Growth of Bitcoin Casinos in the iGaming Industry
Bitcoin is currently experiencing a gigantic boom and is enjoying growing popularity. Today, the entire crypto market has a market capitalisation of around 2.3 trillion US dollars. This is roughly the same value as the tech giant Apple. Due to the increasing demand and growing popularity, new opportunities for Bitcoins are developing. Not only are cryptos an ingenious option as a means of payment, but they are also ideally suited for other areas of application. Namely, we are talking about the online gambling world. The industry has developed over time as a popular entertainment medium and will remain so for many years to come. The fusion between bitcoin and online casinos offers players many convenient options according to this SugarHouse review.
Reasons for the Bitcoin hype in gambling sector
The digital currency has incredible security and makes payment processing very easy. It is no wonder then that Bitcoin’s popularity continues to grow. No matter where the customer comes from, transfers are possible anywhere in the world. Even in countries where casino games are extremely frowned upon, payments can be made through cryptocurrencies like Bitcoin. The transaction fee for Bitcoin is very low and offers a clear advantage over the usual bank transfer.
Many gamblers secretly play online casino games and in most cases want to remain anonymous. With the typical bank transfer, traces are left behind and in addition, customer information is recorded. This is not in the interest of the gambler.
Therefore, Bitcoin has turned out to be the perfect alternative. Because the name, address of the sender and recipient are not revealed during transactions. Thus, the decentralised currency performs significantly better than the usual bank transfer. Anonymity and data protection are the top priority with Bitcoin. Casino players are switching to Bitcoin for these aforementioned reasons. Centralised money systems like banks offer none of these advantages.
Other advantages of cryptocurrencies in the online casino industry include.
-There are no limits or restrictions-thereby eliminating the need for type-safe transfer limits
-the possibility to play other games of chance that are only possible with Bitcoin payments
-the direct payout of the winnings to your private wallet in the shortest possible time
-very high security due to blockchain technology, fraudulent activities or erroneous transfers are reduced to a minimum
-absolute control and ownership over your assets. Banks on the other hand, could withhold funds, monitor every transfer and store sensitive data
So far, the future looks promising for Bitcoin casinos in the iGaming industry. Due to the growing interest of the population in twitter, the adaptation in various industries will continue to progress. At the moment, Bitcoin is highly volatile and initially appears to be a deterrent. Fluctuations in the account balance are thus part of the daily routine. However, many people are not influenced by this and prefer Bitcoin to fiat money (cash). More and more online casinos are recognising the advantage of Bitcoin and its dormant potential.
Ultimately, the growing interest is laying the foundation to accept Bitcoin payments in the future. It would come as no surprise that the industry is gaining more and more followers and implementing Bitcoin payments. After all, businesses want the customer to always be satisfied and happy. The positive benefits clearly outweigh the disadvantages and are revolutionising payment processing. Now it is only a matter of time until casino websites accept and offer the decentralised currency.