Bitcoin (BTC) has been leading the push of cryptocurrency over the last five years and is the runaway market leader in crypto financials. While Bitcoin is changing monetary transactions around the world and impacting industries, it has arguably not had the transformative impact many predicted. However, it remains a matter of when not if.
One day BTC and cryptocurrency will enter the mainstream in a significant way. That transition is likely to come when a consumer fronted industry embraces crypto finances in a meaningful way. Interestingly, one industry may already be blazing a trail in Bitcoin adoption.
Online casinos are increasingly embracing BTC. When patrons visit a leading casino online, they are now likely to see Bitcoin as a supported currency. So, the gambling sector is on board with Bitcoin and is even looking to take it to another level.
An entirely new type of online casino has emerged around BTC… the Bitcoin casino. It seems the online casino community has reacted faster to the emergence of cryptocurrency than many other consumer industries.
The obvious question is, what is a Bitcoin casino? Certainly, it is a term that even frequent visitors to online casinos may be unfamiliar with. At its core, the Bitcoin casino is identical to a regular online casino in terms of functionality, albeit with one significant difference:
Traditional online casino – A normal online casino experience may support Bitcoin transactions, but it will automatically convert deposited BTC into supported hard currency (EUR, USD, GPB, etc.)
Bitcoin casino – Customers using a bitcoin casino can only deposit and withdraw in BTC. In other words, no hard currency is supported, and all transactions are carried out in Bitcoin.
Of course, online casino developers are not creating bitcoin casinos for fun. Instead, they saw a clear opening in the market that is centered on the growing demand for Bitcoin transactions. Customers increasingly value being able to conduct their financial lives in cryptocurrency, at least online.
In terms of results, Bitcoin casinos provide the same positives that you get from BTC in other areas. Specifically, because BTC is the only currency supported, there are some clear advantages in place without compromising on the number of casino games available.
Advantages of Bitcoin Casinos
- Perfect for users who already use Bitcoin across services online.
- BTC is a decentralized currency, which means it has no banking or regulatory authority over it. Because of this lack of influence and no middleman, BTC inherently provides more privacy regarding transactions
- Furthermore, the lack of middlemen means personal information and finances are more secure.
Anyone who has visited an online casino will understand the frustration of having to wait for the money to clear when making a withdrawal. This is not the casino’s fault but is instead caused by the financial institute used to move the money too (i.e., the bank). Bitcoin removes this intermediary and allows monetary transactions to be completed instantly.
It is worth pointing out that the Bitcoin casino remains a nascent idea. However, online casinos are showcasing how BTC can be implemented into an existing industry and arguably improve upon it.