Will All Bookmakers Eventually Accept Bitcoin as A Viable Payment Method?
21 October 2020
Cryptocurrencies, especially Bitcoin, have taken the world by storm, ever since their discovery nearly a decade back. In the initial days, most people neither understood how the system works nor realized its potential as a currency until the great Bitcoin boom. Although the general public still does not understand how Bitcoin works, the high prices have attracted investors.
Most early investors are multimillionaires today and despite the recent crash in the value of cryptocurrencies, they still received astronomical returns. Bitcoins are quickly gaining popularity among iGamers, although not all bookies and online casinos currently accept cryptocurrencies. Crypto casinos aren’t regulated by the law at the moment, which could be a driving factor behind the low figures.
The Perks of Cryptocurrencies in Online Gambling
Privacy and data security are among the two most significant challenges online bookmakers currently face. Using Bitcoin could solve one of these problems. Although a growing number of bookies have started accepting crypto payments, their numbers are few and far in between. If you’re interested in learning more about reputed crypto casinos, visit Casino Bee for Bitstarz Casino review.
1. Unrestricted Use and Access
We cannot stress enough on the unrestricted access granted by cryptocurrencies. Bitcoin transactions are free from government interferences, tax regulations, payment gateways, and all other generic hassles that are a part and parcel of conventional payment methods. Moreover, users are free to transfer as much amount to and from their casino accounts at a moment’s notice.
The second biggest perk is anonymous transactions. Bitcoin neither collects nor stores the user’s personal information. Customers don’t need to submit proof of identity every time they use Bitcoin. Once you sign up on the platform, you’re free to do as you please, without the prying eyes of the government constantly monitoring your every move.
3. Cost Effectivity
Since there are no third parties involved, Bitcoin and other cryptocurrencies are much cheaper to use than traditional payment methods. Bitcoin pays the miners, who maintain and operate the blockchain, instead of spending huge money on gateway upkeep and security. Lower upkeep costs are directly transferred to the customers, which promotes cost-effective transactions.
4. Instant Deposit and Withdrawal
As we mentioned earlier, cryptocurrencies allow instant transactions since there are no gateways or government approvals required to process transactions. This is a major boon for the online gambling community as most federal governments have sanctions in place to monitor and restrict gambling-related transactions, which directly translates to longer waiting periods and capped amounts for conventional payment methods.
Is Bitcoin Legal Around the World?
Although Bitcoin and related cryptocurrencies are used in most gambling hubs around the world, it’s outlawed in certain parts of the world like China, Vietnam, Russia, Bolivia, Ecuador, and Columbia. There are no sanctions in most European nations and the USA, where crypto casinos continue to thrive. And the situation is only expected to improve in the coming years.