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Why Online Casinos Are Increasingly Banking on Bitcoin

· May 17, 2017 · 6:34 am

The rise in cryptocurrency is foretelling the future for online gambling. More and more internet-based casinos are accepting Bitcoin as a banking method.

[Note: This is a guest article written by Anna Taylor] 


The Growth of Bitcoin Online Casinos

Bitcoin rose to prominence most spectacularly over the course of 2016, and this digital currency is continuing to augment its profile. It has recently started gaining more widespread acceptance as far as payment is concerned, and, although the market remains volatile, it is very quickly becoming acceptable to trade Bitcoins for online services and goods, including real money games of chance at online casinos worldwide.

The online casino industry is traditionally very quick to embrace new technology, and has not disappointed in terms of Bitcoin, either. Many online places to play now accept Bitcoin as a deposit and withdrawal option, and it is continuing to gain a foothold in this market as the more modern way to pay.

An Overview of the Bitcoin Online Casino Industry

Bitcoin holds a number of properties that render it a particularly appealing currency for individuals who enjoy gambling at online casinos:

  1. When transactions are made in Bitcoin, there is no requirement for the gambler to part with his or her sensitive financial information at all, and this element of online play remains a concern in today’s increasingly technological world. Without the relevant key with which to unlock the transaction, trades in bitcoin are totally secure, documented in the distributed ledger and then reflected within the eWallets of both the sender and the receiver.
  2. Bitcoin is still not very widely accepted, and can only be spent at online vendors, or converted to a local-base currency for withdrawal. This makes it an excellent option for gambling, since when loading this currency it becomes a new to spend it, and there is no requirement for conversion.

All the same deals and bonuses that are available for players at online casinos accepting traditional currencies are in place for Bitcoin casinos too. In the past, no deposit casinos were a popular choice for those who did not wish to transact online due to security and confidentiality concerns, but now, Bitcoin has offered an alternative, and those who played for free are moving over to real money games.

The Expected Growth of the Bitcoin Online Casino Industry

As Bitcoin starts becoming accepted at more online destinations, it will increase in usefulness for both online casinos and those who like spending time at these. The signs for future uptake look very promising, and increased reception is already a reality.

How to Get Involved in this Burgeoning Industry

For those interested in making use of the services of a Bitcoin online casino, the first step will be paying a visit to a site like www.Bitcoin.Org and acquiring a wallet in which to hold them. There are several different types of these, online, software and hardware, and each have their own sets of pros and cons.

The second step will be acquiring Bitcoins, either as a gift, exchanging them from bank accounts, or purchasing them from an online site.

Locating an online casino which accepts Bitcoin currency for play would be the next step, and then creating an account in the way one would at any other online place to play.  When the deposit option becomes available, selecting Bitcoin will do the trick, and thereafter you can play for real money straight away – yet another reason this currency is finding so much favor.

Want to try out a no-deposit casino today? Bitcoinist readers can visit AdmiralSpot casino, and use the BITCOINIST2017 promo code to receive the free bits.


Images courtesy of Shutterstock



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Source: Bitcoinist.net

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