Statistics show that an average of 20% of online casinos in the world accept cryptocurrencies. For those that do they focus mostly on Bitcoin. Cryptocurrency is set to gain momentum and become available to anyone who might want to use it. This translates to peer-to-peer transactions without interference from governments or banking institutions. This creates a whole new type of wealth for online casinos, more specifically Bitcoin casinos.
As a result, bitcoin casinos benefit from accepting different types of Cryptocurrency from Bitcoins, ZCash, Ripple or Ethereum. With no licensing to accept Cryptocurrency for gaming transactions, Bitcoin casinos and online casinos almost instantly have their numbers in the black.
Cryptocurrency, such as Bitcoins are one of the safest transactions in the world, mostly thanks to the blockchain. This benefits the virtual casinos as the players are protected from fraudsters by this secure nature of cryptocurrency. The blockchain is transparent and open source conducting peer-to-peer transactions securely around the world.
Virtual casinos are not the only ones that benefit from accepting cryptocurrency but also the players. The players’ digital wallets or online purses are secure and cannot be frozen by any government or bank, offering control over their winnings. In traditional casinos, players are forced to pay heavy taxes on each of their winnings. An added advantage for virtual casinos is that players get to retain more of their winnings.
This makes it easier for players to spend small units of their money, as compared to traditional forms of currency. Instant processing of cryptocurrency and the anonymity of transactions help players remain in check with their gambling. Players are never required to provide any form of identification to receive their winnings. Winnings are deposited directly into the players’ digital wallets.
Unlike traditional payment methods, there are no chargebacks with cryptocurrency. Meaning players have to be careful when making payments because once a transaction is made there is no going back. But the upside is that bitcoin processing is transparent and players get to check the backend to ensure the virtual casino games being played are totally fair.
This might be the best thing for any online gambling player. With no centralized source to authorize funds waiting withdrawals are minimal and lower at Bitcoin casinos. The risk faced by traditional online casinos is reduced extremely by giving control back to the players.
Bitcoin casinos offer way better bonuses for new players thanks to the extra revenue. Juicy incentives give a generous payout. These bonuses are offered in a range of different variety if cryptocurrencies.
Cryptocurrency is a new means of exchange and mostly internet based makes it the best option for online casinos making it convenient and profitable on both ends. Retailers have already started accepting cryptocurrency as a means of payment and soon most virtual casinos and gambling sites will do the same.