It is only relatively recently that casinos started to offer cryptocurrencies such as Bitcoin.
But there are widespread signs that more and more online gambling sites are adopting this as a payment option, which is likely to be a move that is welcomed by a lot of customers.
In fact, it can even be said that Bitcoin casinos are moving to the next level and it will be fascinating to see how this situation develops and changes in the coming months and years.
Finding places that accept cryptocurrencies can still be a challenge, but checking out a Bitcoin casinos bonuses guide can be a good way to find some of the best available sites right now.
Why do customers love using Bitcoin casinos?
Casinos usually have a lot of different payment options that are available, but it is within the last few years that cryptocurrencies have started to be added to the list.
Traditionally, it has been debit cards, credit cards and bank transfers that are most commonly used to add funds to an online casino account. However, new payment options like Bitcoin might be needed due to the fact that credit cards are being phased out in a lot of places.
Indeed, in the UK, it was announced earlier in the year that being able to make deposits into online gambling accounts was to be banned. The Gambling Commission, which revealed the news, said this would "provide a significant layer of additional protection to vulnerable people".
It could therefore make sense for online casinos and other internet gambling sites to look into adding cryptocurrencies to the list of payment methods that can be used to make deposits.
There are plenty of benefits of using cryptocurrencies at online casinos, not least that this is considered to be a very safe and secure payment method. As customers do not have to hand over any personal or financial information to the online casino, this helps to protect them.
The speed of Bitcoin transactions is another major plus point for customers at online casinos. While payments through e-wallets can take a couple of days, because Bitcoin is decentralised the cash taken out of an online casino account should be available almost instantaneously.
While the price of Bitcoin has been famously fluctuating over the course of recent years, there are signs that the cryptocurrency is on an upward trend right now. This is another reason why people might prefer to use cryptocurrencies like Bitcoin when they play at online casinos.
Bitcoin's value has moved past the $10,000 landmark in recent days which is another positive sign for anyone playing at online casinos who wants to use cryptocurrencies when doing so.
The sky's the limit for Bitcoin casinos
Bitcoin casinos might still be relatively rare in the industry, but there are plenty of indications they are going to become a lot more common in the coming years.
It is estimated that around $1 billion has been poured into Bitcoin within the last couple of weeks, bolstering the cryptocurrency and helping to increase its value to over $10,000 once more.
Bitcoin is not the only cryptocurrency to be growing quickly either, with nearly $1 billion of crypto assets having been locked into DeFi applications at this present time.
With the online gambling market said to be worth almost $100 billion by the end of 2025, it is clear there is a huge amount of growth coming in the sector. Research released by ReportLinker in April showed the sector is set to enjoy a compound annual growth rate of nearly 10 per cent.
Casinos could therefore look to take advantage of this coming expansion by making sure they allow people to use a top cryptocurrency such as Bitcoin to both add and withdraw their funds.
People are likely to embrace using Bitcoin or another cryptocurrency due to factors such as the speed of payments, as well as the fact these can be made without any fees being added.
From the point of view of online casinos, making payment methods available that people want to use is only going to be a good thing. In the future, it is quite likely customers will pay close attention to an online casino's payment methods before deciding whether or not to sign up.
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