Technology continues to revolutionize the modern casino industry. Tech innovations now drive online gambling with the market predicted to hit USD 87.75 billion by 2024. Among the most outstanding innovations in the industry is cryptocurrency gambling. As casino investors look for more efficient ways to do business, cryptocurrencies have emerged as a timely solution.
While multiple digital currencies have emerged for online gambling, Bitcoin remains the most popular option. It is the original cryptocurrency dating back to 2009. Despite variations in performance in 2019, financial analysts say Bitcoin remains the strongest cryptocurrency.
Bitcoin in Online Casinos
The whole idea behind cryptocurrencies is to decentralize monetary control. This digital currency gives control to the users through a ledger system.
Initially, Bitcoin flourished as a speculator’s stock but over the last few years, its value as a currency has grown tremendously.
The online gambling industry is one of the sectors that have embraced this digital currency for several reasons. These include:
- Enhanced privacy: There’s no third party involved in Bitcoin casinos. With growing concerns over online privacy, this is great news for players and casino owners.
- Anonymity: Once you open a bitcoin wallet, you can play without ever revealing your personal details. It is a great solution for countries where strict gambling laws restrict banks from facilitating transactions.
- Instant transactions: Traditional online casino deposits and withdrawals are tedious and time-wasting. Bitcoin gambling has revolutionized the industry through instant transactions.
- Cost-savings: As a player, you don’t want to see your winnings reduce due to transaction fees and taxes. It is what makes Bitcoin casinos such a smart innovation. There are fees for bank transactions.
- Fast and responsive user experience: The use of blockchain technology on which Bitcoin operates offers a better user experience for online casino players.
Bitcoin Reigns in Online Casinos
Despite competition from alternate coins (Altcoins), Bitcoin still holds its own across multiple industries. Bitcoin’s popularity continues growing despite market price fluctuations. According to recent reports, Bitcoin’s market capitalization will rise to a whopping $1 trillion by 2020.
It is this growth of the cryptocurrency that makes Bitcoin the most viable option in online gambling. For an industry where millions of dollars change hand every day, it makes a lot of sense to use the most established cryptocurrency to enhance security and boost transparency.
The use of blockchain technology makes it easier to manage online casino transactions. Players can easily access Bitcoins from various online exchanges.
Prices of Bitcoin have tripled since December 2018 and this gives confidence to the casino industry to leverage the digital currency.
More casino game developers also leverage Bitcoin’s familiarity to create new products. They know many players already have an idea about this cryptocurrency. This has, in turn, led to a growing interest in the latest bitcoin casino games.
With improved safety, security, privacy, and anonymity, Bitcoin offers qualities that suit online casinos’ needs. Players don’t have to worry about transferring funds to their accounts anymore. Better still, it is now possible to play online anonymously.
Final Thoughts
Looking for a new experience in online casinos? It is time to try Bitcoin casinos. These platforms accept Bitcoin as the sole currency or an alternative mode of payment. It is a faster and safer way to play in online casinos.