Many headlines about Bitcoin focus on its volatile price and tremendous growth in the last decade. But beneath crypto’s fluctuating nature lies a host of benefits for the online casino industry.
Truth be told, Bitcoin will disrupt tons of online businesses in the future. But for now, we’ll focus on how it will shape up the future of iGaming. Let’s get started.
Improved Focus on Transparency
When you think about it, Bitcoin is one of the most transparent payment methods today. It’s built on a distributed ledger that records every transaction transparently.
Although the blockchain keeps records permanently, it allows anyone to check old payments. You can use the system to check a payment you completed 10 years ago. Similarly, if someone completes a large BTC transaction, it becomes public knowledge immediately.
Transparency is good for the casino industry. And more betting sites and embracing it by revealing important terms and conditions. Take bonuses as an example.
In the past, some casinos would hide bonus terms to mislead you. Now, most casinos reveal all their bonus policies beforehand. In all fairness, most regulators require gambling sites to be transparent about their bonuses and payments.
Serving Players All Over the World
Cryptocurrencies allow online casinos to break geographical limits. With Bitcoin, a casino based in Panama could serve players in the Americas, Europe, Africa, Asia, and Oceania.
Indeed, most of the casinos recommended by cryptocasinos247.io/ accept players from multiple countries. The only catch is that you need to own Bitcoin. Also, you need to be an adult.
As Bitcoin grows in popularity, more casinos will expand their target markets. Bitcoin allows them to serve customers from all over the world. Casinos’ only limitation will be government regulations.
Some countries have rules that prohibit foreign casinos from operating without local licenses. In these jurisdictions, foreign operators will need to apply for licensing.
In countries without iGaming laws, players are allowed to bet at offshore casinos. This works only if people have access to a convenient payment method. Bitcoin provides payment convenience regardless of where in the world you live.
Fast Payments
Lately, there’s a demand for online casinos with fast payments. Crypto casinos are taking advantage of this trend by reminding players of Bitcoin’s speed. You can deposit up to $100,000 worth of BTC at most casinos within 10 minutes.
With most traditional payments, you can deposit more than $10,000 at a casino without raising eyebrows. In fact, most e-wallets and card companies won’t allow you to transact more than $5000 at a single time.
Against that backdrop, crypto will continue to be the best payment method for people who love fast casino transactions. Bitcoin allows you to withdraw your casino winnings within a couple of hours.
Most alternative payment methods take a day or more. And they tend to be more expensive. Cryptocurrencies charge you just a small fee to compensate the people who verify transactions before they’re added to the blockchain.
Huge, Recurring Bonuses
Before Bitcoin exploded in popularity, casinos were reducing the size of their bonuses. To date, most gambling sites give you matched bonuses capped at $100. If you deposit $100, you receive an extra $100 as a bonus.
Usually, you claim these promotions by depositing through Visa, MasterCard, PayPal, Skrill, Boku, or another popular payment option. Although a $100 bonus is great, Bitcoin casinos are revolutionizing the sector with much larger promotions.
The average Bitcoin casino welcomes you with a bonus worth 1BTC. Imagine the number of slots you could play with one Bitcoin. Most slots have an upper betting limit of $100.
That means if you have $26,000 to spend (roughly 1BTC), you could play hundreds of slots. And you will still have money left to play poker, blackjack, roulette, and craps.
After you spend your welcome bonus, crypto casinos shower you with loyalty bonuses. You can claim kickbacks when you lose money. Or, you could add funds to your account to receive more bonuses.
Provably Fair Games
Cryptocurrencies introduced new types of games that provide 100% assurance of fairness. These slots are created on the blockchain and governed by smart contracts.
They use RNG software to produce winners randomly. However, their seed algorithms are public records. You can choose the seed that triggers winning symbols in a slot.
If you’re lucky, you win money. If you lose, you’ll be assured that you lost fairly. Because these games use smart contracts, you could technically gamble online without registering an account at a casino.
Smart contracts eliminate the need for trustworthiness. They secure money into contracts and release it only under certain conditions. In the casino space, smart contracts release the money to the winners.
With that in mind, crypto casino games are not yet popular. Most casinos still offer conventional games. Regular slots have higher payouts, better graphics, and cool features. This might change with time as developers invest more resources in crypto games.
Improved Security
Cryptocurrencies provide secure payments. They’re stored on hack-proof blockchains. That means no one can steal your Bitcoin or Ethereum. They also offer a healthy degree of privacy.
Unlike PayPal or Visa, you don’t need to provide your name when making a Bitcoin payment. You provide your crypto address and that’s it. This ensures no one else besides your preferred casino knows your name or address.
Although crypto offers secure payments, they’re not foolproof. If you expose your BTC address to the public, someone could steal your funds. Similarly, crypto stored in an unsecured wallet can get lost.
With that in mind, there are easy ways to keep your crypto safe. Store them in a safe wallet and hide your addresses.
Eliminating Fraud
Online casinos share one problem with many businesses. They lose thousands of dollars every month to chargeback fraud. People deposit money using cards and later ask for chargebacks. This leaves casinos with huge losses.
Crypto helps gambling sites solve this problem in a major way. Crypto does not support chargebacks. Once you deposit money to a casino, there’s no claiming it back. This means you must be careful when sending crypto. Otherwise, you could lose your money.
