Gambling Online with BitcoinThis page may contain paid links that help support our site.
More and more people have been using Cryptocurrencies in the past years, and in the online casino industry has been no exception, quite the opposite, foretelling what the future for online gambling might be.
In reality, online casinos are one of the main drivers of growth for Bitcoin and other crypto adoption, as an elevated proportion of these online venues have adopted that payment method, despite the volatility of the market.
The 2017 boom in the crypto market created a worldwide awareness for Bitcoin, and with that the number of holders and users of the currency. Given the digital nature of the asset, it’s just natural that online casinos took the opportunity to start also banking on Bitcoin.
There is an increasing number of products and services being traded by these new currencies, represented mostly under the name of Bitcoin, and online casinos are usually very fast to embrace new technology, and this happened once again with BTC. The number of casinos accepting the currency is growing and the method is seen as the modern way to pay.
Transparency and security
There are a number of properties that Bitcoin holds that make it appealing for those gambling online, and one main reason is that the transactions are totally secure and documented in the distributed ledger. The clarity of the transaction is also reflected in the eWallets of both the casino and the player.
The fact that BTC is still now widely accepted also means that online vendors are the main place to use it, making it a very good option for gambling as it has no conversion requirements. The casinos are well aware of all these facts and they create bonus and deals for Bitcoin deposits, trying to attract the players holding the currency.
How to use Bitcoin at an online casino
The first step to be able to use Bitcoin at a casino it to actually get it. The safest way to do it might be Coinbase, but there are plenty of other places where to do it. Nothing like doing proper research to see how reliable the site you are purchasing from is.
After the Bitcoin or other cryptocurrency is purchased it’s all about selecting a casino that has that payment method and take advantage of the numerous bonus and promotions available, to get the better value for your coin.
In past years we have seen an immense growth of online casinos against brick and mortar ones, and cryptocurrencies are adding more fuel to this fire, where both revenue volumes are already equivalent.
This tendency will just reinforce the role of online gambling in the overall gambling market, as online casinos don’t need buildings or numerous employees to make their businesses grow. It’s a low cost operation with high revenues, when comparing with brick and mortar operations.
With a market that is worth billions it’s just natural that Bitcoin gambling will continue to grow and, eventually, surpass the number of payments and withdrawals made with regular currencies faster than any other activity.