Bank transfer, Visa and MasterCard used to be the default payment methods for online casinos. Then came Skrill and Neteller, PayPal and Bitcoin—and the gambling sector has never been the same again.
Bitcoin, in particular, has disrupted the online gambling industry irreversibly. And that’s a good thing. The casino sector has been yearning for change all along. Below is an overview of how BTC penetrated the iGaming sector and became a top payment option:
Bitcoin is Fast and Convenient
When you think about it, the reason there are so many payment options out there is because people are always looking for a faster, more secure payment option. There was a time wire transfer was considered fast.
Then credit cards provided a faster option. Next, people realized 2–3-day transactions were not quick enough, and so they moved on to e-wallets. That being said, Bitcoin isn’t just fast. It requires no middleman.
With bank and card payments, transactions must go through a bank before they get to a casino. With crypto, you send money straight from your wallet to a casino’s wallet. This results to incredible speeds and convenience.
Transactions are Irreversible
One of the worst problems with credit cards, according to merchants, is dealing with chargebacks. People are always trying to reclaim their money even after receiving the services they paid for. This creates headaches and losses for businesses all around the world.
With Bitcoin payments, casinos can transact with anyone safely. They don’t need to worry about losing money through chargeback scams. They’re sure that once someone deposits Bitcoin or Ethereum, they can’t get it back.
Wait for a minute. Isn’t a lack for reversibility a risk for casino players? Yes, it is. And that’s why it’s essential to find a legitimate Bitcoin casino. It’s a relatively straightforward process. Look at some of these features:
- A license and security features
- A range of games
- Bitcoin payment support
- Mobile support
- Efficient Customer Service
Bitcoin is Safe
When Bitcoin came out in 2009, it was dismissed by traditional banks and investors. Some called it an inferior technology with no real case. Others claimed it was unsecure and impractical in the real world.
But guess what? Bitcoin turned out to be one of the most secure payment systems of this generation. It’s decentralized. That means no single entity owns the network. It’s also immutable—you can’t change transactions.
Bitcoin is also hack-proof thanks to its decentralized nature. The only reason people lose their crypto is due to human flaws, say losing a password, or storing the coins at a crypto trading website or wallet. Always look to play at one of the best bitcoin casino games, ranked among the top in the bestbitcoincasino.com ranking system
In light of that information, casinos have no reason to shun cryptocurrencies. Besides, it’s fast cheaper than most alternatives. Case in point: a recent Bitcoin owned transferred $1 billion worth of the cryptocurrency at the cost of $3. That would never happen when transacting fiat payments.
Bitcoin is the Future of Money
Would casinos accept Bitcoin if it was just another fad? They wouldn’t. Businesses partner with payment companies with a solid use case. Bitcoin fits that bill. It’s not something people buy because it’s cool. Today, all best bitcoin casinos are accepting both crypto and FIAT funds, where the crypto deposits are the highest
Technically, lots of people buy crypto to be part of the community. But beneath the coolness and the chance to make money, Bitcoin is a platform. Its blockchain is something that can help developers create casinos, payment apps, social networks and e-commerce sites.
Bitcoin’s competitors—Ethereum, Solana and Cardano—have even more powerful blockchain platforms. They create decentralized apps with close to zero fees, limitless scalability and faster payments.
As already mentioned, loads of people are getting into crypto. They’re buying the digital currencies because they can envision a future in the industry. This could lead to disruptive technologies that could change the casino industry tremendously.
Bitcoin Can be Converted to Fiat
Another reason Bitcoin is getting popular in the casino space is due to the fact that you can convert it to dollars. If a casino doesn’t intend to hold crypto for long, it can accept it as a payment option. After that, it can convert it to dollars, euros or pound sterling.
Now, the process of converting crypto to fiat and vice versa isn’t easy for everyone. But it’s not rocket science. If you have dollars, all you need is a crypto exchange like Coinbase or Binance. These sites can help you exchange your dollars for bitcoin, Ethereum or doge coin fast.
With crypto at an exchange, you can send the coins to an online casino. Or you can send the funds to a secure wallet. For casino merchants, they don’t have to deal with the job of converting crypto to cash.
Some bitcoin payment gateways perform the heavy lifting for casinos. This ensures a bestbitcoincasino gambling site stay focused on its core services.
Bitcoin Attracts Generous Bonuses
For some reason, casinos give out bigger bonuses to Bitcoin users compared to fiat customers. Precisely, most sites match your deposit amount up to $100 or $500. If you agree to make BTC transactions, though, you can claim up to five BTC in bonuses.
Considering one bitcoin costs $60,000 at the time of writing, five BTC would give you $300,000 worth of crypto to play around with. Of course, every casino has bonus terms and conditions. Not everyone qualifies for these promotions. And if you qualify for an offer, you must adhere to its terms and conditions.
Bitcoin is for the People
Satoshi Nakamoto create bitcoin for one reason—to disrupt the banking industry using a system controlled by the people. He didn’t believe in banks, the Federal Reserve or Wall Street.
If he did, he wouldn’t create a product meant to compete against conventional banking systems. Of course, he knew creating bitcoin was a risk, which is probably why he chose to remain anonymous.
While little is known about Satoshi’s identity, millions of people around the world have bought Satoshi’s vision. They no longer trust banks with their money. And they walk the talk by using crypto for day-to-day payments, for gambling or as a means for investment.