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Cryptocurrencies are hugely popular, but there is still a feeling of an underground movement amongst many. While cryptos like Bitcoin (BTC) are transforming financial institutions, they are having less than an impact amongst general consumers. However, a movement in some industries is changing the situation, such as in the online casino realm.
When heading to an online casino in 2020, consumers will notice Bitcoin is now an accepted form of payment amongst many leading venues. Historically, online casino venues have been quick to adopt new forms of payment and move with the times. It seems this willingness to evolve is evident with BTC and other cryptocurrencies.
Still, there is something more interesting happening around Bitcoin in the online wagering industry. Not only are existing casinos adopting BTC as a form of payment, brand new venues are arriving that only allow payments in Bitcoin.
Rise of the Bitcoin Casino
The term Bitcoin casino will be new to many, even those who trade in Bitcoin and are close to the crypto scene. At its most basic, the Bitcoin casino is identical to a traditional online casino, except for how it handles BTC payments. Let’s look at it in detail:
- Traditional online casino with Bitcoin payments – Customers can deposit into their casino account in BTC, but the casino converts the payment into hard currency (USD, GBP, EUR, etc.). Any wins are also withdrawn in hard currency.
- Bitcoin casino – This is a dedicated online casino that only accepts Bitcoin and sometimes other cryptos. This casino will not convert payments, will not accept fiat currencies, including winnings.
Why Bitcoin Casinos Are Successful
Early signs are bitcoin casinos will become increasingly popular. More casino patrons like being able to pay in BTC because of the inherent benefits of the cryptocurrency. As a new market emerges, bitcoin casinos are leading the way. On paper, there are few compromises as casinos combine the best of traditional casinos with the security of BTC.
What does this mean when a consumer visits an online casino? Well, they have access to all the casino games they would at a traditional venue, such as online poker, slots, blackjack, and roulette. Alongside this familiar service, there are the distinct advantages of BTC:
- Added security without any middlemen like banking organizations.
- Excellent privacy because Bitcoin is decentralized. No authorities or financial services can influence deposits or take a cut of winnings.
- Ideal for those who are already fully behind BTC and using it for day-to-day transactions.
No intermediary is really an important part of the Bitcoin casino experience, allowing transactions to be made instantly. Even in 2020, most forms of online casino payments take days to clear, so patrons value speedy options.
Like other areas of cryptocurrency trends, the Bitcoin casino is a nascent concept that needs time to grow. However, early signs are encouraging. As BTC becomes more popular, online casinos could be leading the way in engaging customers and promoting crypto as a viable daily transaction tool.
