When Bitcoin first began to enter mainstream consciousness, it didn’t take long for people to speculate about the potential impact on internet casinos. An entirely digital currency built in part for online use simply seemed like an ideal match for a sprawling gaming industry that is always expanding and advancing. And over the years, Bitcoin has proven to be, if anything, an even better fit than many expected.
That’s not to say that Bitcoin has taken over or become a new standard at online casinos just yet. But here are five specific reasons why the two are a perfect match.
1. Anonymity
Anonymity was the main benefit highlighted in a previous article about Bitcoin casinos you may have seen here. That article stated that people gaming online “prefer the anonymity that comes with Bitcoin usage.” There is not a huge known issue with privacy at professional online gaming sites, generally speaking. But gamers still appreciate the ability to sign up and deposit money without having to supply personal information, simply due to the importance of online privacy in general.
2. Security
The security of Bitcoin has long been a point of debate, and remains somewhat unsettled. It’s fair to say that there are both security perks and drawbacks associated with cryptocurrency use. What is true with respect to online casinos, however, is that the use of Bitcoin eliminates the need for gamers to entrust their own financial information to gaming sites. This alone strikes many as a means of avoiding a potential vulnerability, and keeping gaming funds safe and secure. It is arguably the main reason many who frequent online casinos want to see more widespread Bitcoin acceptance in the industry.
3. Efficiency
Another perk of Bitcoin transactions in general is efficiency. Crypto transactions tend to occur more quickly than those conducted via credit cards or payment processors online, and this tends to be appealing to gamers. Players want to know that their deposits and withdrawals are being handled correctly, and that reassurance is easier to come by when transactions are being completed in short time.
4. Bonus Rewards
Most legitimate online casinos offer various types of bonuses, and in some cases they’re increasingly striving to give gamers a say in how those bonuses work. The Foxy Games platform is perhaps most explicit in this effort, stating that it wants to provide a “personal gaming experience” that involves the player choosing the types and styles of rewards. This is another avenue that Bitcoin would seem to be perfect for. Allowing players to choose between bonus games or between different types of rewards is always a nice touch from a gaming platform. Including Bitcoin winnings as bonus options, however, would simply delight droves of people seeking more chances to engage with cryptocurrency.
5. The Token Factor
It’s also worth noting that some cryptocurrencies are already treated more or less as online tokens. The creation of Dogecoin was something of a joke initially, but it became a sort of monetary “like” button in certain corners of the internet — a token one could give to another as a sign of appreciation. STEEM is a cryptocurrency that was created as a means for readers to reward content providers. These are examples of cryptocurrencies that are essentially tokens in specific arenas, and while that is not at all a fitting description of Bitcoin, it does speak to a potential outcome in online casinos. Bitcoin may be a perfect match now, but it may also be a necessary bridge toward specific casino crypto gaming tokens. Think of them like digital poker chips one could buy when visiting a site, in place of depositing money or linking an account.
For these reasons, we still expect to see Bitcoin gaining more influence in online casinos in the coming years. And if there are significant developments in this space, you will likely see them right here at Cryptolitan.
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