any barriers.
- Reduced number of chargebacks: Chargebacks can be an issue for online casino operators. One reason for this is that they can lead to financial losses. Therefore, it is essential to make sure that implementing Bitcoin as a payment method can be advantageous for online casino operators. Not only are the transactions irreversible, but once a payment is completed, there will be no refunds. This will eliminate the risk of chargebacks and provide financial security for iGaming operators.
- Enhanced security: Bitcoin transactions are recorded on the blockchain. With this in mind, every transaction is secure and highly resistant to fraud and hacking. Therefore, operators will have peace of mind knowing that the transactions will be protected for their own sake and that of the players. This will ensure a safer gambling environment for everyone.
Final Thoughts
iGaming and Bitcoin can be one of the most potent combinations we have ever witnessed. When it comes to payment methods, it is the most secure and fastest that users can experience. For platform operators, it is one of the biggest blessings when getting increased revenue, especially from a market that prefers privacy and fast transactions over all else.
Cryptocurrencies have contributed to the growth of iGaming around the world. It’s only time to see which technological innovation as significant as Bitcoin and blockchain technology can drive more people toward these platforms.