Is Bitcoin casino the future of iGaming?
Online casinos are evolving ever more rapidly, like never before. What has made the growth more progressive is the emergence of Bitcoin casinos that makes the entire process handier and more accessible; offering distinctive advantages when compared with classic or fiat online casinos.
What is a Bitcoin casino?
Online casinos that accept Bitcoin or cryptocurrencies fall under this new phenomenal craze that is catching up fast with the online casino industry. The industry is growing at such a speed that it seems that the future of online casino gaming is going to be vested in Bitcoins and cryptocurrency.
Online casinos started in 1994. By 2006, the market generated about $21 billion; in 2009, Bitcoin was launched; and in the next 11 years, the cryptocurrency market is all set to transform the way the online casino industry is moving ahead.
It is clear, that this progression is due to certain benefits that gamers get to enjoy when they use Bitcoin vis-à-vis fiat currencies.
Reasons behind the growing popularity of Bitcoin casinos
Just about anyone can play at the online casino using Bitcoin. The simplicity of the process is what attracts most iGamers to a Bitcoin casino. There are no registrations required; no submission of proofs etc.; all that they need to do is to chip in and click on the required button. It is the reels that now determine the wins and the losses.
Bitcoin transactions are known for their superior security features since they are protected by encrypted technology. The payments are transparent too, which means to say that the transaction records are there in the public so that it can be easily verified by anyone and everyone.
Bitcoin transactions in online casinos are free
This is one of the reasons for the fast growth of Bitcoin casinos. Most players do not have to pay any transaction fees – this means that it is a free deal for online gamers. However, some casinos offer a paid option wherein for a negligible amount of money, gamers can opt to speed up the game or the transactions.
Payouts are fast
At an online Bitcoin casino, you can get the money transferred into your account in under 10 minutes, from any part of the world. Thus, withdrawal speed and accuracy in payments play a big role in the evolvement of this industry.
All Blockchain transactions are private and confidential when Bitcoins or other cryptocurrencies are involved. It means that players no longer need to divulge their personal information (like they need to do at a live casino or even at fiat-based online casinos).
Bitcoin and other cryptocurrencies are not regulated by central authorities, hence there are no restrictions that exist with fiat currencies and credit cards. This makes the process completely decentralized. The payment in this case is peer-to-peer and therefore does not need to be vetted by any authority. The only rule that applies is that the required balance should be there with the correct headers for the payments to be processed.
Some of the leading Bitcoin casino sites are regularly tested by 3rd parties and are approved, ranked, given marks based on performance and other parameters. It has also been seen that most of these casinos are fair in their dealings, thanks primarily to the Blockchain technology. The fact that many of these sites are regularly reviewed by independent reviewers makes the process trustworthy and reliable for gamers.
With privacy and almost immediate cryptocurrency payouts, as well as exchange facility to convert the cryptocurrency into cash, become the core strengths that make online gaming at Bitcoin casinos a pleasurable experience for online gamers. Another fact that makes all this very attractive is that the average return per player is also way higher than fiat-based casinos.
How does the future look?
Undoubtedly, the future looks to be quite bright for BTC and other cryptocurrencies in the online casino industry. Yes, many companies still do not feel comfortable with Bitcoin or cryptocurrencies because of the stability factor. However, since the pros seem to be weighing higher than the cons, and i-gamers seem to love playing with cryptocurrencies, Bitcoin casinos are poised to take over from the classical casinos and feature many Bitcoin casino games very soon.