August 11, 2021 | 1197 Views
More online casinos use Bitcoin than ever before. Hundreds, if not thousands, of gaming sites accept this cryptocurrency as a deposit method. However, many other internet casinos continue rejecting the notion of using this decentralized digital currency. They still haven’t adopted Bitcoin (BTC) due to its controversial reputation and other reasons. Nevertheless, I firmly believe that Bitcoin online casinos will become the future of real money online gaming. If they don’t become the future, then they’ll at least be a much more significant part of the gaming world. The following blog covers seven reasons why BTC will soon be available at even more casinos.
Satoshi Nakamoto invented Bitcoin over a decade ago for fiat currencies (e.g., USD, GBP, etc.). When developing his famed project, Nakamoto ensured that BTC was decentralized. The latter term refers to how Bitcoin isn’t subject to third-party control. For example, a bank can’t reject your BTC online casino deposits because they don’t have any command over them. Offshore online casinos initially started accepting this cryptocurrency in mid-2010. They needed a way to get around prohibitive banking laws (e.g., UIGEA) to connect with players. That said, Bitcoin’s internet gaming origins aren’t exactly pure. However, BTC does serve a legitimate purpose in the gambling world. If an offshore casino isn’t already accepting this digital currency, it’ll undoubtedly be doing so shortly.
As described above, BTC remains attractive to offshore gaming sites due to its decentralization aspect. But what would make it stand out from regulated online casinos? A regulated internet casino gains licensing before operating in a market. Gaming sites that obtain licensing from the New Jersey Division of Gaming Enforcement (DGE), for example, are regulated. As a result, these casinos enjoy banking options, such as Mastercard, Visa, Neteller, bank transfers, Skrill, and PayPal. Of course, offshore casinos accept some of these same deposit methods. However, banks that issue Mastercard and Visa-branded cards often reject deposits made at unregulated gaming sites. So, back to the original point, regulated online casinos don’t need BTC for decentralization. They can still benefit, though, when considering Bitcoin’s meager fees.
Nobody wants to wait on their casino deposits and cashouts. Unfortunately, some banking methods, like wire transfers, take forever to complete transactions. Of course, Bitcoin deposits aren’t quite as fast as instant credit card payments. But the benefit is that you don’t even need to worry about a Bitcoin miner rejecting your transaction. The only time that crypto moves slowly is when there’s severe network congestion. BTC became notorious for slow transactions during a bull run in late 2017. Other than these rare occasions, though, you don’t need to worry about Bitcoin withdrawals or deposits taking too long.
Some gamblers avoid Bitcoin casinos because they’re intimidated by using a new banking option. They’d instead stick with the comforts of a credit card—even if it means facing a potential rejected transaction. However, BTC isn’t difficult to use. So it would be best if you get over the initial hurdle of figuring out how to purchase and send it.
Here are the simple steps behind making Bitcoin casino deposits:
Bitcoin online casinos are becoming much more common than they were five years ago. Most offshore gaming sites now take the world’s leading cryptocurrency. Unfortunately, offshore casinos run into restrictive laws and a lack of banking options to offer their customers. They can accept major credit cards and e-wallets, but they can’t always guarantee that transactions will go through. That said, the unregulated gaming industry will eventually be filled with BTC casinos. The latter are wise to adopt a currency that any bank or government does not control. Moreover, these online casinos would likely need approval from their particular jurisdiction before moving forward with crypto. They may not obtain this approval in the immediate future due to Bitcoin’s inadequate reputation.
Not everybody appreciates gaming deposits showing up on their credit card or bank statement. Maybe they want to enjoy online casino games without being judged by a significant other. Moving on, any transaction you make displays as a long string of numbers and letters on the web. Compare this to bank and credit card statements, which lay all of your details out there. Bitcoin isn’t 100% anonymous. The FBI has determined the individuals behind BTC addresses with a concentrated effort. Without FBI assistance, though, your significant other isn’t cracking the code and figuring out your wallet address.
As previously explained, online casinos don’t cover as large of fees as Bitcoin deposits. Therefore, they often encourage you to use this payment option through special bonuses. For example, an online casino might offer a 100% match bonus worth up to 0.1 BTC. At the time of this writing, 0.1 BTC is worth over $1,300. You can find casino sites that provide bonuses even more significant than this. However, such examples are rare in the gaming world. Beyond these massive deposit bonuses, you can find other unique deals involving Bitcoin. That said, you should consider crypto for the lucrative bonuses alone.
Bitcoin is undeniably a large part of the online gambling scene today. Many offshore gaming sites now accept this leading cryptocurrency. However, I firmly believe that it will become even more mainstream in the gaming world. Regulated internet casinos might even start receiving BTC at some point. Of course, more time is needed before this becomes a reality. But I certainly won’t be surprised if all casino sites worldwide take Bitcoin in 5-10 years.