Since its inception in 2009, Bitcoin has gone from strength to strength. The cryptocurrency has shot up in value from just a few US dollars for a coin at the outset to well over ten thousand dollars today – and it is predicted to continue growing in popularity and value for the foreseeable future.
Unsurprisingly, this popularity has not gone unnoticed in the world of commerce, with tech giant Microsoft being one of the first companies to accept Bitcoin as payment for its products and services in 2014. In recent years, the gaming community has also been serviced by the emergence of Bitcoin casinos that have been specially designed to accommodate players who have a preference for betting with cryptocurrency.
How Does a Bitcoin Casino Work?
An increasing number of online casinos are accepting Bitcoin as a form of payment alongside more traditional currencies like the United States dollar or the Great British pound. However, there are dedicated Bitcoin casinos which do not accept other forms of payment at all, meaning all transactions, deposits and withdrawals are conducted exclusively in Bitcoin.
These casinos often operate using proprietary software which creates their own games and algorithms, and they earn the trust of their customers by sharing how these work openly, or else through word-of-mouth references. Although visitors to the site are able to play all kinds of casino games online, Bitcoin casinos are particularly popular among poker players – although that’s a trend that could well change as the casinos become more prevalent and popular.
What Are the Advantages of a Bitcoin-Only Casino?
Choosing to accept only Bitcoin is an enticing proposition for casino site owners since it means that the owners do not have to pay any processing fees for deposits and withdrawals or other associated banking costs. This means they can pass those savings onto their customers in the form of unlimited free transactions, higher sign-up bonuses and more eye-catching jackpots.
These monetary benefits are key to garnering the custom of potential casino players, but Bitcoin casinos are also attractive due to the levels of anonymity they offer. The amount of personal information that gamers must submit is far reduced in comparison to traditional online casinos, meaning they can maintain discretion and privacy. As well as being free, deposits and withdrawals are also more easily managed via a Bitcoin casino.
Gaining in Popularity
While conventional online casinos are still far more popular than Bitcoin casinos and look set to stay that way for many upcoming years, there are plenty of signs that Bitcoin casinos are growing in popularity. The rise of the cryptocurrency itself is one, while the fact that Bitcoin casinos are adding more and more members by the day is another.
Indeed, online gaming as a whole is on the increase. According to statistics compiled by the UK government, the remote (or online) sector accounted for 39.9% of the overall Gross Gambling Yield (GGY) for the year ending March 2019 and that percentage even includes earnings from lotteries, which is no insignificant sum. Indeed, the total turnover generated by online gaming in 2018-19 was £5.7 billion, and this figure is expected to increase as the years roll by. By all accounts, the future looks bright for the online casino industry in general and the Bitcoin casino industry in particular.