Bitcoin is one of the biggest innovations in the payment world in recent years and it’s only set to get bigger. As we well and truly get to grips with the digital age it was only a matter of time before a new digital payment method hit the mainstream and Bitcoin is only set to rise.
In fact, more and more online casinos are starting to accept Bitcoin as a legitimate payment method, and the digital currency is an appealing option for gamers worldwide. From its low transaction fees to the offer of anonymity when paying, Bitcoin is increasingly becoming the payment choice for many gamers.
What is Bitcoin?
Bitcoin is a digital currency and online payment system that is accepted and used worldwide. It’s used just like a normal currency and sits in a ‘wallet’ on your computer. Its accessible from smartphones and tablets and is used exactly like a normal currency.
Compared to other digital payment platforms such as PayPal, Bitcoin has considerably lower transaction fees and users are able to convert Bitcoin into their normal currency and vice versa whenever they wish.
So what are the perks to using Bitcoin in an online casino?
The use of Bitcoin (and other cryptocurrencies) in online casinos is growing and there are various perks for gamers who choose to use the online currency.
Anonymity: with Bitcoin, players don’t need to reveal any personal details about themselves in order to make and receive payments. Many gamblers choose to stay as anonymous as possible when making transactions (both deposits and withdrawals) with online casinos, making Bitcoin an ideal payment method.
Security: whilst the best online casinos have watertight security policies in place anyway, playing with Bitcoin offers gamers an extra level of security. Despite still being a relatively new way to pay, Bitcoin is in fact one of the safest ways to conduct money transactions across the internet, not just for online casinos.
Low fees: Bitcoin famously has much lower transaction fees than other online payment systems making them an attractive option for gamers who want to avoid having to pay high fees to both the casino and then again when withdrawing their money. Payments are also processed with next to no waiting time allowing gamers to get their hands on their winnings quicker.
With the advantages that Bitcoin offers, it’s quite natural that more and more online casinos offer this payment method. And this is not true only for established operators. There are in fact various new online casinos that put the cryptocurrencies at the core of their product, like for example TeleVega does.
If Bitcoin will see it’s popularity strong in the future will depend on many factors, but as long as it does, gamblers worldwide will have this opportunity available in their favourite casinos.