One of the key differentiators that customers consider when choosing a casino is the type of games offered. However, the terms have shifted, and now more than ever, every player wants an efficient payment method. Unlike in the past years, when casinos used a handful of modes of payment, such as credit cards, e-banking, and e-wallet, today, many casinos are diversifying their transaction option to include Bitcoin as the primary transaction option. Others have gone further to offer alternative altcoins like Ripple, Ethereum, and Litecoin. Below is a list of reasons why casinos started paying out using bitcoins.
1. It is Safe and Secure
Unlike the conventional payment methods that involve the disclosure of personal information to the casinos, Bitcoins do not need such information filing when making payments. From a gambling perspective, cryptocurrency can protect you from the prying eyes of government officials. Players certainly never want authorities to overreach them through their leisure activities. And most gamblers consider casino games to be personal vices: sometimes you win, sometimes you lose. That is why most players don’t want the IRS or Reds always snooping on their online casino accounts. With Bitcoin, casino gamblers can shield themselves from the reach of the government. The payment method ensures that one’s bankroll balance remains private from the public.
Another important safety element of Bitcoin is the criminal element. Many gamblers can have their passwords or usernames linked to their online gaming accounts stolen through adware, keyloggers, Trojans, and malware. When playing for real money using Bitcoin, there is no exchange of personally identifiable information. You can protect your ID by securing your Bitcoin wallet password.
2. Bitcoin Enable You to Avoid Geographical Restrictions
Geographical restrictions refer to the limited accessibility to payments. If a casino is based in New Jersey and is operating under the DGEs’s rule, the law prohibits players outside the New Jersey borders from registering or playing in casinos for real money. However, in the case of casinos operating with Bitcoin, players from any location can avoid such regulatory restrictions. By definition, Bitcoin casinos should be to accept all players with Bitcoins, which means that gamblers from British Guyana, Myanmar, Mexico, and Saskatchewan can gamble online and earn real money.
Regulatory practices of geographical-based casinos prevent players from enjoying their favourite online games. However, with a Bitcoin casino, one can bet from anywhere across the world, any time with minimal fees and faster transaction processes. Since Bitcoin is not subject to government regulations, anyone has the opportunity to play. Many reputable casinos are considering the option of Bitcoin as a payment method. But they must weigh the need to comply with regulations and adding Bitcoin as a payment option.
3. Bitcoin Gambling is the New Fad for Casinos
Let’s be real—everyone always wants to try new technology, and Bitcoin is not an exception. It is just natural for casinos to explore all possibilities of entertainment when an attractive technology hits the scene. In 2017, interest in Bitcoin hit high levels across the world, and prices went as high as $20,000 per BTC unit. It is not surprising that software gurus are eager to introduce to the masses the option of Bitcoin banking.
This new fad allows players to enjoy a different internet reality, the blockchain. Casinos and their customers no longer have to rely on the conventional monetary systems and overpriced banks. Gamblers can now buy their way through the blockchain technology using Bitcoin and crypto casinos. This new payment approach gives players full responsibility for their deposits and withdrawals, a process that has created great enthusiasm in the gaming industry.
4. Bitcoin Gambling Promotes Privacy
Bitcoin technology operates exclusively as a decentralized blockchain that can transfer value from one node to another without any restrictions. These transactions are always secure, anonymous, and do not go through third parties. When in a Bitcoin casino, one can use their purchased Bitcoin, transfer ‘value’ to a Bitcoin address, and play casino games for real money without any identification criterion.
This anonymity nature of Bitcoin is what makes it attractive to casino owners. Think of a traditional online casino or Macau casino, or an Atlantic City casino. All of them will require customers to provide sensitive information during the process of registration because there is age limitation. A new customer must, therefore, provide an ID document, banking information, or passport, depending on where one is playing. Presenting all this information is very concerning, and can easily make players identity theft victims.
Such issues can be avoided by Bitcoin casinos, which would need a player to only deposit funds from their Bitcoin wallets into a casino account. Such casinos do not require a real name or an actual address of players, and one is permitted to use a VPN or burner email to play online games.
5. A Faster and Cheaper Fee Structure
Also, Bitcoin casinos have a faster and cheaper way of getting money into players’ accounts. Unlike traditional payment options, Bitcoin transactions are cheaper. A typical Bitcoin fee can cost a transaction fee of 0.0005 BTC, compared to credit cards that would charge between 3% and 5% commission for the total transaction amount. Apart from the transaction cost, Bitcoins enable players to process their transactions quickly. While conventional payment options take up to 72 hours to complete withdrawal processes, it would take up to 20 minutes to receive a Bitcoin payment.