Categories: Cryptocurrency News

Why Online Casinos Still Hesitate Offering Bitcoin Bonuses

The growth in awareness and understanding of cryptocurrencies has brought more options for their use, yet the hesitance to accept them amongst many online businesses remains. Often regarded as being at the forefront of digital technology advances, online casinos are typically amongst the first to embrace new ideas and concepts, yet they to are reluctant to fully embrace the cryptocurrency culture.

Limited Bitcoin Casino Options

Although the use of cryptocurrency is more widespread these days, and there’s also a growing base of knowledge amongst those regularly making transactions, the number of online casinos willing to accept Bitcoin or other cryptos is still limited at best. Some of the leading online casino brands have explored the possibility of accepting Bitcoin transactions in the future, while others have no plans whatsoever.

Due to the continuing amount of uncertainty surrounding cryptocurrencies, whether that’s due to fluctuations in value and market instability, or simply a lack of sufficient understanding about how they work, very few online casinos are willing to embrace the use of Bitcoin for even simple deposit transactions.

Of those that do exist, the benefits of using Bitcoin are no greater than using regular currency transactions. Great care is also needed to avoid using online casinos which aren’t fully regulated, and you can find expert advice here about trading with legitimate online casinos who do accept Bitcoin.

Before creating an account with any online casino offering Bitcoin transactions, obviously, a broad understanding and experience of using the currency is strongly advised, just as it would be trading with any other site operating with Bitcoin transactions. Learn more about the benefits and pitfalls, while also doing plenty of research to ensure you remain protected from potential scams.

The Benefits of Blockchain Technology

While the majority of online casinos are yet to accept Bitcoin, that doesn’t mean to say they’re completely ambivalent about the technology behind the currency. Given that privacy is one of the greatest attractions to those who use Bitcoin and other cryptos when making transactions, the security element of blockchain technology is of great interest to the online gambling operators.

They are always keen to attract more customers and they’re already aware that not everyone is eager to share banking details online. That’s why you’ll see the majority of online gaming sites offering alternative options like PayPal or Skrill, which allow users to make account payments and withdrawals, without ever having to share bank account information with the casino site.

Nevertheless, the issue remains that an online casino will still need to collate and store the personal information of their users. This is largely due to the demands of regulatory bodies governing their activity, which is an unavoidable necessity of being a legitimate casino business. That effectively negates the anonymity element which appeals to many cryptocurrency users.

At present, the online casino industry is certainly keeping an eye on blockchain technology developments, whilst also dipping their toe in the water to explore possible implementations within their own industry. However, it’s still very early days regarding widespread implementation, which in turn could open the door more for Bitcoin, therefore at the moment it’s a case of watch this space for further developments.

Do Bitcoin Users Get Better Casino Bonuses?

Given the huge amount of competitiveness amongst operators, online casino bonuses are wide and varied. Whilst it’s always recommended to find one that suits your own preferences, be it the traditional deposit bonus deal or those which are geared around particular games, there’s absolutely no substitute for reading the small print and knowing exactly what you’re getting.

Given the still relatively low number of online casinos accepting Bitcoin or other cryptocurrencies, the first thing to check is that they’re licensed regulatory bodies like the UK Gambling Commission or the Malta Gaming Authority. These are two of the most highly respected regulators, whilst there are others governing casino sites in North America and elsewhere, ensuring that users have support and redress available if needed.

They also keep a keen eye on the fairness of casino bonus offers, ensuring that any deals avoid potentially misleading site users. This applies to legitimate online casinos, regardless of deposit and withdrawal methods accepted. At present and generally speaking, there isn’t a great deal of difference between the range of bonus offers aimed at Bitcoin users, compared to those using more traditional transaction methods.

Online casinos are still offering Bitcoin users deals which mostly focus on slot games, typically offering a certain amount of free spins. These must either be used on specific branded slot games or within a limited amount of time. Likewise, deals which offer to match initial deposits with additional funds are usually calculated in traditional currencies, such as pounds or dollars, instead of the Bitcoin equivalent. This can sometimes confuse and offers no real benefit.

Slow adoption yet promising future

Despite the relatively slow uptake of Bitcoin and cryptocurrencies amongst online casinos, there are steadily growing signs that adoption of cryptocurrencies could increase over the coming years. If there’s one certainty about online casinos that never changes, it’s the desire to continue developing their options and increasing the quantity of regular players.

If we were to wager on more legitimate online casinos springing up an accepting bitcoin over the next couple of years, it’s fair to say that would be a sure bet.

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