The online casino industry is always looking for new technologies that make it easier for gamblers to join and play at casinos like www.mansioncasino.com/za/roulette/american/
That includes finding easier and more efficient ways for gamblers to make deposits and withdrawals.
If you haven’t heard terms like cryptocurrency or Bitcoin, you may have been living under a rock.
Cryptocurrencies are digital forms of currency that people can exchange through what is referred to as a “blockchain registry.”
A Blockchain Registry is a log where coin transactions are recorded, allowing people to transact business without providing personal details.
This eliminates the need for those notorious middlemen we refer to as banks.
How Bitcoin Benefits Online Casino Operators
This new technology is proving to be a great banking alternative for the online casino industry.
For the benefit of online casino operators, Bitcoin technology eliminates the need for the online casino’s staff to become involved in approving and monitoring banking transactions.
That will eventually lead to an online casino being able to cut back on administrative staff, which is a money saver.
There’s one other way a casino could benefit by transacting business via Bitcoin.
The value of Bitcoin changes constantly, sometimes by hundreds of dollars per coin within hours.
While holding Bitcoin, the casino could see an increase in value. Of course, there is an equal risk that the value will go down.
It’s a gamble, and that’s the business online casinos are trying to run.
How Bitcoin Benefits Online Casino Gamblers
The real reason Bitcoin is fast becoming a popular banking alternative for online gamblers is because of the benefits it affords them.
If a gambler can benefit from some new technology, it’s a good bet they will embrace that new technology.
To better understand why a gambler might want to use Bitcoin as a means of transacting online casino business, here are a few ways they can benefit.
This is how Bitcoin is thriving within the industry.
Online gamblers almost always prefer privacy. They aren’t particularly fond of people knowing about their gambling and tracking their progress.
Bitcoin is the perfect solution to the privacy issue.
Since all transactions are recorded through the Blockchain Registry, Bitcoin users are not required to provide personal information.
That means they don’t need to let an online casino know who they are because the casino does not have to verify banking information.
The gambler can maintain anonymity throughout the entire gambling process.
There is one other advantage of anonymity.
In countries where gambling winnings are subject to taxation, winnings get reported.
If a casino doesn’t know who is winning money, they can’t report those winnings to the government, can they?
2. Cost Savings
Depending on the banking method of choice, the processing of transactions to fund online casino gambling accounts can get rather expensive.
This is especially true with credit card transactions where the credit card company is looking to claim as much as 2% of the transaction amount.
One of the great things about transacting business with cryptocurrencies is the cost of doing so is minimal. The costs are so low, they are barely noticeable.
It’s a great benefit when someone can fund their online gambling account for $1,000, and the cost of doing so is pennies.
3. Convenience and Efficiency
Bitcoin is proving to be an easy and efficient way to transact business between parties.
If a gambler is transferring Bitcoin from their crypto wallet to the casino’s crypto wallet, or vice versa, the transaction is initiated, administered, and completed within minutes without having to go through any time-consuming approval process.
The gambler only needs to get the casino’s crypto wallet address to make the magic happen.
Originally published at https://www.nigeriabitcoincommunity.com on September 15, 2020.
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How Bitcoin is Thriving in the Online Casino Industry was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.