There are many crypto currencies in use these days but Bitcoin has surged ahead of the others. In fact, it has become a very good substitute to currency systems currently in use. Since Bitcoin operates independent of any central bank’s regulation, unlike traditional currencies such as the Pound Sterling or the US Dollar, it has many advantages over these currencies. The fact that this crypto currency is decentralized means that its price is determined by the free market and not by the monetary policy put in place by financial regulators at central banks of any country.
Bitcoin has come into its own in the online gambling industry thanks to the ease with which it can be used to transact money with online casinos. This is because of the fact that Bitcoin is not regulated in the way conventional currencies are.
Ease Of Transaction Thanks To Reduced Regulations
The main reason that online gamblers prefer to use Bitcoin for depositing and withdrawing funds is that it is faster and easier to use than regular currencies. Conventional banking methods such as bank wires, debit and credit card transactions, and also Neteller, Skrill and the like are subject to a number of restrictions. Furthermore, the processing time of these transactions can also be high, as a result of which players can’t get to start gambling without delay. Bitcoin transactions, on the other hand, happen instantly and this enables payers to get started instantly.
Conventional processors for online transactions are also subject to many fees. This takes up the cost of gambling and most gamblers are unwilling to bear the cost in order to reduce pressure on their wallets. Another major problem associated with traditional currencies is that certain countries have restricted their use for online transactions. In fact, many countries have begun to crack down on illegal online gambling by ordering banks to track the movement of currencies to these sites. The high level of privacy afforded by Bitcoin is definitely a major advantage offered by it for people who wish to let their online gambling activities remain hidden.
Casinos Soon To Bet On Bitcoin
Overall, Bitcoin has proven to be far better suited to online gambling that regular currencies such as Euros or US Dollars. People are therefore increasingly starting to look for casinos that accept this crypto currency. As of now, the most popular casinos do not deal in Bitcoin, perhaps because this crypto currency was once considered a fad. Furthermore, many casinos that deal with Bitcoin still accept conventional currencies in order to appeal to the largest possible segment of the population.
Bitcoin casinos no doubt tended to suffer from lack of popularity. They were also not considered to be very safe. The sites that deal with it have addressed these issues and the crypto currency has now become well known as a reliable option to regular money. In fact, some of the best Bitcoin casinos such as Bodog, Red Stag, Spartan Slots, Ignition Casino, and Miami Club Casino have become very popular indeed and they offer a wide range of exciting games. The younger generation of online gamblers is also very tech savvy and willing to give Bitcoin a try since it definitely prefers to transact online with convenience and security.
Bitcoin hasn’t been used by online casinos for longer than five years but its use is definitely increasing. As the online gambling industry is also increasing at a very rapid rate, Bitcoin is definitely set to increase in importance. As a matter of fact, it is only a matter of time before a large number of casinos opt to deal only in Bitcoin.