6 Facts About The Role Of Bitcoin In The Online Casino World
There are a growing number of casinos that accept bitcoin online. These sites are bigger, better, and more popular than ever, and as more people get to grips with bitcoin and its potential, they just keep growing.
To give you an idea of the massive role that bitcoin plays in the online gambling sector, check out the following.
1. It Has a Large Following
In the past, online gamblers have been happy to choose alternative payment options. If they prefer PayPal, they will look for PayPal casinos, but if PayPal is not accepted, they’ll just use a debit card instead.
With bitcoin, we’re seeing more of a partisan attitude and that’s something that just hasn’t existed before in the online gambling industry.
Bitcoin users don’t just prefer to use bitcoin. They are advocates. They want to use bitcoin to show their support both for the currency and the places that accept it.
By rejecting a casino that doesn’t accept it, they’re sending a message, ensuring that their resources are only spent on sites that actually accept bitcoin.
It’s akin to the eco-friendly movement. If you’re a keen supporter of sustainable and eco-friendly brands and you find a brand that uses a lot of plastic and has wasteful practices, your response is not to shrug, admit defeat, and then use the brand anyway, your response is to find an eco-friendly alternative.
It’s about supporting what you believe in, and that’s what we’re seeing throughout the cryptocurrency sector.
2. It’s a High Roller’s Dream
You could be forgiven for thinking that high rollers have everything their own way when it comes to online gambling, but that simply isn’t the case.
Many casinos place withdrawal and deposit limits on their members, and these limits are often just €10,000 or so a month. To someone who deposits €1,000+ at a time and plays several times a week, that’s just not enough.
The issue is often with the payment providers and not the casinos, and that’s where bitcoin can help.
With bitcoin, there are no limits and no one to tell the player or the casino that they can’t send or receive above a certain limit.
Of course, the casino can still set limits, and many of them do, but the fact that they are not restrained by payment methods means they have much more freedom.
3. It’s More Anonymous
Many have argued that bitcoin and other cryptocurrencies are not truly anonymous and so they shouldn’t be advertised as such.
It’s true, to an extent, but as far as online casinos are concerned, they are the next best thing.
With a debit card or bank transfer, you create a paper trail every time you make a deposit. If you start receiving too much money, you may find yourself being targeted by your local tax authorities.
They keep a close eye on people who move a lot of money around as they’re worried about money laundering and tax evasion. Even if you’re doing nothing wrong, you could still fall foul of these regulations.
With bitcoin, however, there are no such issues.
4. There are Very Few “Source of Funds” Requests
A source of funds request occurs when you’re gambling a lot of money and the casino/payment provider insists that you prove affordability. It’s basically like walking into a luxury watch store wearing a tracksuit—someone will stop you and question your affordability.
But unlike those snobby shop assistants, the purpose is not to question whether you can afford the products on the shelves, but to make sure you’re not involved in fraud, money laundering, or any other nefarious activities.
They also want to make sure that you don’t have an issue with problem gambling. So, if you’re gambling €50,000 a month and they discover you’re only making €100,000 a month, they could prevent you from gambling.
Bitcoin doesn’t have these rules. Again, they can still be enforced by casinos and regulators, but that’s rarely the case.
5. It’s Taking Nations Forward
El Salvador has invested heavily in cryptocurrencies, making it legal tender and planning production on a “Bitcoin City”.
Gambling hasn’t played a direct part in this, but it may have helped indirectly by offering additional opportunities to investors and businesses in the sector.
We could even see more countries embrace bitcoin gambling, just as we have seen with Curacao.
The small island nation generates a sizeable chunk of money through financial services and gambling services, most of which comes from bitcoin casino and sportsbook operators.
6. It’s Increasing Public Understanding
Studies suggest that as many as 98% of the general public don’t have a basic understanding of bitcoin, NFTs, and the blockchain in general.
It seems like an extreme number when you consider how prevalent these currencies are (and when you consider that most of those people probably have a crypto portfolio), but it makes sense.
After all, many people don’t have the time or inclination to sit and learn about cryptos. They don’t mix in the right circles and don’t have a technological background, so the opportunity doesn’t present itself.
But bitcoin gambling is helping some people to understand.
It is giving a large number of people the excuse they need to learn about bitcoin.
By investing in these coins and then using them consistently, they can effectively learn on the go.
It means they’re benefiting from everything that bitcoin has to offer them without spending several hours studying them beforehand.
They learn by doing, and by increasing public understanding, the bitcoin gambling industry is helping to boost the currency’s value and reach.