To enable transactions over the internet, businesses had to rely on payment processors like credit cards and other financial transaction processors like PayPal, etc. Though these transactions were digital and electronic, customers still had to pay for services or purchase products in different currencies; the local currency of the seller. That means buyer needs to do some conversions, though not usually of any real effort by the buyer as financial organizations take care of the exchange. Massive fees and delay in transaction times is one of the significant challenges.
Bitcoin offered a better solution. With Bitcoin, business owners and buyers can quickly transact online, paying for goods/services hiding their real identities if they don’t want it revealed. Another aspect to bitcoin is that as a digital currency, it’s relatively cheaper since the digital currency isn’t subject to the control by any entity or corporate body. Bitcoin is now being accepted in many online casinos, allowing online gamblers and casino enthusiasts fund their accounts using Bitcoin and other alternative cryptocurrencies.
Online Casino and Bitcoin
Online casinos are probably the first online merchants who understood the potentials of this digital currency and the advantage of having a decentralized payment option on their platforms. The first casino/faucet platform which comes to mind is SatoshiDice, built by the famous Eric Voorhees in 2013. Since then, bitcoin payments have spread like fire among many online casinos with more and more casinos set to accept bitcoin, creating a massive adoption of the digital currency.
Searching for casinos that accept bitcoin isn’t a hard task as this information is always proudly displayed on their first page and also stated in their terms and conditions. These casinos would often have a graphical display of payments/deposit and withdrawal options and will specify if there are limits on those transactions.
Why is Bitcoin a Better Option?
Bitcoin was created as a better alternative to making online and offline payments. Unlike having to make a bank transfer, bitcoin is a low-fee and almost instant solution. Another advantage of accepting bitcoin, on the side of the service provider/seller is that it is irreversible, that instantly removes the threat of a chargeback. Transactions initiated and confirmed on the blockchain can only be sent back manually.
In some other parts of the world, bitcoin remains a more effective way of making transactions across borders, and many online startups are taking advantage of this features, most especially casinos.
One last advantage of using the cryptocurrency, bitcoin to make deposits and withdrawals on a casino would be its anonymity feature. This is one promise the technology tries to deliver. Though making transactions using bitcoin are recorded on public ledgers, they are only linked to a string of alphanumeric address that’s difficult to memorize. So whenever you make a deposit or withdrawal, such transactions can’t be traced back to you.
Casinos that have Integrated Bitcoin into their Platforms
As we earlier mentioned, there are lots of online casino platforms that have successfully implemented bitcoin and other digital currencies as part of their platforms. The following are just a few top ones that come to mind:
BitCasino was established sometime in 2014. It is one of the premiers, leading online Bitcoin casino. To encourage new players, the platform gives up to 100% bonus on bitcoin deposits. There are also over a thousand different games to enjoy on the platform which not only guarantee fun but also to make lots of money.
BitStarz was launched in 2015, owned and operated by Direx N.V., a registered company established under the laws of Curacao. The platform accepts bitcoin deposits as they give players total casino experience. With hundreds of games offered by this casino, players can take it from the tables to the reels and back to the table from the comfort of their living rooms like never before.
Space Casino started in 2017 and operated by the same company as BitStarz. Live games can be played on the platform in different languages. These games are powered by Netent and Ezugi, which are companies that provide gaming solutions for online casinos.
BetKing was first opened in 2013. It was born as a result of crowdfunded bankroll. They quickly became the most popular online bitcoin casino platform in a short time, and this led to them having the most wagered volume of any cryptocurrency gambling platform by 2015. BetKing has since been a prominent player in the bitcoin betting world.
1xBit is one of the bitcoin betting sites where anyone can earn bitcoins. They’ve been offering the most exciting casino and sports wagers since 2007. Players have a variety of games which includes live dealer games, slots, and more.
Bitcoin has brought some convenience into online payments. With the digital currency, it’s now easy to make payments/deposits and even withdrawals in seconds.
With bitcoin, casinos are not required to have bank accounts or players who register on their platforms need to go through KYC procedures.
Bitcoin has given an opportunity to almost everyone to participate in online gaming activities irrespective of local laws. Online merchants also adopt bitcoin to increase their international exposure and also to find a way around local regulation.