The use of crypto currency has been a topic of much debate for the past few years. For many people, though, understanding what crypto currency really is has proven to be difficult to understand. Despite the word “crypto” stirring up thoughts of things that are “cryptic” or possibly even “crypts” themselves, crypto currency is not all that mysterious, and it certainly isn’t anything to be afraid of.
Crypto currency, as you probably already know, is a type of currency; a digital representation of money for lack of a more descriptive term. Various types of crypto currency exist, and many times the names of these forms of digital currency end with the word “coin.” Most forms of crypto currency have no physical form at all, and using them takes place in the digital world.
A few years ago, companies and individuals were a bit wary about crypto currency. Even industries that regularly used online payment processors, like the online gambling industry, tended to shy away from allowing crypto currency transactions on their sites. That has started to change recently. Many online casinos have now embraced crypto currency and have updated their online payment processing technologies to allow players to use popular forms of crypto currency, like Bitcoin. Being as so many people use their smart phones, computers and tablets to communicate, pay bills, play games and get information online, it makes sense that the online casino industry, and other industries, have started to allow transactions that utilize various forms of crypto currency.
The Growing Popularity of Bitcoin at Online Casinos
A few years back online casinos were a bit hesitant to even consider the use of bitcoin on their websites. Because it was so new, people feared that there would be online attacks or that the new form of currency would prove to be unstable/unreliable. Crypto currencies can now be accepted on more than a few online casino websites. There are even some online casino/gaming sites that exclusively offer Bitcoin payments and withdrawals. It may take some time for gambling with Bitcoin money online becomes “mainstream”, but for now the use of this currency on a growing number of casino websites is certainly a step in the right direction.
Why did online casinos change their minds about Bitcoin?
You have to go all the way back to 2012 to find the first instance of a casino website that allowed players to use Bitcoins. The first site was called Satoshi Dice. Because the use of Bitcoin currency on this site allowed players an increased measure of online anonymity than traditional currencies, the site quickly gained traction. Over the course of a year the site became very popular and was even purchased by a larger company. This showed other online casino companies that Bitcoin was viable, and these companies soon started to follow suit.
Let’s face it – these days people are still unsure about various forms of currency and other commodities regularly traded/invested in around the world. This was even more of a factor back in 2012. People were anxious about the recession and investors realized that putting money into Bitcoin might turn out to be a wise decision. With an influx of new investors, the price of Bitcoin began to increase. This led to some growing pains, but helped to establish this form of crypto currency as legitimate and something that could be used by more than just a select few individuals.
The years following 2012 have seen Bitcoin become more popular, and it has quickly become a popular choice of currency for online gamblers. Bitcoin has proven to be very convenient and easier to use than most people anticipated. This form of crypto currency also manages to avoid certain types of regulatory rules and restrictions. Many online casino enthusiasts have found that using an online Bitcoin casino is a great way to not just have fun, but to also to make their digital wallets a little fatter in the process.
Online Casino Operators are starting to Love Bitcoin
Starting up an online casino is not a simple process. However, casino operators have found that building Bitcoin-only casino sites is a bit easier than creating sites with traditional payment processors. Because casino operators don’t have to spend as much money or effort to get their online Bitcoin casinos up and running, it is very easy to understand why new Bitcoin exclusive casinos are popping up with such frequency.
It turns out that Bitcoin transactions really are more beneficial for casino operators and players than traditional forms of currency. There are fewer transaction fees to pay, which allows for bigger jackpots/payouts to players. Odds of winning are also better. Bigger payouts and better odds leads to more people playing. More players leads to improved profits for casino operators. The end result really is a win/win situation for people who enjoy playing online casino games and the companies that operate sites that offer this type of online gaming experience.
People who plan on getting started with playing casino games on sites that accept Bitcoin need to remember that transactions using this form of crypto currency are not reversible. Some folks may find this to be a hard pill to swallow. However, think about trying to get your cash back at a brick and mortar casino, and consider your odds of actually doing so. It probably wouldn’t happen. Bitcoin transactions simply cannot be reversed, so online players need to keep that in mind when they transition over to using this form of crypto currency.
The popularity of Bitcoin online casinos will likely continue to gain momentum in the near future. Considering how much of a game changer that crypto currency has become for both players and online casino operators, it is a safe bet to believe that these types of online casino websites will continue to grow in popularity for many years to come. This is great news for people who are looking for a way to enjoy fun casino games online without all the hassles associated with other forms of widely accepted currencies.