Bitcoin wasn’t always the popular, sought-after digital currency it is today. When it was created in 2009, it was thought to be a flop. We didn’t know then how this payment method would grow, popularising itself in 2010, and becoming an accepted form of currency by significant providers in 2012. Here in 2021, Bitcoin is the top-rated form of cryptocurrency around.
Even the online gambling world has taken a shine to Bitcoin, becoming a primary form of currency for betting and depositing and having casino sites dedicated to Bitcoin games. A glance at online casino catalogues like betting sider will show how prominent Bitcoin is in the gambling world.
But how did it come to this? What is cryptocurrency? Can bitcoin enhance my online casino gaming experience? Have no fear, dear reader. With the help of Kristoffer Haagensen as an expert in the field, we went ahead and answered all these questions for your reading pleasure.
What is Cryptocurrency
Created in 2008, cryptocurrency is a form of digital payment used to buy various means and goods. Think of it as personalised digital monopoly money. There are almost 7,000 kinds of cryptocurrencies traded on the online market today and a variety of values. The value is constantly fluctuating, so it’s essential to keep an eye on your currency.
You can get cryptocurrency through standard sale or a complicated method known as computer mining. When purchased, it sits in a digital wallet and can be exchanged for physical cash or goods at official sites. Though there are many kinds of crypto, the most valuable and popular kind in 2021 is Bitcoin.
Cryptocurrencies Importance in Online Casinos
Online casinos, cryptocurrencies, and their legalities are subject to scrutiny from region to region. Some countries ban them altogether, while others only restrict direct access or the processing of funds. It can make deposits and withdrawals a hassle for creators and consumers alike.
Cryptocurrency has created a unique haven for users playing online overseas, as currencies like Bitcoin are a secure and decentralised form of payment with fewer restrictions than regional currency. This means players aren’t trapped by their regions’ money, one that may not even be legal to withdraw. It’s easily deposited and removed from an e-wallet quickly, safely, and anonymously.
The value of cryptocurrency increases with every additional site to accept its payment. With Bitcoin’s rapid success on many major platforms, including Paypal, the ease of access for it and other cryptocurrencies is better than ever.
How Bitcoin Is Transforming Casino Industry
The first step to securing Bitcoin is setting up your e-wallet. E-wallets are the virtual pocket that keeps your crypto, usually accessed through a mobile app. The process may be a little complicated at first as Bitcoin isn’t a straightforward payment method and requires a bit of time to set up. But once your e-wallet is secured and your Bitcoin is purchased, you can begin your slotting experience.
Many online casinos have begun accepting crypto, some even designating themselves as Bitcoin casinos and offering Bitcoin deposit bonuses. Yet Bitcoin is still a growing payment form, so it’s essential to check your favourite casinos for their accepted forms of currency. Some casinos may accept Bitcoin as a deposit but not in withdrawal.
Once everything from your e-wallet to your online casino of choice is complete, you are ready to play. Bitcoin transfers faster than standard means of payment and in larger chunks, meaning you can access larger pots of credit to play with sooner than ever before. Once your deposit is processed, you will be able to play your favourite casino games without restriction.
Fast, easy, and accessible; it’s clear why Bitcoin is the most favoured form of cryptocurrency around.
Bitcoin has grown in popularity since its introduction, and it’s becoming accepted as a preferred payment method of many major platforms. For the online casino industry, it benefits them with faster transactions with fewer fees and accessibility to players that were previously isolated.
Hope you enjoyed my article on How Bitcoin Is Transforming Casino Industry. For more about Bitcoin, cryptocurrency, how to make money in online casinos, and the world of gambling, check us out at TechOnTheGo.