|   Digital Currency


  |   Digital Currency


How Bitcoin is Transforming Casino Industry

Royal Flush at Casino. Images Money/Flickr

Since 2008, the crypto-currency Bitcoin has grown leaps and bounds to become an alternative to traditional currency systems. Not regulated by a central bank, Bitcoins have many advantages over traditional currencies such as the US Dollar and the Euro: since the currency is decentralized, the price of Bitcoin is determined not by the monetary policy of a central bank, but by the free market. But while the philosophy behind Bitcoin is interesting, a more interesting development from the rise of Bitcoin is it's ability to be used to facilitate gambling transactions.

Less Regulation Means Easier Deposits and Withdrawals

One aspect of Bitcoin that has made it popular with online casino players is the efficiency of deposit and withdrawing funds. With traditional banking methods such as bank wires, debit/credit card transactions, and older online payment processors such as PayPal and Netteller, there is a litany of fees and transaction times that slow down the movement of money in and out of player's accounts. In addition, certain countries have restrictions on online casino transactions, creating another hurdle for players to jump over.

Because transactions can be done with less fees and less processing time, players feel more comfortable using Bitcoin Casinos over casinos that only offer traditional payment methods for deposits and withdrawals.

Bigger and Better Casinos Jumping on the Bitcoin Bandwagon

Initially, the major casino sites did not offer Bitcoin as an option: seeing the alternative currency as a fad, they did not feel that it was worthwhile to offer the option to players. As a result, when startup casinos began accepting Bitcoin in 2012, casino players in the Bitcoin community were concerned with the lack of quality and security on these upstart Bitcoin casinos.

But as Bitcoin became more and more popular, and therefore became a legitimate currency system, larger and more established players in the industry began accepting Bitcoin as a means to deposit and withdraw funds. These major sites include Bodog (one of the first major online casinos), Bodog's offshoot Bovada, as well as Slots.LV, Ignition Casino, Red Stag, Uptown Aces Casino, Spartan Slots, Slotocash, and Miami Club Casino.

With bigger and better Bitcoin casino options, the popularity of Bitcoin Casinos has grown among online casino players.

The Trend Shows No Signs of Slowing Down

While online casinos have been around now for decades, and Bitcoin casinos have been around for nearly 5 years, the industry shows no signs of slowing down: as time progresses, online casinos continue to take a larger and larger share of the total global casino market. In the past two years, online gambling has grown from 8% of the total global gambling market to over 11%.

The capture this growing market, online casino operators see the advantage of offering Bitcoin as a deposit and withdrawal method on their websites. Since the average online casino players is more tech savvy than average, they are more likely to either be an active Bitcoin user, or at least familiar with how Bitcoins work.

Combining the continued growth of online casinos over traditional casinos with the even faster growth of Bitcoin over traditional currency systems means online casinos that accept Bitcoin will become even bigger and better as time progresses. Without the hassles of traditional payment methods, as well as the high levels of trust and security online casino players desire and expect, Bitcoin casinos stand to become the predominant players in the online gaming space.

Why Bitcoin Casinos Are The Best Bet For Players

It is clear that Bitcoin casinos, especially the established casinos mentioned in this article, are online casino player's best bet when it comes to choosing a site to play.

The reputation of Bitcoin casinos continues to grow as these more established and professional online casinos that accept Bitcoin continue to flourish. The days of having to wait days, even weeks to make transactions are a thing of the past. The outdated and heavily regulated traditional payment system is going the way of the Dinosaur. Players do not like the old system, casinos do not like the old system: nobody but the banking system like the old way business was transacted. With the power of the internet, payments are now out of the hands of central banking, and in the hands of a self-regulated community.

Bitcoin casinos offers the same quality, security, and service that traditional online casinos offer. While in the early years of Bitcoin casinos there were concerns over the quality and security of online casino websites, today's Bitcoin casinos are some of the high quality, fun, safe, and secure online casinos around.

The Bitcoin casinos of today offer all the online slots, table games, poker, and other casino games online casino players know and love. The websites have fantastic user interfaces, and are well designed. The Bitcoin casinos of today have solid track records of securely allowing players to deposit and withdrawal funds instantaneously, and without the excessive transaction fees traditional payment methods require. As larger, more professional online casinos, Bitcoin casinos offer the same state of the art encryption and other internet security technologies to give players confidence both their money and their computers are safe from theft, viruses, and other security hassles.

Customer support on Bitcoin casinos has also grown leaps and bounds, making them even more popular with online casino players. Put all these elements together, Bitcoin casinos offer everything a traditional online casino has to offer, but better, as Bitcoin has many strong advantages over traditional payment systems.

Future Popularity of Bitcoin Casinos

Giving the market a perfectly acceptable substitute, with all the quality and value traditional online casinos offer, Bitcoin Casinos will continue to grow and prosper in the online gambling space.

Offering players the best of both worlds (quality online casinos with easy payment transactions), Bitcoin Casinos are simply a cut above the rest. With quality Bitcoin casinos such as Bovada, Bodog, and Red Stag at your fingertips, it is a no-brainer to jump on the Bitcoin bandwagon and begin playing on any of these fine websites.

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