Many people will have heard of cryptocurrency, the most popular type being Bitcoin. For a long time, this sort of currency, for the most part, remained underground, with not a lot of people knowing about it or understanding how it works. These days the picture is very different. Cryptocurrency has gained attention in the media, and therefore more and more people have taken notice of the likes of Bitcoin.
More and more places are accepting Bitcoin as a payment method, from retailers right through to online casino operators. With online casinos being huge business these days, some companies need to offer something a bit different or have a unique selling point in order to rival the fierce competition. One way to attract new customers is to offer deposits and withdrawals via Bitcoin. The question is, will Bitcoin casinos go the distance or will they never really take off?
The biggest drawback and the reason it isn’t likely to take off is the lack of online casinos offering the Bitcoin service. Yes, cryptocurrency is growing in popularity, but it’s still relatively unknown. Online casinos, like Unibet, work great as they are; and will eventually add Bitcoin to their list of banking options. However, it will take some time, as there needs to be more of a demand for it, especially from ordinary customers. So for that reason, you can’t see Bitcoin casinos really taking over or even rivaling the traditional online ones in the near future; although, it is a distinct possibility in the long term.
There are valid reasons why customers will use Bitcoin casinos and accelerate the general public embracing this cryptocurrency; one of the main ones being that they ensure 100% privacy for both the player and the casino owner. As there is no third party involvement during transactions using Bitcoin or other crypto currencies, your personal details and financial information are never at risk, and neither are the casino owner’s. There’s also the added bonus that you will never experience chargeback issues that can occur through the use of regular credit cards.
Another plus point for people using an online casino and paying using Bitcoin is there are no waiting times for deposits or withdrawals. With a normal online casino, it is common to find that you will have to wait around three days for the money to be withdrawn to your bank account. But in case of Bitcoin, the withdrawals are instant, every time. It’s an issue people often raise when it comes to online casinos, having to wait for their winnings, so you can see why instant withdrawals may appeal.
There are definitely advantages to being able to deposit and withdraw using Bitcoin. The problem is, it doesn’t really offer a much-improved experience or service and fails to iron out any major issues. Yes, it probably does protect your personal information more, and it does speed up the withdrawal process considerably, but more players will need to demand this particular banking option for more casino brands to have it available.
Bitcoin casinos will grow in popularity, especially in the cryptocurrency world, but the majority of people will stick to regular casinos that offer regular payment methods such as Paypal and credit cards. Cryptocurrency needs some time to be mainstream so that enough people to take notice and want to learn more about it.
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Disclaimer: Live Bitcoin News does not endorse this publication, not any of its members are associated with it. Readers are recommended to research on their own before making any investments in any company.
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