It isn’t a secret that cryptocurrency payments are gaining popularity in the modern world of online gambling. The simplicity and fast speed of such payments attract millions of players. Bitcoin is undoubtedly the most popular virtual cash that gamblers frequently use at online casinos.
According to the latest data taken from various reports, as well as the world’s cryptocurrency news, blockchain technology continues to revolutionize the online gambling market. Of course, BTC leads the list of the most widely used cryptocurrency in this sector. In addition to Bitcoin, many virtual gambling establishments also use such altcoins as Ethereum, Litecoin, etc.
What is Bitcoin?
So, you probably have the question: how are Bitcoins defined? BTC is a cryptocurrency that has a real-money value. It is based on the blockchain principle, meaning that every transaction is a separate block of data. BTC tokens are stored on users’ balances and are encrypted by a special algorithm, which includes public and private keys.
Why do online casinos and players use BTC?
The advantages of using Bitcoin payments for online casinos are obvious but let’s consider them in more detail:
- Anonymity. The majority of online gamblers prefer to play anonymously. Unfortunately, all payment methods implemented on iGaming platforms don’t allow them to do this. The usage of bank cards or money transfer services requires the provision of a player’s personal details. Bitcoin is a way-out of this situation. This digital currency allows gamblers to keep their information private. All details of transactions, as well as a payer’s identity, aren’t available to third parties.
- Payments speed. Usually, common payment methods at online casinos take some time to be processed. The speed of BTC-based transaction is considerably higher. It is the main advantage for crypto gamblers as they can get their winnings just in an hour.
- Higher maximum limits are another lucrative opportunity for players who use Bitcoin. However, casinos also benefit from this because it means more depositing. Many BTC-friendly gambling websites allow users who pay with this cryptocurrency to deposit and withdraw bigger in comparison to traditional payment options.
- Attractive bonuses. Online gaming platforms frequently offer additional bonuses to those who gamble with Bitcoins. Both parties get profit from them: players get more opportunities to win, and casinos increase the level of customer retention.
- Security. The gambling world is full of fraud and scams. Crypto gambling eliminates such risks because all data passed during transactions are encrypted.
Although Bitcoin has a lot of pros, it also has several cons. For example, not all gamblers have enough technical knowledge of how to use this digital cash. Before applying BTC at gambling websites, users need to purchase it. This process may seem difficult for some people. Volatility is another reason why the cryptocurrency can be risky for gamblers. BTC price is constantly changing. It may considerably increase and then suddenly fall through a day.
Essential information about Bitcoin for casinos: coverage and available currencies
At the current time, BTC payments are available and legal in more than fifteen countries, including but not limited to the UK, Malta, Japan, Germany, Slovenia, Singapore, etc. Not all countries across the globe support the idea of using cryptocurrency. For instance, such countries as Algeria, Saudi Arabia, Pakistan, Bolivia, Bangladesh, and several more have banned it.
As for currencies, Bitcoin traders can use any of them. However, as recent researches show, the US dollar, euro, Japanese yen, and Korean won are the most popular currencies.
Payments via Bitcoin: casinos that have implemented digital currency
More and more gambling experts emphasize that the usage of digital cash for remote gambling is a new trend, which will only develop in the future. That is why many casinos have started to consider this opportunity. Here is the list of worldwide known online casinos that have implemented BTC payments on their websites:
- Bitstarz – the casino with more than two thousand games and has a good reputation among gamblers.
- mBit – is one of the oldest BTC-based virtual casinos in the world.
- Fortune Jack – the casino accepts not only Bitcoins but also other cryptocurrencies, including Litecoin, Ethereum, Dash, and others.
- BitCasino – Bitcoin-friendly casino with a wide range of bonus offers and promotions;
- CloudBet – offers its clients blockchain sports betting.
Can USA Bitcoin casino operate?
Bitcoin is legal in the USA, and it means that casinos have the right to offer such payments to their customers. Players who own this digital cash, have to pay taxes but they can use it legally in the territory of the country.
At the same time, the legal aspect of gambling via BTC is still in question. If to consider every state separately, you won’t find any laws stating that the usage of digital currency, Bitcoin in particular, at virtual casinos is prohibited.
Bitcoin casino: no deposit bonus offers to attract more players
No deposit bonuses are a favorite casino promotion tool for many operators. The offer that includes both cryptocurrency and no deposit bonus is a winning combo in terms of marketing strategy. Gamblers throughout the world prefer to gamble via digital cash because the list of its advantages is impressive. As for no deposit bonuses, they also attract players because it is a perfect opportunity to test a gambling platform before depositing there. It means that the combination of these two opportunities may increase a casino’s traffic immensely.
Read more: Best Gambling Payment Providers
