The first serious Bitcoin (BTC) casinos started appearing online in 2012, but at that time, the now popular cryptocurrency was still establishing itself as a viable option, and as a result, it was difficult for the public to wrap their heads around such a new concept. However, BTC has now established itself on a global scale as a trustworthy currency and is regularly used to purchase everything from plain white t-shirts to gold!
The Rise of Bitcoin
The rise of BTC has meant that there are now even online casinos that use BTC as their sole playing currency. The top BTC casinos, including the hugely popular bspin, are now equally as trustworthy as traditional online or land-based casinos, so it is no wonder that they attracting a huge amount of attention amongst avid online casino players.
If you’ve never heard of the term ‘provably fair,’ you’re not alone. But the term is of great benefit to know, especially if you like to gamble online. Provably fair is a concept that goes hand-in-hand with online cryptocurrency gambling
Cutting Out the Middleman
There are many benefits to BTC, and when it comes to online casinos, the list is endless. For starters, it means you don’t have to deal with banks, Neteller or Moneybookers. Unlike when they first started appearing in 2012, it is now easy to find a secure and reputable BTC online casino. BTC also gives you the ability to avoid chargebacks and to keep all of your personal information private.
Time is Money
Unlike traditional online casinos, players are able to deposit and withdraw their BTC instantaneously, since they don’t have to wait for banks to release their funds. Cryptocurrencies, including BTC, transcend borders and thanks to their peer-to-peer nature, they make it simple to load funds into your online casino account in order for you to start enjoying your favourite casino games within seconds of setting up an account. All of this means that with BTC, you no longer have to wait 3-5 business days to get your hands on your hard-earned money. On top of this, BTC is not taxable, so you will never have to pay any additional tax based fees for the transactions. As well as no tax-based fees or other tariffs, fees, in general, are much lower than when engaging in conventional banking, and it is worth pointing out that cryptocurrencies have no transaction limits. This means you can deposit and withdraw as much money as you want when you want.
The Future is Crypto
Many experts predict that as cryptocurrency becomes more and more understood, it will become increasingly stable and one day replace money as we know it today, ultimately making central banks redundant. Even those who disagree with this prediction could not deny that cryptocurrencies have a huge role to play in future global economies. The gambling industry is one of the prime examples of the impact BTC can have on how we handle our finances.
With all of this in mind, it is clear that BTC is the perfect payment method for online casinos. To put it simply – it is secure, it is fast, and it is 100% anonymous. It appears to be only a matter of time before the majority of establishments worldwide, both online and on the high street, accept cryptocurrencies as legal tender in exchange for goods and/or services. Just like the internet changed the world, cryptocurrencies look set to for years to come!