The online gambling industry feels like it has been around forever, but it’s only in the last 20 years or so that it’s been considered normal to place bets and play real money online games. The reason it feels so old is that it has experienced several major evolutions over the years, from instant play games to web wallets and mobile play.
The most recent innovation concerns cryptocurrencies. These currencies offer a multitude of benefits for online gamblers and so they are being embraced by more casinos and more players than ever before.
Here’s why Bitcoin casinos are now on course to overtake traditional payment casinos.
It’s Fast and SecureOnline casino players are desperate for quicker and easier ways to process their winnings. Deposits are instant, and they demand the same convenience when it comes to withdrawals.
Unfortunately, that’s not always possible with traditional payment options.
Even if the casino processes your withdrawal straight away, a bank transfer could take 5 days, a debit/credit card will take approximately 3 days, and while most web wallets are instant, the hassle of opening an account and verifying your bank account/identity makes it an awkwardly slow process.
With Bitcoin and other cryptocurrencies, you just need to get yourself a wallet and you’re good to go. You can buy Bitcoins from currency exchanges or ask your friends to send them to you. They are very quick and easy, and that’s what players have been crying out for.
It’s (Somewhat) AnonymousIt is often mistakenly believed that Bitcoin is completely anonymous. That’s simply not the case, and the blockchain does keep track of some payments. However, it’s still one of the most anonymous options out there for wary online gamblers.
Unlike web wallets, debit cards, and credit cards, a crypto wallet is not connected to a bank account or home address. No one will know your name, address, phone number, or bank account. If you are worried about putting yourself and your habits out there, Bitcoin could be just what you’re looking for.
It’s Hard to Escape BitcoinBitcoin has been on a rollercoaster ride in 2021, but it looks like it’s finally edging back to the heights that it achieved in 2020. It’s a currency that everyone knows about, most people own, and everyone wants to own.
There are people out there who complain about cryptocurrencies and openly state that they don’t think these currencies are the future, right before they admit that they have a small holding “just in case”.
It’s hard to get away from it, and for many, finding a way to use those coins is a great way of maintaining an interest in them. We’re not saying that Bitcoin gambling is a good way to grow your investment, as there’s no guarantee you will win, and you should never think like that.
But if you’re playing slots with BTC and placing sports bets with them, you’ll be using them on a consistent basis and that will encourage you to invest more, learn more, and keep your ear to the ground.
The Merchant Fees are LowerThere are a lot of hidden fees associated with online casino payments, especially if you’re using debit cards and credit cards, but also for bank transfers and web wallets. It’s something that many players overlook as they don’t see things from the other side, but it’s a huge stumbling block for online casinos.
A casino is expected to pay a merchant fee every time there is a transaction. After all, someone needs to pay for those secure servers and transactions, and that applies to both deposits and withdrawals. This is true for all online retailers and service providers, but it’s more problematic in the online casino industry, as many of those deposits require currency conversions.
The result is that casinos could be losing a couple of percentage points for every transaction and while that might not sound like much, we’re talking about companies that process millions of transactions a year.
It all adds up, and so they are desperate to keep those numbers as low as possible.
That’s where cryptocurrencies come in.
Cryptos don’t require expensive merchants and while there are services out there to make life easier, they tend not to charge as much as other merchants.
In other words, not only are players keen to using cryptocurrencies for online gambling, but many online casinos are just as excited, and that will surely see these coins overtake traditional payment options before long.
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Image by Bruno / Germany from Pixabay
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