Online gaming is big business. According to a study by Grand View Research, a couple of years ago the annual global online gaming market was valued at 48 billion USD. This amount is only expected to grow as smartphones and mobile internet continue to proliferate.
The most advanced and daring online casino operators are offering platforms to play with bitcoin.
The new payment medium has penetrated many areas of business. But one of the most promising industries for virtual currency is online gambling. Why do gamblers and casinos choose to use bitcoin? First of all, it is a new modern payment method for casinos, but what other advantages does it have?
Benefits of digital currency for casinos
Being a sector with an enviable capital base and huge growth potential, online gambling continues to face challenges related to issues of trust from casino customers. Player concerns relate to the accuracy of odds, the security of cash bets and payouts, delays in withdrawals and high fees, not to mention data protection and digital security issues.
The integration of blockchain technology and online gambling will solve these problems of online casinos and restore the reputation of the industry as a whole by making transparency and controllability a key component of the product. In addition to this, other benefits of using digital currency are as follows.
Great anonymity is the main advantage that bitcoin online casinos offer their customers. They do not need to provide any confidential information to register. Decentralization of the payment system deals with it. All you need is an email address.
Transparency by transactions
The principle of Bitcoin transactions is fundamentally different from the state financial systems. Financial transactions conducted at Bitcoin Casino are classified as irrevocable. They do not involve the intermediation of other payment systems. It is hard to imagine a more transparent way to make payments. Plus, you get flexible limits and extremely low fees.
The reliability of the system is superior to any other system, largely since bitcoin cannot be counterfeited. Bitcoin’s properties guarantee security: casinos using this currency are protected from fraudsters. Therefore, a user’s account can’t be blocked because of dishonest visitors playing nearby.
Gaming with the lowest stakes
Bitcoin casinos are ideal for those who are not after big winnings but want to enjoy the gaming process. The creator of this cryptocurrency provided for its division into the smallest parts: one bitcoin has 100 million Satoshi. A player can bet one Satoshi, which is equal to about $0.002. So casino conversion to bitcoin will attract a new segment of players to you.
iGaming without borders
Bitcoin transfers have no restrictions. Nor does it matter where the location of the cryptocurrency transaction takes place. Crypto casinos are not defined by the player’s IP, so they can play in any country and withdraw money from their account — even in places where gambling is strictly illegal.
Bitcoin-only casinos are much more generous than their online competitors. This is due to a proactive policy of attracting players. Bitcoin transfer fees are either very small compared to other currencies or none at all. Thus, a player has a better chance of getting a higher percentage of returns on bitcoin slots.
Availability of special client programmes
Another big advantage is the availability of special client programs. These involve installing bitcoin on gadgets. This, in turn, allows the bitcoin payment method to be used as a regular wallet. There’s no limit to the number of transactions.