Bitcoin turned 10 last year, and it may be hard to believe. Considering how much it managed to change the world, 10 years don’t seem like such a long time. It’s not only a currency that allows you to pay for various things, but you can also make money on it. Apart from that, bitcoin and other cryptocurrencies started to influence multiple industries, one of them being gambling. Especially online gambling can profit significantly from a decentralized, encrypted system of transactions.
Do you still wonder why so many online casinos, like bitcasino.io, decide to operate with a cryptocurrency? Wonder no more; here are the main reasons:
Security
Whenever you make an online payment, you risk being exposed to the hackers, as you need to provide all your personal and banking information. Regular protection measures are not enough anymore, especially in the casino business, which is all about money. Cryptocurrencies allow online casinos to minimize that risk, as all crypto transactions are encrypted and anonymous, and there’s no information for hackers to steal. There’s only a wallet ID, which is a long number that’s impossible to be linked to a specific person. The special cryptographic technology protects all the data, leaving no tangible traces of the personal details. It also allows casinos to do well while being checked by the Provably Fair algorithm, which is the indicator of the casino’s security.
What’s more, cryptocurrencies are not fiat currencies; therefore, they cannot be frozen or blocked by any national authorities. Thanks to that, everybody can gamble online, even if they live in a place where gambling is banned.
It’s also safer for casinos, as the transactions are transparent and straightforward, so the risk of credit card fraud is completely eliminated. Presently, it’s one of the biggest problems for online casino owners. Plus, it eliminates the money disputes among players or between a player and a casino and claims to give money back, as everything is clear.
Low or zero commission
One of the most important reasons for casinos that decide to switch to cryptocurrencies is a very low or no commission at all. It makes the business more profitable for the providers, and cheaper and more accessible for the players.
Apart from that, there are no additional expenses in the case of multiple conversions. It also allows casinos to prepare a much more attractive offer with numerous bonuses and promotions.
Speed
All requests made by the players, whether it’s withdrawal, replenishment or deposit, are processed instantly. In the case of regular payments, customers need to wait for the transactions to be processed and accepted; what’s more, sometimes it’s impossible to withdraw money, or there may be some limits. It’s not the case with cryptocurrencies. It also enables a quicker and more profitable visitor flow and a future expansion.
New audiences
Every business, online casinos included, are continuously looking for new customers and ways to attract new audiences. As cryptocurrencies are a safer and, very often, cheaper solution, they may attract users who normally wouldn’t think about playing online for real money. Online casinos organize casino parties, which allow multiple players to try different games with no or really low deposit.
They also offer easy withdrawals and deposits, which with cryptocurrencies, is easier to achieve. Plus, online casinos are an excellent solution for people looking for ways to spend small amounts of cryptocurrencies that generally are very hard to get rid of profitably in a different way.
Besides, the number of people using cryptocurrencies will only grow, which means more potential customers.
Easy start
This is not about switching to a cryptocurrency casino from a regular online one, but about establishing a brand new online cryptocurrency casino, which is much faster and easier. It takes around two or three weeks while establishing a regular online casino can last as long as two or three months. Plus, it’s cheaper, and an online cryptocurrency casino doesn’t need a license to operate. It may be advantageous, as it makes a casino more trustworthy in the eyes of potential customers, but it’s not obligatory.
Is cryptocurrency the future?
Many people seem to believe it, and not only when it comes to online casinos. A lot of experts and regular citizens claim cryptocurrencies to be the future of humanity because of them being universal, safe and easy to operate with. Currently, it’s hard to say if they are right, but it’s the fact that, with each year, cryptocurrencies play a more significant role in our lives. And they certainly aren’t going anywhere. They are here to stay and develop, and it’s even more true in the case of online casinos. There aren’t that many cryptocurrency online casinos yet, but more and more of regular ones decide to switch to hybrid, offering both solutions for the players to choose.