Bitcoin have been enjoying a meteoric rise in popularity after years of scrutiny, uncertainty and obscurity. Nowadays, you can find the mysterious crypto-currency Bitcoin gracing the front pages of Business Insider, Forbes, The Guardian and pretty much any other major worldwide publication. Indeed, after numerous trials and tribulations, Bitcoin is finally in the public sphere and considered a mainstream concept with enormous potential. But who does Bitcoin have to thank for its fairytale success? Well, it might surprise you to know that it’s actually down to online gamers. Back in 2015, traditional casinos started accepting Bitcoin as payment for smaller items before fully introducing it as an acceptable form of payment. Currently, online slot makers (and other popular online gambling games) have started introducing Bitcoin payments, which drives immediate withdrawals and deposits, making it far simpler for gamers to manage their personal bank payments. This caused a proliferation of bitcoin casinos online which fed the already booming new currency.
Reasons Using Bitcoin Is Beneficial To Gamers And Operators
- The reason that so many online gaming platforms switched over to using bitcoin is that it’s so much simpler than having to engage with the traditional online gaming business which is operated through fiat as Bitcoin offers a more stable market, is quicker, and the operation expenses and setup costs are lower.
- A bit of a win win comes by the fact that transaction fees are either zero, or very close to zero which allows operators to offer better odds and higher payouts due to the fact that there are no hefty fees at the end.
- As Bitcoin is an online currency, operators are able to widen their market reach as anyone with access to the internet is able to buy, trade and pay using Bitcoin. This in turn allows for a far larger pool of online gamers for other players to interact with and play against.
- Another win for the operators is that Bitcoin transaction are non-refundable, which means that there are no chargebacks – a serious concern amongst online gaming operators. All withdrawals and deposits are considered final in the world of Bitcoin, which means that it’s incredible difficult to defraud.