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Why online casino operators are switching to cryptocurrency

This year, the world’s first cryptocurrency will turn 13 years old. During this time, Bitcoin has become not only a universal means of purchasing all sorts of goods and services online and in the “real world”, but also an extremely profitable business. In addition, it turned out that the invention of cryptocurrencies as anonymous decentralized monetary systems is ideal for the gambling business. So what are the advantages of using Bitcoin in online gambling? Wondering? 

Image: Fashionisers.com

Image: Fashionisers.com

What are the benefits of cryptocurrency for gamblers?

  • Complete anonymity (of both users and transactions). Only wallet numbers can be traced. There is no need to confirm your identity when using Bitcoin.
  • Minimal or even no commission.
  • Processing of deposit and withdrawal requests takes place almost immediately.
  • Many casinos that work with cryptocurrency offer users much more favorable bonuses.
  • The principle of Provably Fair (proven honesty) allows you to be sure that the casino plays honestly. Every game, every bet can be checked.
  • The same day withdrawal online casinos are using crypto technologies
  • Casino gaming is a profitable way to use a small amount of bitcoins. It is difficult to spend them profitably in any other way. With the usual withdrawal they will not bring profit.
  • Ability to check the entire history of transactions.
  • The wallet is protected from being blocked by the state. No state supervisory authority has the right to block or freeze a bitcoin wallet because it is not used for storing fiat money.
  • You can play anywhere. Even in countries where gambling is prohibited by law.
  • So, with what online casinos that use cryptocurrency are beneficial to players, we have figured out. It’s fast, it’s easy, it’s safe. But are there as many benefits for casino owners as there are for visitors?

Why should online casino operators move to cryptocurrency?

  • The process of opening a casino that operates in cryptocurrency takes much less time (two to three weeks instead of two months).
  • The no-refund principle that works with Bitcoin and other cryptocurrencies protects casinos from fraud by players. Operators will not have to waste time on numerous disputes with users. Demands for refunds will also disappear.
  • The use of cryptocurrency will provide an influx of visitors, significantly expanding the boundaries of the market for you.
  • Since the number of specialized casinos is less than the traditional ones, the competition among them is lower.
  • Unlike casinos that operate with fiat currency, cryptocurrencies do not require a license. It can be obtained to increase the level of trust among users, but it is not necessary.
  • No costs associated with multiple conversions.
  • The Fastest payout online casinos are using crypto technologies
  • The number of players using cryptocurrency will only grow.
  • The costs of opening a Bitcoin casino will be less than opening a traditional one.
  • Cryptocurrencies are a profitable alternative for societies with unstable or stagnant financial systems.
  • The share of specialized Bitcoin casinos around the world right now does not exceed 15%. But given the pace of development of the cryptocurrency industry, it will grow significantly in the next few years. Experts agree on one thing: being protected from outside interference, a full-fledged self-regulating system not subject to emission, Bitcoin perfectly meets the needs of both visitors to online casinos and their owners.

In this case, working with cryptocurrency eliminates many inconveniences associated with the use of fiat money and reduces time costs by several times. In a word, it is really an ideal option for online gambling business.

At this time, there is only one potential risk associated with cryptocurrency transactions: non-recognition and complete banning of cryptocurrencies by global central banks. But so far there are no prerequisites for that.

It is profitable to open an online casino specializing in cryptocurrency. Dozens, hundreds of such sites successfully operate around the world and have no shortage of players. However, if you, as the online casino owner, are not planning to switch completely to this promising way of financial payments, it is quite possible to make a “hybrid” casino (that is, simply add the possibility of using Bitcoin or other cryptocurrency).

Whether to work with cryptocurrency if you are an operator or to play with bitcoins if you are a visitor is up to you to decide. The worldwide trend is that Bitcoin will soon be able to easily replace any online currency. Will you join the system now? The choice is yours.

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