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Online gaming is a billion dollar industry, and it is no surprise that some of the largest companies in the world are looking at ways to cash in on this green. It is no secret that Bitcoin is the newest fad in the online gambling sector, and one company has decided to take the gamble and run with it.
The debate on iGaming versus online casinos is one that has been ongoing for a long time. While some see the latter as the future, others see the casino industry, with its high-rolling gamblers, as a dying breed. The truth is that they both have their uses and their advantages, which is why it may not make sense to keep them as two separate markets. Online casinos are evolving faster than ever. What has made this growth even more advanced is the rise of bitcoin casinos, which make the whole process more convenient and accessible, and offer distinctive advantages over traditional or fiat online casinos.
What is a Bitcoin casino?
With the craze over bitcoin and cryptocurrency, it is no surprise that online casinos are now jumping on board with this trend. What’s more surprising though is that these days even our mobile phones accept digital currencies. It seems we’re all moving towards an age where money doesn’t mean anything anymore because everything has become so virtualized.
Online casinos have been around since 1994. In 2006, the market was worth about $21 billion; bitcoin was introduced in 2009; and in the last 12 years, the cryptocurrency market is changing the trajectory of the online casino industry.
Of course, this development is due to some of the advantages players enjoy when using bitcoin over fiat currencies.
Reasons for the growing popularity of bitcoin casinos
Almost anyone can play with bitcoins in online casinos. The simplicity of the process is what attracts most iGamers to bitcoin casinos. They don’t have to register, provide evidence, etc.; they just file and press the appropriate button. The reels now determine the win and loss.
Bitcoin transactions are known for their superior security features because they are protected by encryption technology. Payments are also transparent, meaning the transaction documents are public, so they can be easily verified by anyone.
Bitcoin transactions at online casinos are free
This is one of the reasons for the rapid growth of bitcoin casinos. Most players do not have to pay a transaction fee, which means that the transaction is free for online players. However, some casinos offer a paid option that allows players to speed up the game or transactions for a small fee.
Payments are made promptly
At the Bitcoin online casino, you can get money into your account in less than 10 minutes from anywhere in the world. Therefore, the speed of withdrawals and the accuracy of payments play an important role in the development of this sector.
All transactions on the blockchain are private and confidential when it comes to bitcoin or other cryptocurrencies. This means that players no longer have to provide their personal information (as they do in live casinos or even in online cash casinos).
Bitcoin and other cryptocurrencies offer the promise of borderless transactions. With no central authority, you can send or receive money from anyone in the world as long as they have an internet connection. Transactions are verified by a network of nodes that maintain all records for bitcoin traders around the globe without any intervention needed on their part.
Some of the best bitcoin casino sites are regularly tested, approved, ranked, and reviewed by third parties based on their performance and other parameters. It has also been found that most of these casinos honestly conduct their business, mainly through blockchain technology. The fact that many of these sites are regularly reviewed by independent reviewers makes the process reliable for players.
What does the future look like?
With the future of bitcoin looking bright, many new crypto-themed casinos are popping up to offer BTC and other digital currencies. However, there is still a lot for these online platforms to learn about cryptocurrency stability before they can overtake traditional brick-and-mortar casinos in popularity.