Both Bitcoin and online casinos are one of the most popular trends in recent years. BTC and other cryptocurrencies are interesting to investors since this market is still under development, and there is a huge potential for Bitcoin and some other units to grow even more in the future. Blockchain technology brings revolution to online platforms by introducing a new payment method that is much faster and safer than standard payment processors today.
On the other side, casino companies and developers of online platforms are also looking to constantly upgrade new features to attract more players. We can notice that it became a trend in recent years where more companies are integrating the blockchain system and the ability to deposit money by using an e-wallet. If you are interested in an online casino with that option, check playamo.
On the other side, some are still avoiding upgrading their websites with this option. The main reason for that is related to the high volatility of Bitcoin. It is currently valued at a record-high price of over $50,000. Still, a lot of people are worried about whether it will start falling or continue to grow. Owners of online casinos could lose a lot of money if the price starts falling significantly.
Still, when we look at many predictions and analyses, the chances are much more likely for BTC to grow even more in the future. Therefore, it is more likely that more casinos will start to accept this payment method.
What Are The Advantages?
Blockchain technology represents an advanced system that provides users with improved safety and much faster transactions. The main reason why so many people are interested in Bitcoin today is that there is a high potential for this digital asset to become even more valuable in the future. Some predictions are suggesting that the price might go over $100,000 in the next few years. When it comes to the gambling industry, there are benefits for both players and companies.
Benefits for Players
First of all, we have to mention the tendencies related to the value. In that matter, if the price keeps rising, funds that you won by gambling in Bitcoin casinos can provide you with even higher profit. The same is for owners, who can increase their revenue with this feature.
Also, there is the security factor, which is very important when it comes to online platforms. There is always a risk of connecting with an unreliable website, where someone might manage to steal your data and bank account number. You can lose funds that way, and get in even more trouble if someone steals your identity and try to use it for criminal activities. The best way is to always check online reviews and ratings before you decide to register on a particular website.
On the other side, the security is much higher when you place a deposit with an e-wallet. You will still need to share your data during registration, but only reliable and well-known online platforms today started accepting Bitcoin.
Furthermore, there is an important advantage related to the withdrawal process. When you want to withdraw funds to your standard bank account, the average time for that is between two and five days. However, when you choose an e-wallet for payment processing, the transfer is made instantly.
Benefits for Companies
Besides the excellent opportunity for increased profit and more are players, dealing with various regulations and laws will also be less complicated since Bitcoin is decentralized. That leads to lower fees, which is directly affecting the profit. In that matter, that can allow online casinos to invest more in the development of new games and features to make gambling even more interesting.
The implementation of blockchain technology is affecting the overall security of the platform and provides the developers with the ability to pay more attention to upgrades and installment of new features.
What Are the Challenges?
Most of these challenges are related to the nature of cryptocurrencies to frequently change their value on the market. On the other hand, while there is a plan for many countries to implement this system as the standard payment method, there is still a risk some of them might decide to make it illegal like is currently the case with India.
If some highly developed country with a strong influence on the global economy introduces such regulations and laws, it will directly affect this market. Also, countries will have to find a way to apply taxes to crypto transactions. That is another big issue since a lot of people are still connecting this network with potential criminal activities since anonymity is guaranteed.
Moreover, some countries already managed to regulate this market. For example, in the United States, Bitcoin is taxed as property, which means that your winning in the casino will be taxed in the same way. Owners of online gambling platforms will have to follow the same rule as well.
When we look at the financial features of this method, there are both benefits and potential downsides related to it. It is related to the movement of Bitcoin prices on the market. Most analyses and predictions are saying that the chances are that the value will most likely grow over time. However, there is always a risk for negative trends as well.
When it comes to technical reasons to use an e-wallet as a payment option, there are many benefits when compared to other options. You can place funds in few steps, and be more secured since you will remain anonymous during the process. The withdrawal is also instant, which makes this model the fastest available today.
Moreover, we have to mention the newbie bonus offer, where you can get free funds, and earn your BTC without even spending the money deposited on the account. This feature is one of the reasons why so many people became interested in online casinos lately. In that matter, you should check some of the best options available today who are offering this feature.