Bitcoin isnt new anymore, the cryptocurrency has become a norm in many financial transactions and an important investment rivaling the traditional ones. This has affected the gambling industry as much as it has affected many others.
Using bitcoin to gamble online has become common and many if not all major gambling sites offer that as one of the payment options. Its a safe and fast way to pay for tokens and play online, and it alleviates some of the concerns in regards to safety and anonymity online.
Trust in The System
One of the biggest advantages of bitcoin gambling is the fact that it makes the whole system more trustworthy. Trust is always an issue when it comes to gambling online since theres no direct contact between the player and the casino. Thats why the establishment needs to do what it can in order to make the process easier for everyone involved.
Using bitcoin as a payment method is one of the ways to do so since the process is safe and anonymous online and the bitcoin itself is made with these considerations in mind. Theres also no waiting period for payments meaning that everyone gets paid instantaneously. This isnt the case with other payment methods, and its usually the wait that causes concern with the players.
Secure payments
Sometimes there are malpractices in the industry and that causes concern with the players. Therefore, making sure that all the payments are secure is the top priority for any casino. Using bitcoin as a payment method makes that process easier and less of an IT challenge since the cryptocurrency does most of the work itself.
The cryptographic protocol allows every player to connect their payment to a crypto wallet and receive the payments right away and without having to provide personal data. This is becoming more of an issue these days since online privacy is worrying for an average user and especially so for high rollers.
A casino that provides bitcoin payments makes a statement towards their players by letting them know that their privacy and security are their top priority. Its important to use the most advanced technology to achieve that and stay on the cutting edge of the industry.
Play and Pay from Anywhere in The World
Online gambling is a global venture. However, gambling laws are not. They are subjected to the laws of the country the players and the casinos are based and sometimes there are local regulations as well. This can often be a challenge since not all countries allow or approve of gambling and taxation regulations vary from country to country.
Bitcoin payments solve this problem since you can use them from anywhere in the world and the currency is made to be as decentralized as it can be. Since the global gambling industry is changing, more and more users will take advantage of this option.
Gambling is usually a pastime for the middle class and more of the world can now be considered to be a part of that group than ever before. This also means that more players will be using bitcoin as well.
Player anonymity
Anonymity in an online setting isnt easy to achieve. Therefore, its one of the most desired features a casino can offer. Partly, thats because it allows the players to safely gamble in an environment that doesnt approve of such activities. In some cases, players are looking to gamble online without having to reveal their identity, even when there are no restrictions. Thats simply because were so rarely off the radar these days.
Thats where bitcoin payments will play a big role as well. Most if not all cryptocurrencies dont require the user to state their legal name. Instead, they are tied to an e-wallet account and the account is the only ID that you have to use.
More and more players will move away from credit and debit cards which were traditionally used as an online payment method. Bitcoins arent a novelty anymore and its easy and convenient to set up an e-wallet instead.
Convenience
Gambling online always came with a bit of a hustle in terms of payments and money transfers. It takes some effort to set up the payments and theres also a matter of delays and transfer fees. Thats something that can be avoided by using bitcoin and other cryptocurrencies as payment methods.
Its easy and simple to set up an e-wallet as well as to transfer the funds to and from it. Casinos that offer this payment method make things easier for their players and in the end, its all about that extra effort to make the service a little bit better and a little bit easier.
Its also convenient to use cryptocurrencies for other gambling purposes such as sports betting, meaning that the same e-wallet can be used for all your gambling purposes. The transactions are irreversible, which eliminates fraud and non-payments.
To Sum Up
Bitcoin and other cryptocurrencies are changing the gambling industry as much as they have changed numerous other industries. More and more casinos are implementing it as a payment method and its now almost a norm to offer it as an option alongside other methods such as credit and debit cards.
It allows for the players to make transactions quickly and to keep their online activities anonymous which is an important and sought-after feature these days.
Disclaimer:
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff.