Online gambling came into existence in 1996 when Intercasino started accepting bets for real money and it has since evolved into a fiercely competitive multi-billion dollar industry.
Offering the biggest selection of games, attractive bonuses, and providing top-notch customer service have always been effective ways for online casinos to bring in new customers and retain existing ones. However, if they want to get a leg up on the competition, then online casinos also need to make it as convenient as possible for their customers to make deposits and withdrawals.
One of the easiest and most efficient payment options came onto the scene a few years back in the form of Bitcoin and many online casino operators have been quick to embrace it. Bitcoin is such a popular payment method that many online casinos that accept Bitcoin actively encourage their customers to use it. Some people might criticize Bitcoin’s volatility but it remains an important added value to online casino enthusiasts and the operators who are desperately fighting to stay ahead of the curve.
Bitcoin’s Volatility
Bitcoin was created in 2009 when an unknown person or group mined the first blockchain. In Bitcoin’s early days, the value of a Bitcoin ranged between less than a penny and about $0.12. The value rose to over a dollar in 2011 and reached $31 before dropping back down to about $2. Throughout the first half of 2013, Bitcoin bounced between $100 and $350 before exploding to over $1,000. The value of a single Bitcoin hit an all-time high in December 2017 when it reached a staggering $19,783. It has since gone into a steady decline having dipped below $6,000 by June 2018, and today it is valued at a little under $4,000 per Bitcoin. One word that comes to mind when thinking about Bitcoin is ‘volatile’.
Millions of Users
Even though Bitcoin has experienced some extreme fluctuations, it is still a very popular option for an increasing number of people all over the world. It is estimated that over 22 million people have Bitcoin wallets and those users now perform around $2 billion worth of transactions on a daily basis. A good chunk of these Bitcoin transactions are conducted by people who are making deposits and withdrawals at the rapidly growing number of online casinos that accept Bitcoin as a payment method.
How Online Casinos Benefit By Offering Bitcoin Payments
Online casinos benefit greatly by offering Bitcoin as a payment method. For starters, Bitcoin transaction fees are either very low or, in many cases, non-existent. The same can’t be said for other methods like credit/debit cards, eWallets, and wire transfers. One problem that credit and debit card users in the United States have been experiencing lately is that the banks that issue credit and debit cards will often block transactions with online casinos.
Bitcoin users do not face this inconvenience. So, online casinos that facilitate Bitcoin transactions are attracting Bitcoin users and expanding their client bases. Another reason that online casinos benefit from offering Bitcoin transactions is that Bitcoin is nearly impossible to counterfeit so operators and customers are far less likely to become victims of fraud. It’s easy to see why online casinos are enthusiastically embracing Bitcoin.
How Bitcoin Users Benefit
From a customer’s point of view, Bitcoin offers even more benefits. Aside from Bitcoin transactions being secure, they are also private although this shouldn’t be confused with the myth of complete anonymity. While most deposit methods including Bitcoin are instant, withdrawing money from online casinos is almost always a different story. Those who make withdrawals using other payment methods are usually subject to a pending period but that normally isn’t the case with Bitcoin. Many Bitcoin-friendly online casinos will send your withdrawal right to your Bitcoin wallet immediately. Let’s not forget about the low to non-existent fees.
One of the most obvious upsides to using Bitcoin at online casinos is the number of valuable bonuses that are available for Bitcoin users. It’s not uncommon to find online casino welcome bonuses that are worth upwards of $2,000 but Bitcoin users can find deals that are much sweeter.
Betcoin.ag will match your first Bitcoin deposit up to 1 BTC which means that nearly $4,000 in bonus cash is available to Bitcoin users. 7 Bit Casino ups the ante with their 100% bonus up to 1.5 BTC while Bitstarz has a bonus offer through which Bitcoin users can claim up to 5 BTC when they deposit using Bitcoin. The added value of using Bitcoin at online casinos is clear.
Conclusion
Despite its volatility, Bitcoin remains and will continue to be an important added value to online casinos. Bitcoin and online casinos were made for each other as operators and users can both enjoy several benefits that they simply do not get from other payment processors. The online gambling industry’s shift towards Bitcoin would seem to indicate that this popular cryptocurrency will play a big role in the future of internet gambling.
