5 Reasons Why Bitcoin Casinos Are So Popular Right Now
Since 2009 when an anonymous entity named Satoshi Nakamoto created Bitcoin, the cryptocurrency has gained several use cases. Although many have been skeptical about Bitcoin becoming a thing in the future, this cryptocurrency has become an integral part of the financial market, especially in the gambling space. Just like the online casino Australia no deposit bonus, crypto casinos work by depositing and withdrawing your funds into your gambling account. The only difference is that cryptocurrency casinos use virtual currencies. Apart from Bitcoin, these casinos accept other crypto payments.
They include:
- Ethereum
- Ripple
- Litecoin
Currently, several real money casinos accept Bitcoin transactions globally, making it a force to be reckoned with. Although there has been controversy regarding the same, many gamblers are still showing interest in cryptocurrency casinos. For that reason, let’s find out why Bitcoin casinos are gaining immense popularity in the gambling scene.
They Guarantee Fast Transactions
One of the main reasons gamblers turn to crypto casinos is due to their fast transaction speed. Unlike most traditional banking institutions that take some time to process your gambling transactions, crypto transactions are processed instantly. Impressively, Bitcoin guarantees up to 9000 transactions per second. This means you don’t have to wait for your bank to process your transactions for you to start playing. Instead, you can begin playing immediately after making a deposit.
Even better, your withdrawal request takes a few hours to process. This feature sets them apart from ‘traditional’ casinos that take around 24 hours for your winnings to reflect in your bank account. In the past, MasterCard, Visa, and other banking institutions have shown interest in adopting crypto payments. This will increase their processing speed, meaning more online casinos will make crypto payments their primary banking method.
Low Transaction Fees and No Geolocation Restrictions on Participation
Casinos are in the gambling business to make profits. As a result, some impose hefty transaction fees during withdrawals. These transactions depend on the type of e-wallet you are using. However, online casinos don’t charge much on purpose since most fees don’t go to their pockets. This is because casinos use third-party payment channels such as PayPal, credit cards, or skrill that have a flat commission depending on a transaction. These payment processors also profit from thousands of these transactions since they pile up quickly and every day.
However, Bitcoin casinos have relatively lower to zero transaction fees making them a safe haven for gamblers and casino operators as well. If all casinos adopted cryptocurrency as a primary form of payment, third-party processors would become irrelevant in the gaming space. It would also lead to more money going to gamblers’ pockets.
Most regular casinos will need your geolocation to verify your transaction, which is a major turn-off to many gamblers. Some payment processors may even restrict you from using their services if you are in a particular country. However, when using Bitcoin, it is different. You can gamble from anywhere and at any time, regardless of your geographical location. This aspect has given crypto casinos an edge over the regular gambling platforms, consequently growing Bitcoin casino’s popularity.
They Are Easy to Use and Have a Long Term Growth Potential
Another appealing reason for gambling on Bitcoin casinos is the ease of access. Here, you don’t have to leave the comfort of your home to perform your gambling transactions in a land-based casino. Instead, you access your crypto funds via your phone and decide the amount you want to spend on gambling activities. On the other hand, Bitcoin has long-term growth potential as it has stood a test of time for the past 12 years. However, this crypto is volatile, meaning its price keeps on changing from time to time.
This means you can stake using Bitcoin, then it surges or drops all of a sudden. For instance, you can buy Bitcoins worth $2000 and multiply it in an online casino, and when its value rises, you profit even more and vice versa. For that reason, it is important to stake the amount you can comfortably lose.
Most Bitcoin Casinos Offer Special Bonuses for Crypto Deposits
A significant number of players have been attracted by various new player bonuses and gifts offered by Bitcoin casinos. Even better, these bonuses are relatively higher than the ones offered by regular casinos out there. Here, you get to maximize your funds while playing your favourite games such as roulette, blackjack, and interactive slots. Besides, everyone is always on the lookout to acquire free Bitcoins since their price may surge in the future. Note that these bonuses come in the form of redeposit bonuses, free spins, multi-deposit bonuses, matching bonuses, and more.
The best part is that once you meet the wagering requirements in the Bitcoin casino of your choice, you can claim the bonuses anytime. For instance, in the case of a 100% match-up bonus up to 0.03 BTC, you are guaranteed 0.06 BTC. It means if the Bitcoin price rises overnight, so do your winnings. It is, therefore, best to gamble during bullish markets.
They Guarantee More Security and Player Privacy
Apparently, Blockchain technology, the backbone of Bitcoin’s success, has been offering secure transactions for years. For that reason, many gamers prefer transacting using Bitcoin due to its robust encryption layers that protect their online identity. This aspect ensures you don’t fall into malicious traps such as fraud and theft since many scammers are looking to sell your data to other companies. But with Bitcoin, you don’t have to provide your banking details. The information you give while making your payments in Bitcoin is not enough for hackers to use it against you.
Furthermore, you are the only person with access to your crypto wallet. This means you have complete control of your crypto winnings. Additionally, Bitcoin transactions are transparent since they are done between different online wallets. However, unlike the traditional banking system, they don’t need intermediaries to approve your transaction. This ensures your transactions are fast since they can’t be blocked in the way.
Conclusion
The crypto revolution has already established itself in the gambling space because everyone wants a piece of crypto. Furthermore, virtual currencies are moving away from controversy to be the most sought-after digital currencies. For that reason, many companies have been advocating Bitcoin as a form of investment besides its controversy. Additionally, some investors consider cryptocurrencies to be more superior to fiat currencies such as the US dollar. This has led to many crowding online casinos just to win in crypto. Finally, more casino operators are looking forward to adopting crypto payments as their primary banking method.