Bitcoin (BTC) is one of the most interesting and profitable assets of the last years. The cryptocurrency became known around the world as a means of payment and a medium of exchange and many others are thinking of it as a store of value.
Reality is many companies, including online casinos, decided to embrace the digital asset and start working with it.
The main question that many analysts make is related to whether Bitcoin will become mainstream in online casinos in 2020 considering several reputable casinos are using Bitcoin.
The casino industry has also been expanding around the world in the last years with new solutions and services offered to users. Crypto and blockchain developers have been closely following the trend and tried bridging the gap between the cryptocurrency industry and casino sites.
Bitcoin became an increasingly useful and attractive method to pay for goods and services, and it ended up becoming also valuable for online casinos. One of the main reasons behind this is related to the fact that online casinos accept wire transfers and also credit card purchases to start playing.
These payments are expensive or take a long time to be processed. This is why users can simply use Bitcoin to easily fund their casino accounts and start playing a wide variety of games. In just a few minutes, you will get funds in your account and this would make the whole playing experience much simpler and user-friendly.
It is worth mentioning that using Bitcoin to play casino games online could also be more useful for individuals because many casinos offer promotions on Bitcoin deposits. If you find the correct online casino to start playing and it offers Bitcoin promotions, this could be the best choice.
As mentioned before, Bitcoin is a better alternative to credit cards and wire transfers because the whole payment process is faster and easier. However, we can also agree that Bitcoin offers more security than other payment systems.
While most of the top casino websites are protected and are secure to use, it is generally recommended not to use private information such as credit cards or bank accounts on the internet. Hackers are always ready to take users’ funds through many innovative tactics that would not work with Bitcoin.
Users would have to just send their funds to a specified address without having to be worried about placing the number of the credit card on the screen or typing it if they are in a public network.
This is why many casino sites could help increase Bitcoin adoption and add support for this cryptocurrency that would not only improve user satisfaction but that would also help them protect their users as well.
Although it can be very easy to send Bitcoins to an online casino, it is always worth mentioning that some sites could be fraudulent. It is very important to search for the accreditations the casino has and which sites are backing it.
Moreover, if you are located in the United Kingdom, the site should display a license from the UK Gambling Commission. If you believe the site looks strange or you are not sure about whether the website is legitimate, the best thing you can do is to search for reviews on the internet about it and learn more about the platform.
Many phishing sites would just create a very similar website to an original casino site and push you to provide your credentials, including bank accounts, credit card data or even KYC documentation such as ID, address and full name.
There are some challenges that casino sites must face before they will be able to offer solutions to cryptocurrency users.
Bitcoin knowledge remains low despite the large adoption it experienced over the last years. Many users do not know how to handle the leading cryptocurrency and may not feel comfortable with it.
Furthermore, it has a fluctuating value that discourages many individuals to use the crypto asset to play and enjoy casino games.
The Online casino industry will certainly be benefited by Bitcoin. Despite the aforementioned challenges, 2020 could be a very positive year for the sector that could come from Bitcoin supporters and investors.
If Bitcoin becomes widely used by casino players, the user experience will improve, security will also be enhanced and the most popular cryptocurrency can experience increase adoption rates.