At a time when the traditional media was just starting to pay attention to cryptocurrencies, various gambling portals were wrestling with how best to use it. Many crypto casinos that once dared to do business around Bitcoin (or just add some cryptocurrency as another payment method) are still thriving today. Silveredge Free Online Casino Gamblingfellas.
Of course, the exchange rate of Bitcoin greatly influences the growing interest in the virtual currency. But even if we abstract it from the BTC price chart, the willingness of gaming industry representatives to accept Bitcoin and other cryptocurrencies is easy to explain.
The unprecedented interest in cryptocurrencies, especially Bitcoin, is largely driven by the technical characteristics of this innovative ecosystem. Financially conscious individuals are particularly concerned about a few key aspects of digital currencies:
- Payment processing speed
- The cheapness of remittances
- Ability to send small blocks of a single BTC
- Transaction Security and Privacy
- relatively independent of the government
Therefore, each of these points is very important in online gambling. So once the first casinos with bitcoin slot machines appeared on the internet, others began to see the undeniable benefits of cryptocurrencies for casino gaming.
The technical nature of transaction processing on the Bitcoin network makes money transfers very fast. Funds are transferred from one account to another instantly. All that remains is to wait for the miners to finalize the transaction. Except under extreme network load, this process takes about 10 minutes.
Speaking of miners. It is also much cheaper to transfer money via Bitcoin. The user sets the “miner” commission amount for each transfer. If you compare those pennies to the costs that banks, payment systems and various intermediaries can incur in moving traditional fiat currencies, cryptocurrencies appear to be a particularly cheap solution.
For the average online casino user, this can be a double benefit. First, he can save deposits and withdrawals. Second, betting portals themselves lose less profit on commissions, which makes it possible to offer players “tastier” bonuses.
Perhaps the most obvious benefit of Bitcoin gaming is player privacy. With Bitcoin, there is no personal data about the owner of the cryptocurrency. They are not sent with wallet addresses or public keys. Many bitcoin casinos don’t even ask users to provide specific personal information — or if they do, it’s just to comply with legal process.