Bitcoin has come a long way since its conception way back in 2008. In the recent years, Bitcoin has significantly gained ground that it has undeniably become synonymous to the term “cryptocurrency.” But given that it is an online form of money, is it wise to use it when gambling online?
There are several reasons why many online casino patrons are in favor of the expansion of cryptocurrencies in the internet-based gambling industry. Most of them are actually very practical, making cryptocurrencies very ideal for money-focused industries, such as online gambling.
The primary reason why Bitcoin and cryptocurrencies have gained traction in the internet gambling industry is rooted on their nature as a truly decentralized form of money. As such, there is no intermediary to handle its transfer and no processing fees to settle for every transaction. Casino operators benefit from the use of cryptocurrency by receiving instant deposits and forwarding winnings to players as quickly as possible. On the other hand, customers save some money because they would no longer be asked to pay fees needed for their transactions to be processed or completed.
Another very practical side of cryptocurrency in online gambling is security. Because there is no physical money involved, players don’t need to process and withdraw bags of cash from online casinos. They can simply have the jackpot added to their Bitcoin wallet immediately. Cryptocurrencies are still not that welcome in countries and industries, so it would be a hassle to spend them in the real world. But given the rapid advancement of technologies, it won’t be a surprise when cryptocurrencies become the primary payment method in online gambling someday.