Bitcoin hit the scene around 2009 and has steadily grown over the following years. Digital currency, which bitcoin is the primary source, continues to gain mindshare throughout the world. Individuals and businesses see the benefits of digital money and bitcoin, which is one of the main reasons for the cryptocurrencies growth.
One of the main business sectors that identify with bitcoin is the gaming industry. Online gaming and gambling casinos are leading technological adaptors and continue to experiment and rely on bitcoin to grow the online gambling industry.
Bitcoin gambling has a few key reasons that make casino operators and players happy.
1. Transparent Nature
Bitcoin provides online casino operators and players with complete transparency. The transparency derives from the underlying foundation of the technology. All transaction made with bitcoin are publicly recorded on a community ledger. The public natures automatically create accountability so players and operators can see the funds move through the system.
2. Transaction Fees
In the traditional payments world, there are a lot of middlemen. The current banking system has built up over the years and created tons of bloat – meaning more people that need to get paid. Bitcoin is based on technology that does not include middlemen – the public ledger is the middleman – so processing fees are much cheaper.
Traditional credit card processing fees are around 3% of the transaction amount. Bitcoin processing fees are around 1%, so players keep more money or bitcoin casino operators spend less money transferring funds.
3. Anonymous Activity
To some, the anonymity of bitcoin and bitcoin-based online casinos is the biggest drawing card. Players and casino operators only need a bitcoin wallet address to fund accounts or process winnings! There is no need to create a record of player information tied to personal details to operate a successful online casino.
4. Increased Options
For players that want to try a new game, then minimum bet amounts can be a problem. If you don’t know how to play the game, then $10 to $25 table minimums at traditional casinos mean players need a significant bankroll to learn how to play games. Bitcoin is designed for micro-transactions, so players can feel the excitement of live gameplay with minimum wagers.
This provides flexibility and increased options between wager amounts and game choices.
5. Best of the Best
The final major reason for bitcoin casino growth enables casino operators to provide the best of the digital and traditional gaming options to players. For example, many of the larger online casinos allow multiple payment options. Players can fund accounts and wager in bitcoin, then receive traditionally or fiat currency with their winnings. Bitcoin casinos allow players to convert bitcoin into physical currency as well.