The significance of Bitcoin in online casinos
Bitcoin is not a new term for anyone who wants to walk beside the world at its growing speed. So has been the journey of Bitcoin from the year 2009, when it was established. Bitcoin, as of now, has been around for almost 10 years.
Business houses and industries have witnessed Bitcoin’s expansion rapidly. Still being a new currency, nobody could have ever thought of the impact it has shown in the global market. In the present scenario where online casinos are spreading and stretching their hands, how can they be left out of Bitcoin’s evident presence?
Neither the classic nor the new generation casinos are untouched of its influence.
There are undisputed benefits of Bitcoin which have led to its rise. We shall try to understand here, why are the online casinos shifting their focus to Bitcoin?
The very first reason which has attracted online casinos towards Bitcoins is its incognito nature. All transactions done by Bitcoin are anonymous which makes it the safest mode of the transaction as it completely nullifies the chances of any personal information leakage online. This anonymity makes the customers feel secured of their personal data. Other payment methods like credit card give out information about the person whereas Bitcoin supports irreversible transactions.
The casinos could observe this preference and so, they have started accepting Bitcoin for the convenience of new and old customers. Who would not be attracted towards a method which involves a lot of money being transferred without fraud risks?
Ease of transaction
Bitcoin, being an online mode of payment, is fast and secured at the same time. Other payment modes like credit cards take a day or two sometimes. Customers find it more convenient and easy to do the transaction instantly. Bitcoin also supports mobile payments, which means nothing more than a mobile and internet connection is required to transfer the funds and this indeed makes Bitcoin a hassle-free payment method.
Bitcoin is also free of third-party involvement which reduces the steps of payment gate and also cuts down taxes forced on it.
Any business is largely affected by this economical factor of inflation. Inflation in no time changes the profit or loss net. Any business house which might be perceiving a profit might experience a sudden loss due to inflation. Bitcoin being Inflation-proof holds the same value regardless of market condition. The Inflation-proof nature of Bitcoin also assures individuals that they could preserve these coins for a longer period of time.
Public satisfaction and trust give Bitcoin another plus point. These points are convincing enough for online casinos to shift their focus towards this transactional method.
The rising value of Bitcoin
News reports and the internet are proof that the value of Bitcoin has been persistently rising. The Annual reports of the top news sites like Reuters state that Bitcoin has been making and breaking records of its own in the past years. Such impressive growth rate was unignorable for any casino and hence, Bitcoin is considered as a legitimate and preferred mode of payment today.
Bitcoin is a decentralised body, which means, it falls under no predestined norms by any government. This independence facilitates the free flow of Bitcoin throughout the world, regardless of which country or state it is being used at.
Personal preference of individuals due to its convenience of use has made it a global currency. Such a wide approval to Bitcoin by people from all over the world, casinos found it as a gate to cross boundaries and get customers from everywhere.
Casinos, in a way, have played a vital role in its global acceptance.
If 10 years back somebody would have said that a cryptocurrency or any payment mode other than cash and cards could flourish worldwide, nobody would have believed. With time Bitcoin has proved that it has the potential to change and improve commerce. It offers qualities which are beneficial both for the customer and the business house. These unassailable qualities of Bitcoin make it obvious to gain the focus of online casinos.
SummaryName: The significance of Bitcoin in online casinos
Author: Stephanie Regan
Published Date: 01/08/2019