Since emerging in 2009, Bitcoin has continued to rise in popularity, as well as seeing an astonishing increase in value: back in 2009, a single Bitcoin was worth $0.08. It has since hit the dizzying heights of $19,000!
Not only has Bitcoin changed the way that we invest it has also become a more and more accepted payment method over recent years, with over 100,000 merchants now willing to take it as a means of payment. Online casinos were accepting Bitcoin as early as 2011, so other merchants have been a little late joining the party!
What is Bitcoin?
For those new to the world of Bitcoin, it is one of several cryptocurrencies available. Crypto itself is a digital currency that uses digital files as money. One of the appeals of cryptocurrency, including Bitcoin, is that by being decentralized, it is not controlled by governments or a single individual.
Bitcoin is stored in a users’ wallet which then allows them to digitally pay for goods and services online. Bitcoin exchanges also allow you to easily exchange Bitcoin for a currency of your choice.
It is possible to generate new Bitcoins through a process known as mining. This involves using your computer to work through complex calculations with the end result being that you ‘mine’ Bitcoin.
The rise of the cryptocurrency casino
Back in 2011, while Bitcoin was still in its infancy, some online casinos spotted an immediate advantage with accepting crypto as a form of payment. Since 2006 the US had been subject to the Unlawful Internet Gambling Enforcement Act. This was to prevent online casinos from accepting payments from users in states where this was illegal. Bitcoin wasn’t used to allow illegal activities: it was used to serve customers in states where there was a grey area.
What has changed since 2006 to see the continued increase in popularity of the cryptocurrency casino? The short answer is that Bitcoin has now entered the mainstream: once seen as perhaps a passing phase, or something for the reserve of computer geeks, people are now accepting that Bitcoin is here to stay.
The fact that Bitcoin has seen well-known investors put their funds into it, as well as major players such as PayPal now accepting it as a cryptocurrency, means that the public has increased awareness of what it actually is and what it has to offer.
The attraction of Bitcoin for online gamblers
For online casinos to start offering Bitcoin as a form of deposit, you can be sure that there must be some demand from gamblers in the first place. What makes the use of cryptocurrencies appealing for users of online casinos?
One of the major draws is that Bitcoin allows people to remain anonymous. It is possible to play at crypto casinos without the need to fully prove who you are. This won’t apply to all online casinos, but it is especially true of those who exclusively accept Bitcoin as a deposit method.
Bitcoin also has the attraction of having low, almost non-existent, transaction fees. Any fees that are payable are generally just there to speed up the process and so are voluntary: if you’re willing to wait for the transaction to complete then there is no need to pay any fees.
Bitcoin users also opt for this has a deposit method because of just how secure it is. The security of Bitcoin far outweighs the security measures that any online casino will have. Bitcoin is one of the safest ways to receive and deposit money in any environment, not just at online casinos.
What does the future hold?
We’re all used to seeing online casinos accepting payment methods such as debit and credit cards, as well as PayPal, and Skrill. It is, however, becoming more commonplace to see Bitcoin listed as a method. As the popularity and acceptance of Bitcoin continue to grow, it is beyond likely that more online casinos will soon be accepting it as a payment method.