Bitcoin has been the most praised digital cryptocurrency available in the world of technology since 2009. It allows everyone to make peer-to-peer transactions without controlling authority, such as a bank or government. Bitcoin(BTC) entered the casino world in 2011 because poker websites wanted to save themselves from UIGEA, i.e., the Unlawful Internet Gambling Enforcement Act. Since then, all the online Casinos websites worldwide have started using cryptocurrency as their payment methods.
You can read online casino reviews to find which gambling websites use only Bitcoin as a payment method. But why these online casinos are using Bitcoin even if the traditional & most used payment methods like credit cards and e-wallets still functioning well? Read below for the top 6 reasons online casinos accept Bitcoins as a payment method.
Casinos Can Get Around With UIGEA
As mentioned above, casinos started accepting bitcoin in 2011 because UIGEA prevented online casinos from accepting the payments and labeled it illegal. So the casinos that are giving traditional payment methods unable to serve their customers. In addition, Bitcoin is decentralized, so it cannot be controlled by banks or governments, which means the government can’t blog the bitcoin transactions.
No Payment Processing Fees
Bitcoin networks charge fees from the one who sends the BTC. During online casino deposits, players have to pay minimal fees. Online casinos prefer it because gamblers have to pay the fees while depositing. And players also love it because the fee is way less than the credit card, e-wallet, etc.
Gamblers Appreciate Bitcoin Payments
The average casino player loves traditional payment methods such as credit cards or e-wallets because these methods have been around for many decades & build trust in the player’s minds. But, some new players think Bitcoin is easy to use because the process is simple for deposits & withdrawals. So first, you need to purchase Bitcoin from the exchange. The exchanges can be of your choice, such as Coinbase, Gemini, Binance, etc.
Second, go to the banking section of casinos, and generate the bitcoin wallet address. Then, go back to the exchanges and send the Bitcoins directly to the casinos. So you only need a wallet address to perform the transaction, then wait a few minutes to receive funds in the casino. No need for verification, bank details, or security checks; everything happens from your side.
Unlicensed Casinos Tend To Be Accepted
Some small casinos face problems while obtaining licenses. And players won’t go for such casinos as trust & security issues. But Bitcoin casinos bypass this stigma, and gamblers are ready to ignore licensing issues when payment mode is in cryptocurrencies.https://www.ufa365.io/แทงบอลไทย/
Cryptocurrencies Are The Most Talkative Subject
Bitcoin has become a discussion topic in the tech crowd, and slowly it is coming out of gamblers’ mouths as well. In 2017, Bitcoin became a household topic, and social media, tv commercials were displaying the ads, and more. The bull run also helped spread awareness about Bitcoin.
Some also started recognizing the altcoins such as Ethereum, Litecoin, and Tether. Online casinos use this opportunity by accepting Bitcoin as a payment method that comes to the attention of gamblers.
Bitcoin Is A Great Marketing Gimmick
As discussed in the last point, some casino websites use the acceptance of bitcoin as a marketing tool. They design their website and promote it entirely on bitcoin. In addition, some casinos offer up to 1 Bitcoin deposit bonus to attract more new players to their platforms.
Some casinos also have Bitcoin-specific slots, craps, and games where you can win Bitcoins. One such casino is CryptoWild; it not only accepts Bitcoins but also offers BTC games to its players. So we recommend you read red dog casino reviews to gather more information about its Bitcoin games, bonuses & BTC earning opportunities.
Bitcoin was originally created after the US recession of 2008 by anonymous person Satoshi Nakamoto. Because after the recession, Satoshi wanted to find a better replacement for fiat currency that didn’t involve the government or big banks. Bitcoin struggled during its initial stage, but because of UIGEA the gambling industry started accepting it in 2011.
Some casinos also add Bitcoin to their payment methods just to differentiate themself from the other gambling websites. And also to get around UIGEA restrictive banking laws because these laws limit the payments for offshore casinos. But Bitcoin helps casinos to serve such players away from their regions. Plus, casinos do not have to pay transaction fees in Bitcoin transactions, which is also beneficial for gambling websites.
Bitcoin is easy to use and allows transferring from one end of the world to another. This helps players from other regions to access the casinos & casinos can serve more geographically spread gamblers. Players also prefer Bitcoins over traditional payment methods as fees are less. So, adding up everything, you can see why most online casinos are now started accepting Bitcoins as their payment method.
