With the growth of online business models, the introduction of all manner of digital currency options has been on the rise. The use of cryptocurrencies has even penetrated the gambling space and many online betting platforms are accepting this as a form of payment. While this is the scenario right now, the road to acceptance has been one bumpy ride. The casino industry is yet to discover the many benefits of using cryptocurrency but the truth of the matter is that this option is quite convenient compared to traditional payment methods.
For those who are yet to interact with cryptocurrency, it is one of the newest digital payment options in the market. It is a convenient Internet payment method that is typically decentralized; no individual, organization, or central body can claim the power to issue or control it. Cryptocurrency users are allowed to deposit Bitcoin values for betting with the assurance that their security and privacy is guaranteed. Being able to transfer value in the absence of a middleman like it happens with the use of banks or other payment processors, offers convenience for fast payments.
By removing typical obstacles and reducing the levels of handling, value transfer through cryptocurrency is possible instantly irrespective of global address and time. Furthermore, it is a preferred method because of the low charges involved.
Growth in popularity
More and more people are warming up to gambling, especially after finding it a worthy activity for passing time during the COVID-19 pandemic. This has been a major factor in support of the increased popularity of cryptocurrency use. Online casino players who prefer virtual payment forms in favor of traditional options find the added security layer to be quite comforting. Even though payment systems such as credit and debit cards have been reinforced over time, there is still so much work to be done before fraud cases grind to a halt.
The first ever cryptocurrency was Bitcoin (BTC) which was first mentioned in 2009 – it is the largest and best-performing of the major currencies used on digital platforms. The others that are also relatively common are Litecoin, Bitcoin Cash, and Ethereum. Considering that BTC was the first product of its kind, it enjoyed greater market capitalization. In light of that, over $7 trillion worth of Bitcoin has been traded in various forms since it was launched.
A Bitcoin transaction typically takes up to 48 times faster to do compared to an international money transfer. At the same time, this method is generally more than 60x cost-effective.
Research is the key
Having a digital wallet gives you the power to receive and send virtual money value equivalent in between gambling sites and an actual money wallet. By having this as a payment method in gambling sites, players are seamlessly able to play at their convenience. This is quite practical for those who gamble for leisure and would typically not have ready funds in their player accounts. Apart from the ease of transfer, safety of personal information, and versatility of gambling sites that accept this mode of payment, Bitcoin users are assured of privacy.
Upon setting up a digital wallet, users are advised to carry out extensive research on gambling sites that accept BTC. After confirming that the preferred site is legal in the area of jurisdiction in which it will be used, regular betting activity can commence.
It is no secret that reputable Bitcoin and crypto-enabled websites are also among betting platforms that offer lucrative bonuses. It is obvious that the creators of these digital currency options considered the welfare of users greatly. With such perks awaiting gambling enthusiasts, the betting experience is significantly enhanced. The greatest selling point for online casino sites that take payment through BTC is to appeal to players who are particularly interested in dealing with cryptocurrency and have every intention of keeping their online activities private.
Seek clarification before sending funds
If you are interested in depositing money into your player account on a site that accepts BTC value, the greatest hurdle might be making the transfer from a traditional currency or flat wallet. In the case of “hybrid” casinos also known as Bitcoin gambling sites, players are allowed to transfer funds using flats and the cash is automatically converted to Bitcoin. For casinos that are in the business of buying and trading in BTC, players are required to provide proof of identity in the form of a bank statement or utility bill when withdrawing money.
On the same note, players who are in need of cash but have Bitcoin balances in their accounts can exchange for actual money flat. For information regarding how this exchange is done as well as answers to basic questions on the product, the terms and conditions (T&Cs) section is the best place to look. These virtual casinos offer the same choices as are offered to registered players of regular casino providers.
The decision to pay for bets using cryptocurrency lies on the players and is best exercised when choosing a site. Players must first assess their gambling needs before settling on one particular site as the terms of operation differ. As a matter of fact, it is not challenging to find a casino that has been granted all the necessary approvals necessary to trade in cryptocurrency. Even better if you are able to identify one that is within where you live and offers products such as live casino games, sports betting, and betting slots.
The option of new technology as it emerges is crucial to the survival of any business. New modes of payment in the online trading space are inevitable considering the rapid growth of the industry as well as changes in lifestyle. The target for every bettor is to have a great time and making money comes as an extra bonus for their time on betting platforms. Businesses that thrive in the fast-changing world of gambling have higher chances of survival compared to those who take time to embrace new models.