While Bitcoin is a digital form of money, it can also be used in other scenarios as well. With it being invaluable to online casinos that are centralized around cryptocurrencies, it leads to the question as to how it will encourage others to join suit – especially casinos that only accept real money.
Offering Time Advantages
A huge thing Bitcoin offers that simply isn’t available with traditional methods is a time advantage, both with tracking where funds are going and in the sending itself. Sending funds to an online casino can take days, and often takes months to get anything back once a withdrawal request is made. In Bitcoin gambling, both of these things are alleviated because transactions are sent instantly. Also, they are verified on the blockchain, making it easy to account for everything using automated software.
The most common methods for depositing money into real-money casinos are through a credit/debit card and wiring money. While some other forms such as Payeer are accepted at different casinos, the fact is that each of these comes with a large fee.
In the vast majority of cases, the casino will end up paying their side of the fee on the player’s behalf, and they will credit the fee itself as a bonus to the player’s casino balance. And then when the player makes their withdrawal, they are hit with a fee on their own end as well. Essentially, it’s two large fees cutting down on the profit for both ends.
Bitcoin solves this by having an extremely low fee within the range of a few cents, regardless as to how much is being sent. Coupled with the time advantages, this means the casino can get funds instantly and with no fee on their behalf, and then they can send funds back to the player’s Bitcoin wallet instantly and with a very minimal fee.
Unlike traditional online casinos, a Bitcoin casino boasts new layers of transparency. The first of these is through being able to show held balances, which is done by signing a transaction using an address that holds funds. This lets the player know that the casino does in fact have the money to pay out a large win, as opposed to them being forced to hope for the best.
The second layer of transparency is through provably fair gaming, where the player can verify their own rolls on the games like Bitcoin dice or blackjack. This ensures that there is no way the casino can be cheating the player out of money, increasing confidence.
Bitcoin brings about great benefits for online casinos that adopt it as a form of accepted currency. It has advantages for both the players and the casinos alike, granting more transparency into how things work and boosting confidence in players. This, along with almost nonexistent fees and instant transactions, makes Bitcoin the perfect solution for online play.