Why Casinos Are Embracing Cryptocurrency In 2020

Why Casinos Are Embracing Cryptocurrency In 2020

Embracing Cryptocurrency

Bitcoin is a decentralised peer to peer cryptocurrency that is quite popular, and gaining popularity over the years. Its demand is increasing per day every day and currently stands at a market value of seventeen thousand eight hundred US dollars. So it is clearly quite popular and much in demand. Such a high demand for this particular cryptocurrency is because of the immense anonymity it provides to the user. In fact, the currency is so anonymous that only the pseudonym of the founder of bitcoin ‘Satoshi Nakomoto’ is known. His real name, considering it is a he because of the pseudonym, is unknown to date.

There are a wide range of reasons why casinos are currently focusing on incorporating bitcoin as a means of payment for gamblers. Some of these are listed below.

High Transaction Speeds

In the traditional setting, online casinos may take days, even weeks, to process the winnings of a particular player. This is due to several reasons. It depends on the vastness in the amount of money won, which country the player is playing from and to an extent, the laws pertaining to gambling in that particular country. By using bitcoin, this long period of waiting can be avoided. This is quite beneficial not just to the gambler, but also to the casino. This is because as the reputation of the casino to provide better payment options increases, more and more people get attracted to the casino, thus generating more revenue. The main reason why bitcoin transactions are so fast is because they do not have to deal with bank authorisation or other regulating forces, because bitcoin is an independent currency that is not affected by third party operations.

Embracing Cryptocurrency

Low Transaction Fees

Bitcoin has the lowest transaction fees of all the digital currencies in the world. This works like a charm to both players as well as firms because no one has to pay extra to receive the money they win. The set standard fees is only a few cents, which garners a lot of interest from all parties. Since the currency is so specific when it comes to transaction amounts, the cost of transaction does not usually exceed 1 percent of its value, which is quite low compared to other digital payments which attract two to three percent as fees.

Anonymity

This is arguably the most desirable feature of bitcoin, and the reason why a lot of people are interested in gambling with cryptocurrency. It is only natural that people would want to keep their transactions, private and bank details private. With bitcoin, the casinos have no choice but to comply. However this does not mean that it brings a handicap to the casino, it is quite literally the opposite. Because of the anonymity, people now find it easier to gamble without the government getting involved. In most countries, gambling is restricted or banned; and with the anonymity that it provides, people find it safer to gamble without fear of being caught, since the payer cannot be traced back to the source of the money.

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