How Bitcoin is revolutionising the online casino industry

The gambling industry is known to be very receptive to technology. Ever since the internet became free and open to everyone, casino operators have been in the forefront of expanding their boundaries to reach new markets. In the process, new payment methods have emerged to lure potential players into making bets easily and conveniently. One such payment method used by online casinos today is called Bitcoin. This is basically an open-source platform which leverages on peer-to-peer technology to facilitate online payments.

Bitcoin, as is currently used in some online casinos, has the ability to bypass certain restrictions in online wagering. This makes it a very attractive and profitable tool of betting, both now and in the future.

When placing bets in a Bitcoin casino

Bitcoin is growing in popularity at online casinos because it’s a cost-effective cryptocurrency. The cost of making a single transaction involving Bitcoin is very cheap. It’s for this reason that more gambling operators are considering this option of payment.

Also, the low cost of Bitcoin payment has since led to the formation of a viable casino business model on the internet. And even though this cryptocurrency is still not the dominant form of payment for the online casino operators, most of them are considering including it as their primary form of payment.

Bitcoin is revolutionizing the industry in a number of ways

First of all, it has changed the way security is being implemented on the internet. For example, it offers complete protection against prying eyes on the web, thus players are often assured that their money is in safe hands and is always transferred to the intended recipient account.

Unlike other forms of payment, Bitcoin operates 24/7, and offers players the benefit of making their account virtually impossible to freeze. That alone can give a gambler the peace of mind which they need when playing games in an online environment like slotsverse.com.

The speed with which Bitcoin transactions are done

Not all gamblers are patient people. A waiting period of 12+ hours after submitting a withdrawal request is a very bad experience for most people. Apparently, most casinos today ask for proof of ID and even a copy of your passport alongside your picture. This is to ensure that they are abiding by the law which requires them to check these details. This waiting period can take longer because employees are supposed to manually verify these details before confirming each transaction.

But that is about to change now with the introduction of Bitcoin gambling sites. Cash out requests are instantaneous.

Bitcoin allows a way around ‘’oppressive’’ laws

Some countries like the US in general have outlawed online gambling in the spirit of ‘’protecting’’ their citizens. Similar countries around the world have also followed in their footsteps, pretending to protect their citizens when they are essentially protecting their own government interests.

Finally, if a die-hard gambler lives in any of these countries and would want to wager on the internet, bitcoin casinos can give them a chance to. What is more, operators now feel that Bitcoin is the way to go since payments cannot be refunded. For a long time, credit card charge back fraud has been a problem to gambling operators. However, Bitcoin is changing this completely, and could represent the new face of online gambling.