5 Reasons Why Casinos Are Embracing Crypto Currency in 2020
Bitcoin is a peer-to-peer digital currency, and it’s the oldest of the other cryptocurrencies. It is highly effective as a payment method due to its decentralized state. By the state, Bitcoin transactions aren’t bound by bank authorizations.
Much about this will be covered in the next section, where you will learn more concerning Bitcoin benefits. However, there are known challenges that affect the method, given the way it’s still new, and we will do a slight analysis of the system’s drawbacks.
Likewise, we will weigh the pros and cons to see if the platform is worth a recommendation. So, let’s get started.
What Are the Beneficial Factors Making Casinos Embrace Bitcoin Use
There are multiple reasons why casinos are currently focusing on incorporating Bitcoin as one of their transaction methods. The factors range from ease of transactions to standardized trading fees, and most importantly, customers liking the new system more.
High Transaction Speeds
The process is now a darling to many poker players as they no longer have to wait for weeks to have their money issues sort out. When using Bitcoin, the period of waiting ranges from instant to a few minutes.
To casinos, the platform is highly beneficial as these swift transactions are a way of drawing customers. Those casinos, which have already incorporated the system, can affirm that their clients` number has been on a projected rise.
But what makes Bitcoin transactions extremely fast? Well, the question of trading speed depends on many factors. Some of which mainly depend on institutions used to regulate or authorize the dealings.
Luckily enough, Bitcoin users do not have to suffer at the mercy of bank authorization. According to the New York Times, the decentralized nature of Bitcoin is the main reason behind these swift transactions.
Minimal Transaction Fees
Bitcoin payments attract the lowest transaction fees among all other digital currencies. These work like charms to players and firms as no one has to pay more to receive money. The set standard fees are a few cents, which are drawing a lot of interest from all parties.
By being specific, the cost of Bitcoin transactions does not exceed 1% of its value, which is considerably low as compared to other digital payments which attract 2-3% fees.
Players are determined to keep their profiles private, and Bitcoins offers more than that. Casinos aren’t left with much of a choice than to grant customers their wishes in a way that exceeds expectations.
But, does this mean that casinos only implement Bitcoin to please their players? Well, that might be partly true, but casinos also get a significant benefit from Bitcoin’s anonymity, according to Investopedia.com.
This is because, some countries highly restrict betting, and the limitation affects the payment method you are using especially cards. However, Bitcoin payments aren’t affected in such regions and, therefore, with an ideal VPN, you can enjoy unlimited casino access anywhere.
Low Fraud Risks
Bitcoin is highly secure, even when players keep their profiles anonymous. The system is cash-like, and hackers cannot intercept it in any way. For those wondering if keeping customer’s payment data anonymous might pose a risk, bear in mind that the process highly reduces instances of targeted data breaches.
Ease of Use
Bitcoin offers a smooth transaction process, which might not be the case with other digital payment methods. For those online casinos that are accepting players all over the world, it is now possible for their customers to send or withdraw money actively in a convenient way.
So, Which Sites Are Accepting Bitcoin Use in the USA
Having learned the system’s unlimited benefits, you might be wondering which casinos will easily allow you to wager using Bitcoin. Lucky you, the sites are countless, but here are the best four which we highly recommend.
- Ignition Casino
This is our highly recommended site for any serious casino players. Its benefits range from high weekly freerolls to having many high paying games. The website is also mobile-friendly to enable you to access their services in a highly convenient manner.
Lastly, in case you want to learn more about our number one recommended site, here’s its full review. Other casinos that we equally recommend are listed below.
- Café Casino
What Are the Drawbacks of Using Bitcoin
Fairly speaking, Bitcoin is still a long way to becoming a perfect transaction entity. However, what we acknowledge is the effort the firm has put in ensuring you conveniently get its services. Despite that, we still found these few cons of using Bitcoin.
Bitcoin Lacks Chargeback Options
The decentralized nature of the entity makes it uncontrollable. Therefore, in instances where you pay for services or goods, and the seller fails to deliver, you cannot receive a refund via Bitcoin.
On the bright side, users can hope that with time, these chargeback features can be introduced in Bitcoin as it is the case with other cryptocurrencies such as Ripple.
The Price Easily Fluctuates
The exchange value of Bitcoin isn’t stable or predictable. This means that your money might be greatly reduced when the exchange rates go low. However, to overcome the challenge, always make sure you use the platform in regions where you won’t need money conversion.
Superior Entities Can Replace Bitcoin
This might come as a surprise to many people, but Bitcoin replaced some of the existing cryptocurrencies to obtain the top spot. The process might be reversed, and this leaves it miles away from being considered an alternative for long time use.
Having weighed the pros and cons of Bitcoin use in casinos, we can all agree that the drawbacks have an underlying solution, one which doesn’t require huge commitment solving. We, therefore, are unbound and unchanged when it comes to our recommendation for the entity.
Likewise, casinos are making an effort to ensure the platform is easily accessible, having already tasted some of the system’s unmatched benefits. Conclusively, among the many reasons why all casinos need to embrace Bitcoin use is its swift transaction and optimal security.