In general, the online casino industry carry out transactions with standard currencies like GDP, EUR and USD – but the world of online casinos is changing. The introduction of the crypto currency Bitcoin offers a range of unique features that provide customers with an entirely new gaming experience as well as a safe and secure environment. In addition to this, there are a range of qualities that are far more attractive to not only the customers, but also to the operators. Bitcoin’s popularity has increased exponentially since it was developed and began circulating back in 2008 and 2009, and is currently marching towards an all-time high. While the digital payment and asset structure has grown within a number of industries, it is the online gambling industry that is utilising most of the currency’s benefits. Here, we’re taking a look at the different ways that Bitcoin is transforming the way online casinos operate and how it is looking to revolutionise the industry.
What Is Bitcoin?
Before we dive into how Bitcoin is changing online casinos, it is important to understand what Bitcoin actually is. Put simply, Bitcoin is a digital payment structure that operates through an extensive peer-to-peer system. Users are able to carry out transactions directly to one another without any intermediary being involved. While it has been known to be somewhat volatile as a currency, this hasn’t detracted from its popularity. One thing that has however, is the public understanding of what Bitcoin actually is. Some countries are unsure how to classify Bitcoin and the block chain technology as a whole, with a New York Judge classifying the Bitcoin as a currency and other countries classifying it as a commodity or unknown product.
Due to the fact Bitcoin is a decentralised currency, it does not have to comply with legal jurisdictions within certain countries. That means that players can enjoy online gambling in countries that do not allow it – such as the United States, where legal complications disallow certain types of online gambling. Anonymity is an important priority for some gamblers; whether that’s due to the user being based in a country with laws against it, or simply because they wish to protect their identity as certain individuals would prefer not to allow their expenditures to be traced back to them. The block chain technology and Bitcoin protocol ensures that the Bitcoin is not linked to any form of identity. The same applies when users sign up to join Bitcoin casino sites. The most trusted and reliable Bitcoin casino sites allow players to sign up without having to provide any personal information that could potentially be at risk on the internet. Anonymity is a huge part of Bitcoin technology and this type of privacy is important to many gamblers, meaning we could see it being implemented further amongst standard online casinos.
One of the most substantial benefits of the Bitcoin, and one of the major reasons why it is revolutionising the online casino industry is due to the speed of transactions. With no fees to pay for the operator or the customer when it comes to withdrawals or transactions, and the fact that the Bitcoin runs through a peer-to-peer network, the ease of transactions is exceptional. On top of this, transactions are almost instant, with the average longest period of time for transactions being just 40 minutes!
With fast transactions, no fees, and an anonymous gaming experience for the user, Bitcoin is quickly being looked to for those in countries who are facing legal regulations stopping them from playing or for those who simply want to protect their identity. In addition to this, the speed of transactions is something that many online casinos will be looking to implement in the future to provide an exceptional gaming experience for their players.