Bitcoin casinos have admittedly had a very hesitant start, but the crypto-currency has now come into its own in the online gambling industry. The past few months have seen a rapid increase in the number of people gambling using Bitcoins instead of conventional currencies because people are finally becoming aware of the many advantages that this currency offers.
Bitcoin is an electronic cash system that was developed in 2008 and released early the following year. It was invented by Satoshi Nakamoto. The USP of this payment system is that the transactions take place directly between users without using any intermediary. Bitcoin is the biggest of its kind in terms of the total market value.
Since its release, bitcoin has been adopted by many people predominantly for online transactions. Digital payment methods have already been in use for quite a while, but there were many misconceptions around Bitcoin that prevented people from trying it out. Interestingly, once people got over their initial reluctance of using a crypto-currency, they realised that it has a great many advantages to offer. They were also more in favour of bitcoin and hence, abandoned other payment methods such as eWallets and bank transfers.
One of the biggest advantages of Bitcoin is that it is extremely simple to use. Secondly, it provides a great deal of security for online financial transactions. Thirdly, this currency enables users to gamble with a high degree of anonymity. These are all qualities that online gamblers appreciate, which is why increasing numbers of them are opting for casinos that deal with Bitcoins. Another factor is that people living in countries where online gambling is banned can make use of the anonymity of this currency to gamble to their heart’s content. Governments are putting pressure on banks and credit card companies to deny service to their citizens who wish to gamble online.
The fact that Bitcoin numbers have increased steadily over the past 6 months is a good indicator that the trend is here to stay. What’s more is that, many popular web-based casinos have begun dealing in Bitcoins. They include Coin Palace Casino, BetChain Casino, VegasCasino, and BitCasino, just to name a few. In fact, there are many more casinos, both large and small, that have started to deal in this currency. This will have a snowballing effect on the numbers of people who use this currency.
Online gambling, which was just 8% of the entire industry in 2014, has grown to 11% in 2016. Internet based casinos tend to embrace technological advantages at a rapid pace and they make use of a number of innovations to attract new customers. After all, this is a highly competitive industry with too many casinos for customers to choose from.
While casinos do need to offer a wide range of games to their customers, they also need to ensure that customers can gamble safely and conveniently. This includes offering them reliable and quick money transfer options. It therefore, shouldn’t come as a surprise that the most marketing savvy casinos have started to become Bitcoin friendly. It is estimated that more than 15.2 million Bitcoins are currently in circulation, and this number increases at a steady pace as more casinos and their customers are jumping on the Bitcoin bandwagon.
If you’re thinking of buying or selling bitcoins, then you’re probably aware that they can be bought and sold online as well as offline. Offline, the bitcoins can be bought at a bitcoin ATM or directly from an individual. But the bitcoin ATM is not like the traditional ATM machines. They are basically kiosks that are connected to the internet. It, however, allows inserting cash in exchange for bitcoins.