Cryptocurrency is undeniably taking the world by storm by providing an array of alternative multi-currencies that can be used across a growing number of both digital and physical platforms.
Due to the growing relevance of cryptocurrencies, particularly Bitcoin, online casinos are now gradually integrating the usage of crypto when placing bets and gambling alongside physical payments, this has led to an increase in profits for casinos, and the ability for some casinos to offer free spins. In some cases, specialized casinos tailored entirely to the usage of cryptocurrencies have been established to meet the progressions of the time.
Yet out of all of the 1,800 currencies – why is Bitcoin the prime online casino currency?
Lowered additional costs
Unlike payments made via a debit card or cheque, Bitcoin transactions eliminate a vast majority of typical banking fees. Whilst cryptocurrency exchange companies have a tendency to charge minimal and occasional withdrawal and deposit fees, cryptocurrency generally evades the burden of banking fees associated with fiat currencies (traditional finance). Worries of financing minimum balance fees or account maintenance are a thing of the past with cryptocurrency.
Additionally, with typical transactions made internationally or done via wire transfers involve large fees, including exchange costs, which can often slow the process and add a level of complication to payments. However, with Bitcoin lacking in involvement with governing bodies, transaction costs are kept to a minimum as there are not the same restrictive limitations on moving crypto as there is moving traditional finance.
Lowering these costs creates a more seamless gambling experience that does not require excess costs and allows gamblers to bet bigger without the worries of large fees.
Having crypto stored securely in e-wallets provides a layer of accessibility and security often lacking in traditional finances. E-wallets tend to have layers of encrypted security and provide owners of cryptocurrency with a level of discretion and anonymity that is beneficial when making payments on apps or websites that may lack in optimised security measures. Also for those making large bets or taking their earnings from online casinos, the convenience and security of these transactions can be essential for their experience.
Gamblers are able to access their finances from a mobile device or a computer and make transfers on the spot within minutes, and many newer UK casinos are aware of this, and push themselves as “bitcoin casinos”. Unlike fiat transfers, the transferring and payment process with cryptocurrency eliminates the time element and can be completed seamlessly and instantly.
If slow transaction speeds and lack of security interfere with your gambling experience, the move to crypto may be ideal for you.
Bitcoin transfers creates an entirely visible and transparent experience through the use of Blockchain. Blockchain is a Bitcoin explorer service that also offers support on exchange and the management of cryptocurrencies. This means that transactions are shown to be authorised to confirm that entirely legal and secure transactions have been made, creating a very legal and above board process.
Bitcoin is also classed as property as opposed to currency, thus meaning it is taxed as such and if it is used to make a purchase and the value fluctuates, a profit or a loss could be made on what you purchased. For example if you purchased something with £100 worth of Bitcoin and the value decreased by 5%, you would have essentially made a profit on what you bought. Yet this is dependent on market changes and the price you bought the Bitcoin at initially versus its value when sold.
Bitcoin is consistently evolving financial regulations and becoming more established within the law, making cryptocurrency even safer and more distinguished as a way of moving money and making purchases.