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Each technological advancement has made it seamless to use new features on online websites across different industries. The biggest jump for the gambling industry has been the expansion of the online world. User-friendly platforms made it easier for people to gamble online. As the whole industry moved forward, new features made things better.
One of the most recent advancements relates to new payment methods. Ever since 2009, Bitcoin has showcased the power of blockchain technology, and it was the start of the crypto industry's development. Today, it has led to the rise of online casinos using Bitcoin. You can find out more about the payment method if you read on casinofiables website and their honest Bitcoin casino reviews.
In this article, though, we’re going to cover the essential facts about why Bitcoin is reshaping the online casino world and the financial world as a whole. Let’s explore some key points that make this method of payment the gaming standard of today.
Security at the Core of Crypto
The biggest challenges with online transactions with virtual currencies were security and transparency reasons. Luckily, with the development of blockchain technology, all these challenges were solved. It became obvious that making any unapproved changes to the system was impossible. Therefore, no third party could interfere with the system and make changes such as fake transactions, adding more currency, or other unauthorized changes.
This kind of security is the reason why so many people started trusting Bitcoin, and started using it over time. As more people accepted it as a currency, businesses in all industries followed. Today, millions of companies around the world accept BTC transactions, and online casinos are following the trend. There are numerous international casinos that support making payments with cryptocurrencies.
Competitive Transaction Costs and Speed
Aside from the security, transaction speed and fees are what also attract so many people to the crypto space. All the transactions are nearly instantaneous, making this payment method the top option for fast payout casinos that offer quick cashouts to their players. Users can expect their transfers to be completed in a matter of minutes after it’s processed at the casino. That’s not something that regular payment methods using fiat currencies offer.
Additionally, the cost of transactions is low. That means that you don’t have to pay high fees for transfers, which is the case with withdrawals using traditional payment methods.
Seamless International Transfers
The only thing you need to make a transaction in the crypto space is the recipient's wallet address. It doesn’t matter where the recipient is. The transaction will be as fast as making a payment to the person sitting next to you. This makes it simple to transfer funds from one online casino to another, no matter where the platform is located. You can move your funds between platforms in a matter of minutes, allowing you to claim more bonuses offered by various operators.
This is unimaginable with traditional payment methods, which take days and often incur high fees.
Growing Regulative Efforts
Ever since cryptocurrencies came into being, the biggest challenge of using them has been the regulatory landscape in different countries. In the majority of territories, Bitcoin and other cryptos were completely unregulated. Some of them were even banned. All of this created plenty of uncertainty in the space.
However, the good news is that over the years, the whole space has received a lot of regulations in big markets such as the US, Canada, and the UK. The most recent development was the launch of the Bitcoin ETFs in the US and Hong Kong. Other cryptocurrencies, such as Ethereum and Litecoin, will likely be next in the US.
These changes, followed by other tax regulations, made cryptocurrencies widely adopted by the general public. As more regulations come into place, it’s safe to assume that there will be less volatility in the space. That will attract even more users to use this method of payment, which will be followed by more businesses.
Transparency and Anonymity
The crypto space offers both anonymity and transparency. Anyone can look at the transaction history and see what changes were made from one address to another. At the same time, you don’t know who the owners of these addresses are. This is why so many people like the crypto space: while you can see what’s happening, you don’t know the actors behind these transactions. This form of privacy is non-existent when it comes to traditional banking.
Conclusion
It’s clear why crypto has been growing in popularity over the last decade. It simply offers too many benefits compared to the traditional financial systems. On top of all the abovementioned benefits, it’s also decentralized, meaning that no government stands behind Bitcoin and other similar cryptos. That’s another reason why so many people are flocking towards it and are investing in it. We’ll likely see more online casinos accepting this form of payment as the market keeps getting regulated.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.