Introduction to Bitcoin Casinos
Bitcoin has continued to attract immense interest this year. With all the buzz around the price of 1 bitcoin and figureheads like Elon Musk weighing in, it’s no surprise that casinos have grown to love bitcoin.
Bitcoin casinos are any casino you find online that accepts bitcoin or another cryptocurrency instead of the local currency. It’s a smart move to accept BTC as it caters to the recreational gambler who may have money tied up in bitcoin. In this post I’m going to share a little bit of news and hopefully some insight on bitcoin casinos in 2021.
Why Operators Love Bitcoin
The online casinos will be loving the boom in cryptocurrency. They are reaping the benefits for one simple reason – no bank fees. It doesn’t matter if you’re depositing or cashing off, no bank or admin fees whatsoever with bitcoin. When you consider the volume that online casinos deal with, to wipe them out through a different payment method is a huge deal.
Operators will also be loving the new registrations coming from bitcoin investors new to online gambling. Bitcoin is not accepted in all parts of the economy yet. Individuals with bitcoin are still a little restricted in where they can use it but online casinos are (with open arms). It’s quite likely that anyone who took a shot on bitcoin will enjoy the potential to win from online gambling.
It’s too early to say if this cost-saving is benefitting punters or not. In theory, the operators could now offer more lucrative bonuses and incentives for players to sign up. Or, they might use it for advertising or just retain their profits. I haven’t found a conclusive answer to this question but either way, the operators will be happy they aren’t forking out millions to banks.
Why Gamblers Prefer Bitcoin
Bitcoin is a universal currency that makes no distinction between Canadian, Aussie, German or Brit. I think this commonality is one reason why gamblers love to use cryptocurrency. It’s also why brand-new casinos are opening with Bitcoin as their primary selling point. Websites like new-casinos.ca highlight all the new casinos in Canada and it’s amazing to see how many are around today.
One of the biggest reasons for gamblers using it has to be the privacy factor. Bitcoin casinos allow players to keep their details private. Most casinos only ask for an email address to register and deposit and some only request ID when you want to cash out. That’s very appealing as you no longer need to provide name, address, date of birth and more.
I think most gamblers like to keep their gambling to themselves. It’s not only those with problems that keep gambling private. There are many professionals that keep their results to themselves. They don’t want to see it on their bank statements. In today’s “big brother” society, keeping prying eyes away from our affairs is no bad thing so it’s understandable why gamblers enjoy the privacy that bitcoin casinos offer.
Constant Bitcoin News
Bitcoin casinos are thriving from the trending Bitcoin news. It’s in inescapable and shows no signs of dying down. I think Bitcoin will be here for a long time to come. With everything in the 21st century moving to a digital platform it’s perfect for all parties. Operators make more profits and punters love the convenience, privacy and speed it affords.
As long as bitcoin is trending and, in the news, more people will see it’s value for online activities and particularly gambling. Anything that boosts the poker industry and gambling industry in general can be good but as always, we need to tread carefully too. The price of bitcoin is prone to fluctuating regularly so a small disclaimer to be cautious and gamble responsibly.
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