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Over the past few years, we’ve been hearing more and more about Bitcoin and its uses. It’s went from a niche way to pay for goods anonymously to a popular cryptocurrency. Now, the booming casino industry is finally getting to grips with this new way to pay and figuring out why they should be using it.
Firstly, the anonymity of the currency lends itself well to what people wish to do with it. Online casinos are still seen by some as a vice, so not everyone wants to have them appearing on their card details. Some even still mistakenly believe that playing with casino sites will affect their credit score, which is not the case. Never the less, this pervasive belief means that some people just won’t use casino sites.
It’s also appealing for the operator to allow payments via Bitcoin, as the user is the one that pays the fees. With some transactions, such as card payments, the merchant pays a fee of a set percentage. Some casino sites pass this fee onto the user but this is no longer as common, as users know they can deposit for free elsewhere.
Prior to Bitcoin payments, PayPal casinos were much more popular as they come without fees. PayPal casino sites like www.paypal-casinos.co are pulling in players, because they are fuss free ways to play. This reduces the fees that the casino site pays and makes depositing more convenient for the player. PayPal casinos are still taking the lead with consumers, though they could be knocked off the top spot by those taking Bitcoin.
Bitcoin also fluctuates in value often, so by using it the consumer is effectively taking another gamble. Cashing out at the right time and converting the Bitcoin back to real money can drastically effect how much a jackpot is worth. This can be more exciting for the player as they essentially get to increase their jackpot if they time it wisely.
Of course, this can also have a negative effect but casino gamblers are more likely to know about or be involved in forex trading too. That means they know the ins and outs of watching a currency and are more likely to feel comfortable with gambling in this way.
The rise of people using, talking about and accepting Bitcoin is also helpful for the cause. This helps users to feel that it is more accepted and trustworthy, rather than a small time business. There are also other types of Bitcoin coming to the fore, as variants on the blockchain method occur. Regional variations and cheaper versions are helping to make users more aware of cryptocurrency. Some of these can even be used in physical stores and bars, which is impressive to say the least.
Whether this change will come to land based casinos is another question entirely, as this aging system might not support such an investment. It would be costly to implement the NFC readers and equipment that would be needed to use these in person. Whether that’s a cost that casinos would find affordable or profitable remains to be seen.
We’re still a long way off Bitcoin becoming a viable payment method for most sites. Big retailers, such as Amazon, are also considering bringing this payment method to market but if their users don’t go for it then it may be rescinded.
It’s all change for the casino industry, with new tech and equipment taking the spotlight. Bitcoin could be set to take over these sites next, but only time will tell how successful and prevalent it may come to be. Watch this space.