Modern casino owners are in awe of Bitcoin technology, as it seems that it was created just to become the currency for gambling houses. It is the speed of funds transfer, anonymity of transaction and incredible security of this type of money transfer that make it the payment method #1 for gambling destinations.
Bitcoin is a peer-to-peer payment system that is calculated using the unit of the same name. Cryptographic methods are used to ensure its operation and data security. Information about any transfers between different system addresses is in the public domain. Bitcoin has many different names: virtual or digital currency, crypto, electronic money, etc. But the name is not as important as its main characteristics that allow you to call it the best payment method in the world of online casinos. Let us list them:
- Speed. Players call the procedure of withdrawal of money from the casino the main reason for distrust of gambling houses. Approval of applications and transfer of money through certain wallets using credit cards can even take several days, which in the realities of modern times can be considered an eternity. In the case of cryptocurrencies, such transactions take place instantly. This is achieved due to the absence of intermediaries in the form of banks or payment systems, which slow down transactions by conducting their own additional checks. And the transfer of bitcoins between wallets is fast and personal, almost like sending an email.
- Anonymity. The maximum level of anonymity is achieved by creating unique bitcoin addresses that are tied to the user's wallets. This is the only binding that is available to completed transfers. Today, experts are working to eliminate this binding as well, which will guarantee complete anonymity.
- Minimal fee. This topic is very hard to understand, but it can be compared to an auction. You indicate the amount for which you are willing to sell your certain amount of bitcoins, and your offer is already being considered by the market, where it passes almost instantly, only if you have not indicated some non-market price.
- Transparency. This type of transfer makes it easy to determine how honest the casino where the game is being played is. If bitcoin transfers are delayed for any reason, it can be assumed that the casino is carrying out some bureaucratic action to keep the player from withdrawing funds.
Bitcoin Casino Statistics
Bitcoin casino popularity has increased several times over the past year, Google statistics tell us. The average age of a person using bitcoin as a payment system is 32. They are mostly men who have a college degree and an income that is above average. This also converges with the main target audience of online casinos. This group of users is also sophisticated in modern technologies, that's why the way bitcoin casino works is not very complicated for them.
Opportunities for online casino sites
It is possible to install bitcoin payment system in online casino platform in the following ways:
- Creating a special platform for the needs of bitcoin casinos.
- Adding bitcoin to the list of payment systems.
Already today the share of funds that are deposited in the casino using bitcoin is 10-15% of the total amount. By the end of 2021, experts promise to increase this figure to 20%. An additional motivation for the use of bitcoin may also be the fact that it allows you to play even those users that are in a region with any restrictions or gambling activity.
What are the advantages of bitcoin casinos?
- This project is very easy and quick to launch. The record is 10 days. The main speed is achieved due to the fact that there is no need to negotiate with other payment systems.
- The minimum commission. Unlike other payment systems, bitcoin does not charge the player any commission.
- Full control. Player personally controls all situations concerning payment.
- Work with bitcoin does not require additional licensing.
Disadvantages of Bitcoin Casino
Despite the fact that it is now the best way to transfer funds, it still has certain disadvantages.
Lack of uniform regulation. Bitcoin does not remain legal in all countries, and it is also impossible to clearly describe the attitude of the authorities towards it. At some point, their opinion can change dramatically, so there is a certain amount of unreliability.
Danger of hacker attacks. Despite the fact that the currency is the most secure, it is the most attractive for hackers. Some are attracted by the lust for profit, because the price of bitcoin is disproportionately high, while others are interested in the fact that such funds can be stolen.
Opportunities for Bitcoin Casino in the Future
Bitcoin casinos are a trend that is constantly evolving. Its audience is expanding, becoming more mature and therefore more solvent, which benefits everyone. With the growing need for simplicity and privacy, this direction will soon take the leading position among other types of payment systems, and as a result, quite and displace competitors from the struggle.
Decentralization allows cryptocurrencies to develop without being tied to a region, which will soon make it an international currency. The US has long considered bitcoin as a possible alternative.