Like any new product or a new discovery, people were reluctant to use Bitcoin when it first surfaced several years ago. However, the online gambling sector has always been pro in pioneering the advances in technology and the innovations. The same was the case with Bitcoin. Online gambling is among the first industries that have embraced the use of Bitcoin.
As anything else, the competitive nature of casino operators has led to the rise of Bitcoin, due to the operators’ need to be one step ahead of the average crowd. In fact, the use of Bitcoin has brought many benefits to both operators and players. Some of the players even consider Bitcoin as the official currency of the internet, as they have noticed that is the fastest, most secure and convenient payment method for withdrawals and deposits. But why? How did the rise happen and for what reasons?
Many who are not using Bitcoin to fund their bankroll or cash out their winnings would ask what’s so special about Bitcoin? Why should I use it when it is so distinct from other payment methods? Well, first of all, Bitcoin is basically not an actual payment method, but a sort of currency, cryptocurrency. The interesting thing about it is that you cannot touch it physically and its unit of value is a string of code. Its price varies, it rises and falls, but having in mind the increasing demand, it is definitely here to stay.
To properly answer the question ‘Why Bitcoin?’, you should know the core benefit you get by using it: complete privacy. Using Bitcoin, casino players do not reveal any personal information such as name, date of birth, etc., do not reveal their bank account or card details – they can completely anonymously transact to whomever they like, from one wallet to another, with this time-efficient and most importantly cost-efficient cryptocurrency.
Casino players are always most concerned with guarding their identity. So, Bitcoin provides them with an incognito mode, discretion, and total privacy. Now, casino operators like netbet.co.uk have recognized the Bitcoin potential and have begun to create games and bonuses where you bet and receive your winnings in Bitcoin. In addition, more and more industry giants have started joining in on the action of embracing Bitcoin, such as Virtue Poker, so Bitcoin is slowly but securely entering the mainstream. New Bitcoin games are being released constantly, as well as online casinos who started accepting solely Bitcoin as the legitimate payment method.
The benefits that casino operators get by accepting Bitcoin are fast payments with no delays, minimum fraud possibility due to the Blockchain principle, easier way of managing finances for the site and the opportunity to provide players with more choice as they can load Bitcoins and convert them to the currency of their preference. As for the players, besides the privacy and convenience of using Bitcoin, they get additional benefits such as extra bonus value, secure transactions, no tax, no fees etc.