The rising Bitcoin gambling popularity is attracting a lot of attention to the digital currency. With Bitcoin recently reaching more than $1,100 apiece, many are looking to get more of it. Playing in a Bitcoin casino is one example.
Another reason for the high demand for Bitcoin gambling is the benefits of using the cryptocurrency. Online casino players can benefit from making wagers and bets with Bitcoin instead of fiat currencies.
Increase in popularity
Bitcoin is no stranger to gambling. Majority of transactions with Bitcoin around the world goes toward gambling sites. In fact, half of all Bitcoin usage was for a Bitcoin dice game back in 2013. Anyone can find reputable Bitcoin casinos that have the proper license and reputation. Some good examples of these casinos are FortuneJack and BitStarz.
The reason there are a growing number of people visiting Bitcoin gambling sites lately can be the value of the digital currency. Some experts in the financial industry keep speculating on the currency’s demise ever since it became popular through the media. However, the price of Bitcoin keeps on growing at an unsteady pace. At the start of 2017, the price of Bitcoin hovered above the $1,100 mark.
The high Bitcoin price may have also led to skeptics opening their eyes to the real value of the digital currency. Previously, they could not see the use of Bitcoin in the real world and may not understand the point of winning more of the cryptocurrency. Some skeptics may not be aware of the large number of merchants who accept Bitcoin payment for their goods or services.
With the news of the rising Bitcoin price, a lot of people get drawn to Bitcoin casinos to gain more of the cryptocurrency. There is the promise of larger winnings and jackpots that give huge values when exchanged from Bitcoin to fiat.
Benefits of betting with Bitcoin
A good number of long-time online casino players are making the switch to a Bitcoin wallet instead of credit cards or other fiat payment methods. For them, Bitcoin is a superior alternative for online betting instead of fiat currencies.
The difference between Bitcoin and fiat payment methods is the transaction process. Fiat transaction takes a longer time because a middle man or third party arranges the payment. This is why it can take days before a fiat transaction can be complete. In a Bitcoin transaction, there is no middleman. Players can receive their money in less than an hour from a casino.
Another benefit of Bitcoin casinos is its option for players to play anonymously. Anyone can purchase Bitcoin without having to use any personal information. This is a good advantage to many people who want to protect their identity while they enjoy playing in an online casino.